# EDGAR Filing Document

**Accession Number:** 0000744822
**File Stem:** 0000744822-25-000228
**Filing Date:** 2025-12
**Character Count:** 3098984
**Document Hash:** 1783a2fb0d6c48d7642d2dd728c9b2f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000744822-25-000228.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000744822-25-000228

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 319

**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:** 251589817

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-04008</u>

<u>Fidelity Investment Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, 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 Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Diversified International K6 Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Discovery Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Global Equity Income Fund, Fidelity International Capital Appreciation K6 Fund, Fidelity International Discovery Fund, Fidelity International Discovery K6 Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund (the "Funds").

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **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® Pacific Basin Fund<br> **Fidelity® Pacific Basin Fund : FPBFX** <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® Pacific Basin 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® Pacific Basin Fund  | $114  | 0.98% |

---

**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 the United States and an underweight in emerging markets contributed to the fund's performance versus the MSCI All Country Pacific Net MA Linked Index for the fiscal year.

• By sector, sector and industry positioning was the fund's primary contributor, led by an overweight in information technology. Picks in industrials, primarily within the commercial & professional services industry, also boosted relative performance. Also bolstering our relative result was an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was our stake in Kioxia Holdings (+292%). This was an investment we established this period. The company was one of the fund's largest holdings at period end. The second-largest relative contributor was our stake in Seagate Technology Holdings (+119%). This was a stake we established this period. A stake in Western Digital gained about 176% and notably helped. This was a position we established this period. All these contributors were non-benchmark positions.

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

• By sector, the biggest detractor from performance versus the benchmark was stock picking in materials. Also hurting our result were picks in financials and communication services.

• The largest individual relative detractor was an underweight in SK Hynix (+193%). The stock was not held at period end. The second-largest relative detractor was our non-benchmark stake in Ryman Healthcare (-58%). The stock was not held at period end. Not owning SoftBank Group, a benchmark component that gained 183%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the United States and a lower allocation to Japan. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to communication services.

**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® Pacific Basin Fund<br>| $10000 | $11205<br>| $14143<br>| $12270<br>| $15016<br>| $18612<br>| $22350<br>| $14504<br>| $16833<br>| $21664<br>| $28817<br>|
| MSCI AC (All Country) Pacific Index<br>| $10000 | $10615<br>| $13146<br>| $12011<br>| $13431<br>| $14548<br>| $16735<br>| $11538<br>| $13212<br>| $16605<br>| $21486<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118499_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Pacific Basin Fund | 33.02% | 9.14% | 11.16% |
| MSCI AC (All Country) Pacific Index | 29.39%<br>| 8.11%<br>| 7.95% |

---

---

| |
|:---|
| 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 | $994651484<br>|
| Number of Holdings | 106<br>|
| Total Advisory Fee | $7183717<br>|
| Portfolio Turnover | 47%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.5 |
| Financials | 16.5 |
| Communication Services | 15.8 |
| Industrials | 13.6 |
| Consumer Discretionary | 11.9 |
| Health Care | 5.1 |
| Materials | 2.8 |
| Consumer Staples | 0.9 |
| Real Estate | 0.4 |
| Energy | 0.4 |

---

Common Stocks 95.8 <br> Preferred Stocks 2.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img302_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.1 |

---

---

| | |
|:---|:---|
| Japan | 30.0 |
| China | 25.2 |
| Taiwan | 11.3 |
| Korea (South) | 10.1 |
| United States | 9.4 |
| Australia | 5.6 |
| Hong Kong | 3.6 |
| Thailand | 1.8 |
| Singapore | 1.2 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img302_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.0&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;China - 25.2&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 - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 5.6&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;Hong Kong - 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;Thailand - 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;Singapore - 1.2&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;Others - 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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.4<br>|
| Tencent Holdings Ltd | 7.2<br>|
| PDD Holdings Inc Class A ADR | 2.8<br>|
| Hitachi Ltd | 2.7<br>|
| Samsung Electronics Co Ltd | 2.4<br>|
| Nintendo Co Ltd | 2.2<br>|
| AIA Group Ltd | 2.2<br>|
| ORIX Corp | 1.9<br>|
| Kioxia Holdings Corp | 1.9<br>|
| Western Digital Corp | 1.9<br>|
|  | 35.6 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img302_20251031_2.jpg)<br>| ![](img118499_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> 1.9913834.101 302-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 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® Overseas Fund  | $73  | 0.67% |

---

**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 past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Overseas Fund<br>| $10000 | $9903<br>| $12441<br>| $11542<br>| $13132<br>| $13690<br>| $18870<br>| $13186<br>| $14893<br>| $18757<br>| $22153<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 |

---

![](img118500_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Overseas Fund | 18.10% | 10.10% | 8.28% |
| 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 | $7431137047<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $43671916<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 27.5 |
| Financials | 26.9 |
| Information Technology | 12.9 |
| Materials | 8.1 |
| Consumer Discretionary | 6.4 |
| Health Care | 5.2 |
| Communication Services | 5.2 |
| Consumer Staples | 3.9 |
| Utilities | 1.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img94_20251031_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Japan | 17.2 |
| United States | 15.5 |
| United Kingdom | 15.3 |
| Germany | 11.2 |
| France | 9.9 |
| Spain | 6.8 |
| Italy | 4.8 |
| Netherlands | 3.3 |
| Switzerland | 2.6 |
| Others | 13.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img94_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.2&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 States - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 11.2&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;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 - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 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 - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 3.1<br>|
| Banco Santander SA | 2.8<br>|
| Safran SA | 2.7<br>|
| Rolls-Royce Holdings PLC | 2.7<br>|
| Schneider Electric SE | 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>|
|  | 24.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img94_20251031_2.jpg)<br>| ![](img118500_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> 1.9913806.101 94-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® Overseas Fund<br> **Fidelity® Overseas Fund Class K : FOSKX** <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® 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 1-800-835-5092 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 K  | $64  | 0.59% |

---

**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 past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9915<br>| $12474<br>| $11585<br>| $13195<br>| $13771<br>| $18999<br>| $13292<br>| $15028<br>| $18941<br>| $22390<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 |

---

![](img118501_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 18.20% | 10.21% | 8.39% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| Visit **www.401k.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 | $7431137047<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $43671916<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 27.5 |
| Financials | 26.9 |
| Information Technology | 12.9 |
| Materials | 8.1 |
| Consumer Discretionary | 6.4 |
| Health Care | 5.2 |
| Communication Services | 5.2 |
| Consumer Staples | 3.9 |
| Utilities | 1.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img94_20251031_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Japan | 17.2 |
| United States | 15.5 |
| United Kingdom | 15.3 |
| Germany | 11.2 |
| France | 9.9 |
| Spain | 6.8 |
| Italy | 4.8 |
| Netherlands | 3.3 |
| Switzerland | 2.6 |
| Others | 13.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img94_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.2&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 States - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 11.2&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;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 - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 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 - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 3.1<br>|
| Banco Santander SA | 2.8<br>|
| Safran SA | 2.7<br>|
| Rolls-Royce Holdings PLC | 2.7<br>|
| Schneider Electric SE | 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>|
|  | 24.8 |

---

**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 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating 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. |
| ![](img94_20251031_2.jpg)<br>| ![](img118501_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> 1.9913805.101 2099-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Nordic 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® Nordic Fund  | $91  | 0.86% |

---

**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., primarily in Sweden, and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the FTSE Capped Nordic Index (Uncapped through 9/30/09) for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. An underweight in health care also boosted relative performance. Also contributing to our result was security selection in consumer discretionary. Lastly, the fund's position in cash contributed, and a weaker U.S. dollar helped equity performance in the Nordic region this period.

• The top individual relative contributor was an overweight in Saab (+168%). This period we decreased our investment in Saab. The stock was one of the fund's biggest holdings. The second-largest relative contributor was our non-benchmark stake in Haypp Group (+142%). Another notable relative contributor was an overweight in Sandvik (+59%). The company was among the fund's largest holdings.

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

• By sector, the biggest detractor from performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Also hurting our result were stock picks in financials and materials.

• The largest individual relative detractor was an underweight in Swedbank (+65%). This was a position we established this period. The second-largest relative detractor this period was avoiding Skandinaviska Enskilda Banken, a benchmark component that gained 46%. Not owning Svenska Handelsbanken, a benchmark component that gained roughly 44%, was another notable relative detractor.

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

**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® Nordic Fund<br>| $10000 | $10197<br>| $12454<br>| $11856<br>| $12325<br>| $15619<br>| $21614<br>| $15275<br>| $17732<br>| $21715<br>| $23928<br>|
| FTSE® Capped Nordic Index<br>| $10000 | $9601<br>| $12573<br>| $11495<br>| $12506<br>| $14342<br>| $20580<br>| $14849<br>| $17208<br>| $21305<br>| $22722<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118502_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Nordic Fund | 10.19% | 8.91% | 9.12% |
| FTSE® Capped Nordic Index | 6.65%<br>| 9.64%<br>| 8.55% |

---

---

| |
|:---|
| 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 | $328403519<br>|
| Number of Holdings | 61<br>|
| Total Advisory Fee | $2622346<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 | 34.5 |
| Financials | 24.5 |
| Health Care | 12.8 |
| Information Technology | 10.2 |
| Materials | 5.2 |
| Consumer Staples | 2.9 |
| Consumer Discretionary | 2.6 |
| Communication Services | 2.4 |
| Energy | 1.8 |
| Utilities | 1.5 |
| Real Estate | 0.8 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img342_20251031_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| Sweden | 41.4 |
| Denmark | 23.9 |
| Finland | 13.1 |
| Norway | 11.8 |
| Taiwan | 2.5 |
| United Kingdom | 2.2 |
| United States | 1.2 |
| Switzerland | 1.2 |
| Germany | 1.1 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img342_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Sweden - 41.4&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;Denmark - 23.9&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;Finland - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;  |
| &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;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Novo Nordisk A/S Series B | 8.7<br>|
| Investor AB B Shares | 6.0<br>|
| Nordea Bank Abp (Sweden) | 5.8<br>|
| Sandvik AB | 5.6<br>|
| DSV A/S | 5.0<br>|
| Atlas Copco AB B Shares | 4.6<br>|
| Danske Bank A/S | 4.1<br>|
| DNB Bank ASA | 3.2<br>|
| Saab AB B Shares | 3.1<br>|
| Lagercrantz Group AB B Shares | 2.5<br>|
|  | 48.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img342_20251031_2.jpg)<br>| ![](img118502_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> 1.9913875.101 342-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Japan Smaller Companies Fund<br> **Fidelity® Japan Smaller Companies Fund : FJSCX** <br>|

---

This annual shareholder report contains information about Fidelity® Japan Smaller Companies 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® Japan Smaller Companies Fund  | $95  | 0.85% |

---

**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 Japan contributed to the fund's performance versus the Russell/Nomura Mid Small Cap Japan Index (Gross) for the fiscal year.

• By sector, sector and industry positioning was the primary contributor, especially an underweight in health care. Stock picking in industrials and consumer discretionary also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in IHI (+170%). The company was among the fund's biggest holdings, though we reduced the fund's holdings in the stock. The second-largest relative contributor was an overweight in Hokuhoku Financial Group (+131%). The stock was the fund's largest holding at period end. An overweight in Ibiden (+190%) also contributed. This period we decreased our stake in Ibiden.

• In contrast, by sector, the biggest detractor from performance versus the benchmark was stock selection in information technology, primarily within the software & services industry. Picks and an underweight in utilities also hampered the fund's result. Also hurting our result was an overweight in energy.

• The biggest individual relative detractor this period was avoiding Fujikura, a benchmark component that gained 270%. Not owning NEC, a benchmark component that gained 111%, was the second-largest relative detractor. Our overweight stake in Kansai Electric Power (-27%) also detracted. The stock was not held at period end.

• By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to 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® Japan Smaller Companies Fund<br>| $10000 | $11544<br>| $14278<br>| $13605<br>| $14723<br>| $14915<br>| $16324<br>| $12740<br>| $13984<br>| $17038<br>| $21176<br>|
| Russell/Nomura Mid-Small Cap™ Index<br>| $10000 | $10699<br>| $12949<br>| $12261<br>| $13144<br>| $13089<br>| $14984<br>| $11322<br>| $13155<br>| $15599<br>| $19275<br>|
| MSCI Japan Index<br>| $10000 | $10332<br>| $12185<br>| $11764<br>| $12860<br>| $12919<br>| $15505<br>| $11696<br>| $13678<br>| $16751<br>| $20996<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118503_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Japan Smaller Companies Fund | 24.29% | 7.26% | 7.79% |
| Russell/Nomura Mid-Small Cap™ Index | 23.57%<br>| 8.05%<br>| 6.78% |
| MSCI Japan Index | 25.34%<br>| 10.20%<br>| 7.70% |

---

---

| |
|:---|
| 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 | $395491746<br>|
| Number of Holdings | 88<br>|
| Total Advisory Fee | $3458012<br>|
| Portfolio Turnover | 42%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Information Technology | 20.0 |
| Consumer Discretionary | 12.8 |
| Financials | 10.7 |
| Materials | 9.8 |
| Consumer Staples | 7.0 |
| Communication Services | 4.5 |
| Real Estate | 2.4 |
| Energy | 2.2 |
| Health Care | 1.8 |
| Utilities | 0.8 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img360_20251031_AA.jpg) <br>|

---

Common Stocks - 98.9&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) - 1.1 <br>

Japan 98.9 <br> United States 1.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img360_20251031_GD.jpg) <br>|

---

Japan - 98.9&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; <br> United States - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hokuhoku Financial Group Inc | 2.7<br>|
| IHI Corp | 2.5<br>|
| SWCC Corp | 2.2<br>|
| Sompo Holdings Inc | 2.2<br>|
| Visional Inc | 2.1<br>|
| Ebara Corp | 2.0<br>|
| Ajinomoto Co Inc | 2.0<br>|
| Asics Corp | 2.0<br>|
| Kewpie Corp | 1.8<br>|
| C Uyemura & Co Ltd | 1.8<br>|
|  | 21.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img360_20251031_2.jpg)<br>| ![](img118503_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> 1.9913895.101 360-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® Japan Fund<br> **Fidelity® Japan Fund : FJPNX** <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® Japan 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® Japan Fund  | $85  | 0.74% |

---

**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 Japan meaningfully contributed to the fund's performance versus the TOPIX Total Return Index for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials. Stock picks and an overweight in information technology also boosted relative performance. Also bolstering our relative result was stock picking in communication services.

• The top individual relative contributor was an overweight in Kioxia Holdings (+286%). This was an investment we established this period. The stock was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Ibiden (+188%). We modestly trimmed our stake this period. An overweight in IHI (+176%) also contributed. This period we decreased our investment in IHI.

• In contrast, the fund's biggest detractor from a sector perspective was security selection in financials, primarily within the banks industry. Picks and an overweight in materials also hampered the fund's result. Also detracting from our result were stock picks in real estate, primarily within the real estate management & development industry.

• The biggest individual relative detractor was an overweight in Shin-Etsu Chemical (-19%). The company was among our biggest holdings this period. The second-largest relative detractor was an overweight in Renesas Electronics (-10%). The stock was among the fund's 15-biggest holdings this period. An overweight in NIDEC (-41%) also hurt.

• By sector, meaningful changes in positioning include increased exposure to consumer staples and communication services.

**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® Japan Fund<br>| $10000 | $10680<br>| $12936<br>| $12253<br>| $13735<br>| $15406<br>| $18757<br>| $13288<br>| $14622<br>| $18099<br>| $23750<br>|
| Tokyo Stock Price Index (TOPIX)<br>| $10000 | $10497<br>| $12566<br>| $12047<br>| $13065<br>| $13112<br>| $15554<br>| $11813<br>| $13890<br>| $16907<br>| $21181<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118504_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Japan Fund | 31.23% | 9.04% | 9.04% |
| Tokyo Stock Price Index (TOPIX) | 25.28%<br>| 10.07%<br>| 7.79% |

---

---

| |
|:---|
| 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 | $918203846<br>|
| Number of Holdings | 96<br>|
| Total Advisory Fee | $4822918<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Information Technology | 19.3 |
| Financials | 13.6 |
| Consumer Discretionary | 12.3 |
| Materials | 7.3 |
| Communication Services | 6.4 |
| Health Care | 6.3 |
| Consumer Staples | 4.9 |
| Real Estate | 1.4 |
| Energy | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20251031_AA.jpg) <br>|

---

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

Japan 97.9 <br> United States 2.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20251031_GD.jpg) <br>|

---

Japan - 97.9&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; <br> United States - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 5.0<br>|
| Sumitomo Mitsui Financial Group Inc | 4.9<br>|
| Sony Group Corp | 3.6<br>|
| Hoya Corp | 3.0<br>|
| ORIX Corp | 2.8<br>|
| Fujitsu Ltd | 2.6<br>|
| FUJIFILM Holdings Corp | 2.6<br>|
| Mitsubishi Heavy Industries Ltd | 2.6<br>|
| Kioxia Holdings Corp | 2.5<br>|
| SoftBank Group Corp | 2.3<br>|
|  | 31.9 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img350_20251031_2.jpg)<br>| ![](img118504_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> 1.9913887.101 350-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® Japan Fund<br> **Fidelity Advisor® Japan Fund Class Z : FIQLX** <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® Japan 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  | $74  | 0.64% |

---

**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 Japan meaningfully contributed to the fund's performance versus the TOPIX Total Return Index for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials. Stock picks and an overweight in information technology also boosted relative performance. Also bolstering our relative result was stock picking in communication services.

• The top individual relative contributor was an overweight in Kioxia Holdings (+286%). This was an investment we established this period. The stock was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Ibiden (+188%). We modestly trimmed our stake this period. An overweight in IHI (+176%) also contributed. This period we decreased our investment in IHI.

• In contrast, the fund's biggest detractor from a sector perspective was security selection in financials, primarily within the banks industry. Picks and an overweight in materials also hampered the fund's result. Also detracting from our result were stock picks in real estate, primarily within the real estate management & development industry.

• The biggest individual relative detractor was an overweight in Shin-Etsu Chemical (-19%). The company was among our biggest holdings this period. The second-largest relative detractor was an overweight in Renesas Electronics (-10%). The stock was among the fund's 15-biggest holdings this period. An overweight in NIDEC (-41%) also hurt.

• By sector, meaningful changes in positioning include increased exposure to consumer staples and communication services.

**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 | $8998<br>| $10091<br>| $11338<br>| $13825<br>| $9806<br>| $10815<br>| $13396<br>|
| Tokyo Stock Price Index (TOPIX)<br>| $10000 | $9088<br>| $9856<br>| $9892<br>| $11734<br>| $8912<br>| $10479<br>| $12755<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118505_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 31.38% | 9.19% | 8.31% |
| Tokyo Stock Price Index (TOPIX) | 25.28%<br>| 10.07%<br>| 6.84% |

---

**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 | $918203846<br>|
| Number of Holdings | 96<br>|
| Total Advisory Fee | $4822918<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Information Technology | 19.3 |
| Financials | 13.6 |
| Consumer Discretionary | 12.3 |
| Materials | 7.3 |
| Communication Services | 6.4 |
| Health Care | 6.3 |
| Consumer Staples | 4.9 |
| Real Estate | 1.4 |
| Energy | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20251031_AA.jpg) <br>|

---

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

Japan 97.9 <br> United States 2.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20251031_GD.jpg) <br>|

---

Japan - 97.9&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; <br> United States - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 5.0<br>|
| Sumitomo Mitsui Financial Group Inc | 4.9<br>|
| Sony Group Corp | 3.6<br>|
| Hoya Corp | 3.0<br>|
| ORIX Corp | 2.8<br>|
| Fujitsu Ltd | 2.6<br>|
| FUJIFILM Holdings Corp | 2.6<br>|
| Mitsubishi Heavy Industries Ltd | 2.6<br>|
| Kioxia Holdings Corp | 2.5<br>|
| SoftBank Group Corp | 2.3<br>|
|  | 31.9 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img350_20251031_2.jpg)<br>| ![](img118505_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> 1.9913886.101 3270-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® Japan Fund<br> **Fidelity Advisor® Japan Fund Class M : FJPTX** <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® Japan 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  | $148  | 1.28% |

---

**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 Japan meaningfully contributed to the fund's performance versus the TOPIX Total Return Index for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials. Stock picks and an overweight in information technology also boosted relative performance. Also bolstering our relative result was stock picking in communication services.

• The top individual relative contributor was an overweight in Kioxia Holdings (+286%). This was an investment we established this period. The stock was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Ibiden (+188%). We modestly trimmed our stake this period. An overweight in IHI (+176%) also contributed. This period we decreased our investment in IHI.

• In contrast, the fund's biggest detractor from a sector perspective was security selection in financials, primarily within the banks industry. Picks and an overweight in materials also hampered the fund's result. Also detracting from our result were stock picks in real estate, primarily within the real estate management & development industry.

• The biggest individual relative detractor was an overweight in Shin-Etsu Chemical (-19%). The company was among our biggest holdings this period. The second-largest relative detractor was an overweight in Renesas Electronics (-10%). The stock was among the fund's 15-biggest holdings this period. An overweight in NIDEC (-41%) also hurt.

• By sector, meaningful changes in positioning include increased exposure to consumer staples and communication services.

**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 | $10243<br>| $12316<br>| $11601<br>| $12917<br>| $14408<br>| $17434<br>| $12282<br>| $13446<br>| $16552<br>| $21595<br>|
| Tokyo Stock Price Index (TOPIX)<br>| $10000 | $10497<br>| $12566<br>| $12047<br>| $13065<br>| $13112<br>| $15554<br>| $11813<br>| $13890<br>| $16907<br>| $21181<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118506_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 25.90% | 7.66%<br>| 8.00% |
| Class M (without 3.50% sales charge) | 30.47% | 8.43% | 8.39% |
| Tokyo Stock Price Index (TOPIX) | 25.28%<br>| 10.07%<br>| 7.79% |

---

---

| |
|:---|
| 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 | $918203846<br>|
| Number of Holdings | 96<br>|
| Total Advisory Fee | $4822918<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Information Technology | 19.3 |
| Financials | 13.6 |
| Consumer Discretionary | 12.3 |
| Materials | 7.3 |
| Communication Services | 6.4 |
| Health Care | 6.3 |
| Consumer Staples | 4.9 |
| Real Estate | 1.4 |
| Energy | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20251031_AA.jpg) <br>|

---

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

Japan 97.9 <br> United States 2.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20251031_GD.jpg) <br>|

---

Japan - 97.9&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; <br> United States - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 5.0<br>|
| Sumitomo Mitsui Financial Group Inc | 4.9<br>|
| Sony Group Corp | 3.6<br>|
| Hoya Corp | 3.0<br>|
| ORIX Corp | 2.8<br>|
| Fujitsu Ltd | 2.6<br>|
| FUJIFILM Holdings Corp | 2.6<br>|
| Mitsubishi Heavy Industries Ltd | 2.6<br>|
| Kioxia Holdings Corp | 2.5<br>|
| SoftBank Group Corp | 2.3<br>|
|  | 31.9 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img350_20251031_2.jpg)<br>| ![](img118506_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> 1.9913884.101 2259-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® Japan Fund<br> **Fidelity Advisor® Japan Fund Class I : FJPIX** <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® Japan 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  | $91  | 0.78% |

---

**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 Japan meaningfully contributed to the fund's performance versus the TOPIX Total Return Index for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials. Stock picks and an overweight in information technology also boosted relative performance. Also bolstering our relative result was stock picking in communication services.

• The top individual relative contributor was an overweight in Kioxia Holdings (+286%). This was an investment we established this period. The stock was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Ibiden (+188%). We modestly trimmed our stake this period. An overweight in IHI (+176%) also contributed. This period we decreased our investment in IHI.

• In contrast, the fund's biggest detractor from a sector perspective was security selection in financials, primarily within the banks industry. Picks and an overweight in materials also hampered the fund's result. Also detracting from our result were stock picks in real estate, primarily within the real estate management & development industry.

• The biggest individual relative detractor was an overweight in Shin-Etsu Chemical (-19%). The company was among our biggest holdings this period. The second-largest relative detractor was an overweight in Renesas Electronics (-10%). The stock was among the fund's 15-biggest holdings this period. An overweight in NIDEC (-41%) also hurt.

• By sector, meaningful changes in positioning include increased exposure to consumer staples and communication services.

**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 | $10677<br>| $12943<br>| $12273<br>| $13761<br>| $15439<br>| $18806<br>| $13323<br>| $14670<br>| $18152<br>| $23815<br>|
| Tokyo Stock Price Index (TOPIX)<br>| $10000 | $10497<br>| $12566<br>| $12047<br>| $13065<br>| $13112<br>| $15554<br>| $11813<br>| $13890<br>| $16907<br>| $21181<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118507_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 31.20% | 9.05% | 9.06% |
| Tokyo Stock Price Index (TOPIX) | 25.28%<br>| 10.07%<br>| 7.79% |

---

---

| |
|:---|
| 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 | $918203846<br>|
| Number of Holdings | 96<br>|
| Total Advisory Fee | $4822918<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Information Technology | 19.3 |
| Financials | 13.6 |
| Consumer Discretionary | 12.3 |
| Materials | 7.3 |
| Communication Services | 6.4 |
| Health Care | 6.3 |
| Consumer Staples | 4.9 |
| Real Estate | 1.4 |
| Energy | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20251031_AA.jpg) <br>|

---

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

Japan 97.9 <br> United States 2.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20251031_GD.jpg) <br>|

---

Japan - 97.9&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; <br> United States - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 5.0<br>|
| Sumitomo Mitsui Financial Group Inc | 4.9<br>|
| Sony Group Corp | 3.6<br>|
| Hoya Corp | 3.0<br>|
| ORIX Corp | 2.8<br>|
| Fujitsu Ltd | 2.6<br>|
| FUJIFILM Holdings Corp | 2.6<br>|
| Mitsubishi Heavy Industries Ltd | 2.6<br>|
| Kioxia Holdings Corp | 2.5<br>|
| SoftBank Group Corp | 2.3<br>|
|  | 31.9 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img350_20251031_2.jpg)<br>| ![](img118507_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> 1.9913885.101 2260-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® Japan Fund<br> **Fidelity Advisor® Japan Fund Class C : FJPCX** <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® Japan 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  | $205  | 1.78% |

---

**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 Japan meaningfully contributed to the fund's performance versus the TOPIX Total Return Index for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials. Stock picks and an overweight in information technology also boosted relative performance. Also bolstering our relative result was stock picking in communication services.

• The top individual relative contributor was an overweight in Kioxia Holdings (+286%). This was an investment we established this period. The stock was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Ibiden (+188%). We modestly trimmed our stake this period. An overweight in IHI (+176%) also contributed. This period we decreased our investment in IHI.

• In contrast, the fund's biggest detractor from a sector perspective was security selection in financials, primarily within the banks industry. Picks and an overweight in materials also hampered the fund's result. Also detracting from our result were stock picks in real estate, primarily within the real estate management & development industry.

• The biggest individual relative detractor was an overweight in Shin-Etsu Chemical (-19%). The company was among our biggest holdings this period. The second-largest relative detractor was an overweight in Renesas Electronics (-10%). The stock was among the fund's 15-biggest holdings this period. An overweight in NIDEC (-41%) also hurt.

• By sector, meaningful changes in positioning include increased exposure to consumer staples and communication services.

**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 | $10569<br>| $12676<br>| $11899<br>| $13193<br>| $14656<br>| $17667<br>| $12394<br>| $13509<br>| $16676<br>| $21810<br>|
| Tokyo Stock Price Index (TOPIX)<br>| $10000 | $10497<br>| $12566<br>| $12047<br>| $13065<br>| $13112<br>| $15554<br>| $11813<br>| $13890<br>| $16907<br>| $21181<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118508_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 28.84% | 7.96%<br>| 8.11% |
| Class C | 29.84% | 7.96% | 8.11% |
| Tokyo Stock Price Index (TOPIX) | 25.28%<br>| 10.07%<br>| 7.79% |

---

---

| |
|:---|
| 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 | $918203846<br>|
| Number of Holdings | 96<br>|
| Total Advisory Fee | $4822918<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Information Technology | 19.3 |
| Financials | 13.6 |
| Consumer Discretionary | 12.3 |
| Materials | 7.3 |
| Communication Services | 6.4 |
| Health Care | 6.3 |
| Consumer Staples | 4.9 |
| Real Estate | 1.4 |
| Energy | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20251031_AA.jpg) <br>|

---

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

Japan 97.9 <br> United States 2.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20251031_GD.jpg) <br>|

---

Japan - 97.9&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; <br> United States - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 5.0<br>|
| Sumitomo Mitsui Financial Group Inc | 4.9<br>|
| Sony Group Corp | 3.6<br>|
| Hoya Corp | 3.0<br>|
| ORIX Corp | 2.8<br>|
| Fujitsu Ltd | 2.6<br>|
| FUJIFILM Holdings Corp | 2.6<br>|
| Mitsubishi Heavy Industries Ltd | 2.6<br>|
| Kioxia Holdings Corp | 2.5<br>|
| SoftBank Group Corp | 2.3<br>|
|  | 31.9 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img350_20251031_2.jpg)<br>| ![](img118508_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> 1.9913883.101 2258-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® Japan Fund<br> **Fidelity Advisor® Japan Fund Class A : FPJAX** <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® Japan 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  | $119  | 1.03% |

---

**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 Japan meaningfully contributed to the fund's performance versus the TOPIX Total Return Index for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials. Stock picks and an overweight in information technology also boosted relative performance. Also bolstering our relative result was stock picking in communication services.

• The top individual relative contributor was an overweight in Kioxia Holdings (+286%). This was an investment we established this period. The stock was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Ibiden (+188%). We modestly trimmed our stake this period. An overweight in IHI (+176%) also contributed. This period we decreased our investment in IHI.

• In contrast, the fund's biggest detractor from a sector perspective was security selection in financials, primarily within the banks industry. Picks and an overweight in materials also hampered the fund's result. Also detracting from our result were stock picks in real estate, primarily within the real estate management & development industry.

• The biggest individual relative detractor was an overweight in Shin-Etsu Chemical (-19%). The company was among our biggest holdings this period. The second-largest relative detractor was an overweight in Renesas Electronics (-10%). The stock was among the fund's 15-biggest holdings this period. An overweight in NIDEC (-41%) also hurt.

• By sector, meaningful changes in positioning include increased exposure to consumer staples and communication services.

**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 | $10043<br>| $12121<br>| $11458<br>| $12794<br>| $14310<br>| $17376<br>| $12271<br>| $13474<br>| $16633<br>| $21753<br>|
| Tokyo Stock Price Index (TOPIX)<br>| $10000 | $10497<br>| $12566<br>| $12047<br>| $13065<br>| $13112<br>| $15554<br>| $11813<br>| $13890<br>| $16907<br>| $21181<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118509_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 23.26% | 7.46%<br>| 8.08% |
| Class A (without 5.75% sales charge) | 30.78% | 8.74% | 8.72% |
| Tokyo Stock Price Index (TOPIX) | 25.28%<br>| 10.07%<br>| 7.79% |

---

---

| |
|:---|
| 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 | $918203846<br>|
| Number of Holdings | 96<br>|
| Total Advisory Fee | $4822918<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Information Technology | 19.3 |
| Financials | 13.6 |
| Consumer Discretionary | 12.3 |
| Materials | 7.3 |
| Communication Services | 6.4 |
| Health Care | 6.3 |
| Consumer Staples | 4.9 |
| Real Estate | 1.4 |
| Energy | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20251031_AA.jpg) <br>|

---

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

Japan 97.9 <br> United States 2.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20251031_GD.jpg) <br>|

---

Japan - 97.9&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; <br> United States - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 5.0<br>|
| Sumitomo Mitsui Financial Group Inc | 4.9<br>|
| Sony Group Corp | 3.6<br>|
| Hoya Corp | 3.0<br>|
| ORIX Corp | 2.8<br>|
| Fujitsu Ltd | 2.6<br>|
| FUJIFILM Holdings Corp | 2.6<br>|
| Mitsubishi Heavy Industries Ltd | 2.6<br>|
| Kioxia Holdings Corp | 2.5<br>|
| SoftBank Group Corp | 2.3<br>|
|  | 31.9 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img350_20251031_2.jpg)<br>| ![](img118509_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> 1.9913882.101 2256-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® International Value Fund<br> **Fidelity® International Value Fund : FIVLX** <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® 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 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® International Value Fund  | $93  | 0.80% |

---

**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 and an underweight in Europe ex U.K., especially 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 stock picking in industrials, primarily within the capital goods industry. An overweight in financials also boosted the fund's relative performance. Investment choices and an underweight in consumer staples, among food, beverage & tobacco stocks in particular, helped as well.

• The fund's non-benchmark stake in Rheinmetall gained roughly 282% and was the top individual relative contributor. The company was among our largest holdings. Outsized exposure to Banco Santander (+113%), one of our biggest holdings, helped as well. An overweight in Mitsubishi Heavy Industries (+110%) also contributed.

• In contrast, from a regional standpoint, stock picks 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. Stock 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 -19% and was the biggest individual relative detractor. An overweight in Barratt Redrow (-11%) also hurt. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained about 110%, was another relative detractor.

• Notable changes in geographic positioning included increased exposure to Switzerland and a lower allocation to Australia. By sector, meaningful shifts included increased exposure to health care and a lower allocation to information technology 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® International Value Fund<br>| $10000 | $9531<br>| $11420<br>| $10399<br>| $10882<br>| $9392<br>| $13438<br>| $11126<br>| $13124<br>| $16219<br>| $21266<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 |

---

![](img118510_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® International Value Fund | 31.12% | 17.76% | 7.84% |
| 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 | $3060981587<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $16692682<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 39.6 |
| Industrials | 16.7 |
| Materials | 11.6 |
| Energy | 6.6 |
| Health Care | 6.0 |
| Consumer Discretionary | 5.1 |
| Consumer Staples | 4.2 |
| Communication Services | 3.5 |
| Information Technology | 3.1 |
| Utilities | 1.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.8 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| Japan | 21.5 |
| United Kingdom | 14.1 |
| Germany | 14.0 |
| United States | 13.1 |
| France | 9.1 |
| Italy | 4.2 |
| Australia | 4.0 |
| Spain | 3.8 |
| Switzerland | 3.6 |
| Others | 12.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1597_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&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 - 14.0&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;United States - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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 - 12.6&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)**  |  |
| Shell PLC ADR | 3.0<br>|
| Banco Santander SA | 3.0<br>|
| Mitsubishi UFJ Financial Group Inc | 2.5<br>|
| Hitachi Ltd | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.2<br>|
| Lloyds Banking Group PLC | 2.2<br>|
| AXA SA | 2.2<br>|
| Rheinmetall AG | 2.0<br>|
| CRH PLC | 2.0<br>|
| Zurich Insurance Group AG | 1.9<br>|
|  | 23.3 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1597_20251031_2.jpg)<br>| ![](img118510_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> 1.9913936.101 1597-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® International Value Fund<br> **Fidelity Advisor® International Value Fund Class Z : FIQKX** <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® 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 1-877-208-0098 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  | $84  | 0.73% |

---

**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 and an underweight in Europe ex U.K., especially 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 stock picking in industrials, primarily within the capital goods industry. An overweight in financials also boosted the fund's relative performance. Investment choices and an underweight in consumer staples, among food, beverage & tobacco stocks in particular, helped as well.

• The fund's non-benchmark stake in Rheinmetall gained roughly 282% and was the top individual relative contributor. The company was among our largest holdings. Outsized exposure to Banco Santander (+113%), one of our biggest holdings, helped as well. An overweight in Mitsubishi Heavy Industries (+110%) also contributed.

• In contrast, from a regional standpoint, stock picks 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. Stock 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 -19% and was the biggest individual relative detractor. An overweight in Barratt Redrow (-11%) also hurt. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained about 110%, was another relative detractor.

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

**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 | $9240<br>| $9687<br>| $8372<br>| $12001<br>| $9945<br>| $11755<br>| $14543<br>|
| MSCI EAFE Value Index<br>| $10000 | $9397<br>| $9942<br>| $8130<br>| $11273<br>| $9455<br>| $11200<br>| $13791<br>|
| MSCI EAFE Index<br>| $10000 | $9263<br>| $10310<br>| $9621<br>| $12935<br>| $9980<br>| $11442<br>| $14102<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118511_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 31.21% | 17.91% | 9.55% |
| MSCI EAFE Value Index | 30.05%<br>| 17.15%<br>| 8.59% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 8.13% |

---

**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 | $3060981587<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $16692682<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 39.6 |
| Industrials | 16.7 |
| Materials | 11.6 |
| Energy | 6.6 |
| Health Care | 6.0 |
| Consumer Discretionary | 5.1 |
| Consumer Staples | 4.2 |
| Communication Services | 3.5 |
| Information Technology | 3.1 |
| Utilities | 1.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.8 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| Japan | 21.5 |
| United Kingdom | 14.1 |
| Germany | 14.0 |
| United States | 13.1 |
| France | 9.1 |
| Italy | 4.2 |
| Australia | 4.0 |
| Spain | 3.8 |
| Switzerland | 3.6 |
| Others | 12.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1597_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&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 - 14.0&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;United States - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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 - 12.6&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)**  |  |
| Shell PLC ADR | 3.0<br>|
| Banco Santander SA | 3.0<br>|
| Mitsubishi UFJ Financial Group Inc | 2.5<br>|
| Hitachi Ltd | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.2<br>|
| Lloyds Banking Group PLC | 2.2<br>|
| AXA SA | 2.2<br>|
| Rheinmetall AG | 2.0<br>|
| CRH PLC | 2.0<br>|
| Zurich Insurance Group AG | 1.9<br>|
|  | 23.3 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1597_20251031_2.jpg)<br>| ![](img118511_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> 1.9913941.101 3269-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® International Value Fund<br> **Fidelity Advisor® International Value Fund Class M : FIVPX** <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® 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 1-877-208-0098 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  | $154  | 1.34% |

---

**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 and an underweight in Europe ex U.K., especially 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 stock picking in industrials, primarily within the capital goods industry. An overweight in financials also boosted the fund's relative performance. Investment choices and an underweight in consumer staples, among food, beverage & tobacco stocks in particular, helped as well.

• The fund's non-benchmark stake in Rheinmetall gained roughly 282% and was the top individual relative contributor. The company was among our largest holdings. Outsized exposure to Banco Santander (+113%), one of our biggest holdings, helped as well. An overweight in Mitsubishi Heavy Industries (+110%) also contributed.

• In contrast, from a regional standpoint, stock picks 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. Stock 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 -19% and was the biggest individual relative detractor. An overweight in Barratt Redrow (-11%) also hurt. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained about 110%, was another relative detractor.

• Notable changes in geographic positioning included increased exposure to Switzerland and a lower allocation to Australia. By sector, meaningful shifts included increased exposure to health care and a lower allocation to information technology 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9145<br>| $10886<br>| $9842<br>| $10246<br>| $8782<br>| $12488<br>| $10284<br>| $12079<br>| $14841<br>| $19349<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 |

---

![](img118512_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 25.81% | 16.28%<br>| 6.82% |
| Class M (without 3.50% sales charge) | 30.38% | 17.11% | 7.20% |
| MSCI EAFE Value Index | 30.05%<br>| 17.15%<br>| 7.77% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $3060981587<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $16692682<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 39.6 |
| Industrials | 16.7 |
| Materials | 11.6 |
| Energy | 6.6 |
| Health Care | 6.0 |
| Consumer Discretionary | 5.1 |
| Consumer Staples | 4.2 |
| Communication Services | 3.5 |
| Information Technology | 3.1 |
| Utilities | 1.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.8 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| Japan | 21.5 |
| United Kingdom | 14.1 |
| Germany | 14.0 |
| United States | 13.1 |
| France | 9.1 |
| Italy | 4.2 |
| Australia | 4.0 |
| Spain | 3.8 |
| Switzerland | 3.6 |
| Others | 12.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1597_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&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 - 14.0&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;United States - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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 - 12.6&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)**  |  |
| Shell PLC ADR | 3.0<br>|
| Banco Santander SA | 3.0<br>|
| Mitsubishi UFJ Financial Group Inc | 2.5<br>|
| Hitachi Ltd | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.2<br>|
| Lloyds Banking Group PLC | 2.2<br>|
| AXA SA | 2.2<br>|
| Rheinmetall AG | 2.0<br>|
| CRH PLC | 2.0<br>|
| Zurich Insurance Group AG | 1.9<br>|
|  | 23.3 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1597_20251031_2.jpg)<br>| ![](img118512_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> 1.9913939.101 1615-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® International Value Fund<br> **Fidelity Advisor® International Value Fund Class I : FIVQX** <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® 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 1-877-208-0098 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  | $97  | 0.84% |

---

**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 and an underweight in Europe ex U.K., especially 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 stock picking in industrials, primarily within the capital goods industry. An overweight in financials also boosted the fund's relative performance. Investment choices and an underweight in consumer staples, among food, beverage & tobacco stocks in particular, helped as well.

• The fund's non-benchmark stake in Rheinmetall gained roughly 282% and was the top individual relative contributor. The company was among our largest holdings. Outsized exposure to Banco Santander (+113%), one of our biggest holdings, helped as well. An overweight in Mitsubishi Heavy Industries (+110%) also contributed.

• In contrast, from a regional standpoint, stock picks 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. Stock 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 -19% and was the biggest individual relative detractor. An overweight in Barratt Redrow (-11%) also hurt. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained about 110%, was another relative detractor.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9519<br>| $11393<br>| $10363<br>| $10837<br>| $9348<br>| $13372<br>| $11067<br>| $13055<br>| $16130<br>| $21139<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 |

---

![](img118513_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 31.05% | 17.73% | 7.77% |
| MSCI EAFE Value Index | 30.05%<br>| 17.15%<br>| 7.77% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $3060981587<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $16692682<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 39.6 |
| Industrials | 16.7 |
| Materials | 11.6 |
| Energy | 6.6 |
| Health Care | 6.0 |
| Consumer Discretionary | 5.1 |
| Consumer Staples | 4.2 |
| Communication Services | 3.5 |
| Information Technology | 3.1 |
| Utilities | 1.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.8 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| Japan | 21.5 |
| United Kingdom | 14.1 |
| Germany | 14.0 |
| United States | 13.1 |
| France | 9.1 |
| Italy | 4.2 |
| Australia | 4.0 |
| Spain | 3.8 |
| Switzerland | 3.6 |
| Others | 12.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1597_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&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 - 14.0&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;United States - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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 - 12.6&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)**  |  |
| Shell PLC ADR | 3.0<br>|
| Banco Santander SA | 3.0<br>|
| Mitsubishi UFJ Financial Group Inc | 2.5<br>|
| Hitachi Ltd | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.2<br>|
| Lloyds Banking Group PLC | 2.2<br>|
| AXA SA | 2.2<br>|
| Rheinmetall AG | 2.0<br>|
| CRH PLC | 2.0<br>|
| Zurich Insurance Group AG | 1.9<br>|
|  | 23.3 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1597_20251031_2.jpg)<br>| ![](img118513_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> 1.9913940.101 1616-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® International Value Fund<br> **Fidelity Advisor® International Value Fund Class C : FIVOX** <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® 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 1-877-208-0098 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  | $210  | 1.83% |

---

**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 and an underweight in Europe ex U.K., especially 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 stock picking in industrials, primarily within the capital goods industry. An overweight in financials also boosted the fund's relative performance. Investment choices and an underweight in consumer staples, among food, beverage & tobacco stocks in particular, helped as well.

• The fund's non-benchmark stake in Rheinmetall gained roughly 282% and was the top individual relative contributor. The company was among our largest holdings. Outsized exposure to Banco Santander (+113%), one of our biggest holdings, helped as well. An overweight in Mitsubishi Heavy Industries (+110%) also contributed.

• In contrast, from a regional standpoint, stock picks 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. Stock 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 -19% and was the biggest individual relative detractor. An overweight in Barratt Redrow (-11%) also hurt. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained about 110%, was another relative detractor.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9439<br>| $11176<br>| $10052<br>| $10406<br>| $8880<br>| $12560<br>| $10298<br>| $12022<br>| $14808<br>| $19362<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 |

---

![](img118514_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 28.70% | 16.54%<br>| 6.83% |
| Class C | 29.70% | 16.54% | 6.83% |
| MSCI EAFE Value Index | 30.05%<br>| 17.15%<br>| 7.77% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $3060981587<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $16692682<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 39.6 |
| Industrials | 16.7 |
| Materials | 11.6 |
| Energy | 6.6 |
| Health Care | 6.0 |
| Consumer Discretionary | 5.1 |
| Consumer Staples | 4.2 |
| Communication Services | 3.5 |
| Information Technology | 3.1 |
| Utilities | 1.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.8 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| Japan | 21.5 |
| United Kingdom | 14.1 |
| Germany | 14.0 |
| United States | 13.1 |
| France | 9.1 |
| Italy | 4.2 |
| Australia | 4.0 |
| Spain | 3.8 |
| Switzerland | 3.6 |
| Others | 12.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1597_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&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 - 14.0&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;United States - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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 - 12.6&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)**  |  |
| Shell PLC ADR | 3.0<br>|
| Banco Santander SA | 3.0<br>|
| Mitsubishi UFJ Financial Group Inc | 2.5<br>|
| Hitachi Ltd | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.2<br>|
| Lloyds Banking Group PLC | 2.2<br>|
| AXA SA | 2.2<br>|
| Rheinmetall AG | 2.0<br>|
| CRH PLC | 2.0<br>|
| Zurich Insurance Group AG | 1.9<br>|
|  | 23.3 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1597_20251031_2.jpg)<br>| ![](img118514_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> 1.9913938.101 1614-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® International Value Fund<br> **Fidelity Advisor® International Value Fund Class A : FIVMX** <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® 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 1-877-208-0098 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  | $126  | 1.09% |

---

**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 and an underweight in Europe ex U.K., especially 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 stock picking in industrials, primarily within the capital goods industry. An overweight in financials also boosted the fund's relative performance. Investment choices and an underweight in consumer staples, among food, beverage & tobacco stocks in particular, helped as well.

• The fund's non-benchmark stake in Rheinmetall gained roughly 282% and was the top individual relative contributor. The company was among our largest holdings. Outsized exposure to Banco Santander (+113%), one of our biggest holdings, helped as well. An overweight in Mitsubishi Heavy Industries (+110%) also contributed.

• In contrast, from a regional standpoint, stock picks 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. Stock 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 -19% and was the biggest individual relative detractor. An overweight in Barratt Redrow (-11%) also hurt. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained about 110%, was another relative detractor.

• Notable changes in geographic positioning included increased exposure to Switzerland and a lower allocation to Australia. By sector, meaningful shifts included increased exposure to health care and a lower allocation to information technology 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $8962<br>| $10697<br>| $9702<br>| $10127<br>| $8709<br>| $12415<br>| $10251<br>| $12067<br>| $14864<br>| $19435<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 |

---

![](img118515_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 23.23% | 16.03%<br>| 6.87% |
| Class A (without 5.75% sales charge) | 30.75% | 17.42% | 7.51% |
| MSCI EAFE Value Index | 30.05%<br>| 17.15%<br>| 7.77% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $3060981587<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $16692682<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 39.6 |
| Industrials | 16.7 |
| Materials | 11.6 |
| Energy | 6.6 |
| Health Care | 6.0 |
| Consumer Discretionary | 5.1 |
| Consumer Staples | 4.2 |
| Communication Services | 3.5 |
| Information Technology | 3.1 |
| Utilities | 1.1 |
| Real Estate | 0.5 |

---

Common Stocks 97.8 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| Japan | 21.5 |
| United Kingdom | 14.1 |
| Germany | 14.0 |
| United States | 13.1 |
| France | 9.1 |
| Italy | 4.2 |
| Australia | 4.0 |
| Spain | 3.8 |
| Switzerland | 3.6 |
| Others | 12.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1597_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&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 - 14.0&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;United States - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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 - 12.6&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)**  |  |
| Shell PLC ADR | 3.0<br>|
| Banco Santander SA | 3.0<br>|
| Mitsubishi UFJ Financial Group Inc | 2.5<br>|
| Hitachi Ltd | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.2<br>|
| Lloyds Banking Group PLC | 2.2<br>|
| AXA SA | 2.2<br>|
| Rheinmetall AG | 2.0<br>|
| CRH PLC | 2.0<br>|
| Zurich Insurance Group AG | 1.9<br>|
|  | 23.3 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1597_20251031_2.jpg)<br>| ![](img118515_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> 1.9913937.101 1612-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® International Small Cap 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 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® International Small Cap Opportunities Fund  | $104  | 0.94% |

---

**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 Japan and an overweight in Europe ex U.K. 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 picks among media & entertainment stocks hurt most. Investment choices and an underweight in financials also hampered the fund's result. Security selection in industrials, primarily within the capital goods industry, hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in CTS Eventim (-13%), one the fund's largest holdings. Out-of-benchmark benchmark exposure to Morningstar (-35%) also hurt, though we decreased our position the past 12 months. An overweight in Aalberts (-9%) was another negative. The company was among our largest holdings this period.

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

• By sector, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Investment choices and an underweight in health care also boosted the fund's relative performance, as did an underweight in real estate, equity real estate investment trusts in particular.

• The top individual relative contributor was our non-benchmark stake in Rheinmetall (+268%), though we decreased our investment in the stock. A stake in Spectris (+71%) also helped. While the stock was no longer held at period end, the firm was among our largest holdings this period. A non-benchmark position in BE Semiconductor Industries gained roughly 63%, adding further value relative to the benchmark. The company was among our biggest holdings at period end.

• Notable changes in geographic positioning included lower allocations to Europe and the United States. By sector, meaningful shifts included decreased exposure to multi-sector holdings 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® International Small Cap Opportunities Fund<br>| $10000 | $10158<br>| $12838<br>| $12292<br>| $13886<br>| $15399<br>| $20997<br>| $13938<br>| $14511<br>| $18341<br>| $22191<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 |

---

![](img118518_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® International Small Cap Opportunities Fund | 20.99% | 7.58% | 8.30% |
| 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 | $1550406990<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $12837773<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 31.7 |
| Information Technology | 18.2 |
| Consumer Discretionary | 13.1 |
| Financials | 9.4 |
| Communication Services | 6.3 |
| Materials | 5.8 |
| Consumer Staples | 4.3 |
| Health Care | 3.4 |
| Real Estate | 3.2 |
| Energy | 1.9 |

---

Common Stocks 97.3 <br> International Equity Funds 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 30.3 |
| United Kingdom | 17.1 |
| Sweden | 10.9 |
| Germany | 5.3 |
| Canada | 4.5 |
| Netherlands | 4.3 |
| United States | 3.9 |
| France | 3.7 |
| Italy | 3.5 |
| Others | 16.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1504_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 10.9&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;Germany - 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;Canada - 4.5&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;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.9&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;Italy - 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;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lagercrantz Group AB B Shares | 3.4<br>|
| AddTech AB B Shares | 3.3<br>|
| Azbil Corp | 3.2<br>|
| Interpump Group SpA | 2.8<br>|
| Games Workshop Group PLC | 2.6<br>|
| BE Semiconductor Industries NV | 2.4<br>|
| KBC Ancora | 2.3<br>|
| Howden Joinery Group PLC | 2.2<br>|
| CTS Eventim AG & Co KGaA | 1.8<br>|
| InterContinental Hotels Group PLC ADR | 1.8<br>|
|  | 25.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1504_20251031_2.jpg)<br>| ![](img118518_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> 1.9913934.101 1504-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class Z : FIQJX** <br>|

---

This annual shareholder report contains information about Fidelity® International Small Cap 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 1-877-208-0098 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  | $95  | 0.86% |

---

**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 Japan and an overweight in Europe ex U.K. 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 picks among media & entertainment stocks hurt most. Investment choices and an underweight in financials also hampered the fund's result. Security selection in industrials, primarily within the capital goods industry, hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in CTS Eventim (-13%), one the fund's largest holdings. Out-of-benchmark benchmark exposure to Morningstar (-35%) also hurt, though we decreased our position the past 12 months. An overweight in Aalberts (-9%) was another negative. The company was among our largest holdings this period.

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

• By sector, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Investment choices and an underweight in health care also boosted the fund's relative performance, as did an underweight in real estate, equity real estate investment trusts in particular.

• The top individual relative contributor was our non-benchmark stake in Rheinmetall (+268%), though we decreased our investment in the stock. A stake in Spectris (+71%) also helped. While the stock was no longer held at period end, the firm was among our largest holdings this period. A non-benchmark position in BE Semiconductor Industries gained roughly 63%, adding further value relative to the benchmark. The company was among our biggest holdings at period end.

• Notable changes in geographic positioning included lower allocations to Europe and the United States. By sector, meaningful shifts included decreased exposure to multi-sector holdings and a higher allocation to financials stocks.

**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 | $9163<br>| $10363<br>| $11506<br>| $15704<br>| $10440<br>| $10877<br>| $13763<br>|
| MSCI EAFE Small Cap Index<br>| $10000 | $9081<br>| $9899<br>| $9778<br>| $13294<br>| $9285<br>| $9905<br>| $12203<br>|
| MSCI EAFE Index<br>| $10000 | $9263<br>| $10310<br>| $9621<br>| $12935<br>| $9980<br>| $11442<br>| $14102<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118519_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 21.08% | 7.69% | 7.47% |
| MSCI EAFE Small Cap Index | 24.78%<br>| 9.26%<br>| 6.11% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 8.13% |

---

**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 | $1550406990<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $12837773<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 31.7 |
| Information Technology | 18.2 |
| Consumer Discretionary | 13.1 |
| Financials | 9.4 |
| Communication Services | 6.3 |
| Materials | 5.8 |
| Consumer Staples | 4.3 |
| Health Care | 3.4 |
| Real Estate | 3.2 |
| Energy | 1.9 |

---

Common Stocks 97.3 <br> International Equity Funds 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 30.3 |
| United Kingdom | 17.1 |
| Sweden | 10.9 |
| Germany | 5.3 |
| Canada | 4.5 |
| Netherlands | 4.3 |
| United States | 3.9 |
| France | 3.7 |
| Italy | 3.5 |
| Others | 16.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1504_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 10.9&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;Germany - 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;Canada - 4.5&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;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.9&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;Italy - 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;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lagercrantz Group AB B Shares | 3.4<br>|
| AddTech AB B Shares | 3.3<br>|
| Azbil Corp | 3.2<br>|
| Interpump Group SpA | 2.8<br>|
| Games Workshop Group PLC | 2.6<br>|
| BE Semiconductor Industries NV | 2.4<br>|
| KBC Ancora | 2.3<br>|
| Howden Joinery Group PLC | 2.2<br>|
| CTS Eventim AG & Co KGaA | 1.8<br>|
| InterContinental Hotels Group PLC ADR | 1.8<br>|
|  | 25.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1504_20251031_2.jpg)<br>| ![](img118519_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> 1.9913935.101 3268-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class M : FOPTX** <br>|

---

This annual shareholder report contains information about Fidelity® International Small Cap 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 1-877-208-0098 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  | $164  | 1.49% |

---

**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 Japan and an overweight in Europe ex U.K. 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 picks among media & entertainment stocks hurt most. Investment choices and an underweight in financials also hampered the fund's result. Security selection in industrials, primarily within the capital goods industry, hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in CTS Eventim (-13%), one the fund's largest holdings. Out-of-benchmark benchmark exposure to Morningstar (-35%) also hurt, though we decreased our position the past 12 months. An overweight in Aalberts (-9%) was another negative. The company was among our largest holdings this period.

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

• By sector, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Investment choices and an underweight in health care also boosted the fund's relative performance, as did an underweight in real estate, equity real estate investment trusts in particular.

• The top individual relative contributor was our non-benchmark stake in Rheinmetall (+268%), though we decreased our investment in the stock. A stake in Spectris (+71%) also helped. While the stock was no longer held at period end, the firm was among our largest holdings this period. A non-benchmark position in BE Semiconductor Industries gained roughly 63%, adding further value relative to the benchmark. The company was among our biggest holdings at period end.

• Notable changes in geographic positioning included lower allocations to Europe and the United States. By sector, meaningful shifts included decreased exposure to multi-sector holdings 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9742<br>| $12239<br>| $11658<br>| $13090<br>| $14438<br>| $19572<br>| $12926<br>| $13370<br>| $16819<br>| $20231<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 |

---

![](img118520_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 16.08% | 6.22%<br>| 7.30% |
| Class M (without 3.50% sales charge) | 20.29% | 6.98% | 7.68% |
| 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 **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 | $1550406990<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $12837773<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 31.7 |
| Information Technology | 18.2 |
| Consumer Discretionary | 13.1 |
| Financials | 9.4 |
| Communication Services | 6.3 |
| Materials | 5.8 |
| Consumer Staples | 4.3 |
| Health Care | 3.4 |
| Real Estate | 3.2 |
| Energy | 1.9 |

---

Common Stocks 97.3 <br> International Equity Funds 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 30.3 |
| United Kingdom | 17.1 |
| Sweden | 10.9 |
| Germany | 5.3 |
| Canada | 4.5 |
| Netherlands | 4.3 |
| United States | 3.9 |
| France | 3.7 |
| Italy | 3.5 |
| Others | 16.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1504_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 10.9&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;Germany - 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;Canada - 4.5&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;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.9&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;Italy - 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;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lagercrantz Group AB B Shares | 3.4<br>|
| AddTech AB B Shares | 3.3<br>|
| Azbil Corp | 3.2<br>|
| Interpump Group SpA | 2.8<br>|
| Games Workshop Group PLC | 2.6<br>|
| BE Semiconductor Industries NV | 2.4<br>|
| KBC Ancora | 2.3<br>|
| Howden Joinery Group PLC | 2.2<br>|
| CTS Eventim AG & Co KGaA | 1.8<br>|
| InterContinental Hotels Group PLC ADR | 1.8<br>|
|  | 25.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1504_20251031_2.jpg)<br>| ![](img118520_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> 1.9913932.101 1484-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class I : FOPIX** <br>|

---

This annual shareholder report contains information about Fidelity® International Small Cap 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 1-877-208-0098 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  | $110  | 1.00% |

---

**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 Japan and an overweight in Europe ex U.K. 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 picks among media & entertainment stocks hurt most. Investment choices and an underweight in financials also hampered the fund's result. Security selection in industrials, primarily within the capital goods industry, hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in CTS Eventim (-13%), one the fund's largest holdings. Out-of-benchmark benchmark exposure to Morningstar (-35%) also hurt, though we decreased our position the past 12 months. An overweight in Aalberts (-9%) was another negative. The company was among our largest holdings this period.

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

• By sector, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Investment choices and an underweight in health care also boosted the fund's relative performance, as did an underweight in real estate, equity real estate investment trusts in particular.

• The top individual relative contributor was our non-benchmark stake in Rheinmetall (+268%), though we decreased our investment in the stock. A stake in Spectris (+71%) also helped. While the stock was no longer held at period end, the firm was among our largest holdings this period. A non-benchmark position in BE Semiconductor Industries gained roughly 63%, adding further value relative to the benchmark. The company was among our biggest holdings at period end.

• Notable changes in geographic positioning included lower allocations to Europe and the United States. By sector, meaningful shifts included decreased exposure to multi-sector holdings 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10156<br>| $12832<br>| $12291<br>| $13881<br>| $15394<br>| $20985<br>| $13934<br>| $14494<br>| $18316<br>| $22142<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 |

---

![](img118521_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 20.89% | 7.54% | 8.27% |
| 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 **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 | $1550406990<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $12837773<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 31.7 |
| Information Technology | 18.2 |
| Consumer Discretionary | 13.1 |
| Financials | 9.4 |
| Communication Services | 6.3 |
| Materials | 5.8 |
| Consumer Staples | 4.3 |
| Health Care | 3.4 |
| Real Estate | 3.2 |
| Energy | 1.9 |

---

Common Stocks 97.3 <br> International Equity Funds 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 30.3 |
| United Kingdom | 17.1 |
| Sweden | 10.9 |
| Germany | 5.3 |
| Canada | 4.5 |
| Netherlands | 4.3 |
| United States | 3.9 |
| France | 3.7 |
| Italy | 3.5 |
| Others | 16.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1504_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 10.9&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;Germany - 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;Canada - 4.5&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;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.9&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;Italy - 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;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lagercrantz Group AB B Shares | 3.4<br>|
| AddTech AB B Shares | 3.3<br>|
| Azbil Corp | 3.2<br>|
| Interpump Group SpA | 2.8<br>|
| Games Workshop Group PLC | 2.6<br>|
| BE Semiconductor Industries NV | 2.4<br>|
| KBC Ancora | 2.3<br>|
| Howden Joinery Group PLC | 2.2<br>|
| CTS Eventim AG & Co KGaA | 1.8<br>|
| InterContinental Hotels Group PLC ADR | 1.8<br>|
|  | 25.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1504_20251031_2.jpg)<br>| ![](img118521_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> 1.9913933.101 1485-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class C : FOPCX** <br>|

---

This annual shareholder report contains information about Fidelity® International Small Cap 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 1-877-208-0098 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  | $218  | 1.99% |

---

**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 Japan and an overweight in Europe ex U.K. 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 picks among media & entertainment stocks hurt most. Investment choices and an underweight in financials also hampered the fund's result. Security selection in industrials, primarily within the capital goods industry, hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in CTS Eventim (-13%), one the fund's largest holdings. Out-of-benchmark benchmark exposure to Morningstar (-35%) also hurt, though we decreased our position the past 12 months. An overweight in Aalberts (-9%) was another negative. The company was among our largest holdings this period.

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

• By sector, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Investment choices and an underweight in health care also boosted the fund's relative performance, as did an underweight in real estate, equity real estate investment trusts in particular.

• The top individual relative contributor was our non-benchmark stake in Rheinmetall (+268%), though we decreased our investment in the stock. A stake in Spectris (+71%) also helped. While the stock was no longer held at period end, the firm was among our largest holdings this period. A non-benchmark position in BE Semiconductor Industries gained roughly 63%, adding further value relative to the benchmark. The company was among our biggest holdings at period end.

• Notable changes in geographic positioning included lower allocations to Europe and the United States. By sector, meaningful shifts included decreased exposure to multi-sector holdings 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10044<br>| $12557<br>| $11905<br>| $13302<br>| $14595<br>| $19688<br>| $12938<br>| $13317<br>| $16788<br>| $20240<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 |

---

![](img118522_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 18.66% | 6.44%<br>| 7.31% |
| Class C | 19.66% | 6.44% | 7.31% |
| 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 **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 | $1550406990<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $12837773<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 31.7 |
| Information Technology | 18.2 |
| Consumer Discretionary | 13.1 |
| Financials | 9.4 |
| Communication Services | 6.3 |
| Materials | 5.8 |
| Consumer Staples | 4.3 |
| Health Care | 3.4 |
| Real Estate | 3.2 |
| Energy | 1.9 |

---

Common Stocks 97.3 <br> International Equity Funds 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 30.3 |
| United Kingdom | 17.1 |
| Sweden | 10.9 |
| Germany | 5.3 |
| Canada | 4.5 |
| Netherlands | 4.3 |
| United States | 3.9 |
| France | 3.7 |
| Italy | 3.5 |
| Others | 16.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1504_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 10.9&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;Germany - 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;Canada - 4.5&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;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.9&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;Italy - 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;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lagercrantz Group AB B Shares | 3.4<br>|
| AddTech AB B Shares | 3.3<br>|
| Azbil Corp | 3.2<br>|
| Interpump Group SpA | 2.8<br>|
| Games Workshop Group PLC | 2.6<br>|
| BE Semiconductor Industries NV | 2.4<br>|
| KBC Ancora | 2.3<br>|
| Howden Joinery Group PLC | 2.2<br>|
| CTS Eventim AG & Co KGaA | 1.8<br>|
| InterContinental Hotels Group PLC ADR | 1.8<br>|
|  | 25.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1504_20251031_2.jpg)<br>| ![](img118522_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> 1.9913931.101 1483-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class A : FOPAX** <br>|

---

This annual shareholder report contains information about Fidelity® International Small Cap 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 1-877-208-0098 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  | $136  | 1.24% |

---

**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 Japan and an overweight in Europe ex U.K. 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 picks among media & entertainment stocks hurt most. Investment choices and an underweight in financials also hampered the fund's result. Security selection in industrials, primarily within the capital goods industry, hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in CTS Eventim (-13%), one the fund's largest holdings. Out-of-benchmark benchmark exposure to Morningstar (-35%) also hurt, though we decreased our position the past 12 months. An overweight in Aalberts (-9%) was another negative. The company was among our largest holdings this period.

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

• By sector, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Investment choices and an underweight in health care also boosted the fund's relative performance, as did an underweight in real estate, equity real estate investment trusts in particular.

• The top individual relative contributor was our non-benchmark stake in Rheinmetall (+268%), though we decreased our investment in the stock. A stake in Spectris (+71%) also helped. While the stock was no longer held at period end, the firm was among our largest holdings this period. A non-benchmark position in BE Semiconductor Industries gained roughly 63%, adding further value relative to the benchmark. The company was among our biggest holdings at period end.

• Notable changes in geographic positioning included lower allocations to Europe and the United States. By sector, meaningful shifts included decreased exposure to multi-sector holdings 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9547<br>| $12030<br>| $11491<br>| $12940<br>| $14310<br>| $19448<br>| $12876<br>| $13358<br>| $16839<br>| $20301<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 |

---

![](img118523_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 13.63% | 5.98%<br>| 7.34% |
| Class A (without 5.75% sales charge) | 20.56% | 7.25% | 7.98% |
| 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 **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 | $1550406990<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $12837773<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 31.7 |
| Information Technology | 18.2 |
| Consumer Discretionary | 13.1 |
| Financials | 9.4 |
| Communication Services | 6.3 |
| Materials | 5.8 |
| Consumer Staples | 4.3 |
| Health Care | 3.4 |
| Real Estate | 3.2 |
| Energy | 1.9 |

---

Common Stocks 97.3 <br> International Equity Funds 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 30.3 |
| United Kingdom | 17.1 |
| Sweden | 10.9 |
| Germany | 5.3 |
| Canada | 4.5 |
| Netherlands | 4.3 |
| United States | 3.9 |
| France | 3.7 |
| Italy | 3.5 |
| Others | 16.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1504_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 10.9&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;Germany - 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;Canada - 4.5&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;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.9&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;Italy - 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;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lagercrantz Group AB B Shares | 3.4<br>|
| AddTech AB B Shares | 3.3<br>|
| Azbil Corp | 3.2<br>|
| Interpump Group SpA | 2.8<br>|
| Games Workshop Group PLC | 2.6<br>|
| BE Semiconductor Industries NV | 2.4<br>|
| KBC Ancora | 2.3<br>|
| Howden Joinery Group PLC | 2.2<br>|
| CTS Eventim AG & Co KGaA | 1.8<br>|
| InterContinental Hotels Group PLC ADR | 1.8<br>|
|  | 25.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1504_20251031_2.jpg)<br>| ![](img118523_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> 1.9913930.101 1481-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® International Small Cap Fund<br> **Fidelity® International Small Cap Fund : FISMX** <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® 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 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® International Small Cap Fund  | $98  | 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 the U.K., along with stock picks and an underweight in Canada, detracted from the fund's performance versus the Fidelity International Small Cap Fund Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within materials. Also hurting our result were investment choices in information technology and real estate.

• The biggest individual relative detractor was an overweight in Ashtead Technology Holdings (-39%), followed by outsized exposure to RHI Magnesita (-30%). An overweight in International Games System (-26%) also hurt.

• In contrast, from a regional standpoint, an underweight in emerging markets, especially India, in addition to picks and an overweight in Europe ex U.K., primarily in Germany, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark were investment choices in industrials, particularly among capital goods firms. An underweight in real estate and an overweight in financials, primarily within the insurance industry, also boosted the fund's relative performance.

• The top individual relative contributor was Rheinmetall (+262%). We decreased exposure to the stock however the company was among our biggest holdings this period. The second-largest relative contributor was Precision Tsugami China (+270%). A stake in Metlen Energy & Metals gained approximately 88% and helped as well, though the stock was not held at period end. All these contributors were non-benchmark positions.

• Notable changes in geographic positioning included increased exposure to China and a lower allocation to the United Kingdom. By sector, meaningful shifts included increased exposure to health care and a lower allocation to communication services 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® International Small Cap Fund<br>| $10000 | $10939<br>| $13803<br>| $12624<br>| $13668<br>| $13174<br>| $18420<br>| $13813<br>| $15634<br>| $18594<br>| $21902<br>|
| MSCI ACWI (All Country World Index) ex USA Small Cap Index<br>| $10000 | $10433<br>| $13026<br>| $11773<br>| $12823<br>| $12847<br>| $17856<br>| $12918<br>| $14078<br>| $17443<br>| $21415<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118524_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® International Small Cap Fund | 17.79% | 10.70% | 8.16% |
| MSCI ACWI (All Country World Index) ex USA Small Cap Index | 22.77%<br>| 10.76%<br>| 7.91% |

---

---

| |
|:---|
| 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 | $5286880296<br>|
| Number of Holdings | 195<br>|
| Total Advisory Fee | $43259231<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.0 |
| Financials | 16.1 |
| Information Technology | 10.6 |
| Consumer Discretionary | 10.5 |
| Consumer Staples | 8.1 |
| Materials | 7.5 |
| Health Care | 6.7 |
| Real Estate | 5.6 |
| Communication Services | 3.8 |
| Energy | 3.2 |
| Utilities | 0.7 |

---

Common Stocks 95.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20251031_AA.jpg) <br>|

---

Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.2 <br>

---

| | |
|:---|:---|
| Japan | 25.8 |
| United Kingdom | 13.0 |
| United States | 5.9 |
| China | 4.7 |
| Canada | 4.3 |
| Taiwan | 3.7 |
| Italy | 3.6 |
| Spain | 3.0 |
| Mexico | 3.0 |
| Others | 33.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1135_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 25.8&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 - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 4.7&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;Canada - 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;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Spain - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 33.0&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)**  |  |
| Ebara Corp | 1.2<br>|
| Fuji Electric Co Ltd | 1.0<br>|
| Shriram Finance Ltd | 1.0<br>|
| Logista Integral SA | 1.0<br>|
| Tripod Technology Corp | 1.0<br>|
| Kawasaki Heavy Industries Ltd | 1.0<br>|
| Lassonde Industries Inc Class A | 0.9<br>|
| NOF Corp | 0.9<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Kamigumi Co Ltd | 0.9<br>|
|  | 9.8 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

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 expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1135_20251031_2.jpg)<br>| ![](img118524_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> 1.9913915.101 818-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® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class Z : FIQIX** <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® 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 1-877-208-0098 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  | $90  | 0.83% |

---

**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., along with stock picks and an underweight in Canada, detracted from the fund's performance versus the Fidelity International Small Cap Fund Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within materials. Also hurting our result were investment choices in information technology and real estate.

• The biggest individual relative detractor was an overweight in Ashtead Technology Holdings (-39%), followed by outsized exposure to RHI Magnesita (-30%). An overweight in International Games System (-26%) also hurt.

• In contrast, from a regional standpoint, an underweight in emerging markets, especially India, in addition to picks and an overweight in Europe ex U.K., primarily in Germany, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark were investment choices in industrials, particularly among capital goods firms. An underweight in real estate and an overweight in financials, primarily within the insurance industry, also boosted the fund's relative performance.

• The top individual relative contributor was Rheinmetall (+262%). We decreased exposure to the stock however the company was among our biggest holdings this period. The second-largest relative contributor was Precision Tsugami China (+270%). A stake in Metlen Energy & Metals gained approximately 88% and helped as well, though the stock was not held at period end. All these contributors were non-benchmark positions.

• Notable changes in geographic positioning included increased exposure to China and a lower allocation to the United Kingdom. By sector, meaningful shifts included increased exposure to health care and a lower allocation to communication services stocks.

**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 | $9194<br>| $9970<br>| $9620<br>| $13466<br>| $10114<br>| $11467<br>| $13647<br>|
| MSCI ACWI (All Country World Index) ex USA Small Cap Index<br>| $10000 | $9075<br>| $9885<br>| $9903<br>| $13764<br>| $9958<br>| $10852<br>| $13446<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118525_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 17.86% | 10.83% | 6.94% |
| MSCI ACWI (All Country World Index) ex USA Small Cap Index | 22.77%<br>| 10.76%<br>| 7.33% |

---

**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 | $5286880296<br>|
| Number of Holdings | 195<br>|
| Total Advisory Fee | $43259231<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.0 |
| Financials | 16.1 |
| Information Technology | 10.6 |
| Consumer Discretionary | 10.5 |
| Consumer Staples | 8.1 |
| Materials | 7.5 |
| Health Care | 6.7 |
| Real Estate | 5.6 |
| Communication Services | 3.8 |
| Energy | 3.2 |
| Utilities | 0.7 |

---

Common Stocks 95.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20251031_AA.jpg) <br>|

---

Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.2 <br>

---

| | |
|:---|:---|
| Japan | 25.8 |
| United Kingdom | 13.0 |
| United States | 5.9 |
| China | 4.7 |
| Canada | 4.3 |
| Taiwan | 3.7 |
| Italy | 3.6 |
| Spain | 3.0 |
| Mexico | 3.0 |
| Others | 33.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1135_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 25.8&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 - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 4.7&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;Canada - 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;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Spain - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 33.0&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)**  |  |
| Ebara Corp | 1.2<br>|
| Fuji Electric Co Ltd | 1.0<br>|
| Shriram Finance Ltd | 1.0<br>|
| Logista Integral SA | 1.0<br>|
| Tripod Technology Corp | 1.0<br>|
| Kawasaki Heavy Industries Ltd | 1.0<br>|
| Lassonde Industries Inc Class A | 0.9<br>|
| NOF Corp | 0.9<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Kamigumi Co Ltd | 0.9<br>|
|  | 9.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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 expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1135_20251031_2.jpg)<br>| ![](img118525_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> 1.9913914.101 3267-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® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class M : FTISX** <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® 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 1-877-208-0098 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  | $157  | 1.45% |

---

**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., along with stock picks and an underweight in Canada, detracted from the fund's performance versus the Fidelity International Small Cap Fund Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within materials. Also hurting our result were investment choices in information technology and real estate.

• The biggest individual relative detractor was an overweight in Ashtead Technology Holdings (-39%), followed by outsized exposure to RHI Magnesita (-30%). An overweight in International Games System (-26%) also hurt.

• In contrast, from a regional standpoint, an underweight in emerging markets, especially India, in addition to picks and an overweight in Europe ex U.K., primarily in Germany, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark were investment choices in industrials, particularly among capital goods firms. An underweight in real estate and an overweight in financials, primarily within the insurance industry, also boosted the fund's relative performance.

• The top individual relative contributor was Rheinmetall (+262%). We decreased exposure to the stock however the company was among our biggest holdings this period. The second-largest relative contributor was Precision Tsugami China (+270%). A stake in Metlen Energy & Metals gained approximately 88% and helped as well, though the stock was not held at period end. All these contributors were non-benchmark positions.

• Notable changes in geographic positioning included increased exposure to China and a lower allocation to the United Kingdom. By sector, meaningful shifts included increased exposure to health care and a lower allocation to communication services 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10499<br>| $13173<br>| $11974<br>| $12890<br>| $12349<br>| $17174<br>| $12807<br>| $14424<br>| $17059<br>| $19982<br>|
| MSCI ACWI (All Country World Index) ex USA Small Cap Index<br>| $10000 | $10433<br>| $13026<br>| $11773<br>| $12823<br>| $12847<br>| $17856<br>| $12918<br>| $14078<br>| $17443<br>| $21415<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118526_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 13.03% | 9.32%<br>| 7.17% |
| Class M (without 3.50% sales charge) | 17.13% | 10.10% | 7.55% |
| MSCI ACWI (All Country World Index) ex USA Small Cap Index | 22.77%<br>| 10.76%<br>| 7.91% |

---

---

| |
|:---|
| 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 | $5286880296<br>|
| Number of Holdings | 195<br>|
| Total Advisory Fee | $43259231<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.0 |
| Financials | 16.1 |
| Information Technology | 10.6 |
| Consumer Discretionary | 10.5 |
| Consumer Staples | 8.1 |
| Materials | 7.5 |
| Health Care | 6.7 |
| Real Estate | 5.6 |
| Communication Services | 3.8 |
| Energy | 3.2 |
| Utilities | 0.7 |

---

Common Stocks 95.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20251031_AA.jpg) <br>|

---

Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.2 <br>

---

| | |
|:---|:---|
| Japan | 25.8 |
| United Kingdom | 13.0 |
| United States | 5.9 |
| China | 4.7 |
| Canada | 4.3 |
| Taiwan | 3.7 |
| Italy | 3.6 |
| Spain | 3.0 |
| Mexico | 3.0 |
| Others | 33.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1135_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 25.8&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 - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 4.7&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;Canada - 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;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Spain - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 33.0&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)**  |  |
| Ebara Corp | 1.2<br>|
| Fuji Electric Co Ltd | 1.0<br>|
| Shriram Finance Ltd | 1.0<br>|
| Logista Integral SA | 1.0<br>|
| Tripod Technology Corp | 1.0<br>|
| Kawasaki Heavy Industries Ltd | 1.0<br>|
| Lassonde Industries Inc Class A | 0.9<br>|
| NOF Corp | 0.9<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Kamigumi Co Ltd | 0.9<br>|
|  | 9.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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 expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1135_20251031_2.jpg)<br>| ![](img118526_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> 1.9913912.101 1261-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® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class I : FIXIX** <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® 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 1-877-208-0098 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  | $103  | 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, security selection in the U.K., along with stock picks and an underweight in Canada, detracted from the fund's performance versus the Fidelity International Small Cap Fund Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within materials. Also hurting our result were investment choices in information technology and real estate.

• The biggest individual relative detractor was an overweight in Ashtead Technology Holdings (-39%), followed by outsized exposure to RHI Magnesita (-30%). An overweight in International Games System (-26%) also hurt.

• In contrast, from a regional standpoint, an underweight in emerging markets, especially India, in addition to picks and an overweight in Europe ex U.K., primarily in Germany, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark were investment choices in industrials, particularly among capital goods firms. An underweight in real estate and an overweight in financials, primarily within the insurance industry, also boosted the fund's relative performance.

• The top individual relative contributor was Rheinmetall (+262%). We decreased exposure to the stock however the company was among our biggest holdings this period. The second-largest relative contributor was Precision Tsugami China (+270%). A stake in Metlen Energy & Metals gained approximately 88% and helped as well, though the stock was not held at period end. All these contributors were non-benchmark positions.

• Notable changes in geographic positioning included increased exposure to China and a lower allocation to the United Kingdom. By sector, meaningful shifts included increased exposure to health care and a lower allocation to communication services 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10943<br>| $13807<br>| $12622<br>| $13668<br>| $13174<br>| $18417<br>| $13816<br>| $15639<br>| $18595<br>| $21891<br>|
| MSCI ACWI (All Country World Index) ex USA Small Cap Index<br>| $10000 | $10433<br>| $13026<br>| $11773<br>| $12823<br>| $12847<br>| $17856<br>| $12918<br>| $14078<br>| $17443<br>| $21415<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118527_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 17.73% | 10.69% | 8.15% |
| MSCI ACWI (All Country World Index) ex USA Small Cap Index | 22.77%<br>| 10.76%<br>| 7.91% |

---

---

| |
|:---|
| 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 | $5286880296<br>|
| Number of Holdings | 195<br>|
| Total Advisory Fee | $43259231<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.0 |
| Financials | 16.1 |
| Information Technology | 10.6 |
| Consumer Discretionary | 10.5 |
| Consumer Staples | 8.1 |
| Materials | 7.5 |
| Health Care | 6.7 |
| Real Estate | 5.6 |
| Communication Services | 3.8 |
| Energy | 3.2 |
| Utilities | 0.7 |

---

Common Stocks 95.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20251031_AA.jpg) <br>|

---

Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.2 <br>

---

| | |
|:---|:---|
| Japan | 25.8 |
| United Kingdom | 13.0 |
| United States | 5.9 |
| China | 4.7 |
| Canada | 4.3 |
| Taiwan | 3.7 |
| Italy | 3.6 |
| Spain | 3.0 |
| Mexico | 3.0 |
| Others | 33.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1135_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 25.8&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 - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 4.7&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;Canada - 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;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Spain - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 33.0&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)**  |  |
| Ebara Corp | 1.2<br>|
| Fuji Electric Co Ltd | 1.0<br>|
| Shriram Finance Ltd | 1.0<br>|
| Logista Integral SA | 1.0<br>|
| Tripod Technology Corp | 1.0<br>|
| Kawasaki Heavy Industries Ltd | 1.0<br>|
| Lassonde Industries Inc Class A | 0.9<br>|
| NOF Corp | 0.9<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Kamigumi Co Ltd | 0.9<br>|
|  | 9.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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 expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1135_20251031_2.jpg)<br>| ![](img118527_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> 1.9913913.101 1262-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® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class C : FICSX** <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® 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 1-877-208-0098 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  | $211  | 1.95% |

---

**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, security selection in the U.K., along with stock picks and an underweight in Canada, detracted from the fund's performance versus the Fidelity International Small Cap Fund Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within materials. Also hurting our result were investment choices in information technology and real estate.

• The biggest individual relative detractor was an overweight in Ashtead Technology Holdings (-39%), followed by outsized exposure to RHI Magnesita (-30%). An overweight in International Games System (-26%) also hurt.

• In contrast, from a regional standpoint, an underweight in emerging markets, especially India, in addition to picks and an overweight in Europe ex U.K., primarily in Germany, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark were investment choices in industrials, particularly among capital goods firms. An underweight in real estate and an overweight in financials, primarily within the insurance industry, also boosted the fund's relative performance.

• The top individual relative contributor was Rheinmetall (+262%). We decreased exposure to the stock however the company was among our biggest holdings this period. The second-largest relative contributor was Precision Tsugami China (+270%). A stake in Metlen Energy & Metals gained approximately 88% and helped as well, though the stock was not held at period end. All these contributors were non-benchmark positions.

• Notable changes in geographic positioning included increased exposure to China and a lower allocation to the United Kingdom. By sector, meaningful shifts included increased exposure to health care and a lower allocation to communication services 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10826<br>| $13517<br>| $12231<br>| $13109<br>| $12499<br>| $17294<br>| $12837<br>| $14386<br>| $17060<br>| $20039<br>|
| MSCI ACWI (All Country World Index) ex USA Small Cap Index<br>| $10000 | $10433<br>| $13026<br>| $11773<br>| $12823<br>| $12847<br>| $17856<br>| $12918<br>| $14078<br>| $17443<br>| $21415<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118528_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 15.55% | 9.56%<br>| 7.20% |
| Class C | 16.55% | 9.56% | 7.20% |
| MSCI ACWI (All Country World Index) ex USA Small Cap Index | 22.77%<br>| 10.76%<br>| 7.91% |

---

---

| |
|:---|
| 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 | $5286880296<br>|
| Number of Holdings | 195<br>|
| Total Advisory Fee | $43259231<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.0 |
| Financials | 16.1 |
| Information Technology | 10.6 |
| Consumer Discretionary | 10.5 |
| Consumer Staples | 8.1 |
| Materials | 7.5 |
| Health Care | 6.7 |
| Real Estate | 5.6 |
| Communication Services | 3.8 |
| Energy | 3.2 |
| Utilities | 0.7 |

---

Common Stocks 95.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20251031_AA.jpg) <br>|

---

Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.2 <br>

---

| | |
|:---|:---|
| Japan | 25.8 |
| United Kingdom | 13.0 |
| United States | 5.9 |
| China | 4.7 |
| Canada | 4.3 |
| Taiwan | 3.7 |
| Italy | 3.6 |
| Spain | 3.0 |
| Mexico | 3.0 |
| Others | 33.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1135_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 25.8&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 - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 4.7&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;Canada - 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;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Spain - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 33.0&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)**  |  |
| Ebara Corp | 1.2<br>|
| Fuji Electric Co Ltd | 1.0<br>|
| Shriram Finance Ltd | 1.0<br>|
| Logista Integral SA | 1.0<br>|
| Tripod Technology Corp | 1.0<br>|
| Kawasaki Heavy Industries Ltd | 1.0<br>|
| Lassonde Industries Inc Class A | 0.9<br>|
| NOF Corp | 0.9<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Kamigumi Co Ltd | 0.9<br>|
|  | 9.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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 expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1135_20251031_2.jpg)<br>| ![](img118528_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> 1.9913911.101 1260-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® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class A : FIASX** <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® 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 1-877-208-0098 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  | $130  | 1.19% |

---

**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., along with stock picks and an underweight in Canada, detracted from the fund's performance versus the Fidelity International Small Cap Fund Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within materials. Also hurting our result were investment choices in information technology and real estate.

• The biggest individual relative detractor was an overweight in Ashtead Technology Holdings (-39%), followed by outsized exposure to RHI Magnesita (-30%). An overweight in International Games System (-26%) also hurt.

• In contrast, from a regional standpoint, an underweight in emerging markets, especially India, in addition to picks and an overweight in Europe ex U.K., primarily in Germany, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark were investment choices in industrials, particularly among capital goods firms. An underweight in real estate and an overweight in financials, primarily within the insurance industry, also boosted the fund's relative performance.

• The top individual relative contributor was Rheinmetall (+262%). We decreased exposure to the stock however the company was among our biggest holdings this period. The second-largest relative contributor was Precision Tsugami China (+270%). A stake in Metlen Energy & Metals gained approximately 88% and helped as well, though the stock was not held at period end. All these contributors were non-benchmark positions.

• Notable changes in geographic positioning included increased exposure to China and a lower allocation to the United Kingdom. By sector, meaningful shifts included increased exposure to health care and a lower allocation to communication services 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10284<br>| $12940<br>| $11797<br>| $12741<br>| $12243<br>| $17070<br>| $12769<br>| $14413<br>| $17092<br>| $20077<br>|
| MSCI ACWI (All Country World Index) ex USA Small Cap Index<br>| $10000 | $10433<br>| $13026<br>| $11773<br>| $12823<br>| $12847<br>| $17856<br>| $12918<br>| $14078<br>| $17443<br>| $21415<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118529_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 10.71% | 9.10%<br>| 7.22% |
| Class A (without 5.75% sales charge) | 17.46% | 10.40% | 7.86% |
| MSCI ACWI (All Country World Index) ex USA Small Cap Index | 22.77%<br>| 10.76%<br>| 7.91% |

---

---

| |
|:---|
| 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 | $5286880296<br>|
| Number of Holdings | 195<br>|
| Total Advisory Fee | $43259231<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.0 |
| Financials | 16.1 |
| Information Technology | 10.6 |
| Consumer Discretionary | 10.5 |
| Consumer Staples | 8.1 |
| Materials | 7.5 |
| Health Care | 6.7 |
| Real Estate | 5.6 |
| Communication Services | 3.8 |
| Energy | 3.2 |
| Utilities | 0.7 |

---

Common Stocks 95.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20251031_AA.jpg) <br>|

---

Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.2 <br>

---

| | |
|:---|:---|
| Japan | 25.8 |
| United Kingdom | 13.0 |
| United States | 5.9 |
| China | 4.7 |
| Canada | 4.3 |
| Taiwan | 3.7 |
| Italy | 3.6 |
| Spain | 3.0 |
| Mexico | 3.0 |
| Others | 33.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1135_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 25.8&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 - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 4.7&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;Canada - 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;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Spain - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 33.0&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)**  |  |
| Ebara Corp | 1.2<br>|
| Fuji Electric Co Ltd | 1.0<br>|
| Shriram Finance Ltd | 1.0<br>|
| Logista Integral SA | 1.0<br>|
| Tripod Technology Corp | 1.0<br>|
| Kawasaki Heavy Industries Ltd | 1.0<br>|
| Lassonde Industries Inc Class A | 0.9<br>|
| NOF Corp | 0.9<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Kamigumi Co Ltd | 0.9<br>|
|  | 9.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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 expensesPerformance adjustment feeManagement fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1135_20251031_2.jpg)<br>| ![](img118529_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> 1.9913910.101 1258-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® International Growth Fund<br> **Fidelity® International Growth Fund : FIGFX** <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® 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 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® International Growth Fund  | $91  | 0.84% |

---

**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., along with picks and an underweight in Japan, detracted from the fund's performance versus the MSCI EAFE Growth Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within industrials. Investment choices in financials and consumer discretionary hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in Linde (-7%), one of our largest holdings. Outsized exposure to Recruit Holdings (-20%), another of the fund's biggest positions this period, also hurt. Not owning Rolls-Royce Holdings, a benchmark component that gained about 126%, further pressured relative performance.

• In contrast, from a regional standpoint, an underweight in Europe ex U.K., primarily Denmark, and a non-benchmark allocation to emerging markets, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, especially in the pharmaceuticals, biotechnology & life sciences industry. Stock selection in materials also boosted the fund's relative performance, as did an overweight in industrials, capital goods firms in particular.

• The fund's non-benchmark stake in GE Vernova gained about 91% 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 gained approximately 55% and was another plus. The company was among the fund's biggest positions this period.

• Notable changes in geographic positioning included 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® International Growth Fund<br>| $10000 | $9713<br>| $12057<br>| $11347<br>| $13805<br>| $14899<br>| $19574<br>| $14135<br>| $15632<br>| $19603<br>| $22890<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 |

---

![](img118532_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® International Growth Fund | 16.77% | 8.97% | 8.63% |
| 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 | $7682678887<br>|
| Number of Holdings | 69<br>|
| Total Advisory Fee | $53563376<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 38.3 |
| Information Technology | 20.3 |
| Financials | 12.3 |
| Materials | 9.9 |
| Consumer Discretionary | 8.8 |
| Communication Services | 4.8 |
| Health Care | 3.5 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

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)** |
| ![](img1979_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 |

---

---

| | |
|:---|:---|
| United States | 22.1 |
| France | 15.4 |
| Japan | 14.0 |
| United Kingdom | 12.8 |
| Sweden | 7.9 |
| Netherlands | 6.3 |
| Germany | 5.4 |
| Taiwan | 4.0 |
| Switzerland | 3.5 |
| Others | 8.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1979_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 22.1&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 - 14.0&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;United Kingdom - 12.8&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 - 6.3&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 - 3.5&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 | 5.2<br>|
| Safran SA | 5.1<br>|
| CRH PLC | 4.5<br>|
| SAP SE | 4.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.0<br>|
| Airbus SE | 3.4<br>|
| Schneider Electric SE | 3.4<br>|
| Compass Group PLC | 3.2<br>|
| Linde PLC | 2.8<br>|
| Atlas Copco AB A Shares | 2.7<br>|
|  | 38.6 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating 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. |
| ![](img1979_20251031_2.jpg)<br>| ![](img118532_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> 1.9913948.101 1979-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-877-208-0098 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  | $83  | 0.77% |

---

**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., along with picks and an underweight in Japan, detracted from the fund's performance versus the MSCI EAFE Growth Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within industrials. Investment choices in financials and consumer discretionary hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in Linde (-7%), one of our largest holdings. Outsized exposure to Recruit Holdings (-20%), another of the fund's biggest positions this period, also hurt. Not owning Rolls-Royce Holdings, a benchmark component that gained about 126%, further pressured relative performance.

• In contrast, from a regional standpoint, an underweight in Europe ex U.K., primarily Denmark, and a non-benchmark allocation to emerging markets, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, especially in the pharmaceuticals, biotechnology & life sciences industry. Stock selection in materials also boosted the fund's relative performance, as did an overweight in industrials, capital goods firms in particular.

• The fund's non-benchmark stake in GE Vernova gained about 91% 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 gained approximately 55% and was another plus. The company was among the fund's biggest positions this period.

• Notable changes in geographic positioning included 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9727<br>| $12094<br>| $11403<br>| $13894<br>| $15006<br>| $19740<br>| $14276<br>| $15809<br>| $19844<br>| $23193<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 |

---

![](img118533_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class Z | 16.88% | 9.10% | 8.78% |
| MSCI EAFE Growth Index | 16.88%<br>| 8.00%<br>| 7.41% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $7682678887<br>|
| Number of Holdings | 69<br>|
| Total Advisory Fee | $53563376<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 38.3 |
| Information Technology | 20.3 |
| Financials | 12.3 |
| Materials | 9.9 |
| Consumer Discretionary | 8.8 |
| Communication Services | 4.8 |
| Health Care | 3.5 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

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)** |
| ![](img1979_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 |

---

---

| | |
|:---|:---|
| United States | 22.1 |
| France | 15.4 |
| Japan | 14.0 |
| United Kingdom | 12.8 |
| Sweden | 7.9 |
| Netherlands | 6.3 |
| Germany | 5.4 |
| Taiwan | 4.0 |
| Switzerland | 3.5 |
| Others | 8.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1979_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 22.1&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 - 14.0&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;United Kingdom - 12.8&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 - 6.3&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 - 3.5&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 | 5.2<br>|
| Safran SA | 5.1<br>|
| CRH PLC | 4.5<br>|
| SAP SE | 4.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.0<br>|
| Airbus SE | 3.4<br>|
| Schneider Electric SE | 3.4<br>|
| Compass Group PLC | 3.2<br>|
| Linde PLC | 2.8<br>|
| Atlas Copco AB A Shares | 2.7<br>|
|  | 38.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1979_20251031_2.jpg)<br>| ![](img118533_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> 1.9913953.101 2535-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® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class M : FITGX** <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® 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 1-877-208-0098 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  | 1.38% |

---

**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., along with picks and an underweight in Japan, detracted from the fund's performance versus the MSCI EAFE Growth Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within industrials. Investment choices in financials and consumer discretionary hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in Linde (-7%), one of our largest holdings. Outsized exposure to Recruit Holdings (-20%), another of the fund's biggest positions this period, also hurt. Not owning Rolls-Royce Holdings, a benchmark component that gained about 126%, further pressured relative performance.

• In contrast, from a regional standpoint, an underweight in Europe ex U.K., primarily Denmark, and a non-benchmark allocation to emerging markets, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, especially in the pharmaceuticals, biotechnology & life sciences industry. Stock selection in materials also boosted the fund's relative performance, as did an overweight in industrials, capital goods firms in particular.

• The fund's non-benchmark stake in GE Vernova gained about 91% 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 gained approximately 55% and was another plus. The company was among the fund's biggest positions this period.

• Notable changes in geographic positioning included 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9305<br>| $11492<br>| $10757<br>| $13007<br>| $13952<br>| $18231<br>| $13092<br>| $14400<br>| $17955<br>| $20857<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 |

---

![](img118534_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 12.09% | 7.60%<br>| 7.63% |
| Class M (without 3.50% sales charge) | 16.16% | 8.37% | 8.01% |
| MSCI EAFE Growth Index | 16.88%<br>| 8.00%<br>| 7.41% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $7682678887<br>|
| Number of Holdings | 69<br>|
| Total Advisory Fee | $53563376<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 38.3 |
| Information Technology | 20.3 |
| Financials | 12.3 |
| Materials | 9.9 |
| Consumer Discretionary | 8.8 |
| Communication Services | 4.8 |
| Health Care | 3.5 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

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)** |
| ![](img1979_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 |

---

---

| | |
|:---|:---|
| United States | 22.1 |
| France | 15.4 |
| Japan | 14.0 |
| United Kingdom | 12.8 |
| Sweden | 7.9 |
| Netherlands | 6.3 |
| Germany | 5.4 |
| Taiwan | 4.0 |
| Switzerland | 3.5 |
| Others | 8.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1979_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 22.1&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 - 14.0&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;United Kingdom - 12.8&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 - 6.3&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 - 3.5&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 | 5.2<br>|
| Safran SA | 5.1<br>|
| CRH PLC | 4.5<br>|
| SAP SE | 4.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.0<br>|
| Airbus SE | 3.4<br>|
| Schneider Electric SE | 3.4<br>|
| Compass Group PLC | 3.2<br>|
| Linde PLC | 2.8<br>|
| Atlas Copco AB A Shares | 2.7<br>|
|  | 38.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating 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. |
| ![](img1979_20251031_2.jpg)<br>| ![](img118534_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> 1.9913951.101 1988-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-877-208-0098 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  | 0.88% |

---

**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., along with picks and an underweight in Japan, detracted from the fund's performance versus the MSCI EAFE Growth Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within industrials. Investment choices in financials and consumer discretionary hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in Linde (-7%), one of our largest holdings. Outsized exposure to Recruit Holdings (-20%), another of the fund's biggest positions this period, also hurt. Not owning Rolls-Royce Holdings, a benchmark component that gained about 126%, further pressured relative performance.

• In contrast, from a regional standpoint, an underweight in Europe ex U.K., primarily Denmark, and a non-benchmark allocation to emerging markets, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, especially in the pharmaceuticals, biotechnology & life sciences industry. Stock selection in materials also boosted the fund's relative performance, as did an overweight in industrials, capital goods firms in particular.

• The fund's non-benchmark stake in GE Vernova gained about 91% 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 gained approximately 55% and was another plus. The company was among the fund's biggest positions this period.

• Notable changes in geographic positioning included 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9713<br>| $12066<br>| $11362<br>| $13821<br>| $14914<br>| $19590<br>| $14148<br>| $15647<br>| $19613<br>| $22901<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 |

---

![](img118535_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 16.77% | 8.96% | 8.64% |
| MSCI EAFE Growth Index | 16.88%<br>| 8.00%<br>| 7.41% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $7682678887<br>|
| Number of Holdings | 69<br>|
| Total Advisory Fee | $53563376<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 38.3 |
| Information Technology | 20.3 |
| Financials | 12.3 |
| Materials | 9.9 |
| Consumer Discretionary | 8.8 |
| Communication Services | 4.8 |
| Health Care | 3.5 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

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)** |
| ![](img1979_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 |

---

---

| | |
|:---|:---|
| United States | 22.1 |
| France | 15.4 |
| Japan | 14.0 |
| United Kingdom | 12.8 |
| Sweden | 7.9 |
| Netherlands | 6.3 |
| Germany | 5.4 |
| Taiwan | 4.0 |
| Switzerland | 3.5 |
| Others | 8.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1979_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 22.1&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 - 14.0&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;United Kingdom - 12.8&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 - 6.3&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 - 3.5&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 | 5.2<br>|
| Safran SA | 5.1<br>|
| CRH PLC | 4.5<br>|
| SAP SE | 4.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.0<br>|
| Airbus SE | 3.4<br>|
| Schneider Electric SE | 3.4<br>|
| Compass Group PLC | 3.2<br>|
| Linde PLC | 2.8<br>|
| Atlas Copco AB A Shares | 2.7<br>|
|  | 38.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1979_20251031_2.jpg)<br>| ![](img118535_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> 1.9913952.101 1989-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® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class C : FIGCX** <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® 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 1-877-208-0098 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  | $203  | 1.89% |

---

**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., along with picks and an underweight in Japan, detracted from the fund's performance versus the MSCI EAFE Growth Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within industrials. Investment choices in financials and consumer discretionary hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in Linde (-7%), one of our largest holdings. Outsized exposure to Recruit Holdings (-20%), another of the fund's biggest positions this period, also hurt. Not owning Rolls-Royce Holdings, a benchmark component that gained about 126%, further pressured relative performance.

• In contrast, from a regional standpoint, an underweight in Europe ex U.K., primarily Denmark, and a non-benchmark allocation to emerging markets, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, especially in the pharmaceuticals, biotechnology & life sciences industry. Stock selection in materials also boosted the fund's relative performance, as did an overweight in industrials, capital goods firms in particular.

• The fund's non-benchmark stake in GE Vernova gained about 91% 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 gained approximately 55% and was another plus. The company was among the fund's biggest positions this period.

• Notable changes in geographic positioning included 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9602<br>| $11807<br>| $10996<br>| $13231<br>| $14133<br>| $18378<br>| $13126<br>| $14368<br>| $17971<br>| $20923<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 |

---

![](img118536_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 14.59% | 7.84%<br>| 7.66% |
| Class C | 15.59% | 7.84% | 7.66% |
| MSCI EAFE Growth Index | 16.88%<br>| 8.00%<br>| 7.41% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $7682678887<br>|
| Number of Holdings | 69<br>|
| Total Advisory Fee | $53563376<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 38.3 |
| Information Technology | 20.3 |
| Financials | 12.3 |
| Materials | 9.9 |
| Consumer Discretionary | 8.8 |
| Communication Services | 4.8 |
| Health Care | 3.5 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

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)** |
| ![](img1979_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 |

---

---

| | |
|:---|:---|
| United States | 22.1 |
| France | 15.4 |
| Japan | 14.0 |
| United Kingdom | 12.8 |
| Sweden | 7.9 |
| Netherlands | 6.3 |
| Germany | 5.4 |
| Taiwan | 4.0 |
| Switzerland | 3.5 |
| Others | 8.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1979_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 22.1&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 - 14.0&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;United Kingdom - 12.8&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 - 6.3&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 - 3.5&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 | 5.2<br>|
| Safran SA | 5.1<br>|
| CRH PLC | 4.5<br>|
| SAP SE | 4.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.0<br>|
| Airbus SE | 3.4<br>|
| Schneider Electric SE | 3.4<br>|
| Compass Group PLC | 3.2<br>|
| Linde PLC | 2.8<br>|
| Atlas Copco AB A Shares | 2.7<br>|
|  | 38.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating 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. |
| ![](img1979_20251031_2.jpg)<br>| ![](img118536_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> 1.9913950.101 1987-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® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class A : FIAGX** <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® 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 1-877-208-0098 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  | 1.13% |

---

**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., along with picks and an underweight in Japan, detracted from the fund's performance versus the MSCI EAFE Growth Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within industrials. Investment choices in financials and consumer discretionary hurt as well.

• The biggest individual relative detractor was our non-benchmark stake in Linde (-7%), one of our largest holdings. Outsized exposure to Recruit Holdings (-20%), another of the fund's biggest positions this period, also hurt. Not owning Rolls-Royce Holdings, a benchmark component that gained about 126%, further pressured relative performance.

• In contrast, from a regional standpoint, an underweight in Europe ex U.K., primarily Denmark, and a non-benchmark allocation to emerging markets, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, especially in the pharmaceuticals, biotechnology & life sciences industry. Stock selection in materials also boosted the fund's relative performance, as did an overweight in industrials, capital goods firms in particular.

• The fund's non-benchmark stake in GE Vernova gained about 91% 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 gained approximately 55% and was another plus. The company was among the fund's biggest positions this period.

• Notable changes in geographic positioning included 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9122<br>| $11292<br>| $10601<br>| $12853<br>| $13837<br>| $18128<br>| $13053<br>| $14392<br>| $18001<br>| $20958<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 |

---

![](img118537_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 9.73% | 7.38%<br>| 7.68% |
| Class A (without 5.75% sales charge) | 16.42% | 8.66% | 8.32% |
| MSCI EAFE Growth Index | 16.88%<br>| 8.00%<br>| 7.41% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $7682678887<br>|
| Number of Holdings | 69<br>|
| Total Advisory Fee | $53563376<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 38.3 |
| Information Technology | 20.3 |
| Financials | 12.3 |
| Materials | 9.9 |
| Consumer Discretionary | 8.8 |
| Communication Services | 4.8 |
| Health Care | 3.5 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

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)** |
| ![](img1979_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 |

---

---

| | |
|:---|:---|
| United States | 22.1 |
| France | 15.4 |
| Japan | 14.0 |
| United Kingdom | 12.8 |
| Sweden | 7.9 |
| Netherlands | 6.3 |
| Germany | 5.4 |
| Taiwan | 4.0 |
| Switzerland | 3.5 |
| Others | 8.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1979_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 22.1&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 - 14.0&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;United Kingdom - 12.8&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 - 6.3&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 - 3.5&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 | 5.2<br>|
| Safran SA | 5.1<br>|
| CRH PLC | 4.5<br>|
| SAP SE | 4.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.0<br>|
| Airbus SE | 3.4<br>|
| Schneider Electric SE | 3.4<br>|
| Compass Group PLC | 3.2<br>|
| Linde PLC | 2.8<br>|
| Atlas Copco AB A Shares | 2.7<br>|
|  | 38.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating 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. |
| ![](img1979_20251031_2.jpg)<br>| ![](img118537_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> 1.9913949.101 1985-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Discovery K6 Fund<br> **Fidelity® International Discovery K6 Fund : FDKFX** <br>|

---

This annual shareholder report contains information about Fidelity® International Discovery K6 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 1-800-835-5092 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® International Discovery K6 Fund  | $68  | 0.60% |

---

**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 the U.K. and Japan contributed to the fund's performance versus the MSCI EAFE 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. Picks in communication services also boosted the fund's relative performance, as did security selection and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+277%), one of the fund's largest holding at period end. Outsized exposure to Rheinmetall (+275%) also helped, though we decreased our position this period. Still, the company was one of our biggest holdings the past 12 months. Another notable relative contributor was a non-benchmark stake in SK Hynix (+187%).

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's result. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, hurt as well.

• The largest individual relative detractor was our non-benchmark stake in Constellation Software (-13%), one of the fund's largest holdings this period. An underweight in SoftBank (+183%), a position we established this period, also hurt. Another notable relative detractor was avoiding HSBC Holdings, a benchmark component that gained 62%.

• Notable changes in geographic positioning included increased exposure to China and a lower allocation to the Netherlands. 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 life of Fund?**

**CUMULATIVE PERFORMANCE**

June 13, 2019 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® International Discovery K6 Fund<br>| $10000 | $10490<br>| $11383<br>| $15188<br>| $10578<br>| $11338<br>| $14683<br>|
| MSCI EAFE Index<br>| $10000 | $10497<br>| $9795<br>| $13170<br>| $10161<br>| $11650<br>| $14358<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118538_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® International Discovery K6 Fund | 26.64% | 10.32% | 10.20% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 9.36% |

---

**A** From June 13, 2019

---

| |
|:---|
| Visit **www.401k.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 | $636125588<br>|
| Number of Holdings | 143<br>|
| Total Advisory Fee | $3388513<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.0 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.8 |
| Communication Services | 9.2 |
| Health Care | 4.3 |
| Materials | 3.6 |
| Consumer Staples | 1.9 |
| Energy | 1.2 |

---

Common Stocks 95.4 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3461_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.4&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) - 4.2 |

---

---

| | |
|:---|:---|
| Japan | 18.7 |
| United Kingdom | 15.3 |
| Germany | 9.2 |
| United States | 7.4 |
| France | 6.8 |
| Italy | 4.7 |
| China | 4.3 |
| Netherlands | 4.0 |
| Canada | 3.9 |
| Others | 25.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3461_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;United States - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 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 - 4.7&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;China - 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;Netherlands - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;Others - 25.7&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)**  |  |
| Zegona Communications plc | 4.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.3<br>|
| Hitachi Ltd | 3.3<br>|
| UniCredit SpA | 2.1<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| SAP SE | 1.7<br>|
| 3i Group PLC | 1.7<br>|
|  | 23.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3461_20251031_2.jpg)<br>| ![](img118538_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> 1.9914009.101 3461-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® International Discovery Fund<br> **Fidelity® International Discovery Fund : FIGRX** <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® International Discovery 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® International Discovery Fund  | $75  | 0.66% |

---

**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 Japan and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the MSCI EAFE 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 firms helped most. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Further lifting the fund's relative result was security selection in communication services.

• The top individual relative contributor was an overweight in Rheinmetall (+276%), where we decreased our stake the past 12 months. Still, the stock was one of the fund's biggest holdings this period. A second notable relative contributor was non-benchmark exposure to Zegona Communications (+277%), one of our biggest holdings. A non-benchmark stake in SK Hynix (+189%) also added value.

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's return. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, proved detrimental as well.

• The fund's non-benchmark stake in Constellation Software returned approximately -13% and was the largest individual relative detractor. The stock was one of the fund's largest holdings this period. Another notable relative detractor was an underweight in SoftBank (+183%), a position we established this period. Avoiding HSBC Holdings, a benchmark component that gained 62%, hurt as well.

• Notable changes in geographic positioning included higher allocations to China and Germany. 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® International Discovery Fund<br>| $10000 | $9547<br>| $12061<br>| $10878<br>| $12218<br>| $13243<br>| $17652<br>| $12293<br>| $13158<br>| $17042<br>| $21314<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 |

---

![](img118539_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® International Discovery Fund | 25.07% | 9.99% | 7.86% |
| 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 | $12051021438<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $65899952<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.4 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.9 |
| Communication Services | 8.3 |
| Health Care | 4.2 |
| Materials | 3.8 |
| Consumer Staples | 2.0 |
| Energy | 1.3 |

---

Common Stocks 95.1 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_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; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| Japan | 19.0 |
| United Kingdom | 14.3 |
| Germany | 9.3 |
| United States | 7.5 |
| France | 7.0 |
| China | 4.5 |
| Italy | 4.4 |
| Netherlands | 4.0 |
| Canada | 4.0 |
| Others | 26.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img305_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.0&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;United Kingdom - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;Netherlands - 4.0&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;Others - 26.0&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 | 3.4<br>|
| Hitachi Ltd | 3.3<br>|
| Zegona Communications plc | 2.8<br>|
| UniCredit SpA | 2.2<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| 3i Group PLC | 1.8<br>|
| SAP SE | 1.7<br>|
|  | 22.8 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img305_20251031_2.jpg)<br>| ![](img118539_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> 1.9913841.101 305-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® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class Z : FZAIX** <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® International Discovery 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  | $66  | 0.59% |

---

**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 Japan and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the MSCI EAFE 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 firms helped most. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Further lifting the fund's relative result was security selection in communication services.

• The top individual relative contributor was an overweight in Rheinmetall (+276%), where we decreased our stake the past 12 months. Still, the stock was one of the fund's biggest holdings this period. A second notable relative contributor was non-benchmark exposure to Zegona Communications (+277%), one of our biggest holdings. A non-benchmark stake in SK Hynix (+189%) also added value.

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's return. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, proved detrimental as well.

• The fund's non-benchmark stake in Constellation Software returned approximately -13% and was the largest individual relative detractor. The stock was one of the fund's largest holdings this period. Another notable relative detractor was an underweight in SoftBank (+183%), a position we established this period. Avoiding HSBC Holdings, a benchmark component that gained 62%, hurt as well.

• Notable changes in geographic positioning included higher allocations to China and Germany. 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9564<br>| $12093<br>| $10922<br>| $12278<br>| $13325<br>| $17776<br>| $12392<br>| $13276<br>| $17212<br>| $21544<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 |

---

![](img118540_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class Z | 25.17% | 10.09% | 7.98% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $12051021438<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $65899952<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.4 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.9 |
| Communication Services | 8.3 |
| Health Care | 4.2 |
| Materials | 3.8 |
| Consumer Staples | 2.0 |
| Energy | 1.3 |

---

Common Stocks 95.1 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_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; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| Japan | 19.0 |
| United Kingdom | 14.3 |
| Germany | 9.3 |
| United States | 7.5 |
| France | 7.0 |
| China | 4.5 |
| Italy | 4.4 |
| Netherlands | 4.0 |
| Canada | 4.0 |
| Others | 26.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img305_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.0&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;United Kingdom - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;Netherlands - 4.0&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;Others - 26.0&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 | 3.4<br>|
| Hitachi Ltd | 3.3<br>|
| Zegona Communications plc | 2.8<br>|
| UniCredit SpA | 2.2<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| 3i Group PLC | 1.8<br>|
| SAP SE | 1.7<br>|
|  | 22.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img305_20251031_2.jpg)<br>| ![](img118540_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> 1.9913840.101 2534-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® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class M : FTADX** <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® International Discovery 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  | $135  | 1.20% |

---

**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 Japan and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the MSCI EAFE 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 firms helped most. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Further lifting the fund's relative result was security selection in communication services.

• The top individual relative contributor was an overweight in Rheinmetall (+276%), where we decreased our stake the past 12 months. Still, the stock was one of the fund's biggest holdings this period. A second notable relative contributor was non-benchmark exposure to Zegona Communications (+277%), one of our biggest holdings. A non-benchmark stake in SK Hynix (+189%) also added value.

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's return. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, proved detrimental as well.

• The fund's non-benchmark stake in Constellation Software returned approximately -13% and was the largest individual relative detractor. The stock was one of the fund's largest holdings this period. Another notable relative detractor was an underweight in SoftBank (+183%), a position we established this period. Avoiding HSBC Holdings, a benchmark component that gained 62%, hurt as well.

• Notable changes in geographic positioning included higher allocations to China and Germany. 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9160<br>| $11502<br>| $10316<br>| $11515<br>| $12410<br>| $16447<br>| $11388<br>| $12117<br>| $15608<br>| $19415<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 |

---

![](img118541_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 20.04% | 8.59%<br>| 6.86% |
| Class M (without 3.50% sales charge) | 24.39% | 9.36% | 7.24% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $12051021438<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $65899952<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.4 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.9 |
| Communication Services | 8.3 |
| Health Care | 4.2 |
| Materials | 3.8 |
| Consumer Staples | 2.0 |
| Energy | 1.3 |

---

Common Stocks 95.1 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_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; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| Japan | 19.0 |
| United Kingdom | 14.3 |
| Germany | 9.3 |
| United States | 7.5 |
| France | 7.0 |
| China | 4.5 |
| Italy | 4.4 |
| Netherlands | 4.0 |
| Canada | 4.0 |
| Others | 26.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img305_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.0&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;United Kingdom - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;Netherlands - 4.0&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;Others - 26.0&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 | 3.4<br>|
| Hitachi Ltd | 3.3<br>|
| Zegona Communications plc | 2.8<br>|
| UniCredit SpA | 2.2<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| 3i Group PLC | 1.8<br>|
| SAP SE | 1.7<br>|
|  | 22.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img305_20251031_2.jpg)<br>| ![](img118541_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> 1.9913837.101 1401-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® International Discovery Fund<br> **Fidelity® International Discovery Fund Class K : FIDKX** <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® International Discovery 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 1-800-835-5092 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 K  | $66  | 0.59% |

---

**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 Japan and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the MSCI EAFE 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 firms helped most. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Further lifting the fund's relative result was security selection in communication services.

• The top individual relative contributor was an overweight in Rheinmetall (+276%), where we decreased our stake the past 12 months. Still, the stock was one of the fund's biggest holdings this period. A second notable relative contributor was non-benchmark exposure to Zegona Communications (+277%), one of our biggest holdings. A non-benchmark stake in SK Hynix (+189%) also added value.

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's return. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, proved detrimental as well.

• The fund's non-benchmark stake in Constellation Software returned approximately -13% and was the largest individual relative detractor. The stock was one of the fund's largest holdings this period. Another notable relative detractor was an underweight in SoftBank (+183%), a position we established this period. Avoiding HSBC Holdings, a benchmark component that gained 62%, hurt as well.

• Notable changes in geographic positioning included higher allocations to China and Germany. 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9562<br>| $12093<br>| $10920<br>| $12275<br>| $13321<br>| $17770<br>| $12390<br>| $13276<br>| $17211<br>| $21540<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 |

---

![](img118542_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 25.15% | 10.09% | 7.98% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| Visit **www.401k.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 | $12051021438<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $65899952<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.4 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.9 |
| Communication Services | 8.3 |
| Health Care | 4.2 |
| Materials | 3.8 |
| Consumer Staples | 2.0 |
| Energy | 1.3 |

---

Common Stocks 95.1 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_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; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| Japan | 19.0 |
| United Kingdom | 14.3 |
| Germany | 9.3 |
| United States | 7.5 |
| France | 7.0 |
| China | 4.5 |
| Italy | 4.4 |
| Netherlands | 4.0 |
| Canada | 4.0 |
| Others | 26.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img305_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.0&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;United Kingdom - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;Netherlands - 4.0&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;Others - 26.0&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 | 3.4<br>|
| Hitachi Ltd | 3.3<br>|
| Zegona Communications plc | 2.8<br>|
| UniCredit SpA | 2.2<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| 3i Group PLC | 1.8<br>|
| SAP SE | 1.7<br>|
|  | 22.8 |

---

**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 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img305_20251031_2.jpg)<br>| ![](img118542_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> 1.9913839.101 2093-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® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class I : FIADX** <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® International Discovery 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  | $79  | 0.70% |

---

**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 Japan and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the MSCI EAFE 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 firms helped most. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Further lifting the fund's relative result was security selection in communication services.

• The top individual relative contributor was an overweight in Rheinmetall (+276%), where we decreased our stake the past 12 months. Still, the stock was one of the fund's biggest holdings this period. A second notable relative contributor was non-benchmark exposure to Zegona Communications (+277%), one of our biggest holdings. A non-benchmark stake in SK Hynix (+189%) also added value.

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's return. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, proved detrimental as well.

• The fund's non-benchmark stake in Constellation Software returned approximately -13% and was the largest individual relative detractor. The stock was one of the fund's largest holdings this period. Another notable relative detractor was an underweight in SoftBank (+183%), a position we established this period. Avoiding HSBC Holdings, a benchmark component that gained 62%, hurt as well.

• Notable changes in geographic positioning included higher allocations to China and Germany. 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9548<br>| $12059<br>| $10876<br>| $12210<br>| $13232<br>| $17633<br>| $12278<br>| $13138<br>| $17013<br>| $21268<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 |

---

![](img118543_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 25.01% | 9.96% | 7.84% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $12051021438<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $65899952<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.4 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.9 |
| Communication Services | 8.3 |
| Health Care | 4.2 |
| Materials | 3.8 |
| Consumer Staples | 2.0 |
| Energy | 1.3 |

---

Common Stocks 95.1 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_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; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| Japan | 19.0 |
| United Kingdom | 14.3 |
| Germany | 9.3 |
| United States | 7.5 |
| France | 7.0 |
| China | 4.5 |
| Italy | 4.4 |
| Netherlands | 4.0 |
| Canada | 4.0 |
| Others | 26.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img305_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.0&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;United Kingdom - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;Netherlands - 4.0&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;Others - 26.0&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 | 3.4<br>|
| Hitachi Ltd | 3.3<br>|
| Zegona Communications plc | 2.8<br>|
| UniCredit SpA | 2.2<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| 3i Group PLC | 1.8<br>|
| SAP SE | 1.7<br>|
|  | 22.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img305_20251031_2.jpg)<br>| ![](img118543_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> 1.9913838.101 1402-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® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class C : FCADX** <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® International Discovery 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  | $191  | 1.70% |

---

**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 Japan and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the MSCI EAFE 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 firms helped most. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Further lifting the fund's relative result was security selection in communication services.

• The top individual relative contributor was an overweight in Rheinmetall (+276%), where we decreased our stake the past 12 months. Still, the stock was one of the fund's biggest holdings this period. A second notable relative contributor was non-benchmark exposure to Zegona Communications (+277%), one of our biggest holdings. A non-benchmark stake in SK Hynix (+189%) also added value.

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's return. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, proved detrimental as well.

• The fund's non-benchmark stake in Constellation Software returned approximately -13% and was the largest individual relative detractor. The stock was one of the fund's largest holdings this period. Another notable relative detractor was an underweight in SoftBank (+183%), a position we established this period. Avoiding HSBC Holdings, a benchmark component that gained 62%, hurt as well.

• Notable changes in geographic positioning included higher allocations to China and Germany. 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9443<br>| $11797<br>| $10523<br>| $11682<br>| $12522<br>| $16502<br>| $11363<br>| $12027<br>| $15532<br>| $19367<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 |

---

![](img118544_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 22.77% | 8.79%<br>| 6.83% |
| Class C | 23.77% | 8.79% | 6.83% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $12051021438<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $65899952<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.4 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.9 |
| Communication Services | 8.3 |
| Health Care | 4.2 |
| Materials | 3.8 |
| Consumer Staples | 2.0 |
| Energy | 1.3 |

---

Common Stocks 95.1 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_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; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| Japan | 19.0 |
| United Kingdom | 14.3 |
| Germany | 9.3 |
| United States | 7.5 |
| France | 7.0 |
| China | 4.5 |
| Italy | 4.4 |
| Netherlands | 4.0 |
| Canada | 4.0 |
| Others | 26.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img305_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.0&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;United Kingdom - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;Netherlands - 4.0&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;Others - 26.0&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 | 3.4<br>|
| Hitachi Ltd | 3.3<br>|
| Zegona Communications plc | 2.8<br>|
| UniCredit SpA | 2.2<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| 3i Group PLC | 1.8<br>|
| SAP SE | 1.7<br>|
|  | 22.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img305_20251031_2.jpg)<br>| ![](img118544_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> 1.9913836.101 1399-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® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class A : FAIDX** <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® International Discovery 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  | $107  | 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, stock picking in Japan and a non-benchmark allocation to emerging markets contributed to the fund's performance versus the MSCI EAFE 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 firms helped most. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Further lifting the fund's relative result was security selection in communication services.

• The top individual relative contributor was an overweight in Rheinmetall (+276%), where we decreased our stake the past 12 months. Still, the stock was one of the fund's biggest holdings this period. A second notable relative contributor was non-benchmark exposure to Zegona Communications (+277%), one of our biggest holdings. A non-benchmark stake in SK Hynix (+189%) also added value.

• In contrast, from a regional standpoint, non-benchmark allocations to Canada and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks and an overweight in consumer discretionary also hampered the fund's return. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, proved detrimental as well.

• The fund's non-benchmark stake in Constellation Software returned approximately -13% and was the largest individual relative detractor. The stock was one of the fund's largest holdings this period. Another notable relative detractor was an underweight in SoftBank (+183%), a position we established this period. Avoiding HSBC Holdings, a benchmark component that gained 62%, hurt as well.

• Notable changes in geographic positioning included higher allocations to China and Germany. 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $8970<br>| $11291<br>| $10150<br>| $11357<br>| $12268<br>| $16300<br>| $11317<br>| $12069<br>| $15587<br>| $19436<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 |

---

![](img118545_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 17.53% | 8.35%<br>| 6.87% |
| Class A (without 5.75% sales charge) | 24.70% | 9.64% | 7.51% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| 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 | $12051021438<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $65899952<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 20.4 |
| Information Technology | 19.5 |
| Consumer Discretionary | 10.9 |
| Communication Services | 8.3 |
| Health Care | 4.2 |
| Materials | 3.8 |
| Consumer Staples | 2.0 |
| Energy | 1.3 |

---

Common Stocks 95.1 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_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; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| Japan | 19.0 |
| United Kingdom | 14.3 |
| Germany | 9.3 |
| United States | 7.5 |
| France | 7.0 |
| China | 4.5 |
| Italy | 4.4 |
| Netherlands | 4.0 |
| Canada | 4.0 |
| Others | 26.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img305_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.0&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;United Kingdom - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;Netherlands - 4.0&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;Others - 26.0&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 | 3.4<br>|
| Hitachi Ltd | 3.3<br>|
| Zegona Communications plc | 2.8<br>|
| UniCredit SpA | 2.2<br>|
| Siemens AG | 2.0<br>|
| ASML Holding NV | 1.9<br>|
| Safran SA | 1.9<br>|
| Tencent Holdings Ltd | 1.8<br>|
| 3i Group PLC | 1.8<br>|
| SAP SE | 1.7<br>|
|  | 22.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img305_20251031_2.jpg)<br>| ![](img118545_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> 1.9913835.101 1397-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Capital Appreciation K6 Fund<br> **Fidelity® International Capital Appreciation K6 Fund : FAPCX** <br>|

---

This annual shareholder report contains information about Fidelity® International Capital Appreciation K6 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 1-800-835-5092 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® International Capital Appreciation K6 Fund  | $71  | 0.65% |

---

**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, along with picks and an overweight in Europe ex U.K., detracted from the fund's performance versus the MSCI All Country World ex US 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 consumer discretionary and information technology.

• The largest individual relative detractor was an overweight in Constellation Software (-12%), one of the fund's largest holdings this period. A stake in Wolters Kluwer (-33%) hurt as well. Another notable relative detractor was Ferrari (-18%), though the stock was not held at period end.

• In contrast, from a regional standpoint, picks in emerging markets, primarily Taiwan, and an overweight in the U.K., contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, especially among pharmaceuticals, biotechnology & life sciences firms. Stock picking in materials also boosted the fund's relative performance, as did an underweight in consumer staples.

• The top individual relative contributor was an overweight in Rolls-Royce Holdings (+125%), one of the fund's largest holdings. Outsized exposure to Mitsubishi Heavy Industries (+113%), an investment we established this period, helped as well. The stock was among the fund's biggest holdings at period end. An overweight in Siemens Energy (+104%), a position we established this period, was another plus.

• Notable changes in geographic positioning included higher allocations to Spain and Germany. By sector, meaningful shift included decreased exposure to health care and a higher allocation to communication services stocks.

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

**CUMULATIVE PERFORMANCE**

May 25, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® International Capital Appreciation K6 Fund<br>| $10000 | $11010<br>| $10199<br>| $12535<br>| $14267<br>| $18252<br>| $12624<br>| $14646<br>| $18973<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10820<br>| $9946<br>| $11087<br>| $10814<br>| $14042<br>| $10587<br>| $11886<br>| $14803<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118546_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® International Capital Appreciation K6 Fund | 17.26% | 9.29% | 9.94% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.58% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.401k.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 | $2130280689<br>|
| Number of Holdings | 66<br>|
| Total Advisory Fee | $12015150<br>|
| Portfolio Turnover | 110%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 32.8 |
| Financials | 23.6 |
| Information Technology | 16.1 |
| Consumer Discretionary | 8.7 |
| Materials | 8.2 |
| Communication Services | 7.9 |
| Utilities | 2.0 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2953_20251031_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 23.4 |
| Germany | 11.4 |
| United Kingdom | 9.4 |
| India | 9.0 |
| Japan | 7.3 |
| Canada | 7.0 |
| Taiwan | 5.7 |
| China | 5.2 |
| France | 4.8 |
| Others | 16.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2953_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 23.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;Canada - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 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;Others - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.7<br>|
| Tencent Holdings Ltd | 3.4<br>|
| Hitachi Ltd | 2.6<br>|
| Schneider Electric SE | 2.3<br>|
| SAP SE | 2.2<br>|
| Rolls-Royce Holdings PLC | 2.2<br>|
| Iberdrola SA | 2.0<br>|
| Safran SA | 1.9<br>|
| Mitsubishi Heavy Industries Ltd | 1.9<br>|
| Prosus NV Class N | 1.8<br>|
|  | 26.0 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2953_20251031_2.jpg)<br>| ![](img118546_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> 1.9913993.101 2953-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® Global Equity Income Fund<br> **Fidelity® Global Equity Income Fund : FGILX** <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® Global Equity Income 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 Equity Income Fund  | $99  | 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, picks in Europe ex U.K., primarily in Germany, and stock selection and an underweight in emerging markets contributed to the fund's performance versus the MSCI All Country World Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, led by industrials, where our stock picks in capital goods helped most. Picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and utilities also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+282%). This period we decreased our stake in Rheinmetall. The stock was among the fund's biggest holdings. A second notable relative contributor was an overweight in Taiwan Semiconductor Manufacturing (+53%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Samsung Electronics (+78%). The company was a top holdings on October 31.

• In contrast, from a regional standpoint, stock picks in the United States and Canada detracted from the fund's relative result.

• By sector, the biggest relative detractors were stock selection and an underweight in information technology. Security selection in consumer discretionary also hampered the fund's result, as did stock selection and an underweight in communication services.

• Not owning Nvidia, a benchmark component that gained about 53%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in NXP Semiconductors (-9%). The stock was among our largest holdings. Another notable relative detractor this period was avoiding Tesla, a benchmark component that gained approximately 83%.

• Notable changes in positioning include higher allocations to the United Kingdom and Germany. By sector, meaningful changes in positioning include decreased exposure to materials and a higher allocation to communication services.

**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 Equity Income Fund<br>| $10000 | $10213<br>| $12185<br>| $11956<br>| $13702<br>| $14311<br>| $19332<br>| $17118<br>| $18036<br>| $22938<br>| $28197<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 |

---

![](img118549_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Global Equity Income Fund | 22.93% | 14.53% | 10.92% |
| 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 | $391033951<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $2568424<br>|
| Portfolio Turnover | 19%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.4 |
| Financials | 13.8 |
| Industrials | 13.2 |
| Health Care | 10.0 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 8.2 |
| Communication Services | 8.1 |
| Utilities | 3.7 |
| Energy | 3.7 |
| Materials | 2.4 |
| Real Estate | 1.1 |

---

Common Stocks 97.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20251031_AA.jpg) <br>|

---

Common Stocks - 97.0&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) - 3.0 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 8.8 |
| Japan | 4.8 |
| Germany | 4.4 |
| Canada | 4.2 |
| Taiwan | 3.8 |
| France | 3.3 |
| Korea (South) | 1.7 |
| Italy | 1.6 |
| Others | 6.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2406_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Germany - 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;Canada - 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;Taiwan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.3&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.3&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)**  |  |
| Microsoft Corp | 5.6<br>|
| Apple Inc | 5.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.8<br>|
| Alphabet Inc Class A | 3.6<br>|
| Rheinmetall AG | 2.4<br>|
| Broadcom Inc | 2.1<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Samsung Electronics Co Ltd | 1.7<br>|
| NXP Semiconductors NV | 1.4<br>|
| AbbVie Inc | 1.4<br>|
|  | 29.4 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The class reduced its contractual expense cap during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2406_20251031_2.jpg)<br>| ![](img118549_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> 1.9913979.101 2406-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® Europe Fund<br> **Fidelity® Europe Fund : FIEUX** <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® Europe 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® Europe Fund  | $88  | 0.77% |

---

**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 in Europe ex U.K. and positioning in the U.K. contributed to the fund's performance versus the MSCI Europe Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials, where our stock picks in capital goods helped most. Stock picks in communication services and consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). We reduced our holdings in the company. A non-benchmark stake in Zegona Communications gained 279% and was a second notable relative contributor. This period we increased our position in Zegona Communications. The stock was among the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Rolls-Royce Holdings (+125%). The company was among our largest holdings.

• In contrast, by sector, the biggest detractor from performance versus the benchmark was stock picking in financials. An overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Also hurting our result were stock selection and an underweight in utilities.

• Not owning HSBC Holdings, a benchmark component that gained 62%, was the largest individual relative detractor. The second-largest relative detractor was our stake in Ferrari (-17%). This period we decreased our position in Ferrari. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained roughly 110%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to Denmark and Italy. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to consumer staples.

**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® Europe Fund<br>| $10000 | $9358<br>| $11796<br>| $10729<br>| $11540<br>| $12111<br>| $15986<br>| $11179<br>| $12400<br>| $15137<br>| $19503<br>|
| MSCI Europe Index<br>| $10000 | $9277<br>| $11813<br>| $10858<br>| $12076<br>| $10980<br>| $15514<br>| $11994<br>| $13919<br>| $17090<br>| $21132<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118558_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Europe Fund | 28.85% | 10.00% | 6.91% |
| MSCI Europe Index | 23.65%<br>| 13.99%<br>| 7.77% |

---

---

| |
|:---|
| 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 | $929388748<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $5540950<br>|
| Portfolio Turnover | 51%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 18.7 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Information Technology | 11.0 |
| Communication Services | 7.0 |
| Consumer Staples | 5.2 |
| Materials | 4.5 |
| Energy | 3.7 |
| Utilities | 0.7 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United Kingdom | 22.0 |
| Germany | 15.1 |
| France | 14.7 |
| United States | 11.1 |
| Italy | 5.7 |
| Sweden | 4.7 |
| Netherlands | 4.6 |
| Spain | 3.9 |
| Switzerland | 3.2 |
| Others | 15.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img301_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 22.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 15.1&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 - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.6&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 - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.0&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)**  |  |
| ASML Holding NV | 3.5<br>|
| Astrazeneca PLC | 3.1<br>|
| Shell PLC | 3.0<br>|
| Rolls-Royce Holdings PLC | 2.9<br>|
| SAP SE | 2.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| Siemens Energy AG | 2.2<br>|
| Zegona Communications plc | 2.1<br>|
| Siemens AG | 2.1<br>|
| Banco Santander SA | 1.9<br>|
|  | 25.4 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img301_20251031_2.jpg)<br>| ![](img118558_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> 1.9913832.101 301-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® Europe Fund<br> **Fidelity Advisor® Europe Fund Class Z : FIQHX** <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® Europe 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  | $77  | 0.67% |

---

**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 in Europe ex U.K. and positioning in the U.K. contributed to the fund's performance versus the MSCI Europe Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials, where our stock picks in capital goods helped most. Stock picks in communication services and consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). We reduced our holdings in the company. A non-benchmark stake in Zegona Communications gained 279% and was a second notable relative contributor. This period we increased our position in Zegona Communications. The stock was among the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Rolls-Royce Holdings (+125%). The company was among our largest holdings.

• In contrast, by sector, the biggest detractor from performance versus the benchmark was stock picking in financials. An overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Also hurting our result were stock selection and an underweight in utilities.

• Not owning HSBC Holdings, a benchmark component that gained 62%, was the largest individual relative detractor. The second-largest relative detractor was our stake in Ferrari (-17%). This period we decreased our position in Ferrari. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained roughly 110%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to Denmark and Italy. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to consumer staples.

**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 | $9193<br>| $9899<br>| $10404<br>| $13747<br>| $9623<br>| $10691<br>| $13065<br>|
| MSCI Europe Index<br>| $10000 | $9314<br>| $10359<br>| $9418<br>| $13307<br>| $10288<br>| $11939<br>| $14659<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118559_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 28.97% | 10.12% | 7.64% |
| MSCI Europe Index | 23.65%<br>| 13.99%<br>| 8.76% |

---

**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 | $929388748<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $5540950<br>|
| Portfolio Turnover | 51%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 18.7 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Information Technology | 11.0 |
| Communication Services | 7.0 |
| Consumer Staples | 5.2 |
| Materials | 4.5 |
| Energy | 3.7 |
| Utilities | 0.7 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United Kingdom | 22.0 |
| Germany | 15.1 |
| France | 14.7 |
| United States | 11.1 |
| Italy | 5.7 |
| Sweden | 4.7 |
| Netherlands | 4.6 |
| Spain | 3.9 |
| Switzerland | 3.2 |
| Others | 15.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img301_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 22.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 15.1&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 - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.6&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 - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.0&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)**  |  |
| ASML Holding NV | 3.5<br>|
| Astrazeneca PLC | 3.1<br>|
| Shell PLC | 3.0<br>|
| Rolls-Royce Holdings PLC | 2.9<br>|
| SAP SE | 2.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| Siemens Energy AG | 2.2<br>|
| Zegona Communications plc | 2.1<br>|
| Siemens AG | 2.1<br>|
| Banco Santander SA | 1.9<br>|
|  | 25.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img301_20251031_2.jpg)<br>| ![](img118559_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> 1.9913833.101 3266-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® Europe Fund<br> **Fidelity Advisor® Europe Fund Class M : FHJVX** <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® Europe 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  | $150  | 1.32% |

---

**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 in Europe ex U.K. and positioning in the U.K. contributed to the fund's performance versus the MSCI Europe Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials, where our stock picks in capital goods helped most. Stock picks in communication services and consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). We reduced our holdings in the company. A non-benchmark stake in Zegona Communications gained 279% and was a second notable relative contributor. This period we increased our position in Zegona Communications. The stock was among the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Rolls-Royce Holdings (+125%). The company was among our largest holdings.

• In contrast, by sector, the biggest detractor from performance versus the benchmark was stock picking in financials. An overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Also hurting our result were stock selection and an underweight in utilities.

• Not owning HSBC Holdings, a benchmark component that gained 62%, was the largest individual relative detractor. The second-largest relative detractor was our stake in Ferrari (-17%). This period we decreased our position in Ferrari. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained roughly 110%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to Denmark and Italy. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to consumer staples.

**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 | $8976<br>| $11242<br>| $10159<br>| $10858<br>| $11324<br>| $14858<br>| $10325<br>| $11390<br>| $13826<br>| $17716<br>|
| MSCI Europe Index<br>| $10000 | $9277<br>| $11813<br>| $10858<br>| $12076<br>| $10980<br>| $15514<br>| $11994<br>| $13919<br>| $17090<br>| $21132<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118560_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 23.65% | 8.59%<br>| 5.89% |
| Class M (without 3.50% sales charge) | 28.14% | 9.36% | 6.26% |
| MSCI Europe Index | 23.65%<br>| 13.99%<br>| 7.77% |

---

---

| |
|:---|
| 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 | $929388748<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $5540950<br>|
| Portfolio Turnover | 51%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 18.7 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Information Technology | 11.0 |
| Communication Services | 7.0 |
| Consumer Staples | 5.2 |
| Materials | 4.5 |
| Energy | 3.7 |
| Utilities | 0.7 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United Kingdom | 22.0 |
| Germany | 15.1 |
| France | 14.7 |
| United States | 11.1 |
| Italy | 5.7 |
| Sweden | 4.7 |
| Netherlands | 4.6 |
| Spain | 3.9 |
| Switzerland | 3.2 |
| Others | 15.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img301_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 22.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 15.1&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 - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.6&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 - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.0&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)**  |  |
| ASML Holding NV | 3.5<br>|
| Astrazeneca PLC | 3.1<br>|
| Shell PLC | 3.0<br>|
| Rolls-Royce Holdings PLC | 2.9<br>|
| SAP SE | 2.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| Siemens Energy AG | 2.2<br>|
| Zegona Communications plc | 2.1<br>|
| Siemens AG | 2.1<br>|
| Banco Santander SA | 1.9<br>|
|  | 25.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img301_20251031_2.jpg)<br>| ![](img118560_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> 1.9913830.101 2635-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® Europe Fund<br> **Fidelity Advisor® Europe Fund Class I : FHJMX** <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® Europe 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  | $89  | 0.77% |

---

**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 in Europe ex U.K. and positioning in the U.K. contributed to the fund's performance versus the MSCI Europe Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials, where our stock picks in capital goods helped most. Stock picks in communication services and consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). We reduced our holdings in the company. A non-benchmark stake in Zegona Communications gained 279% and was a second notable relative contributor. This period we increased our position in Zegona Communications. The stock was among the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Rolls-Royce Holdings (+125%). The company was among our largest holdings.

• In contrast, by sector, the biggest detractor from performance versus the benchmark was stock picking in financials. An overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Also hurting our result were stock selection and an underweight in utilities.

• Not owning HSBC Holdings, a benchmark component that gained 62%, was the largest individual relative detractor. The second-largest relative detractor was our stake in Ferrari (-17%). This period we decreased our position in Ferrari. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained roughly 110%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to Denmark and Italy. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to consumer staples.

**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 | $9367<br>| $11806<br>| $10741<br>| $11555<br>| $12132<br>| $16012<br>| $11196<br>| $12423<br>| $15168<br>| $19538<br>|
| MSCI Europe Index<br>| $10000 | $9277<br>| $11813<br>| $10858<br>| $12076<br>| $10980<br>| $15514<br>| $11994<br>| $13919<br>| $17090<br>| $21132<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118561_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 28.82% | 10.00% | 6.93% |
| MSCI Europe Index | 23.65%<br>| 13.99%<br>| 7.77% |

---

---

| |
|:---|
| 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 | $929388748<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $5540950<br>|
| Portfolio Turnover | 51%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 18.7 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Information Technology | 11.0 |
| Communication Services | 7.0 |
| Consumer Staples | 5.2 |
| Materials | 4.5 |
| Energy | 3.7 |
| Utilities | 0.7 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United Kingdom | 22.0 |
| Germany | 15.1 |
| France | 14.7 |
| United States | 11.1 |
| Italy | 5.7 |
| Sweden | 4.7 |
| Netherlands | 4.6 |
| Spain | 3.9 |
| Switzerland | 3.2 |
| Others | 15.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img301_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 22.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 15.1&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 - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.6&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 - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.0&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)**  |  |
| ASML Holding NV | 3.5<br>|
| Astrazeneca PLC | 3.1<br>|
| Shell PLC | 3.0<br>|
| Rolls-Royce Holdings PLC | 2.9<br>|
| SAP SE | 2.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| Siemens Energy AG | 2.2<br>|
| Zegona Communications plc | 2.1<br>|
| Siemens AG | 2.1<br>|
| Banco Santander SA | 1.9<br>|
|  | 25.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img301_20251031_2.jpg)<br>| ![](img118561_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> 1.9913831.101 2636-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® Europe Fund<br> **Fidelity Advisor® Europe Fund Class C : FHJTX** <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® Europe 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  | $206  | 1.81% |

---

**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 in Europe ex U.K. and positioning in the U.K. contributed to the fund's performance versus the MSCI Europe Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials, where our stock picks in capital goods helped most. Stock picks in communication services and consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). We reduced our holdings in the company. A non-benchmark stake in Zegona Communications gained 279% and was a second notable relative contributor. This period we increased our position in Zegona Communications. The stock was among the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Rolls-Royce Holdings (+125%). The company was among our largest holdings.

• In contrast, by sector, the biggest detractor from performance versus the benchmark was stock picking in financials. An overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Also hurting our result were stock selection and an underweight in utilities.

• Not owning HSBC Holdings, a benchmark component that gained 62%, was the largest individual relative detractor. The second-largest relative detractor was our stake in Ferrari (-17%). This period we decreased our position in Ferrari. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained roughly 110%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to Denmark and Italy. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to consumer staples.

**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 | $9257<br>| $11538<br>| $10379<br>| $11038<br>| $11458<br>| $14957<br>| $10342<br>| $11352<br>| $13818<br>| $17748<br>|
| MSCI Europe Index<br>| $10000 | $9277<br>| $11813<br>| $10858<br>| $12076<br>| $10980<br>| $15514<br>| $11994<br>| $13919<br>| $17090<br>| $21132<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118562_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 26.48% | 8.81%<br>| 5.90% |
| Class C | 27.48% | 8.81% | 5.90% |
| MSCI Europe Index | 23.65%<br>| 13.99%<br>| 7.77% |

---

---

| |
|:---|
| 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 | $929388748<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $5540950<br>|
| Portfolio Turnover | 51%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 18.7 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Information Technology | 11.0 |
| Communication Services | 7.0 |
| Consumer Staples | 5.2 |
| Materials | 4.5 |
| Energy | 3.7 |
| Utilities | 0.7 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United Kingdom | 22.0 |
| Germany | 15.1 |
| France | 14.7 |
| United States | 11.1 |
| Italy | 5.7 |
| Sweden | 4.7 |
| Netherlands | 4.6 |
| Spain | 3.9 |
| Switzerland | 3.2 |
| Others | 15.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img301_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 22.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 15.1&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 - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.6&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 - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.0&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)**  |  |
| ASML Holding NV | 3.5<br>|
| Astrazeneca PLC | 3.1<br>|
| Shell PLC | 3.0<br>|
| Rolls-Royce Holdings PLC | 2.9<br>|
| SAP SE | 2.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| Siemens Energy AG | 2.2<br>|
| Zegona Communications plc | 2.1<br>|
| Siemens AG | 2.1<br>|
| Banco Santander SA | 1.9<br>|
|  | 25.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img301_20251031_2.jpg)<br>| ![](img118562_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> 1.9913829.101 2634-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® Europe Fund<br> **Fidelity Advisor® Europe Fund Class A : FHJUX** <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® Europe 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  | 1.07% |

---

**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 in Europe ex U.K. and positioning in the U.K. contributed to the fund's performance versus the MSCI Europe Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within industrials, where our stock picks in capital goods helped most. Stock picks in communication services and consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). We reduced our holdings in the company. A non-benchmark stake in Zegona Communications gained 279% and was a second notable relative contributor. This period we increased our position in Zegona Communications. The stock was among the fund's biggest holdings at period end. Another notable relative contributor was an overweight in Rolls-Royce Holdings (+125%). The company was among our largest holdings.

• In contrast, by sector, the biggest detractor from performance versus the benchmark was stock picking in financials. An overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Also hurting our result were stock selection and an underweight in utilities.

• Not owning HSBC Holdings, a benchmark component that gained 62%, was the largest individual relative detractor. The second-largest relative detractor was our stake in Ferrari (-17%). This period we decreased our position in Ferrari. Not owning Banco Bilbao Vizcaya Argentaria, a benchmark component that gained roughly 110%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to Denmark and Italy. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to consumer staples.

**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 | $8794<br>| $11046<br>| $10018<br>| $10739<br>| $11236<br>| $14786<br>| $10307<br>| $11398<br>| $13875<br>| $17822<br>|
| MSCI Europe Index<br>| $10000 | $9277<br>| $11813<br>| $10858<br>| $12076<br>| $10980<br>| $15514<br>| $11994<br>| $13919<br>| $17090<br>| $21132<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118563_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 21.06% | 8.37%<br>| 5.95% |
| Class A (without 5.75% sales charge) | 28.45% | 9.67% | 6.58% |
| MSCI Europe Index | 23.65%<br>| 13.99%<br>| 7.77% |

---

---

| |
|:---|
| 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 | $929388748<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $5540950<br>|
| Portfolio Turnover | 51%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 18.7 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Information Technology | 11.0 |
| Communication Services | 7.0 |
| Consumer Staples | 5.2 |
| Materials | 4.5 |
| Energy | 3.7 |
| Utilities | 0.7 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United Kingdom | 22.0 |
| Germany | 15.1 |
| France | 14.7 |
| United States | 11.1 |
| Italy | 5.7 |
| Sweden | 4.7 |
| Netherlands | 4.6 |
| Spain | 3.9 |
| Switzerland | 3.2 |
| Others | 15.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img301_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 22.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 15.1&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 - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.6&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 - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.0&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)**  |  |
| ASML Holding NV | 3.5<br>|
| Astrazeneca PLC | 3.1<br>|
| Shell PLC | 3.0<br>|
| Rolls-Royce Holdings PLC | 2.9<br>|
| SAP SE | 2.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| Siemens Energy AG | 2.2<br>|
| Zegona Communications plc | 2.1<br>|
| Siemens AG | 2.1<br>|
| Banco Santander SA | 1.9<br>|
|  | 25.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img301_20251031_2.jpg)<br>| ![](img118563_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> 1.9913828.101 2632-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 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® Emerging Markets Fund  | $98  | 0.86% |

---

**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 Asia, primarily in South Korea, and stock picking in Latin America, Mexico in particular, detracted from the fund's performance versus the MSCI Emerging Markets (Net MA) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our investment choices among banks hurt most. Picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, and industrials, especially capital goods firms, pressured performance as well.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-20%). The company was among our largest holdings. A second notable relative detractor was our stake in Alibaba (+25%), another of the portfolio's larger holdings. A non-benchmark stake in Kaspi.KZ returned roughly -30% and notably hurt as well.

• In contrast, from a regional standpoint, security selection in Emerging Asia and a non-benchmark allocation to developed markets contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices in communication services and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+184%). The company was among the fund's largest holdings. A non-benchmark stake in NVIDIA gained approximately 53% and was a second notable relative contributor. The stock was one of the portfolio's more sizable holdings as well. An overweight in Sieyuan Electric (+73%) also helped. The firm was among the fund's largest holdings at period end.

• Notable changes in geographic positioning include increased exposure to South Korea and a lower allocation to Brazil. By sector, meaningful shifts included decreased exposure to consumer staples and a higher allocation to communication services 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® Emerging Markets Fund<br>| $10000 | $10807<br>| $14073<br>| $12031<br>| $15028<br>| $18648<br>| $22345<br>| $13893<br>| $16055<br>| $20232<br>| $25762<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 |

---

![](img118566_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Emerging Markets Fund | 27.33% | 6.68% | 9.93% |
| 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 | $9266162123<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $62586330<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.4 |
| Financials | 16.4 |
| Consumer Discretionary | 14.3 |
| Communication Services | 12.3 |
| Industrials | 8.5 |
| Energy | 5.1 |
| Health Care | 4.8 |
| Consumer Staples | 3.4 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Utilities | 0.6 |

---

Common Stocks 99.5 <br> Bonds 0.4 <br> Preferred Stocks 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img322_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 18.1 |
| India | 14.1 |
| Korea (South) | 10.4 |
| United States | 4.7 |
| Brazil | 4.3 |
| United Arab Emirates | 2.4 |
| Indonesia | 2.3 |
| South Africa | 2.0 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img322_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&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;Taiwan - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;Korea (South) - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.7&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 Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;South Africa - 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 - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.2<br>|
| Tencent Holdings Ltd | 8.3<br>|
| SK Hynix Inc | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| Alibaba Group Holding Ltd ADR | 4.0<br>|
| Samsung Electronics Co Ltd | 3.8<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Sieyuan Electric Co Ltd A Shares (China) | 2.5<br>|
| Bank Central Asia Tbk PT | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 50.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img322_20251031_2.jpg)<br>| ![](img118566_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> 1.9913859.101 322-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-877-208-0098 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  | $84  | 0.73% |

---

**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 Asia, primarily in South Korea, and stock picking in Latin America, Mexico in particular, detracted from the fund's performance versus the MSCI Emerging Markets (Net MA) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our investment choices among banks hurt most. Picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, and industrials, especially capital goods firms, pressured performance as well.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-20%). The company was among our largest holdings. A second notable relative detractor was our stake in Alibaba (+25%), another of the portfolio's larger holdings. A non-benchmark stake in Kaspi.KZ returned roughly -30% and notably hurt as well.

• In contrast, from a regional standpoint, security selection in Emerging Asia and a non-benchmark allocation to developed markets contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices in communication services and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+184%). The company was among the fund's largest holdings. A non-benchmark stake in NVIDIA gained approximately 53% and was a second notable relative contributor. The stock was one of the portfolio's more sizable holdings as well. An overweight in Sieyuan Electric (+73%) also helped. The firm was among the fund's largest holdings at period end.

• Notable changes in geographic positioning include increased exposure to South Korea and a lower allocation to Brazil. By sector, meaningful shifts included decreased exposure to consumer staples and a higher allocation to communication services stocks.

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

**CUMULATIVE PERFORMANCE**

May 11, 2021 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10162<br>| $6327<br>| $7319<br>| $9236<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9639<br>| $6649<br>| $7370<br>| $9237<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118567_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class Z | 27.52% | 3.72% |
| MSCI Emerging Markets Index | 27.88%<br>| 3.79% |

---

**A** From May 11, 2021

---

| |
|:---|
| 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 | $9266162123<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $62586330<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.4 |
| Financials | 16.4 |
| Consumer Discretionary | 14.3 |
| Communication Services | 12.3 |
| Industrials | 8.5 |
| Energy | 5.1 |
| Health Care | 4.8 |
| Consumer Staples | 3.4 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Utilities | 0.6 |

---

Common Stocks 99.5 <br> Bonds 0.4 <br> Preferred Stocks 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img322_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 18.1 |
| India | 14.1 |
| Korea (South) | 10.4 |
| United States | 4.7 |
| Brazil | 4.3 |
| United Arab Emirates | 2.4 |
| Indonesia | 2.3 |
| South Africa | 2.0 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img322_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&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;Taiwan - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;Korea (South) - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.7&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 Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;South Africa - 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 - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.2<br>|
| Tencent Holdings Ltd | 8.3<br>|
| SK Hynix Inc | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| Alibaba Group Holding Ltd ADR | 4.0<br>|
| Samsung Electronics Co Ltd | 3.8<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Sieyuan Electric Co Ltd A Shares (China) | 2.5<br>|
| Bank Central Asia Tbk PT | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 50.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img322_20251031_2.jpg)<br>| ![](img118567_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> 1.9913864.101 6359-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-877-208-0098 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  | $157  | 1.39% |

---

**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 Asia, primarily in South Korea, and stock picking in Latin America, Mexico in particular, detracted from the fund's performance versus the MSCI Emerging Markets (Net MA) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our investment choices among banks hurt most. Picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, and industrials, especially capital goods firms, pressured performance as well.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-20%). The company was among our largest holdings. A second notable relative detractor was our stake in Alibaba (+25%), another of the portfolio's larger holdings. A non-benchmark stake in Kaspi.KZ returned roughly -30% and notably hurt as well.

• In contrast, from a regional standpoint, security selection in Emerging Asia and a non-benchmark allocation to developed markets contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices in communication services and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+184%). The company was among the fund's largest holdings. A non-benchmark stake in NVIDIA gained approximately 53% and was a second notable relative contributor. The stock was one of the portfolio's more sizable holdings as well. An overweight in Sieyuan Electric (+73%) also helped. The firm was among the fund's largest holdings at period end.

• Notable changes in geographic positioning include increased exposure to South Korea and a lower allocation to Brazil. By sector, meaningful shifts included decreased exposure to consumer staples and a higher allocation to communication services stocks.

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

**CUMULATIVE PERFORMANCE**

May 11, 2021 through October 31, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9772<br>| $6039<br>| $6938<br>| $8699<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9639<br>| $6649<br>| $7370<br>| $9237<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118568_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 22.22% | 2.19% |
| Class M (without 3.50% sales charge) | 26.65% | 3.00% |
| MSCI Emerging Markets Index | 27.88%<br>| 3.79% |

---

**A** From May 11, 2021

---

| |
|:---|
| 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 | $9266162123<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $62586330<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.4 |
| Financials | 16.4 |
| Consumer Discretionary | 14.3 |
| Communication Services | 12.3 |
| Industrials | 8.5 |
| Energy | 5.1 |
| Health Care | 4.8 |
| Consumer Staples | 3.4 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Utilities | 0.6 |

---

Common Stocks 99.5 <br> Bonds 0.4 <br> Preferred Stocks 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img322_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 18.1 |
| India | 14.1 |
| Korea (South) | 10.4 |
| United States | 4.7 |
| Brazil | 4.3 |
| United Arab Emirates | 2.4 |
| Indonesia | 2.3 |
| South Africa | 2.0 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img322_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&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;Taiwan - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;Korea (South) - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.7&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 Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;South Africa - 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 - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.2<br>|
| Tencent Holdings Ltd | 8.3<br>|
| SK Hynix Inc | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| Alibaba Group Holding Ltd ADR | 4.0<br>|
| Samsung Electronics Co Ltd | 3.8<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Sieyuan Electric Co Ltd A Shares (China) | 2.5<br>|
| Bank Central Asia Tbk PT | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 50.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img322_20251031_2.jpg)<br>| ![](img118568_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> 1.9913862.101 6357-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-800-835-5092 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 K  | $84  | 0.74% |

---

**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 Asia, primarily in South Korea, and stock picking in Latin America, Mexico in particular, detracted from the fund's performance versus the MSCI Emerging Markets (Net MA) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our investment choices among banks hurt most. Picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, and industrials, especially capital goods firms, pressured performance as well.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-20%). The company was among our largest holdings. A second notable relative detractor was our stake in Alibaba (+25%), another of the portfolio's larger holdings. A non-benchmark stake in Kaspi.KZ returned roughly -30% and notably hurt as well.

• In contrast, from a regional standpoint, security selection in Emerging Asia and a non-benchmark allocation to developed markets contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices in communication services and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+184%). The company was among the fund's largest holdings. A non-benchmark stake in NVIDIA gained approximately 53% and was a second notable relative contributor. The stock was one of the portfolio's more sizable holdings as well. An overweight in Sieyuan Electric (+73%) also helped. The firm was among the fund's largest holdings at period end.

• Notable changes in geographic positioning include increased exposure to South Korea and a lower allocation to Brazil. By sector, meaningful shifts included decreased exposure to consumer staples and a higher allocation to communication services 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10827<br>| $14122<br>| $12091<br>| $15123<br>| $18788<br>| $22535<br>| $14032<br>| $16233<br>| $20486<br>| $26113<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 |

---

![](img118569_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 27.47% | 6.81% | 10.07% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| Visit **www.401k.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 | $9266162123<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $62586330<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.4 |
| Financials | 16.4 |
| Consumer Discretionary | 14.3 |
| Communication Services | 12.3 |
| Industrials | 8.5 |
| Energy | 5.1 |
| Health Care | 4.8 |
| Consumer Staples | 3.4 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Utilities | 0.6 |

---

Common Stocks 99.5 <br> Bonds 0.4 <br> Preferred Stocks 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img322_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 18.1 |
| India | 14.1 |
| Korea (South) | 10.4 |
| United States | 4.7 |
| Brazil | 4.3 |
| United Arab Emirates | 2.4 |
| Indonesia | 2.3 |
| South Africa | 2.0 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img322_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&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;Taiwan - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;Korea (South) - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.7&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 Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;South Africa - 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 - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.2<br>|
| Tencent Holdings Ltd | 8.3<br>|
| SK Hynix Inc | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| Alibaba Group Holding Ltd ADR | 4.0<br>|
| Samsung Electronics Co Ltd | 3.8<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Sieyuan Electric Co Ltd A Shares (China) | 2.5<br>|
| Bank Central Asia Tbk PT | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 50.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img322_20251031_2.jpg)<br>| ![](img118569_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> 1.9913858.101 2084-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-877-208-0098 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  | $99  | 0.87% |

---

**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 Asia, primarily in South Korea, and stock picking in Latin America, Mexico in particular, detracted from the fund's performance versus the MSCI Emerging Markets (Net MA) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our investment choices among banks hurt most. Picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, and industrials, especially capital goods firms, pressured performance as well.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-20%). The company was among our largest holdings. A second notable relative detractor was our stake in Alibaba (+25%), another of the portfolio's larger holdings. A non-benchmark stake in Kaspi.KZ returned roughly -30% and notably hurt as well.

• In contrast, from a regional standpoint, security selection in Emerging Asia and a non-benchmark allocation to developed markets contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices in communication services and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+184%). The company was among the fund's largest holdings. A non-benchmark stake in NVIDIA gained approximately 53% and was a second notable relative contributor. The stock was one of the portfolio's more sizable holdings as well. An overweight in Sieyuan Electric (+73%) also helped. The firm was among the fund's largest holdings at period end.

• Notable changes in geographic positioning include increased exposure to South Korea and a lower allocation to Brazil. By sector, meaningful shifts included decreased exposure to consumer staples and a higher allocation to communication services stocks.

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

**CUMULATIVE PERFORMANCE**

May 11, 2021 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10154<br>| $6315<br>| $7296<br>| $9194<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9639<br>| $6649<br>| $7370<br>| $9237<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118570_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 27.29% | 3.57% |
| MSCI Emerging Markets Index | 27.88%<br>| 3.79% |

---

**A** From May 11, 2021

---

| |
|:---|
| 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 | $9266162123<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $62586330<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.4 |
| Financials | 16.4 |
| Consumer Discretionary | 14.3 |
| Communication Services | 12.3 |
| Industrials | 8.5 |
| Energy | 5.1 |
| Health Care | 4.8 |
| Consumer Staples | 3.4 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Utilities | 0.6 |

---

Common Stocks 99.5 <br> Bonds 0.4 <br> Preferred Stocks 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img322_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 18.1 |
| India | 14.1 |
| Korea (South) | 10.4 |
| United States | 4.7 |
| Brazil | 4.3 |
| United Arab Emirates | 2.4 |
| Indonesia | 2.3 |
| South Africa | 2.0 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img322_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&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;Taiwan - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;Korea (South) - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.7&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 Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;South Africa - 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 - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.2<br>|
| Tencent Holdings Ltd | 8.3<br>|
| SK Hynix Inc | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| Alibaba Group Holding Ltd ADR | 4.0<br>|
| Samsung Electronics Co Ltd | 3.8<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Sieyuan Electric Co Ltd A Shares (China) | 2.5<br>|
| Bank Central Asia Tbk PT | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 50.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img322_20251031_2.jpg)<br>| ![](img118570_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> 1.9913863.101 6358-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-877-208-0098 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  | $213  | 1.89% |

---

**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 Asia, primarily in South Korea, and stock picking in Latin America, Mexico in particular, detracted from the fund's performance versus the MSCI Emerging Markets (Net MA) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our investment choices among banks hurt most. Picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, and industrials, especially capital goods firms, pressured performance as well.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-20%). The company was among our largest holdings. A second notable relative detractor was our stake in Alibaba (+25%), another of the portfolio's larger holdings. A non-benchmark stake in Kaspi.KZ returned roughly -30% and notably hurt as well.

• In contrast, from a regional standpoint, security selection in Emerging Asia and a non-benchmark allocation to developed markets contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices in communication services and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+184%). The company was among the fund's largest holdings. A non-benchmark stake in NVIDIA gained approximately 53% and was a second notable relative contributor. The stock was one of the portfolio's more sizable holdings as well. An overweight in Sieyuan Electric (+73%) also helped. The firm was among the fund's largest holdings at period end.

• Notable changes in geographic positioning include increased exposure to South Korea and a lower allocation to Brazil. By sector, meaningful shifts included decreased exposure to consumer staples and a higher allocation to communication services stocks.

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

**CUMULATIVE PERFORMANCE**

May 11, 2021 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10102<br>| $6213<br>| $7102<br>| $8859<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9639<br>| $6649<br>| $7370<br>| $9237<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118571_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 25.03% | 2.49% |
| Class C | 26.03% | 2.49% |
| MSCI Emerging Markets Index | 27.88%<br>| 3.79% |

---

**A** From May 11, 2021

---

| |
|:---|
| 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 | $9266162123<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $62586330<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.4 |
| Financials | 16.4 |
| Consumer Discretionary | 14.3 |
| Communication Services | 12.3 |
| Industrials | 8.5 |
| Energy | 5.1 |
| Health Care | 4.8 |
| Consumer Staples | 3.4 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Utilities | 0.6 |

---

Common Stocks 99.5 <br> Bonds 0.4 <br> Preferred Stocks 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img322_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 18.1 |
| India | 14.1 |
| Korea (South) | 10.4 |
| United States | 4.7 |
| Brazil | 4.3 |
| United Arab Emirates | 2.4 |
| Indonesia | 2.3 |
| South Africa | 2.0 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img322_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&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;Taiwan - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;Korea (South) - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.7&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 Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;South Africa - 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 - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.2<br>|
| Tencent Holdings Ltd | 8.3<br>|
| SK Hynix Inc | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| Alibaba Group Holding Ltd ADR | 4.0<br>|
| Samsung Electronics Co Ltd | 3.8<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Sieyuan Electric Co Ltd A Shares (China) | 2.5<br>|
| Bank Central Asia Tbk PT | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 50.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img322_20251031_2.jpg)<br>| ![](img118571_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> 1.9913861.101 6356-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® 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 1-877-208-0098 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  | $129  | 1.14% |

---

**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 Asia, primarily in South Korea, and stock picking in Latin America, Mexico in particular, detracted from the fund's performance versus the MSCI Emerging Markets (Net MA) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our investment choices among banks hurt most. Picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, and industrials, especially capital goods firms, pressured performance as well.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-20%). The company was among our largest holdings. A second notable relative detractor was our stake in Alibaba (+25%), another of the portfolio's larger holdings. A non-benchmark stake in Kaspi.KZ returned roughly -30% and notably hurt as well.

• In contrast, from a regional standpoint, security selection in Emerging Asia and a non-benchmark allocation to developed markets contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices in communication services and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+184%). The company was among the fund's largest holdings. A non-benchmark stake in NVIDIA gained approximately 53% and was a second notable relative contributor. The stock was one of the portfolio's more sizable holdings as well. An overweight in Sieyuan Electric (+73%) also helped. The firm was among the fund's largest holdings at period end.

• Notable changes in geographic positioning include increased exposure to South Korea and a lower allocation to Brazil. By sector, meaningful shifts included decreased exposure to consumer staples and a higher allocation to communication services stocks.

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

**CUMULATIVE PERFORMANCE**

May 11, 2021 through October 31, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9556<br>| $5924<br>| $6824<br>| $8577<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9639<br>| $6649<br>| $7370<br>| $9237<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118572_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 19.67% | 1.92% |
| Class A (without 5.75% sales charge) | 26.97% | 3.28% |
| MSCI Emerging Markets Index | 27.88%<br>| 3.79% |

---

**A** From May 11, 2021

---

| |
|:---|
| 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 | $9266162123<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $62586330<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.4 |
| Financials | 16.4 |
| Consumer Discretionary | 14.3 |
| Communication Services | 12.3 |
| Industrials | 8.5 |
| Energy | 5.1 |
| Health Care | 4.8 |
| Consumer Staples | 3.4 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Utilities | 0.6 |

---

Common Stocks 99.5 <br> Bonds 0.4 <br> Preferred Stocks 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img322_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 18.1 |
| India | 14.1 |
| Korea (South) | 10.4 |
| United States | 4.7 |
| Brazil | 4.3 |
| United Arab Emirates | 2.4 |
| Indonesia | 2.3 |
| South Africa | 2.0 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img322_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&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;Taiwan - 18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;Korea (South) - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.7&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 Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;South Africa - 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 - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.2<br>|
| Tencent Holdings Ltd | 8.3<br>|
| SK Hynix Inc | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| Alibaba Group Holding Ltd ADR | 4.0<br>|
| Samsung Electronics Co Ltd | 3.8<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Sieyuan Electric Co Ltd A Shares (China) | 2.5<br>|
| Bank Central Asia Tbk PT | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 50.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img322_20251031_2.jpg)<br>| ![](img118572_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> 1.9913860.101 6355-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Emerging Markets Discovery 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® Emerging Markets Discovery Fund  | $107  | 0.97% |

---

**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 and an underweight in Emerging Asia, primarily Taiwan, along with a non-benchmark allocation to developed markets, contributed to the fund's performance versus the MSCI Emerging Markets SMID Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within information technology, where our picks among semiconductors & semiconductor equipment firms helped most. Investment choices in communication services, especially in the media & entertainment industry, as well as consumer staples, food, beverage & tobacco stocks in particular, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nanya Technology (+221%), one the fund's biggest holdings at period end. Outsized exposure to Bizlink Holding (+206%) helped as well. Though we decreased our position in the stock, the company was the fund's largest holding this period. Another notable relative contributor was an overweight in Chroma ATE (+125%), an investment we established this period and the fund's biggest holding at period end.

• In contrast, from a regional standpoint, picks in Latin America and Emerging Europe detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Investment choices in industrials hurt as well. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Sumber Alfaria Trijaya (-35%), a stake we established this period. A non-benchmark position in ASMPT (-42%) also hurt. The stock was not held at period end. Outsized exposure to E Ink Holdings (-27%) was another negative.

• Notable changes in geographic positioning included decreased exposure to South Africa and a higher allocation to South Korea. By sector, meaningful shifts included lower allocations to real estate and materials 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® Emerging Markets Discovery Fund<br>| $10000 | $11319<br>| $14069<br>| $11522<br>| $13340<br>| $13749<br>| $18234<br>| $14338<br>| $16622<br>| $19013<br>| $23309<br>|
| MSCI Emerging Markets SMID Cap Index<br>| $10000 | $10530<br>| $12623<br>| $10791<br>| $11917<br>| $11821<br>| $16214<br>| $12299<br>| $13966<br>| $17045<br>| $20554<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 |

---

![](img118573_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Emerging Markets Discovery Fund | 22.59% | 11.13% | 8.83% |
| MSCI Emerging Markets SMID Cap Index | 20.59%<br>| 11.70%<br>| 7.47% |
| 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 | $1212157708<br>|
| Number of Holdings | 105<br>|
| Total Advisory Fee | $10304567<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Financials | 17.7 |
| Information Technology | 15.3 |
| Consumer Discretionary | 13.2 |
| Consumer Staples | 6.9 |
| Health Care | 5.6 |
| Real Estate | 4.6 |
| Energy | 2.7 |
| Materials | 2.7 |
| Communication Services | 2.6 |
| Utilities | 1.2 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| Taiwan | 21.1 |
| China | 17.9 |
| India | 11.7 |
| Brazil | 10.2 |
| Korea (South) | 9.1 |
| Mexico | 5.3 |
| Indonesia | 4.0 |
| Poland | 3.9 |
| United States | 2.5 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2374_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 21.1&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;China - 17.9&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;India - 11.7&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;Brazil - 10.2&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) - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 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;Indonesia - 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;Poland - 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;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;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Chroma ATE Inc | 1.9<br>|
| Bizlink Holding Inc | 1.9<br>|
| Yageo Corp | 1.9<br>|
| Nanya Technology Corp | 1.8<br>|
| King Yuan Electronics Co Ltd | 1.6<br>|
| Innodisk Corp | 1.5<br>|
| ASPEED Technology Inc | 1.4<br>|
| Acter Group Corp Ltd | 1.3<br>|
| Woori Financial Group Inc | 1.3<br>|
| Eicher Motors Ltd | 1.3<br>|
|  | 15.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2374_20251031_2.jpg)<br>| ![](img118573_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> 1.9913973.101 2374-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Emerging Markets Discovery 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  | $99  | 0.89% |

---

**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 and an underweight in Emerging Asia, primarily Taiwan, along with a non-benchmark allocation to developed markets, contributed to the fund's performance versus the MSCI Emerging Markets SMID Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within information technology, where our picks among semiconductors & semiconductor equipment firms helped most. Investment choices in communication services, especially in the media & entertainment industry, as well as consumer staples, food, beverage & tobacco stocks in particular, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nanya Technology (+221%), one the fund's biggest holdings at period end. Outsized exposure to Bizlink Holding (+206%) helped as well. Though we decreased our position in the stock, the company was the fund's largest holding this period. Another notable relative contributor was an overweight in Chroma ATE (+125%), an investment we established this period and the fund's biggest holding at period end.

• In contrast, from a regional standpoint, picks in Latin America and Emerging Europe detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Investment choices in industrials hurt as well. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Sumber Alfaria Trijaya (-35%), a stake we established this period. A non-benchmark position in ASMPT (-42%) also hurt. The stock was not held at period end. Outsized exposure to E Ink Holdings (-27%) was another negative.

• Notable changes in geographic positioning included decreased exposure to South Africa and a higher allocation to South Korea. By sector, meaningful shifts included lower allocations to real estate and materials stocks.

**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 | $9196<br>| $10665<br>| $11011<br>| $14624<br>| $11513<br>| $13367<br>| $15311<br>|
| MSCI Emerging Markets SMID Cap Index<br>| $10000 | $9131<br>| $10084<br>| $10003<br>| $13720<br>| $10407<br>| $11818<br>| $14423<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9258<br>| $10359<br>| $11216<br>| $13120<br>| $9051<br>| $10032<br>| $12572<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118574_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 22.66% | 11.27% | 9.30% |
| MSCI Emerging Markets SMID Cap Index | 20.59%<br>| 11.70%<br>| 8.13% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 6.93% |

---

**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 | $1212157708<br>|
| Number of Holdings | 105<br>|
| Total Advisory Fee | $10304567<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Financials | 17.7 |
| Information Technology | 15.3 |
| Consumer Discretionary | 13.2 |
| Consumer Staples | 6.9 |
| Health Care | 5.6 |
| Real Estate | 4.6 |
| Energy | 2.7 |
| Materials | 2.7 |
| Communication Services | 2.6 |
| Utilities | 1.2 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| Taiwan | 21.1 |
| China | 17.9 |
| India | 11.7 |
| Brazil | 10.2 |
| Korea (South) | 9.1 |
| Mexico | 5.3 |
| Indonesia | 4.0 |
| Poland | 3.9 |
| United States | 2.5 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2374_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 21.1&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;China - 17.9&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;India - 11.7&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;Brazil - 10.2&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) - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 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;Indonesia - 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;Poland - 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;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;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Chroma ATE Inc | 1.9<br>|
| Bizlink Holding Inc | 1.9<br>|
| Yageo Corp | 1.9<br>|
| Nanya Technology Corp | 1.8<br>|
| King Yuan Electronics Co Ltd | 1.6<br>|
| Innodisk Corp | 1.5<br>|
| ASPEED Technology Inc | 1.4<br>|
| Acter Group Corp Ltd | 1.3<br>|
| Woori Financial Group Inc | 1.3<br>|
| Eicher Motors Ltd | 1.3<br>|
|  | 15.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2374_20251031_2.jpg)<br>| ![](img118574_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> 1.9913978.101 3265-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Emerging Markets Discovery 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  | $168  | 1.51% |

---

**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 and an underweight in Emerging Asia, primarily Taiwan, along with a non-benchmark allocation to developed markets, contributed to the fund's performance versus the MSCI Emerging Markets SMID Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within information technology, where our picks among semiconductors & semiconductor equipment firms helped most. Investment choices in communication services, especially in the media & entertainment industry, as well as consumer staples, food, beverage & tobacco stocks in particular, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nanya Technology (+221%), one the fund's biggest holdings at period end. Outsized exposure to Bizlink Holding (+206%) helped as well. Though we decreased our position in the stock, the company was the fund's largest holding this period. Another notable relative contributor was an overweight in Chroma ATE (+125%), an investment we established this period and the fund's biggest holding at period end.

• In contrast, from a regional standpoint, picks in Latin America and Emerging Europe detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Investment choices in industrials hurt as well. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Sumber Alfaria Trijaya (-35%), a stake we established this period. A non-benchmark position in ASMPT (-42%) also hurt. The stock was not held at period end. Outsized exposure to E Ink Holdings (-27%) was another negative.

• Notable changes in geographic positioning included decreased exposure to South Africa and a higher allocation to South Korea. By sector, meaningful shifts included lower allocations to real estate and materials 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10864<br>| $13432<br>| $10936<br>| $12583<br>| $12896<br>| $16999<br>| $13297<br>| $15326<br>| $17441<br>| $21257<br>|
| MSCI Emerging Markets SMID Cap Index<br>| $10000 | $10530<br>| $12623<br>| $10791<br>| $11917<br>| $11821<br>| $16214<br>| $12299<br>| $13966<br>| $17045<br>| $20554<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 |

---

![](img118575_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 17.62% | 9.73%<br>| 7.83% |
| Class M (without 3.50% sales charge) | 21.88% | 10.51% | 8.22% |
| MSCI Emerging Markets SMID Cap Index | 20.59%<br>| 11.70%<br>| 7.47% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1212157708<br>|
| Number of Holdings | 105<br>|
| Total Advisory Fee | $10304567<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Financials | 17.7 |
| Information Technology | 15.3 |
| Consumer Discretionary | 13.2 |
| Consumer Staples | 6.9 |
| Health Care | 5.6 |
| Real Estate | 4.6 |
| Energy | 2.7 |
| Materials | 2.7 |
| Communication Services | 2.6 |
| Utilities | 1.2 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| Taiwan | 21.1 |
| China | 17.9 |
| India | 11.7 |
| Brazil | 10.2 |
| Korea (South) | 9.1 |
| Mexico | 5.3 |
| Indonesia | 4.0 |
| Poland | 3.9 |
| United States | 2.5 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2374_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 21.1&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;China - 17.9&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;India - 11.7&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;Brazil - 10.2&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) - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 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;Indonesia - 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;Poland - 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;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;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Chroma ATE Inc | 1.9<br>|
| Bizlink Holding Inc | 1.9<br>|
| Yageo Corp | 1.9<br>|
| Nanya Technology Corp | 1.8<br>|
| King Yuan Electronics Co Ltd | 1.6<br>|
| Innodisk Corp | 1.5<br>|
| ASPEED Technology Inc | 1.4<br>|
| Acter Group Corp Ltd | 1.3<br>|
| Woori Financial Group Inc | 1.3<br>|
| Eicher Motors Ltd | 1.3<br>|
|  | 15.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2374_20251031_2.jpg)<br>| ![](img118575_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> 1.9913976.101 2377-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Emerging Markets Discovery 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  | $113  | 1.01% |

---

**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 picks and an underweight in Emerging Asia, primarily Taiwan, along with a non-benchmark allocation to developed markets, contributed to the fund's performance versus the MSCI Emerging Markets SMID Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within information technology, where our picks among semiconductors & semiconductor equipment firms helped most. Investment choices in communication services, especially in the media & entertainment industry, as well as consumer staples, food, beverage & tobacco stocks in particular, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nanya Technology (+221%), one the fund's biggest holdings at period end. Outsized exposure to Bizlink Holding (+206%) helped as well. Though we decreased our position in the stock, the company was the fund's largest holding this period. Another notable relative contributor was an overweight in Chroma ATE (+125%), an investment we established this period and the fund's biggest holding at period end.

• In contrast, from a regional standpoint, picks in Latin America and Emerging Europe detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Investment choices in industrials hurt as well. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Sumber Alfaria Trijaya (-35%), a stake we established this period. A non-benchmark position in ASMPT (-42%) also hurt. The stock was not held at period end. Outsized exposure to E Ink Holdings (-27%) was another negative.

• Notable changes in geographic positioning included decreased exposure to South Africa and a higher allocation to South Korea. By sector, meaningful shifts included lower allocations to real estate and materials 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11316<br>| $14060<br>| $11521<br>| $13339<br>| $13748<br>| $18233<br>| $14337<br>| $16629<br>| $19013<br>| $23306<br>|
| MSCI Emerging Markets SMID Cap Index<br>| $10000 | $10530<br>| $12623<br>| $10791<br>| $11917<br>| $11821<br>| $16214<br>| $12299<br>| $13966<br>| $17045<br>| $20554<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 |

---

![](img118576_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 22.58% | 11.13% | 8.83% |
| MSCI Emerging Markets SMID Cap Index | 20.59%<br>| 11.70%<br>| 7.47% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1212157708<br>|
| Number of Holdings | 105<br>|
| Total Advisory Fee | $10304567<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Financials | 17.7 |
| Information Technology | 15.3 |
| Consumer Discretionary | 13.2 |
| Consumer Staples | 6.9 |
| Health Care | 5.6 |
| Real Estate | 4.6 |
| Energy | 2.7 |
| Materials | 2.7 |
| Communication Services | 2.6 |
| Utilities | 1.2 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| Taiwan | 21.1 |
| China | 17.9 |
| India | 11.7 |
| Brazil | 10.2 |
| Korea (South) | 9.1 |
| Mexico | 5.3 |
| Indonesia | 4.0 |
| Poland | 3.9 |
| United States | 2.5 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2374_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 21.1&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;China - 17.9&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;India - 11.7&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;Brazil - 10.2&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) - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 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;Indonesia - 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;Poland - 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;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;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Chroma ATE Inc | 1.9<br>|
| Bizlink Holding Inc | 1.9<br>|
| Yageo Corp | 1.9<br>|
| Nanya Technology Corp | 1.8<br>|
| King Yuan Electronics Co Ltd | 1.6<br>|
| Innodisk Corp | 1.5<br>|
| ASPEED Technology Inc | 1.4<br>|
| Acter Group Corp Ltd | 1.3<br>|
| Woori Financial Group Inc | 1.3<br>|
| Eicher Motors Ltd | 1.3<br>|
|  | 15.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2374_20251031_2.jpg)<br>| ![](img118576_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> 1.9913977.101 2378-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Emerging Markets Discovery 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  | $223  | 2.01% |

---

**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 picks and an underweight in Emerging Asia, primarily Taiwan, along with a non-benchmark allocation to developed markets, contributed to the fund's performance versus the MSCI Emerging Markets SMID Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within information technology, where our picks among semiconductors & semiconductor equipment firms helped most. Investment choices in communication services, especially in the media & entertainment industry, as well as consumer staples, food, beverage & tobacco stocks in particular, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nanya Technology (+221%), one the fund's biggest holdings at period end. Outsized exposure to Bizlink Holding (+206%) helped as well. Though we decreased our position in the stock, the company was the fund's largest holding this period. Another notable relative contributor was an overweight in Chroma ATE (+125%), an investment we established this period and the fund's biggest holding at period end.

• In contrast, from a regional standpoint, picks in Latin America and Emerging Europe detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Investment choices in industrials hurt as well. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Sumber Alfaria Trijaya (-35%), a stake we established this period. A non-benchmark position in ASMPT (-42%) also hurt. The stock was not held at period end. Outsized exposure to E Ink Holdings (-27%) was another negative.

• Notable changes in geographic positioning included decreased exposure to South Africa and a higher allocation to South Korea. By sector, meaningful shifts included lower allocations to real estate and materials 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11197<br>| $13775<br>| $11162<br>| $12786<br>| $13036<br>| $17106<br>| $13306<br>| $15270<br>| $17422<br>| $21290<br>|
| MSCI Emerging Markets SMID Cap Index<br>| $10000 | $10530<br>| $12623<br>| $10791<br>| $11917<br>| $11821<br>| $16214<br>| $12299<br>| $13966<br>| $17045<br>| $20554<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 |

---

![](img118577_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 20.34% | 9.97%<br>| 7.85% |
| Class C | 21.34% | 9.97% | 7.85% |
| MSCI Emerging Markets SMID Cap Index | 20.59%<br>| 11.70%<br>| 7.47% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1212157708<br>|
| Number of Holdings | 105<br>|
| Total Advisory Fee | $10304567<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Financials | 17.7 |
| Information Technology | 15.3 |
| Consumer Discretionary | 13.2 |
| Consumer Staples | 6.9 |
| Health Care | 5.6 |
| Real Estate | 4.6 |
| Energy | 2.7 |
| Materials | 2.7 |
| Communication Services | 2.6 |
| Utilities | 1.2 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| Taiwan | 21.1 |
| China | 17.9 |
| India | 11.7 |
| Brazil | 10.2 |
| Korea (South) | 9.1 |
| Mexico | 5.3 |
| Indonesia | 4.0 |
| Poland | 3.9 |
| United States | 2.5 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2374_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 21.1&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;China - 17.9&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;India - 11.7&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;Brazil - 10.2&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) - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 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;Indonesia - 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;Poland - 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;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;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Chroma ATE Inc | 1.9<br>|
| Bizlink Holding Inc | 1.9<br>|
| Yageo Corp | 1.9<br>|
| Nanya Technology Corp | 1.8<br>|
| King Yuan Electronics Co Ltd | 1.6<br>|
| Innodisk Corp | 1.5<br>|
| ASPEED Technology Inc | 1.4<br>|
| Acter Group Corp Ltd | 1.3<br>|
| Woori Financial Group Inc | 1.3<br>|
| Eicher Motors Ltd | 1.3<br>|
|  | 15.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2374_20251031_2.jpg)<br>| ![](img118577_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> 1.9913975.101 2376-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Emerging Markets Discovery 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  | $140  | 1.26% |

---

**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 and an underweight in Emerging Asia, primarily Taiwan, along with a non-benchmark allocation to developed markets, contributed to the fund's performance versus the MSCI Emerging Markets SMID Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within information technology, where our picks among semiconductors & semiconductor equipment firms helped most. Investment choices in communication services, especially in the media & entertainment industry, as well as consumer staples, food, beverage & tobacco stocks in particular, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nanya Technology (+221%), one the fund's biggest holdings at period end. Outsized exposure to Bizlink Holding (+206%) helped as well. Though we decreased our position in the stock, the company was the fund's largest holding this period. Another notable relative contributor was an overweight in Chroma ATE (+125%), an investment we established this period and the fund's biggest holding at period end.

• In contrast, from a regional standpoint, picks in Latin America and Emerging Europe detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also hampered the fund's result. Investment choices in industrials hurt as well. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Sumber Alfaria Trijaya (-35%), a stake we established this period. A non-benchmark position in ASMPT (-42%) also hurt. The stock was not held at period end. Outsized exposure to E Ink Holdings (-27%) was another negative.

• Notable changes in geographic positioning included decreased exposure to South Africa and a higher allocation to South Korea. By sector, meaningful shifts included lower allocations to real estate and materials 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10644<br>| $13187<br>| $10761<br>| $12428<br>| $12771<br>| $16887<br>| $13242<br>| $15303<br>| $17460<br>| $21335<br>|
| MSCI Emerging Markets SMID Cap Index<br>| $10000 | $10530<br>| $12623<br>| $10791<br>| $11917<br>| $11821<br>| $16214<br>| $12299<br>| $13966<br>| $17045<br>| $20554<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 |

---

![](img118578_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 15.17% | 9.50%<br>| 7.87% |
| Class A (without 5.75% sales charge) | 22.20% | 10.81% | 8.51% |
| MSCI Emerging Markets SMID Cap Index | 20.59%<br>| 11.70%<br>| 7.47% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1212157708<br>|
| Number of Holdings | 105<br>|
| Total Advisory Fee | $10304567<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.2 |
| Financials | 17.7 |
| Information Technology | 15.3 |
| Consumer Discretionary | 13.2 |
| Consumer Staples | 6.9 |
| Health Care | 5.6 |
| Real Estate | 4.6 |
| Energy | 2.7 |
| Materials | 2.7 |
| Communication Services | 2.6 |
| Utilities | 1.2 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| Taiwan | 21.1 |
| China | 17.9 |
| India | 11.7 |
| Brazil | 10.2 |
| Korea (South) | 9.1 |
| Mexico | 5.3 |
| Indonesia | 4.0 |
| Poland | 3.9 |
| United States | 2.5 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2374_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 21.1&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;China - 17.9&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;India - 11.7&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;Brazil - 10.2&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) - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 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;Indonesia - 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;Poland - 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;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;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Chroma ATE Inc | 1.9<br>|
| Bizlink Holding Inc | 1.9<br>|
| Yageo Corp | 1.9<br>|
| Nanya Technology Corp | 1.8<br>|
| King Yuan Electronics Co Ltd | 1.6<br>|
| Innodisk Corp | 1.5<br>|
| ASPEED Technology Inc | 1.4<br>|
| Acter Group Corp Ltd | 1.3<br>|
| Woori Financial Group Inc | 1.3<br>|
| Eicher Motors Ltd | 1.3<br>|
|  | 15.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2374_20251031_2.jpg)<br>| ![](img118578_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> 1.9913974.101 2375-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® Emerging Asia Fund<br> **Fidelity® Emerging Asia Fund : FSEAX** <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® Emerging Asia 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® Emerging Asia Fund  | $121  | 1.03% |

---

**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 emerging markets, along with picks and an underweight in Asia Pacific ex Japan, primarily Singapore, contributed to the fund's performance versus the MSCI AC Asia Ex Japan (Net MA) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in health care, especially in the pharmaceuticals, biotechnology & life sciences industry. Investment choices and an overweight in consumer discretionary, particularly among consumer discretionary distribution & retail stocks, also boosted relative performance. An underweight in consumer staples helped as well.

• The top individual relative contributor was an overweight in Sea (+64%), where we decreased our stake the past 12 months. Still, the company was among our biggest holdings this period. A second notable relative contributor was an overweight in WuXi XDC Cayman (+226%), another of our largest holdings at period end. Outsized exposure to Taiwan Semiconductor Manufacturing (+58%) also helped. The stock was the fund's largest holding.

• In contrast, from a regional standpoint, non-benchmark allocations to Europe ex U.K. and the United States detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was an underweight in communication services. An overweight in health care, primarily in the health care equipment & services industry, also hampered the fund's result. Picks in information technology, especially among semiconductors & semiconductor equipment firms, hurt as well. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was our non-benchmark stake in MakeMyTrip (-20%). The company was one of our biggest holdings this period. A position in Samsung Electronics (+70%), one of the fund's biggest holdings at period end, also hurt. Non-benchmark exposure to Delivery Hero (-32%) was another challenge. The stock was not held at period end.

• Notable changes in geographic positioning included increased exposure to South Korea and a lower allocation to Singapore. By sector, meaningful shifts included increased exposure to communication services and a lower allocation to consumer discretionary 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® Emerging Asia Fund<br>| $10000 | $10742<br>| $14317<br>| $12062<br>| $15313<br>| $23040<br>| $26961<br>| $14352<br>| $17077<br>| $23605<br>| $31891<br>|
| MSCI AC (All Country) Asia ex Japan Index<br>| $10000 | $10659<br>| $13906<br>| $12012<br>| $13602<br>| $15758<br>| $17778<br>| $11734<br>| $13320<br>| $17044<br>| $21876<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118579_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Emerging Asia Fund | 35.10% | 6.72% | 12.30% |
| MSCI AC (All Country) Asia ex Japan Index | 28.35%<br>| 6.78%<br>| 8.14% |

---

---

| |
|:---|
| 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 | $1477432495<br>|
| Number of Holdings | 74<br>|
| Total Advisory Fee | $11121233<br>|
| Portfolio Turnover | 107%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.7 |
| Financials | 16.5 |
| Consumer Discretionary | 15.5 |
| Communication Services | 12.1 |
| Industrials | 10.2 |
| Health Care | 6.8 |
| Materials | 2.1 |
| Consumer Staples | 0.9 |

---

Common Stocks 93.9 <br> Preferred Stocks 2.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img351_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.2 |

---

---

| | |
|:---|:---|
| China | 38.1 |
| Taiwan | 19.0 |
| India | 16.3 |
| Korea (South) | 13.8 |
| Hong Kong | 4.0 |
| United States | 3.3 |
| Indonesia | 2.2 |
| Singapore | 1.7 |
| Philippines | 1.1 |
| South Africa | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img351_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 38.1&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 - 19.0&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;India - 16.3&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;Korea (South) - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 4.0&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;United States - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;Singapore - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Philippines - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.8<br>|
| Tencent Holdings Ltd | 8.2<br>|
| SK Hynix Inc | 4.3<br>|
| PDD Holdings Inc Class A ADR | 4.1<br>|
| Alibaba Group Holding Ltd | 3.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.2<br>|
| WuXi XDC Cayman Inc | 2.5<br>|
| Samsung Electronics Co Ltd | 2.4<br>|
| Samsung Electronics Co Ltd | 2.2<br>|
| HDFC Bank Ltd/Gandhinagar | 2.2<br>|
|  | 43.6 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img351_20251031_2.jpg)<br>| ![](img118579_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> 1.9913888.101 351-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Diversified International K6 Fund<br> **Fidelity® Diversified International K6 Fund : FKIDX** <br>|

---

This annual shareholder report contains information about Fidelity® Diversified International K6 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 1-800-835-5092 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® Diversified International K6 Fund  | $66  | 0.60% |

---

**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 and positioning in the U.S. 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. Picks in industrials also hampered the fund's result. Also detracting from our result was positioning in communication services.

• The biggest individual relative detractor was not owning Softbank Group (+183%), an index constituent. A second notable relative detractor was our overweight stake in Wolters Kluwer (-26%). Another notable relative detractor was an overweight position in London Stock Exchange (-7%).

• In contrast, from a regional standpoint, a non-benchmark allocation to emerging markets contributed to the fund's relative result, as did stock picking in Japan.

• By sector, stock selection in materials and information technology contributed to the fund's relative result. Underweights in consumer staples 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 Rolls-Royce (+124%). The company was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Advantest (+160%). The company was the fund's 11th-largest holding at period end. An overweight in Mitsubishi Heavy Industries (+112%) also helped. The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to the United States and a higher allocation to Germany. By sector, meaningful changes in positioning include decreased exposure to health care and energy.

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

**CUMULATIVE PERFORMANCE**

May 25, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Diversified International K6 Fund<br>| $10000 | $10650<br>| $9709<br>| $11252<br>| $12343<br>| $16045<br>| $11423<br>| $12808<br>| $15971<br>|
| MSCI EAFE Index<br>| $10000 | $10678<br>| $9968<br>| $11094<br>| $10353<br>| $13919<br>| $10740<br>| $12313<br>| $15175<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118580_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Diversified International K6 Fund | 21.60% | 9.49% | 8.18% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.71% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.401k.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 | $4807177122<br>|
| Number of Holdings | 151<br>|
| Total Advisory Fee | $27874405<br>|
| Portfolio Turnover | 45%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.2 |
| Industrials | 24.7 |
| Information Technology | 14.2 |
| Materials | 8.1 |
| Consumer Discretionary | 8.1 |
| Health Care | 6.9 |
| Energy | 3.2 |
| Communication Services | 2.6 |
| Consumer Staples | 2.4 |

---

Common Stocks 96.9 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2947_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.6 |

---

---

| | |
|:---|:---|
| Japan | 18.9 |
| United Kingdom | 15.1 |
| Germany | 12.4 |
| United States | 10.9 |
| France | 7.9 |
| Italy | 4.2 |
| Canada | 4.1 |
| Spain | 3.9 |
| Netherlands | 3.4 |
| Others | 19.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2947_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 18.9&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 - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 12.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Italy - 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;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Netherlands - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 3.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| Rolls-Royce Holdings PLC | 2.2<br>|
| Banco Santander SA | 2.1<br>|
| SAP SE | 2.0<br>|
| ASML Holding NV depository receipt | 1.8<br>|
| Allianz SE | 1.8<br>|
| Lloyds Banking Group PLC | 1.8<br>|
| Mitsubishi Heavy Industries Ltd | 1.8<br>|
| NatWest Group PLC | 1.6<br>|
|  | 20.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2947_20251031_2.jpg)<br>| ![](img118580_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> 1.9913992.101 2947-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® Diversified International Fund<br> **Fidelity® Diversified International Fund : FDIVX** <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® Diversified International 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® Diversified International Fund  | $73  | 0.66% |

---

**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 and positioning in the U.S. 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. Picks in industrials also hampered the fund's result. Also detracting from our result was positioning in communication services.

• The biggest individual relative detractor was not owning Softbank Group (+183%), an index constituent. A second notable relative detractor was our overweight stake in Wolters Kluwer (-26%). Another notable relative detractor was an overweight position in London Stock Exchange (-7%).

• In contrast, from a regional standpoint, a non-benchmark allocation to emerging markets contributed to the fund's relative result, as did stock picking in Japan.

• By sector, stock selection in materials and information technology contributed to the fund's relative result. Underweights in consumer staples 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 Rolls-Royce (+124%). The company was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Advantest (+160%). The company was one of the fund's largest holdings at period end. An overweight in Mitsubishi Heavy Industries (+112%) also helped. The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to the United States and a higher allocation to Germany. By sector, meaningful changes in positioning include decreased exposure to health care 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® Diversified International Fund<br>| $10000 | $9630<br>| $11785<br>| $10719<br>| $12436<br>| $13564<br>| $17575<br>| $12414<br>| $13923<br>| $17383<br>| $21117<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 |

---

![](img118581_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Diversified International Fund | 21.48% | 9.26% | 7.76% |
| 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 | $13351715112<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $77577854<br>|
| Portfolio Turnover | 47%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.0 |
| Industrials | 24.4 |
| Information Technology | 14.2 |
| Materials | 7.9 |
| Consumer Discretionary | 7.9 |
| Health Care | 6.9 |
| Energy | 3.3 |
| Communication Services | 2.6 |
| Consumer Staples | 2.4 |

---

Common Stocks 96.2 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img325_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.2&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) - 3.4 |

---

---

| | |
|:---|:---|
| Japan | 18.8 |
| United Kingdom | 15.0 |
| Germany | 12.2 |
| United States | 11.6 |
| France | 7.9 |
| Italy | 4.2 |
| Canada | 4.0 |
| Spain | 3.8 |
| Netherlands | 3.4 |
| Others | 19.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img325_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 12.2&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;United States - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 2.9<br>|
| Rolls-Royce Holdings PLC | 2.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| SAP SE | 2.1<br>|
| Banco Santander SA | 2.1<br>|
| ASML Holding NV depository receipt | 1.8<br>|
| Allianz SE | 1.8<br>|
| Lloyds Banking Group PLC | 1.8<br>|
| Mitsubishi Heavy Industries Ltd | 1.8<br>|
| Advantest Corp | 1.6<br>|
|  | 20.3 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img325_20251031_2.jpg)<br>| ![](img118581_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> 1.9913866.101 325-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® Diversified International Fund<br> **Fidelity® Diversified International Fund Class K : FDIKX** <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® Diversified International 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 1-800-835-5092 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 K  | $65  | 0.59% |

---

**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 and positioning in the U.S. 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. Picks in industrials also hampered the fund's result. Also detracting from our result was positioning in communication services.

• The biggest individual relative detractor was not owning Softbank Group (+183%), an index constituent. A second notable relative detractor was our overweight stake in Wolters Kluwer (-26%). Another notable relative detractor was an overweight position in London Stock Exchange (-7%).

• In contrast, from a regional standpoint, a non-benchmark allocation to emerging markets contributed to the fund's relative result, as did stock picking in Japan.

• By sector, stock selection in materials and information technology contributed to the fund's relative result. Underweights in consumer staples 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 Rolls-Royce (+124%). The company was among the fund's biggest holdings at period end. The second-largest relative contributor was an overweight in Advantest (+160%). The company was one of the fund's largest holdings at period end. An overweight in Mitsubishi Heavy Industries (+112%) also helped. The stock was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to the United States and a higher allocation to Germany. By sector, meaningful changes in positioning include decreased exposure to health care 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9643<br>| $11817<br>| $10760<br>| $12497<br>| $13649<br>| $17704<br>| $12515<br>| $14054<br>| $17563<br>| $21351<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 |

---

![](img118582_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 21.57% | 9.36% | 7.88% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| Visit **www.401k.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 | $13351715112<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $77577854<br>|
| Portfolio Turnover | 47%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.0 |
| Industrials | 24.4 |
| Information Technology | 14.2 |
| Materials | 7.9 |
| Consumer Discretionary | 7.9 |
| Health Care | 6.9 |
| Energy | 3.3 |
| Communication Services | 2.6 |
| Consumer Staples | 2.4 |

---

Common Stocks 96.2 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img325_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.2&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) - 3.4 |

---

---

| | |
|:---|:---|
| Japan | 18.8 |
| United Kingdom | 15.0 |
| Germany | 12.2 |
| United States | 11.6 |
| France | 7.9 |
| Italy | 4.2 |
| Canada | 4.0 |
| Spain | 3.8 |
| Netherlands | 3.4 |
| Others | 19.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img325_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 12.2&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;United States - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Italy - 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;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;Spain - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 2.9<br>|
| Rolls-Royce Holdings PLC | 2.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.2<br>|
| SAP SE | 2.1<br>|
| Banco Santander SA | 2.1<br>|
| ASML Holding NV depository receipt | 1.8<br>|
| Allianz SE | 1.8<br>|
| Lloyds Banking Group PLC | 1.8<br>|
| Mitsubishi Heavy Industries Ltd | 1.8<br>|
| Advantest Corp | 1.6<br>|
|  | 20.3 |

---

**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 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img325_20251031_2.jpg)<br>| ![](img118582_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> 1.9913865.101 2082-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® China Region 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® China Region Fund  | $109  | 0.91% |

---

**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 emerging markets and security selection and an underweight in Asia Pacific ex Japan contributed to the fund's performance versus the MSCI Golden Dragon Net MA Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. Stock selection in materials also boosted relative performance. Also contributing to our result were picks and an overweight in information technology.

• The top individual relative contributor was an overweight in Zijin Mining (+99%). The stock was among the fund's biggest holdings. The second-largest relative contributor was a non-benchmark stake in Chroma ATE (+167%). This was an investment we established this period. Another notable relative contributor was an overweight in Zhejiang Sanhua Intelligent Controls (+93%).

• In contrast, from a regional standpoint, non-benchmark allocations to the United States and Europe ex U.K. detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in consumer staples also hampered the fund's result. Also hurting were security selection and an overweight in consumer discretionary.

• The biggest individual relative detractor was an overweight in eMemory Technology (-36%). A second notable relative detractor was an underweight in Hon Hai Precision Industry (+31%). This period we decreased our stake in the stock. Another notable relative detractor was a non-benchmark stake in Zai Lab (-15%).

• Notable changes in positioning include decreased exposure to Hong Kong. By sector, meaningful changes in positioning include increased exposure to industrials and a lower allocation to consumer discretionary.

**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® China Region Fund<br>| $10000 | $10015<br>| $13631<br>| $11502<br>| $14461<br>| $20672<br>| $21493<br>| $11812<br>| $14688<br>| $19556<br>| $27409<br>|
| MSCI Golden Dragon Index<br>| $10000 | $10693<br>| $14160<br>| $12219<br>| $14096<br>| $17843<br>| $18521<br>| $10600<br>| $12832<br>| $16976<br>| $22844<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 |

---

![](img118585_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® China Region Fund | 40.16% | 5.80% | 10.61% |
| MSCI Golden Dragon Index | 34.57%<br>| 5.07%<br>| 8.61% |
| 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 | $1815059878<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $10641216<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 39.1 |
| Consumer Discretionary | 17.3 |
| Communication Services | 13.0 |
| Financials | 11.5 |
| Industrials | 7.1 |
| Health Care | 4.0 |
| Materials | 4.0 |
| Consumer Staples | 1.8 |
| Real Estate | 0.7 |

---

Common Stocks 96.7 <br> Preferred Stocks 1.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| China | 56.6 |
| Taiwan | 32.3 |
| Hong Kong | 4.7 |
| United States | 2.8 |
| Korea (South) | 1.1 |
| South Africa | 1.0 |
| Singapore | 0.7 |
| Thailand | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img352_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 56.6&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;Taiwan - 32.3&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;Hong Kong - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.7&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;Thailand - 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;France - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 22.4<br>|
| Tencent Holdings Ltd | 10.7<br>|
| Alibaba Group Holding Ltd | 5.6<br>|
| PDD Holdings Inc Class A ADR | 3.7<br>|
| Zijin Mining Group Co Ltd H Shares | 3.0<br>|
| China Construction Bank Corp H Shares | 2.6<br>|
| AIA Group Ltd | 2.4<br>|
| MediaTek Inc | 1.8<br>|
| Delta Electronics Inc | 1.7<br>|
| Montage Technology Co Ltd A Shares (China) | 1.5<br>|
|  | 55.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img352_20251031_2.jpg)<br>| ![](img118585_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> 1.9913894.101 352-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class Z : FIQFX** <br>|

---

This annual shareholder report contains information about Fidelity® China Region 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  | $92  | 0.77% |

---

**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 emerging markets and security selection and an underweight in Asia Pacific ex Japan contributed to the fund's performance versus the MSCI Golden Dragon Net MA Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. Stock selection in materials also boosted relative performance. Also contributing to our result were picks and an overweight in information technology.

• The top individual relative contributor was an overweight in Zijin Mining (+99%). The stock was among the fund's biggest holdings. The second-largest relative contributor was a non-benchmark stake in Chroma ATE (+167%). This was an investment we established this period. Another notable relative contributor was an overweight in Zhejiang Sanhua Intelligent Controls (+93%).

• In contrast, from a regional standpoint, non-benchmark allocations to the United States and Europe ex U.K. detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in consumer staples also hampered the fund's result. Also hurting were security selection and an overweight in consumer discretionary.

• The biggest individual relative detractor was an overweight in eMemory Technology (-36%). A second notable relative detractor was an underweight in Hon Hai Precision Industry (+31%). This period we decreased our stake in the stock. Another notable relative detractor was a non-benchmark stake in Zai Lab (-15%).

• Notable changes in positioning include decreased exposure to Hong Kong. By sector, meaningful changes in positioning include increased exposure to industrials and a lower allocation to consumer discretionary.

**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 | $8860<br>| $11151<br>| $15960<br>| $16613<br>| $9142<br>| $11387<br>| $15183<br>|
| MSCI Golden Dragon Index<br>| $10000 | $9059<br>| $10451<br>| $13228<br>| $13731<br>| $7858<br>| $9513<br>| $12585<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9258<br>| $10359<br>| $11216<br>| $13120<br>| $9051<br>| $10032<br>| $12572<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118586_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 40.35% | 5.95% | 11.27% |
| MSCI Golden Dragon Index | 34.57%<br>| 5.07%<br>| 7.72% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 6.93% |

---

**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 | $1815059878<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $10641216<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 39.1 |
| Consumer Discretionary | 17.3 |
| Communication Services | 13.0 |
| Financials | 11.5 |
| Industrials | 7.1 |
| Health Care | 4.0 |
| Materials | 4.0 |
| Consumer Staples | 1.8 |
| Real Estate | 0.7 |

---

Common Stocks 96.7 <br> Preferred Stocks 1.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| China | 56.6 |
| Taiwan | 32.3 |
| Hong Kong | 4.7 |
| United States | 2.8 |
| Korea (South) | 1.1 |
| South Africa | 1.0 |
| Singapore | 0.7 |
| Thailand | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img352_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 56.6&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;Taiwan - 32.3&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;Hong Kong - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.7&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;Thailand - 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;France - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 22.4<br>|
| Tencent Holdings Ltd | 10.7<br>|
| Alibaba Group Holding Ltd | 5.6<br>|
| PDD Holdings Inc Class A ADR | 3.7<br>|
| Zijin Mining Group Co Ltd H Shares | 3.0<br>|
| China Construction Bank Corp H Shares | 2.6<br>|
| AIA Group Ltd | 2.4<br>|
| MediaTek Inc | 1.8<br>|
| Delta Electronics Inc | 1.7<br>|
| Montage Technology Co Ltd A Shares (China) | 1.5<br>|
|  | 55.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img352_20251031_2.jpg)<br>| ![](img118586_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> 1.9913893.101 3264-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class M : FHKTX** <br>|

---

This annual shareholder report contains information about Fidelity® China Region 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  | 1.43% |

---

**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 emerging markets and security selection and an underweight in Asia Pacific ex Japan contributed to the fund's performance versus the MSCI Golden Dragon Net MA Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. Stock selection in materials also boosted relative performance. Also contributing to our result were picks and an overweight in information technology.

• The top individual relative contributor was an overweight in Zijin Mining (+99%). The stock was among the fund's biggest holdings. The second-largest relative contributor was a non-benchmark stake in Chroma ATE (+167%). This was an investment we established this period. Another notable relative contributor was an overweight in Zhejiang Sanhua Intelligent Controls (+93%).

• In contrast, from a regional standpoint, non-benchmark allocations to the United States and Europe ex U.K. detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in consumer staples also hampered the fund's result. Also hurting were security selection and an overweight in consumer discretionary.

• The biggest individual relative detractor was an overweight in eMemory Technology (-36%). A second notable relative detractor was an underweight in Hon Hai Precision Industry (+31%). This period we decreased our stake in the stock. Another notable relative detractor was a non-benchmark stake in Zai Lab (-15%).

• Notable changes in positioning include decreased exposure to Hong Kong. By sector, meaningful changes in positioning include increased exposure to industrials and a lower allocation to consumer discretionary.

**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 | $9601<br>| $12986<br>| $10888<br>| $13600<br>| $19318<br>| $19968<br>| $10909<br>| $13488<br>| $17869<br>| $24917<br>|
| MSCI Golden Dragon Index<br>| $10000 | $10693<br>| $14160<br>| $12219<br>| $14096<br>| $17843<br>| $18521<br>| $10600<br>| $12832<br>| $16976<br>| $22844<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 |

---

![](img118587_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 34.56% | 4.48%<br>| 9.56% |
| Class M (without 3.50% sales charge) | 39.44% | 5.22% | 9.95% |
| MSCI Golden Dragon Index | 34.57%<br>| 5.07%<br>| 8.61% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1815059878<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $10641216<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 39.1 |
| Consumer Discretionary | 17.3 |
| Communication Services | 13.0 |
| Financials | 11.5 |
| Industrials | 7.1 |
| Health Care | 4.0 |
| Materials | 4.0 |
| Consumer Staples | 1.8 |
| Real Estate | 0.7 |

---

Common Stocks 96.7 <br> Preferred Stocks 1.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| China | 56.6 |
| Taiwan | 32.3 |
| Hong Kong | 4.7 |
| United States | 2.8 |
| Korea (South) | 1.1 |
| South Africa | 1.0 |
| Singapore | 0.7 |
| Thailand | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img352_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 56.6&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;Taiwan - 32.3&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;Hong Kong - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.7&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;Thailand - 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;France - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 22.4<br>|
| Tencent Holdings Ltd | 10.7<br>|
| Alibaba Group Holding Ltd | 5.6<br>|
| PDD Holdings Inc Class A ADR | 3.7<br>|
| Zijin Mining Group Co Ltd H Shares | 3.0<br>|
| China Construction Bank Corp H Shares | 2.6<br>|
| AIA Group Ltd | 2.4<br>|
| MediaTek Inc | 1.8<br>|
| Delta Electronics Inc | 1.7<br>|
| Montage Technology Co Ltd A Shares (China) | 1.5<br>|
|  | 55.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img352_20251031_2.jpg)<br>| ![](img118587_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> 1.9913891.101 2067-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class I : FHKIX** <br>|

---

This annual shareholder report contains information about Fidelity® China Region 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  | $107  | 0.89% |

---

**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 emerging markets and security selection and an underweight in Asia Pacific ex Japan contributed to the fund's performance versus the MSCI Golden Dragon Net MA Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. Stock selection in materials also boosted relative performance. Also contributing to our result were picks and an overweight in information technology.

• The top individual relative contributor was an overweight in Zijin Mining (+99%). The stock was among the fund's biggest holdings. The second-largest relative contributor was a non-benchmark stake in Chroma ATE (+167%). This was an investment we established this period. Another notable relative contributor was an overweight in Zhejiang Sanhua Intelligent Controls (+93%).

• In contrast, from a regional standpoint, non-benchmark allocations to the United States and Europe ex U.K. detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in consumer staples also hampered the fund's result. Also hurting were security selection and an overweight in consumer discretionary.

• The biggest individual relative detractor was an overweight in eMemory Technology (-36%). A second notable relative detractor was an underweight in Hon Hai Precision Industry (+31%). This period we decreased our stake in the stock. Another notable relative detractor was a non-benchmark stake in Zai Lab (-15%).

• Notable changes in positioning include decreased exposure to Hong Kong. By sector, meaningful changes in positioning include increased exposure to industrials and a lower allocation to consumer discretionary.

**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 | $10016<br>| $13633<br>| $11502<br>| $14460<br>| $20664<br>| $21482<br>| $11805<br>| $14685<br>| $19554<br>| $27412<br>|
| MSCI Golden Dragon Index<br>| $10000 | $10693<br>| $14160<br>| $12219<br>| $14096<br>| $17843<br>| $18521<br>| $10600<br>| $12832<br>| $16976<br>| $22844<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 |

---

![](img118588_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 40.19% | 5.81% | 10.61% |
| MSCI Golden Dragon Index | 34.57%<br>| 5.07%<br>| 8.61% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1815059878<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $10641216<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 39.1 |
| Consumer Discretionary | 17.3 |
| Communication Services | 13.0 |
| Financials | 11.5 |
| Industrials | 7.1 |
| Health Care | 4.0 |
| Materials | 4.0 |
| Consumer Staples | 1.8 |
| Real Estate | 0.7 |

---

Common Stocks 96.7 <br> Preferred Stocks 1.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| China | 56.6 |
| Taiwan | 32.3 |
| Hong Kong | 4.7 |
| United States | 2.8 |
| Korea (South) | 1.1 |
| South Africa | 1.0 |
| Singapore | 0.7 |
| Thailand | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img352_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 56.6&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;Taiwan - 32.3&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;Hong Kong - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.7&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;Thailand - 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;France - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 22.4<br>|
| Tencent Holdings Ltd | 10.7<br>|
| Alibaba Group Holding Ltd | 5.6<br>|
| PDD Holdings Inc Class A ADR | 3.7<br>|
| Zijin Mining Group Co Ltd H Shares | 3.0<br>|
| China Construction Bank Corp H Shares | 2.6<br>|
| AIA Group Ltd | 2.4<br>|
| MediaTek Inc | 1.8<br>|
| Delta Electronics Inc | 1.7<br>|
| Montage Technology Co Ltd A Shares (China) | 1.5<br>|
|  | 55.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img352_20251031_2.jpg)<br>| ![](img118588_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> 1.9913892.101 2068-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class C : FCHKX** <br>|

---

This annual shareholder report contains information about Fidelity® China Region 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  | $229  | 1.92% |

---

**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 emerging markets and security selection and an underweight in Asia Pacific ex Japan contributed to the fund's performance versus the MSCI Golden Dragon Net MA Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. Stock selection in materials also boosted relative performance. Also contributing to our result were picks and an overweight in information technology.

• The top individual relative contributor was an overweight in Zijin Mining (+99%). The stock was among the fund's biggest holdings. The second-largest relative contributor was a non-benchmark stake in Chroma ATE (+167%). This was an investment we established this period. Another notable relative contributor was an overweight in Zhejiang Sanhua Intelligent Controls (+93%).

• In contrast, from a regional standpoint, non-benchmark allocations to the United States and Europe ex U.K. detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in consumer staples also hampered the fund's result. Also hurting were security selection and an overweight in consumer discretionary.

• The biggest individual relative detractor was an overweight in eMemory Technology (-36%). A second notable relative detractor was an underweight in Hon Hai Precision Industry (+31%). This period we decreased our stake in the stock. Another notable relative detractor was a non-benchmark stake in Zai Lab (-15%).

• Notable changes in positioning include decreased exposure to Hong Kong. By sector, meaningful changes in positioning include increased exposure to industrials and a lower allocation to consumer discretionary.

**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 | $9912<br>| $13352<br>| $11150<br>| $13872<br>| $19623<br>| $20189<br>| $10983<br>| $13516<br>| $17947<br>| $25084<br>|
| MSCI Golden Dragon Index<br>| $10000 | $10693<br>| $14160<br>| $12219<br>| $14096<br>| $17843<br>| $18521<br>| $10600<br>| $12832<br>| $16976<br>| $22844<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 |

---

![](img118589_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 37.74% | 4.73%<br>| 9.63% |
| Class C | 38.74% | 4.73% | 9.63% |
| MSCI Golden Dragon Index | 34.57%<br>| 5.07%<br>| 8.61% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1815059878<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $10641216<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 39.1 |
| Consumer Discretionary | 17.3 |
| Communication Services | 13.0 |
| Financials | 11.5 |
| Industrials | 7.1 |
| Health Care | 4.0 |
| Materials | 4.0 |
| Consumer Staples | 1.8 |
| Real Estate | 0.7 |

---

Common Stocks 96.7 <br> Preferred Stocks 1.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| China | 56.6 |
| Taiwan | 32.3 |
| Hong Kong | 4.7 |
| United States | 2.8 |
| Korea (South) | 1.1 |
| South Africa | 1.0 |
| Singapore | 0.7 |
| Thailand | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img352_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 56.6&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;Taiwan - 32.3&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;Hong Kong - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.7&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;Thailand - 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;France - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 22.4<br>|
| Tencent Holdings Ltd | 10.7<br>|
| Alibaba Group Holding Ltd | 5.6<br>|
| PDD Holdings Inc Class A ADR | 3.7<br>|
| Zijin Mining Group Co Ltd H Shares | 3.0<br>|
| China Construction Bank Corp H Shares | 2.6<br>|
| AIA Group Ltd | 2.4<br>|
| MediaTek Inc | 1.8<br>|
| Delta Electronics Inc | 1.7<br>|
| Montage Technology Co Ltd A Shares (China) | 1.5<br>|
|  | 55.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img352_20251031_2.jpg)<br>| ![](img118589_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> 1.9913890.101 2066-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class A : FHKAX** <br>|

---

This annual shareholder report contains information about Fidelity® China Region 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  | $141  | 1.17% |

---

**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 emerging markets and security selection and an underweight in Asia Pacific ex Japan contributed to the fund's performance versus the MSCI Golden Dragon Net MA Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. Stock selection in materials also boosted relative performance. Also contributing to our result were picks and an overweight in information technology.

• The top individual relative contributor was an overweight in Zijin Mining (+99%). The stock was among the fund's biggest holdings. The second-largest relative contributor was a non-benchmark stake in Chroma ATE (+167%). This was an investment we established this period. Another notable relative contributor was an overweight in Zhejiang Sanhua Intelligent Controls (+93%).

• In contrast, from a regional standpoint, non-benchmark allocations to the United States and Europe ex U.K. detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in consumer staples also hampered the fund's result. Also hurting were security selection and an overweight in consumer discretionary.

• The biggest individual relative detractor was an overweight in eMemory Technology (-36%). A second notable relative detractor was an underweight in Hon Hai Precision Industry (+31%). This period we decreased our stake in the stock. Another notable relative detractor was a non-benchmark stake in Zai Lab (-15%).

• Notable changes in positioning include decreased exposure to Hong Kong. By sector, meaningful changes in positioning include increased exposure to industrials and a lower allocation to consumer discretionary.

**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 | $9413<br>| $12770<br>| $10745<br>| $13464<br>| $19188<br>| $19890<br>| $10899<br>| $13513<br>| $17943<br>| $25079<br>|
| MSCI Golden Dragon Index<br>| $10000 | $10693<br>| $14160<br>| $12219<br>| $14096<br>| $17843<br>| $18521<br>| $10600<br>| $12832<br>| $16976<br>| $22844<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 |

---

![](img118590_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 31.73% | 4.26%<br>| 9.63% |
| Class A (without 5.75% sales charge) | 39.77% | 5.50% | 10.28% |
| MSCI Golden Dragon Index | 34.57%<br>| 5.07%<br>| 8.61% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| 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 | $1815059878<br>|
| Number of Holdings | 89<br>|
| Total Advisory Fee | $10641216<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 39.1 |
| Consumer Discretionary | 17.3 |
| Communication Services | 13.0 |
| Financials | 11.5 |
| Industrials | 7.1 |
| Health Care | 4.0 |
| Materials | 4.0 |
| Consumer Staples | 1.8 |
| Real Estate | 0.7 |

---

Common Stocks 96.7 <br> Preferred Stocks 1.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| China | 56.6 |
| Taiwan | 32.3 |
| Hong Kong | 4.7 |
| United States | 2.8 |
| Korea (South) | 1.1 |
| South Africa | 1.0 |
| Singapore | 0.7 |
| Thailand | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img352_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 56.6&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;Taiwan - 32.3&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;Hong Kong - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.7&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;Thailand - 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;France - 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)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 22.4<br>|
| Tencent Holdings Ltd | 10.7<br>|
| Alibaba Group Holding Ltd | 5.6<br>|
| PDD Holdings Inc Class A ADR | 3.7<br>|
| Zijin Mining Group Co Ltd H Shares | 3.0<br>|
| China Construction Bank Corp H Shares | 2.6<br>|
| AIA Group Ltd | 2.4<br>|
| MediaTek Inc | 1.8<br>|
| Delta Electronics Inc | 1.7<br>|
| Montage Technology Co Ltd A Shares (China) | 1.5<br>|
|  | 55.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img352_20251031_2.jpg)<br>| ![](img118590_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> 1.9913889.101 2064-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® Canada Fund<br> **Fidelity® Canada Fund : FICDX** <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® 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 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® Canada Fund  | $91  | 0.84% |

---

**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 S&P/TSX Composite Index for the fiscal year.

• By sector, security selection within information technology, especially software & services, hurt most. Also hurting our result was stock selection in materials and financials.

• The largest individual relative detractor was an overweight in PrairieSky Royalty (-7%). The stock was among the fund's largest holdings this period. A second notable relative detractor was an overweight in Constellation Software (-13%). The company was one of our largest holdings. Another relative detractor was our non-benchmark stake in Dye & Durham (-73%).

• In contrast, from a regional standpoint, stock picks in the United States contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an overweight in information technology, primarily within the software & services industry. Stock picks in communication services also boosted relative performance. Also helping our relative result was an underweight in real estate.

• The top individual relative contributor this period was avoiding Waste Connections, a benchmark component that returned approximately -4%. Not owning BCE, a benchmark component that returned -23%, was a second notable relative contributor. Another notable relative contributor this period was avoiding CGI, a benchmark component that returned -21%.

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

**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® Canada Fund<br>| $10000 | $10779<br>| $12325<br>| $11599<br>| $12956<br>| $11998<br>| $17987<br>| $16769<br>| $16968<br>| $21463<br>| $25073<br>|
| S&P/TSX Composite Index<br>| $10000 | $11003<br>| $12752<br>| $12091<br>| $13682<br>| $13177<br>| $19669<br>| $17000<br>| $16775<br>| $22062<br>| $28258<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118593_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Canada Fund | 16.82% | 15.88% | 9.63% |
| S&P/TSX Composite Index | 28.08%<br>| 16.48%<br>| 10.95% |

---

---

| |
|:---|
| 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 | $1054872098<br>|
| Number of Holdings | 73<br>|
| Total Advisory Fee | $8011885<br>|
| Portfolio Turnover | 17%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.8 |
| Energy | 17.9 |
| Materials | 13.0 |
| Industrials | 12.0 |
| Information Technology | 11.8 |
| Consumer Discretionary | 8.6 |
| Consumer Staples | 7.4 |
| Communication Services | 1.7 |
| Health Care | 0.8 |

---

Common Stocks 100.6 <br> Preferred Stocks 0.2 <br> Bonds 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img309_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.6&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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| Canada | 93.2 |
| Brazil | 3.1 |
| United States | 2.5 |
| Chile | 0.9 |
| Zambia | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img309_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 93.2&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;Brazil - 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;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;Chile - 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;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)**  |  |
| Royal Bank of Canada | 8.2<br>|
| Shopify Inc Class A | 6.3<br>|
| Canadian Pacific Kansas City Ltd | 4.8<br>|
| Constellation Software Inc/Canada | 4.6<br>|
| Franco-Nevada Corp | 4.6<br>|
| Toronto Dominion Bank | 4.5<br>|
| Alimentation Couche-Tard Inc | 4.1<br>|
| Canadian Natural Resources Ltd | 3.9<br>|
| Dollarama Inc | 3.5<br>|
| Wheaton Precious Metals Corp | 3.1<br>|
|  | 47.6 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img309_20251031_2.jpg)<br>| ![](img118593_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> 1.9913848.101 309-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® Canada Fund<br> **Fidelity Advisor® Canada Fund Class Z : FIQEX** <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® 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 1-877-208-0098 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  | $81  | 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 picks detracted from the fund's performance versus the S&P/TSX Composite Index for the fiscal year.

• By sector, security selection within information technology, especially software & services, hurt most. Also hurting our result was stock selection in materials and financials.

• The largest individual relative detractor was an overweight in PrairieSky Royalty (-7%). The stock was among the fund's largest holdings this period. A second notable relative detractor was an overweight in Constellation Software (-13%). The company was one of our largest holdings. Another relative detractor was our non-benchmark stake in Dye & Durham (-73%).

• In contrast, from a regional standpoint, stock picks in the United States contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an overweight in information technology, primarily within the software & services industry. Stock picks in communication services also boosted relative performance. Also helping our relative result was an underweight in real estate.

• The top individual relative contributor this period was avoiding Waste Connections, a benchmark component that returned approximately -4%. Not owning BCE, a benchmark component that returned -23%, was a second notable relative contributor. Another notable relative contributor this period was avoiding CGI, a benchmark component that returned -21%.

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

**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 | $9262<br>| $10361<br>| $9610<br>| $14428<br>| $13467<br>| $13646<br>| $17278<br>|
| S&P/TSX Composite Index<br>| $10000 | $9178<br>| $10386<br>| $10002<br>| $14930<br>| $12904<br>| $12734<br>| $16747<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118594_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 16.92% | 16.02% | 10.43% |
| S&P/TSX Composite Index | 28.08%<br>| 16.48%<br>| 11.37% |

---

**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 | $1054872098<br>|
| Number of Holdings | 73<br>|
| Total Advisory Fee | $8011885<br>|
| Portfolio Turnover | 17%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.8 |
| Energy | 17.9 |
| Materials | 13.0 |
| Industrials | 12.0 |
| Information Technology | 11.8 |
| Consumer Discretionary | 8.6 |
| Consumer Staples | 7.4 |
| Communication Services | 1.7 |
| Health Care | 0.8 |

---

Common Stocks 100.6 <br> Preferred Stocks 0.2 <br> Bonds 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img309_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.6&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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| Canada | 93.2 |
| Brazil | 3.1 |
| United States | 2.5 |
| Chile | 0.9 |
| Zambia | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img309_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 93.2&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;Brazil - 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;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;Chile - 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;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)**  |  |
| Royal Bank of Canada | 8.2<br>|
| Shopify Inc Class A | 6.3<br>|
| Canadian Pacific Kansas City Ltd | 4.8<br>|
| Constellation Software Inc/Canada | 4.6<br>|
| Franco-Nevada Corp | 4.6<br>|
| Toronto Dominion Bank | 4.5<br>|
| Alimentation Couche-Tard Inc | 4.1<br>|
| Canadian Natural Resources Ltd | 3.9<br>|
| Dollarama Inc | 3.5<br>|
| Wheaton Precious Metals Corp | 3.1<br>|
|  | 47.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img309_20251031_2.jpg)<br>| ![](img118594_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> 1.9913849.101 3263-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® Canada Fund<br> **Fidelity Advisor® Canada Fund Class M : FTCNX** <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® 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 1-877-208-0098 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  | $150  | 1.38% |

---

**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 S&P/TSX Composite Index for the fiscal year.

• By sector, security selection within information technology, especially software & services, hurt most. Also hurting our result was stock selection in materials and financials.

• The largest individual relative detractor was an overweight in PrairieSky Royalty (-7%). The stock was among the fund's largest holdings this period. A second notable relative detractor was an overweight in Constellation Software (-13%). The company was one of our largest holdings. Another relative detractor was our non-benchmark stake in Dye & Durham (-73%).

• In contrast, from a regional standpoint, stock picks in the United States contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an overweight in information technology, primarily within the software & services industry. Stock picks in communication services also boosted relative performance. Also helping our relative result was an underweight in real estate.

• The top individual relative contributor this period was avoiding Waste Connections, a benchmark component that returned approximately -4%. Not owning BCE, a benchmark component that returned -23%, was a second notable relative contributor. Another notable relative contributor this period was avoiding CGI, a benchmark component that returned -21%.

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

**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 | $10339<br>| $11750<br>| $10990<br>| $12201<br>| $11231<br>| $16738<br>| $15512<br>| $15609<br>| $19636<br>| $22813<br>|
| S&P/TSX Composite Index<br>| $10000 | $11003<br>| $12752<br>| $12091<br>| $13682<br>| $13177<br>| $19669<br>| $17000<br>| $16775<br>| $22062<br>| $28258<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118595_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 12.11% | 14.41%<br>| 8.60% |
| Class M (without 3.50% sales charge) | 16.18% | 15.23% | 8.98% |
| S&P/TSX Composite Index | 28.08%<br>| 16.48%<br>| 10.95% |

---

---

| |
|:---|
| 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 | $1054872098<br>|
| Number of Holdings | 73<br>|
| Total Advisory Fee | $8011885<br>|
| Portfolio Turnover | 17%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.8 |
| Energy | 17.9 |
| Materials | 13.0 |
| Industrials | 12.0 |
| Information Technology | 11.8 |
| Consumer Discretionary | 8.6 |
| Consumer Staples | 7.4 |
| Communication Services | 1.7 |
| Health Care | 0.8 |

---

Common Stocks 100.6 <br> Preferred Stocks 0.2 <br> Bonds 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img309_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.6&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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| Canada | 93.2 |
| Brazil | 3.1 |
| United States | 2.5 |
| Chile | 0.9 |
| Zambia | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img309_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 93.2&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;Brazil - 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;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;Chile - 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;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)**  |  |
| Royal Bank of Canada | 8.2<br>|
| Shopify Inc Class A | 6.3<br>|
| Canadian Pacific Kansas City Ltd | 4.8<br>|
| Constellation Software Inc/Canada | 4.6<br>|
| Franco-Nevada Corp | 4.6<br>|
| Toronto Dominion Bank | 4.5<br>|
| Alimentation Couche-Tard Inc | 4.1<br>|
| Canadian Natural Resources Ltd | 3.9<br>|
| Dollarama Inc | 3.5<br>|
| Wheaton Precious Metals Corp | 3.1<br>|
|  | 47.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img309_20251031_2.jpg)<br>| ![](img118595_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> 1.9913846.101 1859-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® Canada Fund<br> **Fidelity Advisor® Canada Fund Class I : FICCX** <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® 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 1-877-208-0098 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  | $94  | 0.87% |

---

**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 S&P/TSX Composite Index for the fiscal year.

• By sector, security selection within information technology, especially software & services, hurt most. Also hurting our result was stock selection in materials and financials.

• The largest individual relative detractor was an overweight in PrairieSky Royalty (-7%). The stock was among the fund's largest holdings this period. A second notable relative detractor was an overweight in Constellation Software (-13%). The company was one of our largest holdings. Another relative detractor was our non-benchmark stake in Dye & Durham (-73%).

• In contrast, from a regional standpoint, stock picks in the United States contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an overweight in information technology, primarily within the software & services industry. Stock picks in communication services also boosted relative performance. Also helping our relative result was an underweight in real estate.

• The top individual relative contributor this period was avoiding Waste Connections, a benchmark component that returned approximately -4%. Not owning BCE, a benchmark component that returned -23%, was a second notable relative contributor. Another notable relative contributor this period was avoiding CGI, a benchmark component that returned -21%.

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

**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 | $10783<br>| $12333<br>| $11611<br>| $12974<br>| $12020<br>| $18033<br>| $16817<br>| $17018<br>| $21526<br>| $25144<br>|
| S&P/TSX Composite Index<br>| $10000 | $11003<br>| $12752<br>| $12091<br>| $13682<br>| $13177<br>| $19669<br>| $17000<br>| $16775<br>| $22062<br>| $28258<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118596_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 16.81% | 15.91% | 9.66% |
| S&P/TSX Composite Index | 28.08%<br>| 16.48%<br>| 10.95% |

---

---

| |
|:---|
| 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 | $1054872098<br>|
| Number of Holdings | 73<br>|
| Total Advisory Fee | $8011885<br>|
| Portfolio Turnover | 17%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.8 |
| Energy | 17.9 |
| Materials | 13.0 |
| Industrials | 12.0 |
| Information Technology | 11.8 |
| Consumer Discretionary | 8.6 |
| Consumer Staples | 7.4 |
| Communication Services | 1.7 |
| Health Care | 0.8 |

---

Common Stocks 100.6 <br> Preferred Stocks 0.2 <br> Bonds 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img309_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.6&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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| Canada | 93.2 |
| Brazil | 3.1 |
| United States | 2.5 |
| Chile | 0.9 |
| Zambia | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img309_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 93.2&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;Brazil - 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;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;Chile - 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;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)**  |  |
| Royal Bank of Canada | 8.2<br>|
| Shopify Inc Class A | 6.3<br>|
| Canadian Pacific Kansas City Ltd | 4.8<br>|
| Constellation Software Inc/Canada | 4.6<br>|
| Franco-Nevada Corp | 4.6<br>|
| Toronto Dominion Bank | 4.5<br>|
| Alimentation Couche-Tard Inc | 4.1<br>|
| Canadian Natural Resources Ltd | 3.9<br>|
| Dollarama Inc | 3.5<br>|
| Wheaton Precious Metals Corp | 3.1<br>|
|  | 47.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img309_20251031_2.jpg)<br>| ![](img118596_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> 1.9913847.101 1861-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® Canada Fund<br> **Fidelity Advisor® Canada Fund Class C : FCCNX** <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® 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 1-877-208-0098 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  | $204  | 1.89% |

---

**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 S&P/TSX Composite Index for the fiscal year.

• By sector, security selection within information technology, especially software & services, hurt most. Also hurting our result was stock selection in materials and financials.

• The largest individual relative detractor was an overweight in PrairieSky Royalty (-7%). The stock was among the fund's largest holdings this period. A second notable relative detractor was an overweight in Constellation Software (-13%). The company was one of our largest holdings. Another relative detractor was our non-benchmark stake in Dye & Durham (-73%).

• In contrast, from a regional standpoint, stock picks in the United States contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an overweight in information technology, primarily within the software & services industry. Stock picks in communication services also boosted relative performance. Also helping our relative result was an underweight in real estate.

• The top individual relative contributor this period was avoiding Waste Connections, a benchmark component that returned approximately -4%. Not owning BCE, a benchmark component that returned -23%, was a second notable relative contributor. Another notable relative contributor this period was avoiding CGI, a benchmark component that returned -21%.

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

**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 | $10667<br>| $12071<br>| $11244<br>| $12428<br>| $11385<br>| $16885<br>| $15570<br>| $15585<br>| $19655<br>| $22895<br>|
| S&P/TSX Composite Index<br>| $10000 | $11003<br>| $12752<br>| $12091<br>| $13682<br>| $13177<br>| $19669<br>| $17000<br>| $16775<br>| $22062<br>| $28258<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118597_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 14.61% | 14.65%<br>| 8.64% |
| Class C | 15.61% | 14.65% | 8.64% |
| S&P/TSX Composite Index | 28.08%<br>| 16.48%<br>| 10.95% |

---

---

| |
|:---|
| 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 | $1054872098<br>|
| Number of Holdings | 73<br>|
| Total Advisory Fee | $8011885<br>|
| Portfolio Turnover | 17%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.8 |
| Energy | 17.9 |
| Materials | 13.0 |
| Industrials | 12.0 |
| Information Technology | 11.8 |
| Consumer Discretionary | 8.6 |
| Consumer Staples | 7.4 |
| Communication Services | 1.7 |
| Health Care | 0.8 |

---

Common Stocks 100.6 <br> Preferred Stocks 0.2 <br> Bonds 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img309_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.6&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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| Canada | 93.2 |
| Brazil | 3.1 |
| United States | 2.5 |
| Chile | 0.9 |
| Zambia | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img309_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 93.2&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;Brazil - 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;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;Chile - 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;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)**  |  |
| Royal Bank of Canada | 8.2<br>|
| Shopify Inc Class A | 6.3<br>|
| Canadian Pacific Kansas City Ltd | 4.8<br>|
| Constellation Software Inc/Canada | 4.6<br>|
| Franco-Nevada Corp | 4.6<br>|
| Toronto Dominion Bank | 4.5<br>|
| Alimentation Couche-Tard Inc | 4.1<br>|
| Canadian Natural Resources Ltd | 3.9<br>|
| Dollarama Inc | 3.5<br>|
| Wheaton Precious Metals Corp | 3.1<br>|
|  | 47.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img309_20251031_2.jpg)<br>| ![](img118597_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> 1.9913845.101 1858-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® Canada Fund<br> **Fidelity Advisor® Canada Fund Class A : FACNX** <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® 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 1-877-208-0098 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  | $123  | 1.13% |

---

**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 S&P/TSX Composite Index for the fiscal year.

• By sector, security selection within information technology, especially software & services, hurt most. Also hurting our result was stock selection in materials and financials.

• The largest individual relative detractor was an overweight in PrairieSky Royalty (-7%). The stock was among the fund's largest holdings this period. A second notable relative detractor was an overweight in Constellation Software (-13%). The company was one of our largest holdings. Another relative detractor was our non-benchmark stake in Dye & Durham (-73%).

• In contrast, from a regional standpoint, stock picks in the United States contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an overweight in information technology, primarily within the software & services industry. Stock picks in communication services also boosted relative performance. Also helping our relative result was an underweight in real estate.

• The top individual relative contributor this period was avoiding Waste Connections, a benchmark component that returned approximately -4%. Not owning BCE, a benchmark component that returned -23%, was a second notable relative contributor. Another notable relative contributor this period was avoiding CGI, a benchmark component that returned -21%.

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

**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 | $10127<br>| $11542<br>| $10828<br>| $12055<br>| $11127<br>| $16630<br>| $15456<br>| $15592<br>| $19663<br>| $22905<br>|
| S&P/TSX Composite Index<br>| $10000 | $11003<br>| $12752<br>| $12091<br>| $13682<br>| $13177<br>| $19669<br>| $17000<br>| $16775<br>| $22062<br>| $28258<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118598_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 9.79% | 14.17%<br>| 8.64% |
| Class A (without 5.75% sales charge) | 16.48% | 15.53% | 9.29% |
| S&P/TSX Composite Index | 28.08%<br>| 16.48%<br>| 10.95% |

---

---

| |
|:---|
| 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 | $1054872098<br>|
| Number of Holdings | 73<br>|
| Total Advisory Fee | $8011885<br>|
| Portfolio Turnover | 17%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.8 |
| Energy | 17.9 |
| Materials | 13.0 |
| Industrials | 12.0 |
| Information Technology | 11.8 |
| Consumer Discretionary | 8.6 |
| Consumer Staples | 7.4 |
| Communication Services | 1.7 |
| Health Care | 0.8 |

---

Common Stocks 100.6 <br> Preferred Stocks 0.2 <br> Bonds 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img309_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.6&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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| Canada | 93.2 |
| Brazil | 3.1 |
| United States | 2.5 |
| Chile | 0.9 |
| Zambia | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img309_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 93.2&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;Brazil - 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;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;Chile - 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;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)**  |  |
| Royal Bank of Canada | 8.2<br>|
| Shopify Inc Class A | 6.3<br>|
| Canadian Pacific Kansas City Ltd | 4.8<br>|
| Constellation Software Inc/Canada | 4.6<br>|
| Franco-Nevada Corp | 4.6<br>|
| Toronto Dominion Bank | 4.5<br>|
| Alimentation Couche-Tard Inc | 4.1<br>|
| Canadian Natural Resources Ltd | 3.9<br>|
| Dollarama Inc | 3.5<br>|
| Wheaton Precious Metals Corp | 3.1<br>|
|  | 47.6 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img309_20251031_2.jpg)<br>| ![](img118598_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> 1.9913844.101 1856-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® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class M : FGEGX** <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® Global Equity Income 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  | $158  | 1.42% |

---

**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 Europe ex U.K., primarily in Germany, and stock selection and an underweight in emerging markets contributed to the fund's performance versus the MSCI All Country World Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, led by industrials, where our stock picks in capital goods helped most. Picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and utilities also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+282%). This period we decreased our stake in Rheinmetall. The stock was among the fund's biggest holdings. A second notable relative contributor was an overweight in Taiwan Semiconductor Manufacturing (+53%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Samsung Electronics (+78%). The company was a top holdings on October 31.

• In contrast, from a regional standpoint, stock picks in the United States and Canada detracted from the fund's relative result.

• By sector, the biggest relative detractors were stock selection and an underweight in information technology. Security selection in consumer discretionary also hampered the fund's result, as did stock selection and an underweight in communication services.

• Not owning Nvidia, a benchmark component that gained about 53%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in NXP Semiconductors (-9%). The stock was among our largest holdings. Another notable relative detractor this period was avoiding Tesla, a benchmark component that gained approximately 83%.

• Notable changes in positioning include higher allocations to the United Kingdom and Germany. By sector, meaningful changes in positioning include decreased exposure to materials and a higher allocation to communication services.

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through October 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class M<br>| $9650 | $9312<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $9716<br>|
|  | 2024 | 2025 |

---

![](img118646_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 18.01% | 13.36% |
| Class M (without 3.50% sales charge) | 22.29% | 17.33% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 18.80% |

---

**A** From October 18, 2024

---

| |
|:---|
| 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 | $391033951<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $2568424<br>|
| Portfolio Turnover | 19%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.4 |
| Financials | 13.8 |
| Industrials | 13.2 |
| Health Care | 10.0 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 8.2 |
| Communication Services | 8.1 |
| Utilities | 3.7 |
| Energy | 3.7 |
| Materials | 2.4 |
| Real Estate | 1.1 |

---

Common Stocks 97.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20251031_AA.jpg) <br>|

---

Common Stocks - 97.0&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) - 3.0 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 8.8 |
| Japan | 4.8 |
| Germany | 4.4 |
| Canada | 4.2 |
| Taiwan | 3.8 |
| France | 3.3 |
| Korea (South) | 1.7 |
| Italy | 1.6 |
| Others | 6.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2406_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Germany - 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;Canada - 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;Taiwan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.3&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.3&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)**  |  |
| Microsoft Corp | 5.6<br>|
| Apple Inc | 5.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.8<br>|
| Alphabet Inc Class A | 3.6<br>|
| Rheinmetall AG | 2.4<br>|
| Broadcom Inc | 2.1<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Samsung Electronics Co Ltd | 1.7<br>|
| NXP Semiconductors NV | 1.4<br>|
| AbbVie Inc | 1.4<br>|
|  | 29.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2406_20251031_2.jpg)<br>| ![](img118646_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> 1.9918442.101 7767-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® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class C : FGEHX** <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® Global Equity Income 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  | $214  | 1.93% |

---

**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 Europe ex U.K., primarily in Germany, and stock selection and an underweight in emerging markets contributed to the fund's performance versus the MSCI All Country World Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, led by industrials, where our stock picks in capital goods helped most. Picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and utilities also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+282%). This period we decreased our stake in Rheinmetall. The stock was among the fund's biggest holdings. A second notable relative contributor was an overweight in Taiwan Semiconductor Manufacturing (+53%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Samsung Electronics (+78%). The company was a top holdings on October 31.

• In contrast, from a regional standpoint, stock picks in the United States and Canada detracted from the fund's relative result.

• By sector, the biggest relative detractors were stock selection and an underweight in information technology. Security selection in consumer discretionary also hampered the fund's result, as did stock selection and an underweight in communication services.

• Not owning Nvidia, a benchmark component that gained about 53%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in NXP Semiconductors (-9%). The stock was among our largest holdings. Another notable relative detractor this period was avoiding Tesla, a benchmark component that gained approximately 83%.

• Notable changes in positioning include higher allocations to the United Kingdom and Germany. By sector, meaningful changes in positioning include decreased exposure to materials and a higher allocation to communication services.

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through October 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class C<br>| $10000 | $9645<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $9716<br>|
|  | 2024 | 2025 |

---

![](img118647_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 20.64% | 16.68% |
| Class C | 21.64% | 16.68% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 18.80% |

---

**A** From October 18, 2024

---

| |
|:---|
| 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 | $391033951<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $2568424<br>|
| Portfolio Turnover | 19%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.4 |
| Financials | 13.8 |
| Industrials | 13.2 |
| Health Care | 10.0 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 8.2 |
| Communication Services | 8.1 |
| Utilities | 3.7 |
| Energy | 3.7 |
| Materials | 2.4 |
| Real Estate | 1.1 |

---

Common Stocks 97.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20251031_AA.jpg) <br>|

---

Common Stocks - 97.0&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) - 3.0 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 8.8 |
| Japan | 4.8 |
| Germany | 4.4 |
| Canada | 4.2 |
| Taiwan | 3.8 |
| France | 3.3 |
| Korea (South) | 1.7 |
| Italy | 1.6 |
| Others | 6.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2406_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Germany - 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;Canada - 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;Taiwan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.3&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.3&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)**  |  |
| Microsoft Corp | 5.6<br>|
| Apple Inc | 5.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.8<br>|
| Alphabet Inc Class A | 3.6<br>|
| Rheinmetall AG | 2.4<br>|
| Broadcom Inc | 2.1<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Samsung Electronics Co Ltd | 1.7<br>|
| NXP Semiconductors NV | 1.4<br>|
| AbbVie Inc | 1.4<br>|
|  | 29.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2406_20251031_2.jpg)<br>| ![](img118647_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> 1.9918440.101 7768-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® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class I : FGEJX** <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® Global Equity Income 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  | $102  | 0.91% |

---

**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 Europe ex U.K., primarily in Germany, and stock selection and an underweight in emerging markets contributed to the fund's performance versus the MSCI All Country World Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, led by industrials, where our stock picks in capital goods helped most. Picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and utilities also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+282%). This period we decreased our stake in Rheinmetall. The stock was among the fund's biggest holdings. A second notable relative contributor was an overweight in Taiwan Semiconductor Manufacturing (+53%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Samsung Electronics (+78%). The company was a top holdings on October 31.

• In contrast, from a regional standpoint, stock picks in the United States and Canada detracted from the fund's relative result.

• By sector, the biggest relative detractors were stock selection and an underweight in information technology. Security selection in consumer discretionary also hampered the fund's result, as did stock selection and an underweight in communication services.

• Not owning Nvidia, a benchmark component that gained about 53%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in NXP Semiconductors (-9%). The stock was among our largest holdings. Another notable relative detractor this period was avoiding Tesla, a benchmark component that gained approximately 83%.

• Notable changes in positioning include higher allocations to the United Kingdom and Germany. By sector, meaningful changes in positioning include decreased exposure to materials and a higher allocation to communication services.

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through October 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class I<br>| $10000 | $9649<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $9716<br>|
|  | 2024 | 2025 |

---

![](img118648_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 22.92% | 17.91% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 18.80% |

---

**A** From October 18, 2024

---

| |
|:---|
| 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 | $391033951<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $2568424<br>|
| Portfolio Turnover | 19%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.4 |
| Financials | 13.8 |
| Industrials | 13.2 |
| Health Care | 10.0 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 8.2 |
| Communication Services | 8.1 |
| Utilities | 3.7 |
| Energy | 3.7 |
| Materials | 2.4 |
| Real Estate | 1.1 |

---

Common Stocks 97.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20251031_AA.jpg) <br>|

---

Common Stocks - 97.0&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) - 3.0 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 8.8 |
| Japan | 4.8 |
| Germany | 4.4 |
| Canada | 4.2 |
| Taiwan | 3.8 |
| France | 3.3 |
| Korea (South) | 1.7 |
| Italy | 1.6 |
| Others | 6.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2406_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Germany - 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;Canada - 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;Taiwan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.3&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.3&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)**  |  |
| Microsoft Corp | 5.6<br>|
| Apple Inc | 5.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.8<br>|
| Alphabet Inc Class A | 3.6<br>|
| Rheinmetall AG | 2.4<br>|
| Broadcom Inc | 2.1<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Samsung Electronics Co Ltd | 1.7<br>|
| NXP Semiconductors NV | 1.4<br>|
| AbbVie Inc | 1.4<br>|
|  | 29.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2406_20251031_2.jpg)<br>| ![](img118648_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> 1.9918444.101 7769-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® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class Z : FGEKX** <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® Global Equity Income 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  | $87  | 0.78% |

---

**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 Europe ex U.K., primarily in Germany, and stock selection and an underweight in emerging markets contributed to the fund's performance versus the MSCI All Country World Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, led by industrials, where our stock picks in capital goods helped most. Picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and utilities also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+282%). This period we decreased our stake in Rheinmetall. The stock was among the fund's biggest holdings. A second notable relative contributor was an overweight in Taiwan Semiconductor Manufacturing (+53%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Samsung Electronics (+78%). The company was a top holdings on October 31.

• In contrast, from a regional standpoint, stock picks in the United States and Canada detracted from the fund's relative result.

• By sector, the biggest relative detractors were stock selection and an underweight in information technology. Security selection in consumer discretionary also hampered the fund's result, as did stock selection and an underweight in communication services.

• Not owning Nvidia, a benchmark component that gained about 53%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in NXP Semiconductors (-9%). The stock was among our largest holdings. Another notable relative detractor this period was avoiding Tesla, a benchmark component that gained approximately 83%.

• Notable changes in positioning include higher allocations to the United Kingdom and Germany. By sector, meaningful changes in positioning include decreased exposure to materials and a higher allocation to communication services.

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through October 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class Z<br>| $10000 | $9649<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $9716<br>|
|  | 2024 | 2025 |

---

![](img118649_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class Z | 23.05% | 18.04% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 18.80% |

---

**A** From October 18, 2024

---

| |
|:---|
| 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 | $391033951<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $2568424<br>|
| Portfolio Turnover | 19%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.4 |
| Financials | 13.8 |
| Industrials | 13.2 |
| Health Care | 10.0 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 8.2 |
| Communication Services | 8.1 |
| Utilities | 3.7 |
| Energy | 3.7 |
| Materials | 2.4 |
| Real Estate | 1.1 |

---

Common Stocks 97.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20251031_AA.jpg) <br>|

---

Common Stocks - 97.0&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) - 3.0 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 8.8 |
| Japan | 4.8 |
| Germany | 4.4 |
| Canada | 4.2 |
| Taiwan | 3.8 |
| France | 3.3 |
| Korea (South) | 1.7 |
| Italy | 1.6 |
| Others | 6.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2406_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Germany - 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;Canada - 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;Taiwan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.3&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.3&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)**  |  |
| Microsoft Corp | 5.6<br>|
| Apple Inc | 5.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.8<br>|
| Alphabet Inc Class A | 3.6<br>|
| Rheinmetall AG | 2.4<br>|
| Broadcom Inc | 2.1<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Samsung Electronics Co Ltd | 1.7<br>|
| NXP Semiconductors NV | 1.4<br>|
| AbbVie Inc | 1.4<br>|
|  | 29.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2406_20251031_2.jpg)<br>| ![](img118649_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> 1.9918446.101 7770-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® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class A : FGEEX** <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® Global Equity Income 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  | $131  | 1.18% |

---

**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 Europe ex U.K., primarily in Germany, and stock selection and an underweight in emerging markets contributed to the fund's performance versus the MSCI All Country World Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, led by industrials, where our stock picks in capital goods helped most. Picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and utilities also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Rheinmetall (+282%). This period we decreased our stake in Rheinmetall. The stock was among the fund's biggest holdings. A second notable relative contributor was an overweight in Taiwan Semiconductor Manufacturing (+53%). The stock was one of our biggest holdings. Another notable relative contributor was an overweight in Samsung Electronics (+78%). The company was a top holdings on October 31.

• In contrast, from a regional standpoint, stock picks in the United States and Canada detracted from the fund's relative result.

• By sector, the biggest relative detractors were stock selection and an underweight in information technology. Security selection in consumer discretionary also hampered the fund's result, as did stock selection and an underweight in communication services.

• Not owning Nvidia, a benchmark component that gained about 53%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in NXP Semiconductors (-9%). The stock was among our largest holdings. Another notable relative detractor this period was avoiding Tesla, a benchmark component that gained approximately 83%.

• Notable changes in positioning include higher allocations to the United Kingdom and Germany. By sector, meaningful changes in positioning include decreased exposure to materials and a higher allocation to communication services.

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through October 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class A<br>| $9425 | $9094<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $9716<br>|
|  | 2024 | 2025 |

---

![](img118650_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 15.53% | 11.06% |
| Class A (without 5.75% sales charge) | 22.58% | 17.60% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 18.80% |

---

**A** From October 18, 2024

---

| |
|:---|
| 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 | $391033951<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $2568424<br>|
| Portfolio Turnover | 19%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.4 |
| Financials | 13.8 |
| Industrials | 13.2 |
| Health Care | 10.0 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 8.2 |
| Communication Services | 8.1 |
| Utilities | 3.7 |
| Energy | 3.7 |
| Materials | 2.4 |
| Real Estate | 1.1 |

---

Common Stocks 97.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20251031_AA.jpg) <br>|

---

Common Stocks - 97.0&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) - 3.0 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 8.8 |
| Japan | 4.8 |
| Germany | 4.4 |
| Canada | 4.2 |
| Taiwan | 3.8 |
| France | 3.3 |
| Korea (South) | 1.7 |
| Italy | 1.6 |
| Others | 6.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2406_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Germany - 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;Canada - 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;Taiwan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.3&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.3&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)**  |  |
| Microsoft Corp | 5.6<br>|
| Apple Inc | 5.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.8<br>|
| Alphabet Inc Class A | 3.6<br>|
| Rheinmetall AG | 2.4<br>|
| Broadcom Inc | 2.1<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Samsung Electronics Co Ltd | 1.7<br>|
| NXP Semiconductors NV | 1.4<br>|
| AbbVie Inc | 1.4<br>|
|  | 29.4 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2406_20251031_2.jpg)<br>| ![](img118650_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> 1.9918438.101 7766-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® Worldwide Fund<br> **Fidelity® Worldwide Fund : FWWFX** <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® Worldwide 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® Worldwide Fund  | $85  | 0.77% |

---

**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, security selection in the United States and Canada detracted from the fund's performance versus the MSCI World Net MA (1-Nov-2001) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within consumer discretionary. Stock picks and an underweight in industrials also hampered the fund's result. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was our stake in Deckers Outdoor (-37%). The stock was not held at period end, but the company was one of our biggest holdings this period. The second-largest relative detractor was our non-benchmark stake in Modine Manufacturing (-27%). The stock was not held at period end. Another notable relative detractor was an overweight in DraftKings (-21%). This was a position we established this period.

• In contrast, from a regional standpoint, an overweight in emerging markets, primarily in Taiwan, and stock picks 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 security selection in financials, primarily within the financial services industry. An underweight in health care and an overweight in information technology also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+513%). The company was among our biggest holdings this period. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 47% and was the second-largest relative contributor. The stock was among our largest holdings at period end. Another notable relative contributor was an overweight in TE Connectivity (+75%). This was a stake we established this period. The stock was among the fund's largest holdings at period end.

• Notable changes in positioning include a higher allocation to Taiwan. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to industrials.

**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® Worldwide Fund<br>| $10000 | $9922<br>| $12550<br>| $13081<br>| $14744<br>| $17852<br>| $24655<br>| $17970<br>| $19938<br>| $28613<br>| $34054<br>|
| MSCI World Index<br>| $10000 | $10166<br>| $12536<br>| $12735<br>| $14418<br>| $15113<br>| $21297<br>| $17427<br>| $19332<br>| $25938<br>| $31761<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118431_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Worldwide Fund | 19.02% | 13.79% | 13.04% |
| MSCI World Index | 22.45%<br>| 16.01%<br>| 12.25% |

---

---

| |
|:---|
| 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 | $3568748273<br>|
| Number of Holdings | 184<br>|
| Total Advisory Fee | $24860582<br>|
| Portfolio Turnover | 144%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.6 |
| Financials | 13.4 |
| Consumer Discretionary | 12.2 |
| Communication Services | 11.9 |
| Industrials | 9.7 |
| Health Care | 6.2 |
| Utilities | 2.8 |
| Consumer Staples | 2.4 |
| Energy | 2.0 |
| Materials | 1.3 |
| Real Estate | 0.5 |

---

Common Stocks 98.7 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_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 - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 65.4 |
| United Kingdom | 5.2 |
| Taiwan | 4.2 |
| Canada | 3.5 |
| Japan | 3.4 |
| Sweden | 2.3 |
| Switzerland | 2.2 |
| China | 1.9 |
| Italy | 1.9 |
| Others | 10.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img318_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.4&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;Taiwan - 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;Canada - 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;Japan - 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;Sweden - 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;Switzerland - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.0&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)**  |  |
| NVIDIA Corp | 7.0<br>|
| Microsoft Corp | 6.4<br>|
| Alphabet Inc Class A | 4.8<br>|
| Meta Platforms Inc Class A | 4.3<br>|
| Amazon.com Inc | 4.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.5<br>|
| Eli Lilly & Co | 2.6<br>|
| Bank of New York Mellon Corp/The | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| TE Connectivity PLC | 2.2<br>|
|  | 39.8 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img318_20251031_2.jpg)<br>| ![](img118431_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> 1.9913856.101 318-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® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class Z : FIQOX** <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® Worldwide 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  | $76  | 0.69% |

---

**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, security selection in the United States and Canada detracted from the fund's performance versus the MSCI World Net MA (1-Nov-2001) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within consumer discretionary. Stock picks and an underweight in industrials also hampered the fund's result. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was our stake in Deckers Outdoor (-37%). The stock was not held at period end, but the company was one of our biggest holdings this period. The second-largest relative detractor was our non-benchmark stake in Modine Manufacturing (-27%). The stock was not held at period end. Another notable relative detractor was an overweight in DraftKings (-21%). This was a position we established this period.

• In contrast, from a regional standpoint, an overweight in emerging markets, primarily in Taiwan, and stock picks 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 security selection in financials, primarily within the financial services industry. An underweight in health care and an overweight in information technology also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+513%). The company was among our biggest holdings this period. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 47% and was the second-largest relative contributor. The stock was among our largest holdings at period end. Another notable relative contributor was an overweight in TE Connectivity (+75%). This was a stake we established this period. The stock was among the fund's largest holdings at period end.

• Notable changes in positioning include a higher allocation to Taiwan. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to industrials.

**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 | $9066<br>| $10231<br>| $12399<br>| $17144<br>| $12507<br>| $13895<br>| $19957<br>|
| MSCI World Index<br>| $10000 | $9269<br>| $10494<br>| $10999<br>| $15500<br>| $12684<br>| $14070<br>| $18878<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118432_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 19.12% | 13.90% | 13.00% |
| MSCI World Index | 22.45%<br>| 16.01%<br>| 12.56% |

---

**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 | $3568748273<br>|
| Number of Holdings | 184<br>|
| Total Advisory Fee | $24860582<br>|
| Portfolio Turnover | 144%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.6 |
| Financials | 13.4 |
| Consumer Discretionary | 12.2 |
| Communication Services | 11.9 |
| Industrials | 9.7 |
| Health Care | 6.2 |
| Utilities | 2.8 |
| Consumer Staples | 2.4 |
| Energy | 2.0 |
| Materials | 1.3 |
| Real Estate | 0.5 |

---

Common Stocks 98.7 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_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 - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 65.4 |
| United Kingdom | 5.2 |
| Taiwan | 4.2 |
| Canada | 3.5 |
| Japan | 3.4 |
| Sweden | 2.3 |
| Switzerland | 2.2 |
| China | 1.9 |
| Italy | 1.9 |
| Others | 10.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img318_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.4&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;Taiwan - 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;Canada - 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;Japan - 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;Sweden - 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;Switzerland - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.0&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)**  |  |
| NVIDIA Corp | 7.0<br>|
| Microsoft Corp | 6.4<br>|
| Alphabet Inc Class A | 4.8<br>|
| Meta Platforms Inc Class A | 4.3<br>|
| Amazon.com Inc | 4.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.5<br>|
| Eli Lilly & Co | 2.6<br>|
| Bank of New York Mellon Corp/The | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| TE Connectivity PLC | 2.2<br>|
|  | 39.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img318_20251031_2.jpg)<br>| ![](img118432_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> 1.9913857.101 3273-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® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class M : FWTFX** <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® Worldwide 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  | $144  | 1.32% |

---

**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, security selection in the United States and Canada detracted from the fund's performance versus the MSCI World Net MA (1-Nov-2001) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within consumer discretionary. Stock picks and an underweight in industrials also hampered the fund's result. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was our stake in Deckers Outdoor (-37%). The stock was not held at period end, but the company was one of our biggest holdings this period. The second-largest relative detractor was our non-benchmark stake in Modine Manufacturing (-27%). The stock was not held at period end. Another notable relative detractor was an overweight in DraftKings (-21%). This was a position we established this period.

• In contrast, from a regional standpoint, an overweight in emerging markets, primarily in Taiwan, and stock picks 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 security selection in financials, primarily within the financial services industry. An underweight in health care and an overweight in information technology also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+513%). The company was among our biggest holdings this period. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 47% and was the second-largest relative contributor. The stock was among our largest holdings at period end. Another notable relative contributor was an overweight in TE Connectivity (+75%). This was a stake we established this period. The stock was among the fund's largest holdings at period end.

• Notable changes in positioning include a higher allocation to Taiwan. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to industrials.

**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 | $9516<br>| $11961<br>| $12397<br>| $13890<br>| $16724<br>| $22974<br>| $16650<br>| $18380<br>| $26225<br>| $31046<br>|
| MSCI World Index<br>| $10000 | $10166<br>| $12536<br>| $12735<br>| $14418<br>| $15113<br>| $21297<br>| $17427<br>| $19332<br>| $25938<br>| $31761<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118433_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 14.24% | 12.37%<br>| 12.00% |
| Class M (without 3.50% sales charge) | 18.38% | 13.17% | 12.40% |
| MSCI World Index | 22.45%<br>| 16.01%<br>| 12.25% |

---

---

| |
|:---|
| 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 | $3568748273<br>|
| Number of Holdings | 184<br>|
| Total Advisory Fee | $24860582<br>|
| Portfolio Turnover | 144%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.6 |
| Financials | 13.4 |
| Consumer Discretionary | 12.2 |
| Communication Services | 11.9 |
| Industrials | 9.7 |
| Health Care | 6.2 |
| Utilities | 2.8 |
| Consumer Staples | 2.4 |
| Energy | 2.0 |
| Materials | 1.3 |
| Real Estate | 0.5 |

---

Common Stocks 98.7 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_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 - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 65.4 |
| United Kingdom | 5.2 |
| Taiwan | 4.2 |
| Canada | 3.5 |
| Japan | 3.4 |
| Sweden | 2.3 |
| Switzerland | 2.2 |
| China | 1.9 |
| Italy | 1.9 |
| Others | 10.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img318_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.4&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;Taiwan - 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;Canada - 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;Japan - 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;Sweden - 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;Switzerland - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.0&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)**  |  |
| NVIDIA Corp | 7.0<br>|
| Microsoft Corp | 6.4<br>|
| Alphabet Inc Class A | 4.8<br>|
| Meta Platforms Inc Class A | 4.3<br>|
| Amazon.com Inc | 4.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.5<br>|
| Eli Lilly & Co | 2.6<br>|
| Bank of New York Mellon Corp/The | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| TE Connectivity PLC | 2.2<br>|
|  | 39.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img318_20251031_2.jpg)<br>| ![](img118433_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> 1.9913854.101 2146-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® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class I : FWIFX** <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® Worldwide 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  | $89  | 0.81% |

---

**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, security selection in the United States and Canada detracted from the fund's performance versus the MSCI World Net MA (1-Nov-2001) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within consumer discretionary. Stock picks and an underweight in industrials also hampered the fund's result. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was our stake in Deckers Outdoor (-37%). The stock was not held at period end, but the company was one of our biggest holdings this period. The second-largest relative detractor was our non-benchmark stake in Modine Manufacturing (-27%). The stock was not held at period end. Another notable relative detractor was an overweight in DraftKings (-21%). This was a position we established this period.

• In contrast, from a regional standpoint, an overweight in emerging markets, primarily in Taiwan, and stock picks 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 security selection in financials, primarily within the financial services industry. An underweight in health care and an overweight in information technology also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+513%). The company was among our biggest holdings this period. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 47% and was the second-largest relative contributor. The stock was among our largest holdings at period end. Another notable relative contributor was an overweight in TE Connectivity (+75%). This was a stake we established this period. The stock was among the fund's largest holdings at period end.

• Notable changes in positioning include a higher allocation to Taiwan. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to industrials.

**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 | $9914<br>| $12537<br>| $13066<br>| $14724<br>| $17828<br>| $24614<br>| $17936<br>| $19904<br>| $28553<br>| $33973<br>|
| MSCI World Index<br>| $10000 | $10166<br>| $12536<br>| $12735<br>| $14418<br>| $15113<br>| $21297<br>| $17427<br>| $19332<br>| $25938<br>| $31761<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118434_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 18.98% | 13.76% | 13.01% |
| MSCI World Index | 22.45%<br>| 16.01%<br>| 12.25% |

---

---

| |
|:---|
| 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 | $3568748273<br>|
| Number of Holdings | 184<br>|
| Total Advisory Fee | $24860582<br>|
| Portfolio Turnover | 144%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.6 |
| Financials | 13.4 |
| Consumer Discretionary | 12.2 |
| Communication Services | 11.9 |
| Industrials | 9.7 |
| Health Care | 6.2 |
| Utilities | 2.8 |
| Consumer Staples | 2.4 |
| Energy | 2.0 |
| Materials | 1.3 |
| Real Estate | 0.5 |

---

Common Stocks 98.7 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_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 - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 65.4 |
| United Kingdom | 5.2 |
| Taiwan | 4.2 |
| Canada | 3.5 |
| Japan | 3.4 |
| Sweden | 2.3 |
| Switzerland | 2.2 |
| China | 1.9 |
| Italy | 1.9 |
| Others | 10.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img318_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.4&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;Taiwan - 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;Canada - 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;Japan - 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;Sweden - 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;Switzerland - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.0&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)**  |  |
| NVIDIA Corp | 7.0<br>|
| Microsoft Corp | 6.4<br>|
| Alphabet Inc Class A | 4.8<br>|
| Meta Platforms Inc Class A | 4.3<br>|
| Amazon.com Inc | 4.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.5<br>|
| Eli Lilly & Co | 2.6<br>|
| Bank of New York Mellon Corp/The | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| TE Connectivity PLC | 2.2<br>|
|  | 39.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img318_20251031_2.jpg)<br>| ![](img118434_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> 1.9913855.101 2147-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® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class C : FWCFX** <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® Worldwide 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  | $198  | 1.82% |

---

**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, security selection in the United States and Canada detracted from the fund's performance versus the MSCI World Net MA (1-Nov-2001) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within consumer discretionary. Stock picks and an underweight in industrials also hampered the fund's result. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was our stake in Deckers Outdoor (-37%). The stock was not held at period end, but the company was one of our biggest holdings this period. The second-largest relative detractor was our non-benchmark stake in Modine Manufacturing (-27%). The stock was not held at period end. Another notable relative detractor was an overweight in DraftKings (-21%). This was a position we established this period.

• In contrast, from a regional standpoint, an overweight in emerging markets, primarily in Taiwan, and stock picks 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 security selection in financials, primarily within the financial services industry. An underweight in health care and an overweight in information technology also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+513%). The company was among our biggest holdings this period. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 47% and was the second-largest relative contributor. The stock was among our largest holdings at period end. Another notable relative contributor was an overweight in TE Connectivity (+75%). This was a stake we established this period. The stock was among the fund's largest holdings at period end.

• Notable changes in positioning include a higher allocation to Taiwan. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to industrials.

**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 | $9812<br>| $12275<br>| $12658<br>| $14113<br>| $16901<br>| $23093<br>| $16653<br>| $18279<br>| $26155<br>| $31037<br>|
| MSCI World Index<br>| $10000 | $10166<br>| $12536<br>| $12735<br>| $14418<br>| $15113<br>| $21297<br>| $17427<br>| $19332<br>| $25938<br>| $31761<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118435_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 16.78% | 12.58%<br>| 11.99% |
| Class C | 17.78% | 12.58% | 11.99% |
| MSCI World Index | 22.45%<br>| 16.01%<br>| 12.25% |

---

---

| |
|:---|
| 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 | $3568748273<br>|
| Number of Holdings | 184<br>|
| Total Advisory Fee | $24860582<br>|
| Portfolio Turnover | 144%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.6 |
| Financials | 13.4 |
| Consumer Discretionary | 12.2 |
| Communication Services | 11.9 |
| Industrials | 9.7 |
| Health Care | 6.2 |
| Utilities | 2.8 |
| Consumer Staples | 2.4 |
| Energy | 2.0 |
| Materials | 1.3 |
| Real Estate | 0.5 |

---

Common Stocks 98.7 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_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 - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 65.4 |
| United Kingdom | 5.2 |
| Taiwan | 4.2 |
| Canada | 3.5 |
| Japan | 3.4 |
| Sweden | 2.3 |
| Switzerland | 2.2 |
| China | 1.9 |
| Italy | 1.9 |
| Others | 10.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img318_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.4&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;Taiwan - 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;Canada - 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;Japan - 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;Sweden - 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;Switzerland - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.0&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)**  |  |
| NVIDIA Corp | 7.0<br>|
| Microsoft Corp | 6.4<br>|
| Alphabet Inc Class A | 4.8<br>|
| Meta Platforms Inc Class A | 4.3<br>|
| Amazon.com Inc | 4.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.5<br>|
| Eli Lilly & Co | 2.6<br>|
| Bank of New York Mellon Corp/The | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| TE Connectivity PLC | 2.2<br>|
|  | 39.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img318_20251031_2.jpg)<br>| ![](img118435_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> 1.9913853.101 2145-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® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class A : FWAFX** <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® Worldwide 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  | $116  | 1.06% |

---

**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, security selection in the United States and Canada detracted from the fund's performance versus the MSCI World Net MA (1-Nov-2001) Linked Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within consumer discretionary. Stock picks and an underweight in industrials also hampered the fund's result. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was our stake in Deckers Outdoor (-37%). The stock was not held at period end, but the company was one of our biggest holdings this period. The second-largest relative detractor was our non-benchmark stake in Modine Manufacturing (-27%). The stock was not held at period end. Another notable relative detractor was an overweight in DraftKings (-21%). This was a position we established this period.

• In contrast, from a regional standpoint, an overweight in emerging markets, primarily in Taiwan, and stock picks 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 security selection in financials, primarily within the financial services industry. An underweight in health care and an overweight in information technology also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+513%). The company was among our biggest holdings this period. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 47% and was the second-largest relative contributor. The stock was among our largest holdings at period end. Another notable relative contributor was an overweight in TE Connectivity (+75%). This was a stake we established this period. The stock was among the fund's largest holdings at period end.

• Notable changes in positioning include a higher allocation to Taiwan. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to industrials.

**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 | $9322<br>| $11751<br>| $12216<br>| $13725<br>| $16570<br>| $22819<br>| $16588<br>| $18350<br>| $26257<br>| $31158<br>|
| MSCI World Index<br>| $10000 | $10166<br>| $12536<br>| $12735<br>| $14418<br>| $15113<br>| $21297<br>| $17427<br>| $19332<br>| $25938<br>| $31761<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118436_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 11.84% | 12.13%<br>| 12.04% |
| Class A (without 5.75% sales charge) | 18.67% | 13.46% | 12.70% |
| MSCI World Index | 22.45%<br>| 16.01%<br>| 12.25% |

---

---

| |
|:---|
| 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 | $3568748273<br>|
| Number of Holdings | 184<br>|
| Total Advisory Fee | $24860582<br>|
| Portfolio Turnover | 144%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.6 |
| Financials | 13.4 |
| Consumer Discretionary | 12.2 |
| Communication Services | 11.9 |
| Industrials | 9.7 |
| Health Care | 6.2 |
| Utilities | 2.8 |
| Consumer Staples | 2.4 |
| Energy | 2.0 |
| Materials | 1.3 |
| Real Estate | 0.5 |

---

Common Stocks 98.7 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_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 - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 65.4 |
| United Kingdom | 5.2 |
| Taiwan | 4.2 |
| Canada | 3.5 |
| Japan | 3.4 |
| Sweden | 2.3 |
| Switzerland | 2.2 |
| China | 1.9 |
| Italy | 1.9 |
| Others | 10.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img318_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.4&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;Taiwan - 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;Canada - 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;Japan - 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;Sweden - 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;Switzerland - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.0&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)**  |  |
| NVIDIA Corp | 7.0<br>|
| Microsoft Corp | 6.4<br>|
| Alphabet Inc Class A | 4.8<br>|
| Meta Platforms Inc Class A | 4.3<br>|
| Amazon.com Inc | 4.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.5<br>|
| Eli Lilly & Co | 2.6<br>|
| Bank of New York Mellon Corp/The | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| TE Connectivity PLC | 2.2<br>|
|  | 39.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img318_20251031_2.jpg)<br>| ![](img118436_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> 1.9913852.101 2143-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® Total International Equity Fund<br> **Fidelity® Total International Equity Fund : FTIEX** <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® Total 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® Total International Equity Fund  | $103  | 0.91% |

---

**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 overweight in emerging markets, along with stock picks and an underweight in Europe ex U.K., contributed to the fund's performance versus the MSCI All Country World ex US Index (Net MA) for the fiscal year.

• By sector, positioning was the primary contributor, led by an underweight in health care, especially comparatively small exposure to pharmaceuticals, biotechnology & life sciences stocks. Security selection in communication services also boosted relative performance, as did investment choices and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). Outsized exposure to Samsung Electronics (+77%), one of our largest holdings, also helped. A non-benchmark stake in GE Vernova (+91%) was beneficial as well. This period we increased our position in the stock.

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

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Investment choices in information technology, primarily within the software & services industry, and financials, financial services firms in particular, hurt as well.

• The biggest individual relative detractor was an underweight in Alibaba (+78%). A non-benchmark stake in Linde returned -7% also hurt, though we increased exposure to the stock this period, making in one of our biggest holdings. Not owning SK Hynix, a benchmark component that gained about 193%, was another negative.

• Notable changes in geographic positioning included decreased exposure to the United States 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® Total International Equity Fund<br>| $10000 | $9968<br>| $12346<br>| $11255<br>| $12940<br>| $13542<br>| $18060<br>| $13500<br>| $15228<br>| $19139<br>| $24052<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118445_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Total International Equity Fund | 25.67% | 12.17% | 9.17% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

---

| |
|:---|
| 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 | $1114592575<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $4261943<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.4 |
| Industrials | 20.2 |
| Information Technology | 14.9 |
| Materials | 10.1 |
| Consumer Discretionary | 8.3 |
| Communication Services | 6.4 |
| Energy | 4.2 |
| Health Care | 3.7 |
| Consumer Staples | 3.1 |
| Utilities | 0.4 |
| Real Estate | 0.1 |

---

Common Stocks 96.7 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.2 |

---

---

| | |
|:---|:---|
| United States | 12.9 |
| Japan | 11.4 |
| China | 9.6 |
| United Kingdom | 8.8 |
| France | 7.3 |
| Canada | 7.3 |
| Taiwan | 5.9 |
| Germany | 5.7 |
| Korea (South) | 3.3 |
| Others | 27.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1978_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Canada - 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;Taiwan - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 27.8&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 | 4.2<br>|
| Tencent Holdings Ltd | 3.4<br>|
| Samsung Electronics Co Ltd | 2.6<br>|
| CRH PLC | 1.9<br>|
| ASML Holding NV | 1.5<br>|
| Safran SA | 1.5<br>|
| BAE Systems PLC | 1.4<br>|
| SAP SE | 1.2<br>|
| Linde PLC | 1.1<br>|
| Airbus SE | 1.0<br>|
|  | 19.8 |

---

**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 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1978_20251031_2.jpg)<br>| ![](img118445_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> 1.9913942.101 1978-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® Total International Equity Fund<br> **Fidelity Advisor® Total International Equity Fund Class Z : FIEZX** <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® Total 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  | $90  | 0.80% |

---

**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 overweight in emerging markets, along with stock picks and an underweight in Europe ex U.K., contributed to the fund's performance versus the MSCI All Country World ex US Index (Net MA) for the fiscal year.

• By sector, positioning was the primary contributor, led by an underweight in health care, especially comparatively small exposure to pharmaceuticals, biotechnology & life sciences stocks. Security selection in communication services also boosted relative performance, as did investment choices and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). Outsized exposure to Samsung Electronics (+77%), one of our largest holdings, also helped. A non-benchmark stake in GE Vernova (+91%) was beneficial as well. This period we increased our position in the stock.

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

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Investment choices in information technology, primarily within the software & services industry, and financials, financial services firms in particular, hurt as well.

• The biggest individual relative detractor was an underweight in Alibaba (+78%). A non-benchmark stake in Linde returned -7% also hurt, though we increased exposure to the stock this period, making in one of our biggest holdings. Not owning SK Hynix, a benchmark component that gained about 193%, was another negative.

• Notable changes in geographic positioning included decreased exposure to the United States 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 life of Fund?**

**CUMULATIVE PERFORMANCE**

February 1, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $12147<br>| $11099<br>| $12779<br>| $13385<br>| $17874<br>| $13390<br>| $15135<br>| $19029<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $11916<br>| $10954<br>| $12210<br>| $11910<br>| $15465<br>| $11660<br>| $13090<br>| $16303<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118446_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 25.91% | 12.35% | 10.50% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 8.49% |

---

**A** From February 1, 2017

---

| |
|:---|
| 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 | $1114592575<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $4261943<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.4 |
| Industrials | 20.2 |
| Information Technology | 14.9 |
| Materials | 10.1 |
| Consumer Discretionary | 8.3 |
| Communication Services | 6.4 |
| Energy | 4.2 |
| Health Care | 3.7 |
| Consumer Staples | 3.1 |
| Utilities | 0.4 |
| Real Estate | 0.1 |

---

Common Stocks 96.7 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.2 |

---

---

| | |
|:---|:---|
| United States | 12.9 |
| Japan | 11.4 |
| China | 9.6 |
| United Kingdom | 8.8 |
| France | 7.3 |
| Canada | 7.3 |
| Taiwan | 5.9 |
| Germany | 5.7 |
| Korea (South) | 3.3 |
| Others | 27.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1978_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Canada - 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;Taiwan - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 27.8&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 | 4.2<br>|
| Tencent Holdings Ltd | 3.4<br>|
| Samsung Electronics Co Ltd | 2.6<br>|
| CRH PLC | 1.9<br>|
| ASML Holding NV | 1.5<br>|
| Safran SA | 1.5<br>|
| BAE Systems PLC | 1.4<br>|
| SAP SE | 1.2<br>|
| Linde PLC | 1.1<br>|
| Airbus SE | 1.0<br>|
|  | 19.8 |

---

**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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1978_20251031_2.jpg)<br>| ![](img118446_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> 1.9913947.101 2892-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Total 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  | $163  | 1.45% |

---

**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 overweight in emerging markets, along with stock picks and an underweight in Europe ex U.K., contributed to the fund's performance versus the MSCI All Country World ex US Index (Net MA) for the fiscal year.

• By sector, positioning was the primary contributor, led by an underweight in health care, especially comparatively small exposure to pharmaceuticals, biotechnology & life sciences stocks. Security selection in communication services also boosted relative performance, as did investment choices and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). Outsized exposure to Samsung Electronics (+77%), one of our largest holdings, also helped. A non-benchmark stake in GE Vernova (+91%) was beneficial as well. This period we increased our position in the stock.

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

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Investment choices in information technology, primarily within the software & services industry, and financials, financial services firms in particular, hurt as well.

• The biggest individual relative detractor was an underweight in Alibaba (+78%). A non-benchmark stake in Linde returned -7% also hurt, though we increased exposure to the stock this period, making in one of our biggest holdings. Not owning SK Hynix, a benchmark component that gained about 193%, was another negative.

• Notable changes in geographic positioning included decreased exposure to the United States 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9567<br>| $11807<br>| $10708<br>| $12248<br>| $12755<br>| $16916<br>| $12587<br>| $14140<br>| $17663<br>| $22090<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118447_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 20.69% | 10.82%<br>| 8.25% |
| Class M (without 3.50% sales charge) | 25.06% | 11.61% | 8.63% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

---

| |
|:---|
| 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 | $1114592575<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $4261943<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.4 |
| Industrials | 20.2 |
| Information Technology | 14.9 |
| Materials | 10.1 |
| Consumer Discretionary | 8.3 |
| Communication Services | 6.4 |
| Energy | 4.2 |
| Health Care | 3.7 |
| Consumer Staples | 3.1 |
| Utilities | 0.4 |
| Real Estate | 0.1 |

---

Common Stocks 96.7 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.2 |

---

---

| | |
|:---|:---|
| United States | 12.9 |
| Japan | 11.4 |
| China | 9.6 |
| United Kingdom | 8.8 |
| France | 7.3 |
| Canada | 7.3 |
| Taiwan | 5.9 |
| Germany | 5.7 |
| Korea (South) | 3.3 |
| Others | 27.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1978_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Canada - 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;Taiwan - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 27.8&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 | 4.2<br>|
| Tencent Holdings Ltd | 3.4<br>|
| Samsung Electronics Co Ltd | 2.6<br>|
| CRH PLC | 1.9<br>|
| ASML Holding NV | 1.5<br>|
| Safran SA | 1.5<br>|
| BAE Systems PLC | 1.4<br>|
| SAP SE | 1.2<br>|
| Linde PLC | 1.1<br>|
| Airbus SE | 1.0<br>|
|  | 19.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1978_20251031_2.jpg)<br>| ![](img118447_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> 1.9913945.101 1983-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Total 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  | $107  | 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, an overweight in emerging markets, along with stock picks and an underweight in Europe ex U.K., contributed to the fund's performance versus the MSCI All Country World ex US Index (Net MA) for the fiscal year.

• By sector, positioning was the primary contributor, led by an underweight in health care, especially comparatively small exposure to pharmaceuticals, biotechnology & life sciences stocks. Security selection in communication services also boosted relative performance, as did investment choices and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). Outsized exposure to Samsung Electronics (+77%), one of our largest holdings, also helped. A non-benchmark stake in GE Vernova (+91%) was beneficial as well. This period we increased our position in the stock.

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

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Investment choices in information technology, primarily within the software & services industry, and financials, financial services firms in particular, hurt as well.

• The biggest individual relative detractor was an underweight in Alibaba (+78%). A non-benchmark stake in Linde returned -7% also hurt, though we increased exposure to the stock this period, making in one of our biggest holdings. Not owning SK Hynix, a benchmark component that gained about 193%, was another negative.

• Notable changes in geographic positioning included decreased exposure to the United States 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9957<br>| $12355<br>| $11261<br>| $12963<br>| $13547<br>| $18072<br>| $13503<br>| $15240<br>| $19155<br>| $24071<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118448_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 25.67% | 12.18% | 9.18% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

---

| |
|:---|
| 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 | $1114592575<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $4261943<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.4 |
| Industrials | 20.2 |
| Information Technology | 14.9 |
| Materials | 10.1 |
| Consumer Discretionary | 8.3 |
| Communication Services | 6.4 |
| Energy | 4.2 |
| Health Care | 3.7 |
| Consumer Staples | 3.1 |
| Utilities | 0.4 |
| Real Estate | 0.1 |

---

Common Stocks 96.7 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.2 |

---

---

| | |
|:---|:---|
| United States | 12.9 |
| Japan | 11.4 |
| China | 9.6 |
| United Kingdom | 8.8 |
| France | 7.3 |
| Canada | 7.3 |
| Taiwan | 5.9 |
| Germany | 5.7 |
| Korea (South) | 3.3 |
| Others | 27.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1978_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Canada - 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;Taiwan - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 27.8&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 | 4.2<br>|
| Tencent Holdings Ltd | 3.4<br>|
| Samsung Electronics Co Ltd | 2.6<br>|
| CRH PLC | 1.9<br>|
| ASML Holding NV | 1.5<br>|
| Safran SA | 1.5<br>|
| BAE Systems PLC | 1.4<br>|
| SAP SE | 1.2<br>|
| Linde PLC | 1.1<br>|
| Airbus SE | 1.0<br>|
|  | 19.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1978_20251031_2.jpg)<br>| ![](img118448_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> 1.9913946.101 1984-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Total 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  | $219  | 1.95% |

---

**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, an overweight in emerging markets, along with stock picks and an underweight in Europe ex U.K., contributed to the fund's performance versus the MSCI All Country World ex US Index (Net MA) for the fiscal year.

• By sector, positioning was the primary contributor, led by an underweight in health care, especially comparatively small exposure to pharmaceuticals, biotechnology & life sciences stocks. Security selection in communication services also boosted relative performance, as did investment choices and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). Outsized exposure to Samsung Electronics (+77%), one of our largest holdings, also helped. A non-benchmark stake in GE Vernova (+91%) was beneficial as well. This period we increased our position in the stock.

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

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Investment choices in information technology, primarily within the software & services industry, and financials, financial services firms in particular, hurt as well.

• The biggest individual relative detractor was an underweight in Alibaba (+78%). A non-benchmark stake in Linde returned -7% also hurt, though we increased exposure to the stock this period, making in one of our biggest holdings. Not owning SK Hynix, a benchmark component that gained about 193%, was another negative.

• Notable changes in geographic positioning included decreased exposure to the United States 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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9858<br>| $12096<br>| $10921<br>| $12431<br>| $12881<br>| $17003<br>| $12576<br>| $14062<br>| $17613<br>| $22073<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118449_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 23.45% | 11.04%<br>| 8.24% |
| Class C | 24.45% | 11.04% | 8.24% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

---

| |
|:---|
| 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 | $1114592575<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $4261943<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.4 |
| Industrials | 20.2 |
| Information Technology | 14.9 |
| Materials | 10.1 |
| Consumer Discretionary | 8.3 |
| Communication Services | 6.4 |
| Energy | 4.2 |
| Health Care | 3.7 |
| Consumer Staples | 3.1 |
| Utilities | 0.4 |
| Real Estate | 0.1 |

---

Common Stocks 96.7 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.2 |

---

---

| | |
|:---|:---|
| United States | 12.9 |
| Japan | 11.4 |
| China | 9.6 |
| United Kingdom | 8.8 |
| France | 7.3 |
| Canada | 7.3 |
| Taiwan | 5.9 |
| Germany | 5.7 |
| Korea (South) | 3.3 |
| Others | 27.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1978_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Canada - 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;Taiwan - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 27.8&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 | 4.2<br>|
| Tencent Holdings Ltd | 3.4<br>|
| Samsung Electronics Co Ltd | 2.6<br>|
| CRH PLC | 1.9<br>|
| ASML Holding NV | 1.5<br>|
| Safran SA | 1.5<br>|
| BAE Systems PLC | 1.4<br>|
| SAP SE | 1.2<br>|
| Linde PLC | 1.1<br>|
| Airbus SE | 1.0<br>|
|  | 19.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1978_20251031_2.jpg)<br>| ![](img118449_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> 1.9913944.101 1982-TSRA-1225 <br>|

---

---

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

---

This annual shareholder report contains information about Fidelity® Total 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  | $135  | 1.20% |

---

**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 overweight in emerging markets, along with stock picks and an underweight in Europe ex U.K., contributed to the fund's performance versus the MSCI All Country World ex US Index (Net MA) for the fiscal year.

• By sector, positioning was the primary contributor, led by an underweight in health care, especially comparatively small exposure to pharmaceuticals, biotechnology & life sciences stocks. Security selection in communication services also boosted relative performance, as did investment choices and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Rheinmetall (+281%). Outsized exposure to Samsung Electronics (+77%), one of our largest holdings, also helped. A non-benchmark stake in GE Vernova (+91%) was beneficial as well. This period we increased our position in the stock.

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

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Investment choices in information technology, primarily within the software & services industry, and financials, financial services firms in particular, hurt as well.

• The biggest individual relative detractor was an underweight in Alibaba (+78%). A non-benchmark stake in Linde returned -7% also hurt, though we increased exposure to the stock this period, making in one of our biggest holdings. Not owning SK Hynix, a benchmark component that gained about 193%, was another negative.

• Notable changes in geographic positioning included decreased exposure to the United States 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 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9353<br>| $11578<br>| $10532<br>| $12073<br>| $12593<br>| $16753<br>| $12492<br>| $14074<br>| $17628<br>| $22091<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118450_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 18.11% | 10.58%<br>| 8.25% |
| Class A (without 5.75% sales charge) | 25.32% | 11.90% | 8.89% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

---

| |
|:---|
| 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 | $1114592575<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $4261943<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.4 |
| Industrials | 20.2 |
| Information Technology | 14.9 |
| Materials | 10.1 |
| Consumer Discretionary | 8.3 |
| Communication Services | 6.4 |
| Energy | 4.2 |
| Health Care | 3.7 |
| Consumer Staples | 3.1 |
| Utilities | 0.4 |
| Real Estate | 0.1 |

---

Common Stocks 96.7 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.2 |

---

---

| | |
|:---|:---|
| United States | 12.9 |
| Japan | 11.4 |
| China | 9.6 |
| United Kingdom | 8.8 |
| France | 7.3 |
| Canada | 7.3 |
| Taiwan | 5.9 |
| Germany | 5.7 |
| Korea (South) | 3.3 |
| Others | 27.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1978_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Canada - 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;Taiwan - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 27.8&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 | 4.2<br>|
| Tencent Holdings Ltd | 3.4<br>|
| Samsung Electronics Co Ltd | 2.6<br>|
| CRH PLC | 1.9<br>|
| ASML Holding NV | 1.5<br>|
| Safran SA | 1.5<br>|
| BAE Systems PLC | 1.4<br>|
| SAP SE | 1.2<br>|
| Linde PLC | 1.1<br>|
| Airbus SE | 1.0<br>|
|  | 19.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1978_20251031_2.jpg)<br>| ![](img118450_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> 1.9913943.101 1980-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 Diversified International Fund, Fidelity Diversified International K6 Fund, Fidelity Global Equity Income Fund, Fidelity International Capital Appreciation K6 Fund, Fidelity International Discovery K6 Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide 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 Diversified International Fund | &nbsp;&nbsp; $63000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Diversified International K6 Fund | &nbsp;&nbsp; $62800  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Global Equity Income Fund | &nbsp;&nbsp; $62000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $600  |
| &nbsp;&nbsp; Fidelity International Capital Appreciation K6 Fund | &nbsp;&nbsp; $50700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity International Discovery K6 Fund | &nbsp;&nbsp; $55400  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $600  |
| &nbsp;&nbsp; Fidelity International Small Cap Fund | &nbsp;&nbsp; $58000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8000  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity International Small Cap Opportunities Fund | &nbsp;&nbsp; $51900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6600  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity International Value Fund | &nbsp;&nbsp; $50800  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6600  | &nbsp;&nbsp; $600  |
| &nbsp;&nbsp; Fidelity Total International Equity Fund | &nbsp;&nbsp; $54200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Worldwide Fund | &nbsp;&nbsp; $51600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6600  | &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 Diversified International Fund | &nbsp;&nbsp; $64000  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $12300  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity Diversified International K6 Fund | &nbsp;&nbsp; $65500  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12500  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity Global Equity Income Fund | &nbsp;&nbsp; $46900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity International Capital Appreciation K6 Fund | &nbsp;&nbsp; $49200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11900  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity International Discovery K6 Fund | &nbsp;&nbsp; $61600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12300  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity International Small Cap Fund | &nbsp;&nbsp; $55800  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12000  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity International Small Cap Opportunities Fund | &nbsp;&nbsp; $49700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9700  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity International Value Fund | &nbsp;&nbsp; $48800  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9700  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity Total International Equity Fund | &nbsp;&nbsp; $52100  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11800  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity Worldwide Fund | &nbsp;&nbsp; $49500  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9700  | &nbsp;&nbsp; $1200  |

---

<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 Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Discovery Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, and Fidelity Pacific Basin 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 Canada Fund | &nbsp;&nbsp; $50900  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $5700  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity China Region Fund | &nbsp;&nbsp; $65500  | &nbsp;&nbsp; $3600  | &nbsp;&nbsp; $6500  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity Emerging Asia Fund | &nbsp;&nbsp; $56700  | &nbsp;&nbsp; $3200  | &nbsp;&nbsp; $5800  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity Emerging Markets Discovery Fund | &nbsp;&nbsp; $52900  | &nbsp;&nbsp; $3000  | &nbsp;&nbsp; $5700  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Emerging Markets Fund | &nbsp;&nbsp; $59100  | &nbsp;&nbsp; $3200  | &nbsp;&nbsp; $13100  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Europe Fund | &nbsp;&nbsp; $61000  | &nbsp;&nbsp; $3400  | &nbsp;&nbsp; $5700  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity International Discovery Fund | &nbsp;&nbsp; $74700  | &nbsp;&nbsp; $3700  | &nbsp;&nbsp; $12400  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity International Growth Fund | &nbsp;&nbsp; $52100  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $5700  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Japan Fund | &nbsp;&nbsp; $56100  | &nbsp;&nbsp; $3100  | &nbsp;&nbsp; $5800  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Japan Smaller Companies Fund | &nbsp;&nbsp; $46600  | &nbsp;&nbsp; $2700  | &nbsp;&nbsp; $5800  | &nbsp;&nbsp; $900  |
| &nbsp;&nbsp; Fidelity Nordic Fund | &nbsp;&nbsp; $46000  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $5800  | &nbsp;&nbsp; $900  |
| &nbsp;&nbsp; Fidelity Overseas Fund | &nbsp;&nbsp; $67300  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $8700  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity Pacific Basin Fund | &nbsp;&nbsp; $56400  | &nbsp;&nbsp; $3200  | &nbsp;&nbsp; $6100  | &nbsp;&nbsp; $1100  |

---

**<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 Canada Fund | &nbsp;&nbsp; $51200  | &nbsp;&nbsp; $4700  | &nbsp;&nbsp; $11500  | &nbsp;&nbsp; $1600  |
| &nbsp;&nbsp; Fidelity China Region Fund | &nbsp;&nbsp; $63100  | &nbsp;&nbsp; $5600  | &nbsp;&nbsp; $12300  | &nbsp;&nbsp; $1900  |
| &nbsp;&nbsp; Fidelity Emerging Asia Fund | &nbsp;&nbsp; $55200  | &nbsp;&nbsp; $5000  | &nbsp;&nbsp; $11500  | &nbsp;&nbsp; $1700  |
| &nbsp;&nbsp; Fidelity Emerging Markets Discovery Fund | &nbsp;&nbsp; $51600  | &nbsp;&nbsp; $4700  | &nbsp;&nbsp; $11500  | &nbsp;&nbsp; $1600  |
| &nbsp;&nbsp; Fidelity Emerging Markets Fund | &nbsp;&nbsp; $59300  | &nbsp;&nbsp; $4900  | &nbsp;&nbsp; $11800  | &nbsp;&nbsp; $1700  |
| &nbsp;&nbsp; Fidelity Europe Fund | &nbsp;&nbsp; $58700  | &nbsp;&nbsp; $5300  | &nbsp;&nbsp; $11500  | &nbsp;&nbsp; $1800  |
| &nbsp;&nbsp; Fidelity International Discovery Fund | &nbsp;&nbsp; $85500  | &nbsp;&nbsp; $5800  | &nbsp;&nbsp; $30900  | &nbsp;&nbsp; $2000  |
| &nbsp;&nbsp; Fidelity International Growth Fund | &nbsp;&nbsp; $50200  | &nbsp;&nbsp; $4600  | &nbsp;&nbsp; $11500  | &nbsp;&nbsp; $1600  |
| &nbsp;&nbsp; Fidelity Japan Fund | &nbsp;&nbsp; $54000  | &nbsp;&nbsp; $4900  | &nbsp;&nbsp; $11500  | &nbsp;&nbsp; $1700  |
| &nbsp;&nbsp; Fidelity Japan Smaller Companies Fund | &nbsp;&nbsp; $45200  | &nbsp;&nbsp; $4200  | &nbsp;&nbsp; $11500  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity Nordic Fund | &nbsp;&nbsp; $44600  | &nbsp;&nbsp; $4200  | &nbsp;&nbsp; $13000  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity Overseas Fund | &nbsp;&nbsp; $57500  | &nbsp;&nbsp; $5200  | &nbsp;&nbsp; $13400  | &nbsp;&nbsp; $1800  |
| &nbsp;&nbsp; Fidelity Pacific Basin Fund | &nbsp;&nbsp; $54900  | &nbsp;&nbsp; $5000  | &nbsp;&nbsp; $13400  | &nbsp;&nbsp; $1700  |

---

<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; $2512400  | &nbsp;&nbsp; $3472700  |
| &nbsp;&nbsp; PwC | &nbsp;&nbsp; $13898800  | &nbsp;&nbsp; $15592400  |

---

<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's Targeted International Equity Funds®**

**Fidelity® Canada Fund**

**Fidelity® China Region Fund**

**Fidelity® Emerging Asia Fund**

**Fidelity® Emerging Markets Fund**

**Fidelity® Europe Fund**

**Fidelity® Japan Fund**

**Fidelity® Japan Smaller Companies Fund**

**Fidelity® Nordic Fund**

**Fidelity® Pacific Basin Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118365_1.jpg)

![](img118365_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TIF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Canada Fund](#Sub_Sec_Fund_309_TIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® China Region Fund](#Sub_Sec_Fund_352_TIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Asia Fund](#Sub_Sec_Fund_351_TIF-ANN)** |
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_TIF-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Markets Fund](#Sub_Sec_Fund_322_TIF-ANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TIF-ANN_2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Europe Fund](#Sub_Sec_Fund_301_TIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Japan Fund](#Sub_Sec_Fund_350_TIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Japan Smaller Companies Fund](#Sub_Sec_Fund_360_TIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Nordic Fund](#Sub_Sec_Fund_342_TIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Pacific Basin Fund](#Sub_Sec_Fund_302_TIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_TIF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_TIF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TIF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TIF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TIF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TIF-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 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® Canada Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.6%** | &nbsp;&nbsp;**Common Stocks - 100.6%** | &nbsp;&nbsp;**Common Stocks - 100.6%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 3.1%  |  |  |
| Materials - 3.1% |  |  |
| Metals & Mining - 3.1% |  |  |
| Wheaton Precious Metals Corp  | 343200 | 33144230 |
| CANADA - 92.8%  |  |  |
| Communication Services - 1.5% |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |
| Quebecor Inc Multiple Voting Shares  | 353900 | 11228512 |
| TELUS Corp  | 340000 | 4971944 |
|  |  | 16200456 |
| Consumer Discretionary - 7.7% |  |  |
| Broadline Retail - 3.5% |  |  |
| Dollarama Inc  | 285000 | 37045632 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Restaurant Brands International Inc  | 282500 | 18554704 |
| Specialty Retail - 2.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 96326 | 6728500 |
| Diversified Royalty Corp  | 2053100 | 5050226 |
| KITS Eyecare Ltd (b) | 59484 | 602241 |
| Pet Valu Holdings Ltd  | 455900 | 11311768 |
|  |  | 23692735 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (b) | 142176 | 1979749 |
| TOTAL CONSUMER DISCRETIONARY |  | 81272820 |
| Consumer Staples - 7.4% |  |  |
| Beverages - 0.1% |  |  |
| GURU Organic Energy Corp (b) | 237100 | 956819 |
| Consumer Staples Distribution & Retail - 6.9% |  |  |
| Alimentation Couche-Tard Inc  | 843200 | 42852872 |
| Metro Inc/CN  | 326595 | 21769895 |
| North West Co Inc/The  | 224600 | 7286229 |
|  |  | 71908996 |
| Personal Care Products - 0.4% |  |  |
| Jamieson Wellness Inc (c)(d) | 188400 | 4677258 |
| TOTAL CONSUMER STAPLES |  | 77543073 |
| Energy - 17.9% |  |  |
| Energy Equipment & Services - 1.1% |  |  |
| Pason Systems Inc  | 631400 | 5379651 |
| TerraVest Industries Inc  | 60000 | 5808563 |
|  |  | 11188214 |
| Oil, Gas & Consumable Fuels - 16.8% |  |  |
| Cameco Corp (e) | 224900 | 22984682 |
| Canadian Natural Resources Ltd  | 1279896 | 40946087 |
| Carcetti Capital Corp rights (b)(g)(h) | 2806500 | 4001996 |
| Imperial Oil Ltd (f) | 223500 | 19767691 |
| Parkland Corp  | 516830 | 14724984 |
| PrairieSky Royalty Ltd  | 1828818 | 32832796 |
| South Bow Corp  | 552400 | 14328410 |
| Suncor Energy Inc  | 696900 | 27750787 |
|  |  | 177337433 |
| TOTAL ENERGY |  | 188525647 |
| Financials - 27.8% |  |  |
| Banks - 15.3% |  |  |
| Bank of Montreal  | 224400 | 27875806 |
| Royal Bank of Canada  | 586900 | 85979355 |
| Toronto Dominion Bank  | 575000 | 47211864 |
|  |  | 161067025 |
| Capital Markets - 5.3% |  |  |
| Brookfield Asset Management Ltd Class A  | 326601 | 17667262 |
| Brookfield Corp Class A  | 445809 | 20530322 |
| TMX Group Ltd  | 475300 | 17530404 |
|  |  | 55727988 |
| Insurance - 7.2% |  |  |
| Definity Financial Corp  | 482313 | 22438361 |
| Intact Financial Corp  | 140525 | 26213365 |
| Sun Life Financial Inc  | 454600 | 27651012 |
|  |  | 76302738 |
| TOTAL FINANCIALS |  | 293097751 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| Andlauer Healthcare Group Inc Subordinate Voting Shares  | 214359 | 8314234 |
| Industrials - 9.5% |  |  |
| Commercial Services & Supplies - 0.8% |  |  |
| BOYD GROUP INC  | 51000 | 8146255 |
| Ground Transportation - 6.4% |  |  |
| Canadian National Railway Co  | 127350 | 12211544 |
| Canadian Pacific Kansas City Ltd  | 703662 | 50636773 |
| TFI International Inc  | 49900 | 4484258 |
|  |  | 67332575 |
| Professional Services - 2.3% |  |  |
| Thomson Reuters Corp  | 160800 | 24631045 |
| TOTAL INDUSTRIALS |  | 100109875 |
| Information Technology - 11.6% |  |  |
| IT Services - 6.3% |  |  |
| Shopify Inc Class A (b) | 379300 | 65948521 |
| Software - 5.3% |  |  |
| ApplyBoard Inc (b)(g)(h) | 1677 | 8754 |
| ApplyBoard Inc (b)(g)(h) | 414 | 2161 |
| Constellation Software Inc/Canada  | 18600 | 48949477 |
| Constellation Software Inc/Canada warrants 3/31/2040 (b)(h) | 19300 | 1 |
| Dye & Durham Ltd  | 809900 | 2973858 |
| Lumine Group Inc Subordinate Voting Shares (b)(d) | 167607 | 4003304 |
|  |  | 55937555 |
| TOTAL INFORMATION TECHNOLOGY |  | 121886076 |
| Materials - 8.6% |  |  |
| Chemicals - 1.7% |  |  |
| Nutrien Ltd  | 332481 | 18108605 |
| Containers & Packaging - 1.0% |  |  |
| CCL Industries Inc Class A  | 25900 | 1444808 |
| CCL Industries Inc Class B  | 167600 | 9349417 |
|  |  | 10794225 |
| Metals & Mining - 5.4% |  |  |
| Franco-Nevada Corp  | 258700 | 48323991 |
| G Mining Ventures Corp (b) | 102100 | 2009897 |
| Minera Alamos Inc (g)(i) | 2816000 | 793070 |
| Minera Alamos Inc warrants (b)(g) | 2816000 | 138936 |
| Triple Flag Precious Metals Corp  | 193300 | 5368105 |
|  |  | 56633999 |
| Paper & Forest Products - 0.5% |  |  |
| Stella-Jones Inc  | 99023 | 5620634 |
| TOTAL MATERIALS |  | 91157463 |
| TOTAL CANADA |  | 978107395 |
| CHILE - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Lundin Mining Corp  | 618400 | 9946957 |
| UNITED STATES - 3.5%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Leisure Products - 0.9% |  |  |
| BRP Inc Subordinate Voting Shares  | 147500 | 9252469 |
| Industrials - 2.5% |  |  |
| Commercial Services & Supplies - 2.5% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 583000 | 25488974 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Electric Inc / US warrants (b) | 150319 | 1182804 |
| TOTAL UNITED STATES |  | 35924247 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd (b) | 168800 | 3504657 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $511,627,851) |  | <br> **1060627486** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Cineplex Inc 7.75% 3/1/2030 (c)<br>(Cost $1,627,242)<br>CAD | 2315000 | **2308200** |

---

---

| | | |
|:---|:---|:---|
| &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 (g)(h) | 126 | 1399963 |
| Valsoft Corp Series A-1.3 (g)(h) | 45 | 499987 |
| Valsoft Corp Series A-1.4 (g)(h) | 58 | 644428 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,686,002) |  | <br> **2544378** |

---

---

| | | |
|:---|:---|:---|
| &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 (b)(g)(h) | 2063 | 10872 |
| ApplyBoard Inc Series A2 (b)(g)(h) | 1615 | 8527 |
| ApplyBoard Inc Series A3 (b)(g)(h) | 92 | 487 |
| ApplyBoard Inc Series D (b)(g)(h) | 4504 | 49229 |
| ApplyBoard Inc Series SEED (b)(g)(h) | 617 | 3233 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $770,130) |  | <br> **72348** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (j) | 4.18 | 577170 | 577285 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.18 | 13442038 | 13443383 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,020,668) |  |  | **14020668** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $530,731,893)<br>| <br>**1079573080** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(24700982)** |
| **NET ASSETS - 100.0%** | **1054872098** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 500 | 7167000 | 130.00 | 11/21/2025 | (584649) |
|  |  |  |  |  |  | (584649) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(584649)** |

---

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) 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 $6,985,458 or 0.7% 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 $8,680,562 or 0.8% of net assets.

(e) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $5,109,978.

(f) Security or a portion of the security is on loan at period end.

(g) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,561,643 or 0.7% of net assets.

(h) Level 3 security.

(i) 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 $793,070 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(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>|
| ApplyBoard Inc | 6/30/2021 | 44289 |
| ApplyBoard Inc | 6/4/2021 - 6/30/2021 | 85688 |
| ApplyBoard Inc Series A1 | 6/4/2021 | 133582 |
| ApplyBoard Inc Series A2 | 6/4/2021 | 104573 |
| ApplyBoard Inc Series A3 | 6/4/2021 | 5957 |
| ApplyBoard Inc Series D | 6/4/2021 | 486066 |
| ApplyBoard Inc Series SEED | 6/4/2021 | 39952 |
| Carcetti Capital Corp rights | 10/3/2025 | 4022646 |
| Minera Alamos Inc | 9/4/2025 | 604237 |
| Minera Alamos Inc warrants | 9/4/2025 | 118832 |
| Valsoft Corp Series A-1.2 | 3/14/2025 | 1475928 |
| Valsoft Corp Series A-1.3 | 3/17/2025 | 446709 |
| Valsoft Corp Series A-1.4 | 3/17/2025 | 763365 |

---

---

| | |
|:---|:---|
| 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 | 718404 | 128739807 | 128881116 | 38415 | 190 | - | 577285 | 577170 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 7295105 | 813583438 | 807435160 | 256835 | - | - | 13443383 | 13442038 | 0.1% |
| Total | 8013509 | 942323245 | 936316276 | 295250 | 190 | - | 14020668 |  |  |

---

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 | 16200456 | 16200456 | - | - |
| Consumer Discretionary | 90525289 | 90525289 | - | - |
| Consumer Staples | 77543073 | 77543073 | - | - |
| Energy | 188525647 | 184523651 | - | 4001996 |
| Financials | 293097751 | 293097751 | - | - |
| Health Care | 8314234 | 8314234 | - | - |
| Industrials | 125598849 | 125598849 | - | - |
| Information Technology | 121886076 | 121875160 | - | 10916 |
| Materials | 138936111 | 137614371 | 1321740 | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 2308200 | - | 2308200 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 2544378 | - | - | 2544378 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 72348 | - | - | 72348 |
|  **Money Market Funds** | 14020668 | 14020668 | - | - |
| **Total Investments in Securities:** | 1079573080 | 1069313502 | 3629940 | 6629638 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (584649) | (584649) | - | - |
| Total Liabilities | (584649) | (584649) | - | - |
| **Total Derivative Instruments:** | (584649) | (584649) | - | - |

---

**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)  | - | (584649) |
| **Total Equity Risk**  | - | (584649) |
| **Total Value of Derivatives** | - | (584649) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Fidelity® Canada 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 $12,394,641) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $516,711,225) | $1065552412 |  |
| Fidelity Central Funds (cost $14,020,668) | 14020668 |  |
| Total Investment in Securities (cost $530,731,893) |  | $1079573080 |
| Foreign currency held at value (cost $1,680,311) |  | 1677076 |
| Receivable for fund shares sold |  | 213779 |
| Dividends receivable |  | 872475 |
| Interest receivable |  | 11215 |
| Distributions receivable from Fidelity Central Funds |  | 37088 |
| Prepaid expenses |  | 1100 |
| **Total assets** |  | 1082385813 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7441555 |  |
| Payable for fund shares redeemed | 5403909 |  |
| Accrued management fee | 572913 |  |
| Distribution and service plan fees payable | 10047 |  |
| Written options, at value (premium received $102,109) | 584649 |  |
| Other payables and accrued expenses | 60834 |  |
| Collateral on securities loaned | 13439808 |  |
| **Total liabilities** |  | 27513715 |
| **Net Assets**  |  | $1054872098 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $453333719 |
| Total accumulated earnings (loss) |  | 601538379 |
| **Net Assets** |  | $1054872098 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($32,313,542 ÷ 419,934 shares)(a) |  | $76.95 |
| Maximum offering price per share (100/94.25 of $76.95) |  | $81.64 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($6,608,450 ÷ 86,393 shares)(a) |  | $76.49 |
| Maximum offering price per share (100/96.50 of $76.49) |  | $79.26 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($521,373 ÷ 6,867 shares)(a) |  | $75.92 |
| **Canada :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,000,021,879 ÷ 12,918,431 shares) |  | $77.41 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,735,610 ÷ 100,117 shares) |  | $77.27 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,671,244 ÷ 99,634 shares) |  | $76.99 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $21314991 |
| Interest  |  | 136845 |
| Income from Fidelity Central Funds (including $256,835 from security lending)  |  | 295250 |
| Income before foreign taxes withheld |  | $21747086 |
| Less foreign taxes withheld |  | (3270153) |
| **Total income** |  | 18476933 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $7997849 |  |
| Performance adjustment | 14036 |  |
| Distribution and service plan fees | 117867 |  |
| Custodian fees and expenses | 21189 |  |
| Independent trustees' fees and expenses | 3813 |  |
| Registration fees | 93144 |  |
| Audit fees | 63326 |  |
| Legal | 2169 |  |
| Interest | 1643 |  |
| Miscellaneous | 5505 |  |
| **Total expenses** |  | 8320541 |
| **Net Investment income (loss)** |  | 10156392 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 56199344 |  |
| Fidelity Central Funds | 190 |  |
| Foreign currency transactions | (199605) |  |
| Written options | 3879 |  |
| Total net realized gain (loss) |  | 56003808 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 82658203 |  |
| Assets and liabilities in foreign currencies | 30804 |  |
| Written options | (482540) |  |
| Total change in net unrealized appreciation (depreciation) |  | 82206467 |
| **Net gain (loss)** |  | 138210275 |
| **Net increase (decrease) in net assets resulting from operations** |  | $148366667 |

---

---

| | | |
|:---|:---|:---|
| **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) | $10156392 | $9029103 |
| &nbsp;&nbsp;Net realized gain (loss) | 56003808<br>| 56897626<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 82206467 | 144534605<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 148366667<br>| 210461334<br>|
| Distributions to shareholders | (64898988)<br>| (30159569)<br>|
| Share transactions - net increase (decrease) | 28927501<br>| (60797616)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 112395180<br>| 119504149<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 942476918 | 822972769<br>|
| &nbsp;&nbsp;End of period | $1054872098 | $942476918 |

---

**Financial Highlights** 

**Fidelity Advisor® Canada Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $70.62 | $57.80 | $59.44 | $67.23 | $46.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .55  | .47  | .57  | .63  | .55  |
| Net realized and unrealized gain (loss)  | 10.46  | 14.32  | (.01)  | (5.30)  | 21.89  |
| Total from investment operations  | 11.01  | 14.79  | .56  | (4.67)  | 22.44  |
| Distributions from net investment income  | (.70)  | (.65)  | (.68)  | (.61)  | (.63)  |
| Distributions from net realized gain  | (3.98)  | (1.31)  | (1.52)  | (2.51)  | (.59)  |
| Total distributions  | (4.68)  | (1.97) C | (2.20)  | (3.12)  | (1.22)  |
| Net asset value, end of period  | $76.95 | $70.62 | $57.80 | $59.44 | $67.23 |
| **Total Return** D,E | 16.48% <br>| 26.11%  | .88%  | (7.06)%  | 49.45%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.13%  | 1.34%  | 1.36%  | 1.20%  | 1.12%  |
| Expenses net of fee waivers, if any  | 1.13% <br>| 1.33%  | 1.36%  | 1.20%  | 1.12%  |
| Expenses net of all reductions, if any  | 1.13%  | 1.33%  | 1.35%  | 1.20%  | 1.12%  |
| Net investment income (loss)  | .76%  | .70%  | .94%  | 1.00%  | .92%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32314 | $31401 | $28548 | $31707 | $33087 |
| Portfolio turnover rate H | 17% <br>| 8%  | 9%  | 13%  | 7%  |

---

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*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Canada Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $70.23 | $57.49 | $59.09 | $66.84 | $45.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .30  | .41  | .45  | .38  |
| Net realized and unrealized gain (loss)  | 10.40  | 14.25  | - C | (5.26)  | 21.78  |
| Total from investment operations  | 10.76  | 14.55  | .41  | (4.81)  | 22.16  |
| Distributions from net investment income  | (.53)  | (.50)  | (.49)  | (.42)  | (.47)  |
| Distributions from net realized gain  | (3.98)  | (1.31)  | (1.52)  | (2.51)  | (.59)  |
| Total distributions  | (4.50) D | (1.81)  | (2.01)  | (2.94) D | (1.06)  |
| Net asset value, end of period  | $76.49 | $70.23 | $57.49 | $59.09 | $66.84 |
| **Total Return** E,F | 16.18% <br>| 25.80%  | .62%  | (7.32)%  | 49.04%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.38%  | 1.59%  | 1.63%  | 1.48%  | 1.40%  |
| Expenses net of fee waivers, if any  | 1.38% <br>| 1.58%  | 1.63%  | 1.48%  | 1.39%  |
| Expenses net of all reductions, if any  | 1.38%  | 1.58%  | 1.62%  | 1.48%  | 1.39%  |
| Net investment income (loss)  | .51%  | .45%  | .68%  | .72%  | .64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6608 | $6946 | $6255 | $6641 | $7829 |
| Portfolio turnover rate I | 17% <br>| 8%  | 9%  | 13%  | 7%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Canada Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $69.57 | $56.91 | $58.39 | $65.76 | $44.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | (.03)  | .10  | .14  | .08  |
| Net realized and unrealized gain (loss)  | 10.35  | 14.15  | - C | (5.19)  | 21.46  |
| Total from investment operations  | 10.35  | 14.12  | .10  | (5.05)  | 21.54  |
| Distributions from net investment income  | (.02)  | (.15)  | (.05)  | -  | (.15)  |
| Distributions from net realized gain  | (3.98)  | (1.31)  | (1.52)  | (2.32)  | (.59)  |
| Total distributions  | (4.00)  | (1.46)  | (1.58) D | (2.32)  | (.74)  |
| Net asset value, end of period  | $75.92 | $69.57 | $56.91 | $58.39 | $65.76 |
| **Total Return** E,F | 15.61% <br>| 25.19%  | .10%  | (7.79)%  | 48.31%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.89%  | 2.09%  | 2.14%  | 1.99%  | 1.90%  |
| Expenses net of fee waivers, if any  | 1.89% <br>| 2.09%  | 2.13%  | 1.98%  | 1.90%  |
| Expenses net of all reductions, if any  | 1.89%  | 2.09%  | 2.13%  | 1.98%  | 1.90%  |
| Net investment income (loss)  | -% I | (.05)%  | .16%  | .22%  | .14%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $521 | $759 | $844 | $1109 | $1683 |
| Portfolio turnover rate J | 17% <br>| 8%  | 9%  | 13%  | 7%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount represents less than .005%.*

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® Canada Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $71.03 | $58.14 | $59.79 | $67.62 | $46.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .76  | .66  | .77  | .83  | .74  |
| Net realized and unrealized gain (loss)  | 10.51  | 14.40  | (.03)  | (5.33)  | 21.99  |
| Total from investment operations  | 11.27  | 15.06  | .74  | (4.50)  | 22.73  |
| Distributions from net investment income  | (.91)  | (.86)  | (.87)  | (.82)  | (.78)  |
| Distributions from net realized gain  | (3.98)  | (1.31)  | (1.52)  | (2.51)  | (.59)  |
| Total distributions  | (4.89)  | (2.17)  | (2.39)  | (3.33)  | (1.37)  |
| Net asset value, end of period  | $77.41 | $71.03 | $58.14 | $59.79 | $67.62 |
| **Total Return** C | 16.82% <br>| 26.49%  | 1.18%  | (6.77)%  | 49.91%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .84%  | 1.05%  | 1.05%  | .89%  | .80%  |
| Expenses net of fee waivers, if any  | .84% <br>| 1.04%  | 1.04%  | .88%  | .80%  |
| Expenses net of all reductions, if any  | .84%  | 1.04%  | 1.04%  | .88%  | .80%  |
| Net investment income (loss)  | 1.05%  | .99%  | 1.25%  | 1.32%  | 1.24%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1000022 | $877615 | $774062 | $825488 | $821617 |
| Portfolio turnover rate F | 17% <br>| 8%  | 9%  | 13%  | 7%  |

---

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® Canada Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $71.09 | $58.19 | $59.84 | $67.70 | $46.24 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .73  | .67  | .78  | .85  | .78  |
| Net realized and unrealized gain (loss)  | 10.52  | 14.40  | (.03)  | (5.34)  | 22.00  |
| Total from investment operations  | 11.25  | 15.07  | .75  | (4.49)  | 22.78  |
| Distributions from net investment income  | (1.09)  | (.86)  | (.88)  | (.86)  | (.73)  |
| Distributions from net realized gain  | (3.98)  | (1.31)  | (1.52)  | (2.51)  | (.59)  |
| Total distributions  | (5.07)  | (2.17)  | (2.40)  | (3.37)  | (1.32)  |
| Net asset value, end of period  | $77.27 | $71.09 | $58.19 | $59.84 | $67.70 |
| **Total Return** C | 16.81% <br>| 26.49%  | 1.20%  | (6.74)%  | 50.02%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .87%  | 1.04%  | 1.03%  | .86%  | .74%  |
| Expenses net of fee waivers, if any  | .87% <br>| 1.04%  | 1.03%  | .86%  | .74%  |
| Expenses net of all reductions, if any  | .87%  | 1.04%  | 1.03%  | .86%  | .74%  |
| Net investment income (loss)  | 1.02%  | 1.00%  | 1.27%  | 1.34%  | 1.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7736 | $19072 | $10571 | $16165 | $13724 |
| Portfolio turnover rate F | 17% <br>| 8%  | 9%  | 13%  | 7%  |

---

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® Canada Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $70.84 | $58.01 | $59.55 | $67.38 | $46.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .82  | .75  | .85  | .92  | .82  |
| Net realized and unrealized gain (loss)  | 10.45  | 14.33  | (.03)  | (5.33)  | 21.91  |
| Total from investment operations  | 11.27  | 15.08  | .82  | (4.41)  | 22.73  |
| Distributions from net investment income  | (1.15)  | (.94)  | (.84)  | (.91)  | (.87)  |
| Distributions from net realized gain  | (3.98)  | (1.31)  | (1.52)  | (2.51)  | (.59)  |
| Total distributions  | (5.12) C | (2.25)  | (2.36)  | (3.42)  | (1.46)  |
| Net asset value, end of period  | $76.99 | $70.84 | $58.01 | $59.55 | $67.38 |
| **Total Return** D | 16.92% <br>| 26.62%  | 1.33%  | (6.66)%  | 50.13%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .75%  | .93%  | .92%  | .75%  | .66%  |
| Expenses net of fee waivers, if any  | .75% <br>| .92%  | .91%  | .75%  | .66%  |
| Expenses net of all reductions, if any  | .75%  | .92%  | .91%  | .75%  | .66%  |
| Net investment income (loss)  | 1.14%  | 1.11%  | 1.38%  | 1.45%  | 1.38%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7671 | $6683 | $2692 | $5843 | $22010 |
| Portfolio turnover rate G | 17% <br>| 8%  | 9%  | 13%  | 7%  |

---

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.*

**Notes to Financial Statements** 

For the period ended October 31, 2025

**1. Organization.**

Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Canada, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 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) 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**  | $558732080 |
| **Gross unrealized depreciation**  | <u>(14550287)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$544181793</u> |
| **Tax Cost**  | <u>$534806638</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8599821</u> |
| **Undistributed long-term capital gain**  | <u>$48743005</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$544195556</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $12084402 | $11813217 |
| **Long-term Capital Gains**  | <u>52814586</u> | <u>18346352</u> |
| **Total**  | <u>$64898988</u> | <u>$30159569</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 Canada Fund** | 165200997 | 180871681 |

---

**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** | .89 |
| **Class M** | .89 |
| **Class C** | .89 |
| **Canada** | .86 |
| **Class I** | .84 |
| **Class Z** | .73 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .87 |
| **Canada** | .82 |
| **Class I** | .84 |
| **Class Z** | .73 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Canada Fund** | S&P/TSX Composite Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Canada. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was less than .005%.

**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% | 77642 | 515 |
| **Class M** | .25% | .25% | 33926 | 93 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6299</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>503</u> |
|  |  |  | <u>117867</u> | <u>1111</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** | 4002 |
| **Class M** | 230 |
| **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>38</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4270</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 Canada Fund** | 37 |

---

**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 Canada Fund** | Borrower | 12972000 | 4.56% | 1643 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Canada Fund** | 11188846 | 5990673 | 1428332 |

---

**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 Canada Fund** | 1313 |

---

**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 Canada Fund** | 27590 | - | - |

---

**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 Canada Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2052100 | $956471 |
| Class M | 441669 | 195471 |
| Class C | 42554 | 21926 |
| Canada | 59857564 | 28479448 |
| Class I | 1835114 | 395367 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>669987</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>110886</u> |
| Total  | <u>$64898988</u> | <u>$30159569</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 Canada Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 27071 | 13073 | $2009540 | $863814 |
| Reinvestment of distributions | 28921 | 15002 | 1959103 | 916003 |
| Shares redeemed | <u>(80673)</u> | <u>(77356)</u> | <u>(5669302)</u> | <u>(5101231)</u> |
| Net increase (decrease) | <u>(24681)</u> | <u>(49281)</u> | <u>$(1700659)</u> | <u>$(3321414)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1888 | 1815 | $139431 | $118342 |
| Reinvestment of distributions | 6508 | 3195 | 439149 | 194459 |
| Shares redeemed | <u>(20911)</u> | <u>(14909)</u> | <u>(1493757)</u> | <u>(987428)</u> |
| Net increase (decrease) | <u>(12515)</u> | <u>(9899)</u> | <u>$(915177)</u> | <u>$(674627)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1526 | 1074 | $110354 | $67883 |
| Reinvestment of distributions | 633 | 362 | 42554 | 21926 |
| Shares redeemed | <u>(6202)</u> | <u>(5361)</u> | <u>(443060)</u> | <u>(354782)</u> |
| Net increase (decrease) | <u>(4043)</u> | <u>(3925)</u> | <u>$(290152)</u> | <u>$(264973)</u> |
| **Canada** |  |  |  |  |
| Shares sold | 1901531 | 412712 | $140398178 | $27859664 |
| Reinvestment of distributions | 822201 | 435957 | 55884979 | 26706738 |
| Shares redeemed | <u>(2160587)</u> | <u>(1806263)</u> | <u>(156336857)</u> | <u>(120315587)</u> |
| Net increase (decrease) | <u>563145</u> | <u>(957594)</u> | <u>$39946300</u> | <u>$(65749185)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 354479 | 241609 | $25034263 | $16397061 |
| Reinvestment of distributions | 26645 | 6203 | 1807836 | 380299 |
| Shares redeemed | <u>(549277)</u> | <u>(161195)</u> | <u>(35672032)</u> | <u>(10741551)</u> |
| Net increase (decrease) | <u>(168153)</u> | <u>86617</u> | <u>$(8829933)</u> | <u>$6035809</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 113828 | 88695 | $8170075 | $5943877 |
| Reinvestment of distributions | 9164 | 1551 | 619049 | 94654 |
| Shares redeemed | <u>(117700)</u> | <u>(42317)</u> | <u>(8072002)</u> | <u>(2861757)</u> |
| Net increase (decrease) | <u>5292</u> | <u>47929</u> | <u>$717122</u> | <u>$3176774</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.

**Fidelity® China Region Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.7%** | &nbsp;&nbsp;**Common Stocks - 96.7%** | &nbsp;&nbsp;**Common Stocks - 96.7%** |
|  | Shares | Value ($)<br>|
| CHINA - 55.9%  |  |  |
| Communication Services - 12.1% |  |  |
| Entertainment - 0.9% |  |  |
| NetEase Cloud Music Inc (a)(b)(c) | 320700 | 9938107 |
| Netease Inc  | 257100 | 7214415 |
|  |  | 17152522 |
| Interactive Media & Services - 11.2% |  |  |
| Baidu Inc A Shares (b) | 556000 | 8415749 |
| Tencent Holdings Ltd  | 2387700 | 193947529 |
|  |  | 202363278 |
| TOTAL COMMUNICATION SERVICES |  | 219515800 |
| Consumer Discretionary - 15.3% |  |  |
| Automobile Components - 1.8% |  |  |
| Fuyao Glass Industry Group Co Ltd H Shares (a)(c) | 1250800 | 11163043 |
| Hesai Group ADR (b) | 392100 | 9304533 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China)  | 2045070 | 12536376 |
|  |  | 33003952 |
| Automobiles - 0.8% |  |  |
| BYD Co Ltd H Shares  | 1131300 | 14646168 |
| Broadline Retail - 9.6% |  |  |
| Alibaba Group Holding Ltd  | 4812900 | 102412492 |
| JD.com Inc A Shares  | 294000 | 4853937 |
| PDD Holdings Inc Class A ADR (b) | 494605 | 66707376 |
|  |  | 173973805 |
| Diversified Consumer Services - 0.9% |  |  |
| New Oriental Education & Technology Group Inc (b) | 1127100 | 6739782 |
| New Oriental Education & Technology Group Inc ADR (b) | 65846 | 3922446 |
| TAL Education Group Class A ADR (b) | 430168 | 5273860 |
|  |  | 15936088 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Luckin Coffee Inc ADR (b) | 395100 | 15843510 |
| Trip.com Group Ltd ADR  | 184636 | 13044533 |
|  |  | 28888043 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Laopu Gold Co Ltd H Shares (d) | 137800 | 12138664 |
| TOTAL CONSUMER DISCRETIONARY |  | 278586720 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 1.4% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 167000 | 6569815 |
| Kweichow Moutai Co Ltd A Shares (China)  | 58145 | 11682346 |
| Luzhou Laojiao Co Ltd A Shares (China)  | 411800 | 7784243 |
|  |  | 26036404 |
| Financials - 6.7% |  |  |
| Banks - 3.8% |  |  |
| China Construction Bank Corp H Shares  | 47348610 | 46877100 |
| Industrial & Commercial Bank of China Ltd H Shares  | 28035000 | 21719273 |
|  |  | 68596373 |
| Financial Services - 0.7% |  |  |
| Far East Horizon Ltd  | 13996500 | 12572542 |
| Insurance - 2.2% |  |  |
| China Pacific Insurance Group Co Ltd H Shares  | 3953400 | 16026163 |
| PICC Property & Casualty Co Ltd H Shares  | 6756000 | 15962855 |
| Ping An Insurance Group Co of China Ltd H Shares  | 1079500 | 7798665 |
|  |  | 39787683 |
| TOTAL FINANCIALS |  | 120956598 |
| Health Care - 3.5% |  |  |
| Biotechnology - 2.1% |  |  |
| Abbisko Cayman Ltd (b) | 8487000 | 15902443 |
| Innovent Biologics Inc (a)(b)(c) | 838000 | 9382347 |
| Zai Lab Ltd (b) | 2786400 | 7270818 |
| Zai Lab Ltd ADR (b)(d) | 173000 | 4520490 |
|  |  | 37076098 |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Shanghai Conant Optical Co Ltd H Shares (d) | 1620400 | 9388063 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 123810 | 3740706 |
|  |  | 13128769 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Wuxi Apptec Co Ltd H Shares (a)(c) | 733900 | 10256872 |
| Pharmaceuticals - 0.1% |  |  |
| Consun Pharmaceutical Group Ltd  | 1222000 | 2363624 |
| TOTAL HEALTH CARE |  | 62825363 |
| Industrials - 5.4% |  |  |
| Construction & Engineering - 0.4% |  |  |
| China Conch Venture Holdings Ltd  | 5804500 | 7260714 |
| Electrical Equipment - 1.9% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 446900 | 24410784 |
| Sieyuan Electric Co Ltd A Shares (China)  | 297600 | 5492140 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 201900 | 5384076 |
|  |  | 35287000 |
| Ground Transportation - 0.5% |  |  |
| Full Truck Alliance Co Ltd ADR  | 678200 | 8816600 |
| Machinery - 2.6% |  |  |
| Airtac International Group  | 354000 | 10478069 |
| Huaming Power Equipment Co Ltd A Shares (China)  | 1459100 | 5350621 |
| Sany Heavy Industry Co Ltd H Shares (b) | 2325400 | 6996654 |
| Weichai Power Co Ltd H Shares  | 2085000 | 4306548 |
| Zhejiang Sanhua Intelligent Controls Co Ltd H Shares (d) | 3829900 | 20148679 |
|  |  | 47280571 |
| Trading Companies & Distributors - 0.0% |  |  |
| ZKH Group Ltd Class A (b) | 1 | 0 |
| TOTAL INDUSTRIALS |  | 98644885 |
| Information Technology - 7.0% |  |  |
| Communications Equipment - 0.5% |  |  |
| Hengtong Optic-electric Co Ltd A Shares (China)  | 3048200 | 9576215 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 800330 | 7084159 |
| Shengyi Technology Co Ltd A Shares (China)  | 673600 | 6085435 |
|  |  | 13169594 |
| Semiconductors & Semiconductor Equipment - 5.2% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 580291 | 22776589 |
| Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)  | 760581 | 21032618 |
| Montage Technology Co Ltd A Shares (China)  | 1430521 | 27394837 |
| NAURA Technology Group Co Ltd A Shares (China)  | 167305 | 9568311 |
| Piotech Inc A Shares (China)  | 316600 | 13567173 |
|  |  | 94339528 |
| Software - 0.6% |  |  |
| Pony AI Inc ADR (b) | 534500 | 9984460 |
| TOTAL INFORMATION TECHNOLOGY |  | 127069797 |
| Materials - 3.8% |  |  |
| Metals & Mining - 3.8% |  |  |
| MMG Ltd (b) | 15932000 | 14167610 |
| Zijin Mining Group Co Ltd H Shares  | 13050000 | 54144430 |
|  |  | 68312040 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| China Resources Mixc Lifestyle Services Ltd (a)(c) | 1663000 | 8693215 |
| KE Holdings Inc ADR (d) | 260470 | 4441013 |
|  |  | 13134228 |
| TOTAL CHINA |  | 1015081835 |
| FRANCE - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 7000 | 4947761 |
| HONG KONG - 4.7%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| HKT Trust & HKT Ltd unit  | 4316000 | 6293027 |
| Financials - 4.2% |  |  |
| Capital Markets - 1.8% |  |  |
| Futu Holdings Ltd Class A ADR  | 130641 | 26002785 |
| Hong Kong Exchanges & Clearing Ltd  | 120300 | 6557976 |
|  |  | 32560761 |
| Insurance - 2.4% |  |  |
| AIA Group Ltd  | 4531200 | 44091914 |
| TOTAL FINANCIALS |  | 76652675 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Zijin Gold International Co Ltd  | 189113 | 3197900 |
| TOTAL HONG KONG |  | 86143602 |
| SINGAPORE - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Sea Ltd Class A ADR (b) | 77600 | 12125000 |
| SOUTH AFRICA - 1.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| Naspers Ltd Class N  | 247400 | 17376401 |
| TAIWAN - 32.3%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Uni-President Enterprises Corp  | 2559000 | 6543417 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| E.Sun Financial Holding Co Ltd  | 11536799 | 11151464 |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Bizlink Holding Inc  | 215000 | 9744785 |
| Voltronic Power Technology Corp  | 279000 | 10968549 |
|  |  | 20713334 |
| Information Technology - 30.2% |  |  |
| Electronic Equipment, Instruments & Components - 4.3% |  |  |
| Chroma ATE Inc  | 705000 | 18759991 |
| Delta Electronics Inc  | 897000 | 28998473 |
| Elite Material Co Ltd  | 345000 | 15244655 |
| Hon Hai Precision Industry Co Ltd  | 491000 | 4107886 |
| Unimicron Technology Corp  | 2197000 | 11670983 |
|  |  | 78781988 |
| Semiconductors & Semiconductor Equipment - 25.9% |  |  |
| ASE Technology Holding Co Ltd  | 1700000 | 13584943 |
| eMemory Technology Inc  | 160481 | 10376151 |
| MediaTek Inc  | 776000 | 33028787 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 8384000 | 404960194 |
| Topco Scientific Co Ltd  | 714000 | 7933849 |
|  |  | 469883924 |
| TOTAL INFORMATION TECHNOLOGY |  | 548665912 |
| TOTAL TAIWAN |  | 587074127 |
| THAILAND - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| Airports of Thailand PCL  | 7703200 | 9804289 |
| UNITED STATES - 1.3%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Legend Biotech Corp ADR (b) | 249539 | 8085064 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Space Exploration Technologies Corp (b)(e)(f) | 10000 | 2120000 |
| Information Technology - 0.8% |  |  |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Seagate Technology Holdings PLC  | 50600 | 12947528 |
| TOTAL UNITED STATES |  | 23152592 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $928,972,446) |  | <br> **1755705607** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.7%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Bytedance Ltd Series E1 (b)(e)(f) | 38752 | 10021267 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(e)(f) | 238944 | 1909163 |
| TOTAL CHINA |  | 11930430 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $7,639,976) |  | <br> **11930430** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.1%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $12,602,527)<br>| 341430 | **20161966** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 34060143 | 34066955 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 11458954 | 11460100 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $45,527,055) |  |  | **45527055** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $994,742,004)<br>| <br>**1833325058** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(18265180)** |
| **NET ASSETS - 100.0%** | **1815059878** |

---

**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 $49,433,584 or 2.7% 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 $49,433,584 or 2.7% of net assets.

(d) Security or a portion of the security is on loan at period end.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,050,430 or 0.8% of net assets.

(f) Level 3 security.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 4246219 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 3393757 |
| Space Exploration Technologies Corp | 2/16/2021 | 419990 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 35897075 | 317400015 | 319229745 | 368085 | (390) | - | 34066955 | 34060143 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 750000 | 65028461 | 54318361 | 64638 | - | - | 11460100 | 11458954 | 0.0% |
| Total | 36647075 | 382428476 | 373548106 | 432723 | (390) | - | 45527055 |  |  |

---

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 | 225808827 | 16231134 | 209577693 | - |
| Consumer Discretionary | 313035882 | 176705509 | 136330373 | - |
| Consumer Staples | 32579821 | 32579821 | - | - |
| Financials | 208760737 | 109993058 | 98767679 | - |
| Health Care | 70910427 | 63639609 | 7270818 | - |
| Industrials | 131282508 | 129162508 | - | 2120000 |
| Information Technology | 688683237 | 270138100 | 418545137 | - |
| Materials | 71509940 | 71509940 | - | - |
| Real Estate | 13134228 | 13134228 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 10021267 | - | - | 10021267 |
| Health Care | 1909163 | - | - | 1909163 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 20161966 | 20161966 | - | - |
|  **Money Market Funds** | 45527055 | 45527055 | - | - |
| **Total Investments in Securities:** | 1833325058 | 948782928 | 870491700 | 14050430 |

---

**Fidelity® China Region 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 $10,964,022) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $949,214,949) | $1787798003 |  |
| Fidelity Central Funds (cost $45,527,055) | 45527055 |  |
| Total Investment in Securities (cost $994,742,004) |  | $1833325058 |
| Foreign currency held at value (cost $2,889,522) |  | 2889522 |
| Receivable for investments sold |  | 760928 |
| Receivable for fund shares sold |  | 3506087 |
| Dividends receivable |  | 215084 |
| Distributions receivable from Fidelity Central Funds |  | 112083 |
| Prepaid expenses |  | 1378 |
| Other receivables |  | 15875 |
| **Total assets** |  | 1840826015 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $11124003 |  |
| Payable for fund shares redeemed | 1859518 |  |
| Accrued management fee | 1182363 |  |
| Distribution and service plan fees payable | 17574 |  |
| Other payables and accrued expenses | 122579 |  |
| Collateral on securities loaned | 11460100 |  |
| **Total liabilities** |  | 25766137 |
| **Net Assets**  |  | $1815059878 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1220693588 |
| Total accumulated earnings (loss) |  | 594366290 |
| **Net Assets** |  | $1815059878 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($38,585,918 ÷ 697,713 shares)(a) |  | $55.30 |
| Maximum offering price per share (100/94.25 of $55.30) |  | $58.67 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($11,038,399 ÷ 201,633 shares)(a) |  | $54.75 |
| Maximum offering price per share (100/96.50 of $54.75) |  | $56.74 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,296,270 ÷ 120,069 shares)(a) |  | $52.44 |
| **China Region :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,363,897,087 ÷ 24,271,193 shares) |  | $56.19 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($47,453,434 ÷ 851,099 shares) |  | $55.76 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($347,788,770 ÷ 6,237,904 shares) |  | $55.75 |
| *(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  |  | $23546189 |
| Income from Fidelity Central Funds (including $64,638 from security lending)  |  | 432723 |
| Income before foreign taxes withheld |  | $23978912 |
| Less foreign taxes withheld |  | (2413687) |
| **Total income** |  | 21565225 |
| **Expenses** |  |  |
| Management fee | $10641216 |  |
| Distribution and service plan fees | 160533 |  |
| Custodian fees and expenses | 258948 |  |
| Independent trustees' fees and expenses | 4743 |  |
| Registration fees | 121219 |  |
| Audit fees | 89801 |  |
| Legal | 3052 |  |
| Interest | 26218 |  |
| Miscellaneous | 4361 |  |
| Total expenses before reductions | 11310091 |  |
| Expense reductions | (499) |  |
| Total expenses after reductions |  | 11309592 |
| **Net Investment income (loss)** |  | 10255633 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 431077 |  |
| Fidelity Central Funds | (390) |  |
| Foreign currency transactions | (25459) |  |
| Total net realized gain (loss) |  | 405228 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 439668614 |  |
| Assets and liabilities in foreign currencies | 6851 |  |
| Total change in net unrealized appreciation (depreciation) |  | 439675465 |
| **Net gain (loss)** |  | 440080693 |
| **Net increase (decrease) in net assets resulting from operations** |  | $450336326 |

---

---

| | | |
|:---|:---|:---|
| **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) | $10255633 | $14764579 |
| &nbsp;&nbsp;Net realized gain (loss) | 405228<br>| (47435398)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 439675465 | 321695727<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 450336326<br>| 289024908<br>|
| Distributions to shareholders | (15536300)<br>| (17558581)<br>|
| Share transactions - net increase (decrease) | 170589787<br>| 43245195<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 605389813<br>| 314711522<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1209670065 | 894958543<br>|
| &nbsp;&nbsp;End of period | $1815059878 | $1209670065 |

---

**Financial Highlights** 

**Fidelity Advisor® China Region Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.04 | $30.63 | $24.85 | $50.32 | $50.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .41  | .22  | .14  | .06  |
| Net realized and unrealized gain (loss)  | 15.49  | 9.50  | 5.75 C | (20.99)  | 1.95  |
| Total from investment operations  | 15.73  | 9.91  | 5.97  | (20.85)  | 2.01  |
| Distributions from net investment income  | (.47)  | (.50)  | (.19)  | -  | (.44)  |
| Distributions from net realized gain  | -  | -  | -  | (4.62)  | (2.16)  |
| Total distributions  | (.47)  | (.50)  | (.19)  | (4.62)  | (2.59) D |
| Net asset value, end of period  | $55.30 | $40.04 | $30.63 | $24.85 | $50.32 |
| **Total Return** E,F | 39.77% <br>| 32.78%  | 23.98% C | (45.20)%  | 3.65%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.17%  | 1.19%  | 1.25%  | 1.23%  | 1.21%  |
| Expenses net of fee waivers, if any  | 1.17% <br>| 1.19%  | 1.25%  | 1.22%  | 1.21%  |
| Expenses net of all reductions, if any  | 1.17%  | 1.19%  | 1.25%  | 1.22%  | 1.21%  |
| Net investment income (loss)  | .54%  | 1.18%  | .66%  | .38%  | .11%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $38586 | $25856 | $21354 | $19362 | $45301 |
| Portfolio turnover rate I | 34% <br>| 30%  | 24%  | 20%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.96%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® China Region Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.69 | $30.34 | $24.61 | $50.02 | $50.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .32  | .13  | .03  | (.10)  |
| Net realized and unrealized gain (loss)  | 15.36  | 9.43  | 5.69 C | (20.82)  | 1.96  |
| Total from investment operations  | 15.48  | 9.75  | 5.82  | (20.79)  | 1.86  |
| Distributions from net investment income  | (.42)  | (.40)  | (.09)  | -  | (.32)  |
| Distributions from net realized gain  | -  | -  | -  | (4.62)  | (2.16)  |
| Total distributions  | (.42)  | (.40)  | (.09)  | (4.62)  | (2.48)  |
| Net asset value, end of period  | $54.75 | $39.69 | $30.34 | $24.61 | $50.02 |
| **Total Return** D,E | 39.44% <br>| 32.49%  | 23.64% C | (45.37)%  | 3.36%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.43%  | 1.44%  | 1.52%  | 1.53%  | 1.50%  |
| Expenses net of fee waivers, if any  | 1.43% <br>| 1.44%  | 1.52%  | 1.53%  | 1.50%  |
| Expenses net of all reductions, if any  | 1.43%  | 1.44%  | 1.51%  | 1.53%  | 1.50%  |
| Net investment income (loss)  | .29%  | .93%  | .40%  | .08%  | (.18)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11038 | $9322 | $6610 | $5803 | $12623 |
| Portfolio turnover rate H | 34% <br>| 30%  | 24%  | 20%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.62%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® China Region Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.03 | $29.03 | $23.59 | $48.34 | $49.10 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.09)  | .14  | (.02)  | (.13)  | (.35)  |
| Net realized and unrealized gain (loss)  | 14.73  | 9.05  | 5.46 C | (20.00)  | 1.92  |
| Total from investment operations  | 14.64  | 9.19  | 5.44  | (20.13)  | 1.57  |
| Distributions from net investment income  | (.23)  | (.19)  | -  | -  | (.17)  |
| Distributions from net realized gain  | -  | -  | -  | (4.62)  | (2.16)  |
| Total distributions  | (.23)  | (.19)  | -  | (4.62)  | (2.33)  |
| Net asset value, end of period  | $52.44 | $38.03 | $29.03 | $23.59 | $48.34 |
| **Total Return** D,E | 38.74% <br>| 31.82%  | 23.06% C | (45.60)%  | 2.89%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.92%  | 1.94%  | 1.97%  | 1.96%  | 1.96%  |
| Expenses net of fee waivers, if any  | 1.92% <br>| 1.94%  | 1.96%  | 1.96%  | 1.96%  |
| Expenses net of all reductions, if any  | 1.92%  | 1.94%  | 1.96%  | 1.96%  | 1.96%  |
| Net investment income (loss)  | (.21)%  | .43%  | (.05)%  | (.36)%  | (.65)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6296 | $4628 | $4834 | $5784 | $13168 |
| Portfolio turnover rate H | 34% <br>| 30%  | 24%  | 20%  | 60%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.04%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® China Region Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.64 | $31.11 | $25.28 | $51.03 | $51.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .51  | .32  | .25  | .23  |
| Net realized and unrealized gain (loss)  | 15.73  | 9.64  | 5.85 C | (21.32)  | 1.97  |
| Total from investment operations  | 16.09  | 10.15  | 6.17  | (21.07)  | 2.20  |
| Distributions from net investment income  | (.54)  | (.62)  | (.34)  | (.06)  | (.54)  |
| Distributions from net realized gain  | -  | -  | -  | (4.62)  | (2.16)  |
| Total distributions  | (.54)  | (.62)  | (.34)  | (4.68)  | (2.70)  |
| Net asset value, end of period  | $56.19 | $40.64 | $31.11 | $25.28 | $51.03 |
| **Total Return** D | 40.16% <br>| 33.15%  | 24.34% C | (45.04)%  | 3.97%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .91%  | .92%  | .95%  | .94%  | .91%  |
| Expenses net of fee waivers, if any  | .91% <br>| .92%  | .95%  | .93%  | .91%  |
| Expenses net of all reductions, if any  | .91%  | .92%  | .95%  | .93%  | .91%  |
| Net investment income (loss)  | .81%  | 1.45%  | .96%  | .67%  | .41%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1363897 | $972318 | $809283 | $736185 | $1609326 |
| Portfolio turnover rate G | 34% <br>| 30%  | 24%  | 20%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.32%.*

D*Total returns 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 Advisor® China Region Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.34 | $30.87 | $25.07 | $50.63 | $51.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .51  | .32  | .25  | .22  |
| Net realized and unrealized gain (loss)  | 15.62  | 9.56  | 5.82 C | (21.15)  | 1.96  |
| Total from investment operations  | 15.98  | 10.07  | 6.14  | (20.90)  | 2.18  |
| Distributions from net investment income  | (.56)  | (.60)  | (.34)  | (.04)  | (.55)  |
| Distributions from net realized gain  | -  | -  | -  | (4.62)  | (2.16)  |
| Total distributions  | (.56)  | (.60)  | (.34)  | (4.66)  | (2.71)  |
| Net asset value, end of period  | $55.76 | $40.34 | $30.87 | $25.07 | $50.63 |
| **Total Return** D | 40.19% <br>| 33.15%  | 24.40% C | (45.05)%  | 3.96%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .89%  | .91%  | .94%  | .93%  | .93%  |
| Expenses net of fee waivers, if any  | .89% <br>| .91%  | .93%  | .93%  | .93%  |
| Expenses net of all reductions, if any  | .89%  | .91%  | .93%  | .93%  | .93%  |
| Net investment income (loss)  | .82%  | 1.46%  | .98%  | .68%  | .39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $47453 | $32635 | $26683 | $20509 | $68464 |
| Portfolio turnover rate G | 34% <br>| 30%  | 24%  | 20%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.38%.*

D*Total returns 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 Advisor® China Region Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.34 | $30.90 | $25.02 | $50.57 | $51.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .57  | .36  | .30  | .29  |
| Net realized and unrealized gain (loss)  | 15.61  | 9.55  | 5.80 C | (21.10)  | 1.95  |
| Total from investment operations  | 16.02  | 10.12  | 6.16  | (20.80)  | 2.24  |
| Distributions from net investment income  | (.61)  | (.68)  | (.28)  | (.12)  | (.59)  |
| Distributions from net realized gain  | -  | -  | -  | (4.62)  | (2.16)  |
| Total distributions  | (.61)  | (.68)  | (.28)  | (4.75) D | (2.74) D |
| Net asset value, end of period  | $55.75 | $40.34 | $30.90 | $25.02 | $50.57 |
| **Total Return** E | 40.35% <br>| 33.34%  | 24.55% C | (44.97)%  | 4.09%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .77%  | .77%  | .81%  | .80%  | .80%  |
| Expenses net of fee waivers, if any  | .77% <br>| .77%  | .80%  | .80%  | .80%  |
| Expenses net of all reductions, if any  | .77%  | .77%  | .80%  | .80%  | .80%  |
| Net investment income (loss)  | .95%  | 1.60%  | 1.11%  | .81%  | .52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $347789 | $164912 | $26195 | $3940 | $71573 |
| Portfolio turnover rate H | 34% <br>| 30%  | 24%  | 20%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.53%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** 

For the period ended October 31, 2025

**1. Organization.**

Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, China Region, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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. 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.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, 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**  | $825743428 |
| **Gross unrealized depreciation**  | <u>(25059644)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$800683784</u> |
| **Tax Cost**  | <u>$1032641274</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$30262249</u> |
| **Capital loss carryforward**  | <u>$(236577378)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$800681420</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 | $(142447576) |
| Long-term | <u>(94129802)</u> |
| **Total capital loss carryforward** | <u>$(236577378)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $15536300 | $17558581 |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity China Region Fund** | 606466243 | 430615404 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .89 |
| **Class M** | .89 |
| **Class C** | .89 |
| **China Region** | .87 |
| **Class I** | .86 |
| **Class Z** | .73 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .89 |
| **Class M** | .89 |
| **Class C** | .89 |
| **China Region** | .87 |
| **Class I** | .85 |
| **Class Z** | .72 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | -% | .25% | 67980 | 931 |
| **Class M** | .25% | .25% | 44464 | 216 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>48089</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6915</u> |
|  |  |  | <u>160533</u> | <u>8062</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** | 6141 |
| **Class M** | 714 |
| **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>43</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6898</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity China Region Fund** | 2643 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity China Region Fund** | Borrower | 7551308 | 4.42% | 24122 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity China Region Fund** | 16524343 | 7861565 | 5286202 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity China Region Fund** | 1643 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity China Region Fund** | 6945 | - | - |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity China Region Fund** | 8218500 | 4.59% | 2096 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $499.

**10. 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 China Region Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $286694 | $338330 |
| Class M | 89302 | 85978 |
| Class C | 26893 | 30918 |
| China Region | 12329201 | 15840360 |
| Class I | 331048 | 463654 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2473162</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>799341</u> |
| Total  | <u>$15536300</u> | <u>$17558581</u> |

---

**11. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 China Region Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 259255 | 178844 | $11857174 | $6717569 |
| Reinvestment of distributions | 6819 | 10187 | 265721 | 321753 |
| Shares redeemed | <u>(214079)</u> | <u>(240554)</u> | <u>(8881970)</u> | <u>(8335430)</u> |
| Net increase (decrease) | <u>51995</u> | <u>(51523)</u> | <u>$3240925</u> | <u>$(1296108)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 23078 | 47502 | $1034606 | $1843637 |
| Reinvestment of distributions | 2209 | 2728 | 85437 | 85562 |
| Shares redeemed | <u>(58520)</u> | <u>(33205)</u> | <u>(2412025)</u> | <u>(1091731)</u> |
| Net increase (decrease) | <u>(33233)</u> | <u>17025</u> | <u>$(1291982)</u> | <u>$837468</u> |
| **Class C** |  |  |  |  |
| Shares sold | 28736 | 21261 | $1249452 | $735512 |
| Reinvestment of distributions | 712 | 934 | 26488 | 28179 |
| Shares redeemed | <u>(31053)</u> | <u>(67001)</u> | <u>(1287624)</u> | <u>(2134280)</u> |
| Net increase (decrease) | <u>(1605)</u> | <u>(44806)</u> | <u>$(11684)</u> | <u>$(1370589)</u> |
| **China Region** |  |  |  |  |
| Shares sold | 7266867 | 5146816 | $344031574 | $191640410 |
| Reinvestment of distributions | 292451 | 464822 | 11554738 | 14864692 |
| Shares redeemed | <u>(7210799)</u> | <u>(7703610)</u> | <u>(310025782)</u> | <u>(267249284)</u> |
| Net increase (decrease) | <u>348519</u> | <u>(2091972)</u> | <u>$45560530</u> | <u>$(60744182)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 657081 | 577398 | $29063447 | $22269323 |
| Reinvestment of distributions | 6972 | 12678 | 273284 | 402398 |
| Shares redeemed | <u>(621909)</u> | <u>(645608)</u> | <u>(26214074)</u> | <u>(21463489)</u> |
| Net increase (decrease) | <u>42144</u> | <u>(55532)</u> | <u>$3122657</u> | <u>$1208232</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 2265389 | 3540230 | $124947794 | $115458729 |
| Reinvestment of distributions | 63077 | 24293 | 2469454 | 770360 |
| Shares redeemed | <u>(178289)</u> | <u>(324534)</u> | <u>(7447907)</u> | <u>(11618715)</u> |
| Net increase (decrease) | <u>2150177</u> | <u>3239989</u> | <u>$119969341</u> | <u>$104610374</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity Emerging Markets Fund** |
| Fidelity China Region Fund | 17% |

---

**13. 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.

**Fidelity® Emerging Asia Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.9%** | &nbsp;&nbsp;**Common Stocks - 93.9%** | &nbsp;&nbsp;**Common Stocks - 93.9%** |
|  | Shares | Value ($)<br>|
| CHINA - 37.6%  |  |  |
| Communication Services - 8.2% |  |  |
| Interactive Media & Services - 8.2% |  |  |
| Tencent Holdings Ltd  | 1489144 | 120959835 |
| Consumer Discretionary - 7.8% |  |  |
| Broadline Retail - 7.8% |  |  |
| Alibaba Group Holding Ltd  | 2538968 | 54026063 |
| PDD Holdings Inc Class A ADR (a) | 447172 | 60310088 |
|  |  | 114336151 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Laopu Gold Co Ltd H Shares  | 4600 | 405209 |
| TOTAL CONSUMER DISCRETIONARY |  | 114741360 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.9% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 347800 | 13682525 |
| Financials - 2.7% |  |  |
| Insurance - 2.7% |  |  |
| People's Insurance Co Group of China Ltd/The H Shares  | 23200400 | 20840068 |
| PICC Property & Casualty Co Ltd H Shares  | 7812000 | 18457937 |
|  |  | 39298005 |
| Health Care - 6.7% |  |  |
| Health Care Equipment & Supplies - 4.1% |  |  |
| AK Medical Holdings Ltd (b)(c) | 17160127 | 12963039 |
| APT Medical Inc A Shares (China)  | 330800 | 12827830 |
| Double Medical Technology Inc A Shares (China)  | 238400 | 1676109 |
| MicroTech Medical Hangzhou Co Ltd H Shares (a)(b)(c) | 959727 | 825035 |
| Peijia Medical Ltd (a)(b)(c) | 7752779 | 5986278 |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 15899200 | 11110238 |
| Shanghai MicroPort Endovascular MedTech Group Co Ltd A Shares (China)  | 79396 | 1136603 |
| Zylox-Tonbridge Medical Technology Co Ltd H Shares (b)(c) | 4709778 | 14340472 |
|  |  | 60865604 |
| Health Care Providers & Services - 0.1% |  |  |
| Kindstar Globalgene Technology Inc (b)(c) | 5408717 | 918790 |
| Life Sciences Tools & Services - 2.5% |  |  |
| WuXi XDC Cayman Inc (a) | 3893959 | 37633928 |
| TOTAL HEALTH CARE |  | 99418322 |
| Industrials - 4.4% |  |  |
| Electrical Equipment - 3.6% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 261000 | 14256466 |
| Sieyuan Electric Co Ltd A Shares (China)  | 531600 | 9810557 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 1116960 | 29786019 |
|  |  | 53853042 |
| Machinery - 0.8% |  |  |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 13100 | 141742 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 4164000 | 11260971 |
|  |  | 11402713 |
| Trading Companies & Distributors - 0.0% |  |  |
| ZKH Group Ltd Class A (a) | 18 | 1 |
| TOTAL INDUSTRIALS |  | 65255756 |
| Information Technology - 4.8% |  |  |
| Semiconductors & Semiconductor Equipment - 4.8% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 461700 | 18121858 |
| Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)  | 381200 | 10541459 |
| Flat Glass Group Co Ltd A Shares (China)  | 4268900 | 11101995 |
| GCL Technology Holdings Ltd (a) | 68901000 | 12059038 |
| Piotech Inc A Shares (China)  | 449800 | 19275157 |
|  |  | 71099507 |
| Materials - 2.1% |  |  |
| Metals & Mining - 2.1% |  |  |
| Zijin Mining Group Co Ltd A Shares (China)  | 7211600 | 30903673 |
| TOTAL CHINA |  | 555358983 |
| HONG KONG - 4.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Huanxi Media Group Ltd (a) | 11529015 | 474778 |
| Financials - 3.3% |  |  |
| Capital Markets - 2.3% |  |  |
| Futu Holdings Ltd Class A ADR  | 68700 | 13674048 |
| Hong Kong Exchanges & Clearing Ltd  | 359400 | 19592158 |
|  |  | 33266206 |
| Insurance - 1.0% |  |  |
| AIA Group Ltd  | 1479687 | 14398444 |
| TOTAL FINANCIALS |  | 47664650 |
| Industrials - 0.7% |  |  |
| Air Freight & Logistics - 0.7% |  |  |
| J&T Global Express Ltd B Shares (a) | 8527701 | 10941462 |
| TOTAL HONG KONG |  | 59080890 |
| INDIA - 16.3%  |  |  |
| Communication Services - 1.8% |  |  |
| Wireless Telecommunication Services - 1.8% |  |  |
| Bharti Airtel Ltd  | 1131000 | 26177429 |
| Consumer Discretionary - 4.5% |  |  |
| Automobiles - 1.4% |  |  |
| Mahindra & Mahindra Ltd  | 525900 | 20660378 |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Eternal Ltd (a) | 6208561 | 22224641 |
| MakeMyTrip Ltd (a)(d) | 258960 | 20716800 |
| Travel Food Services Ltd  | 168805 | 2507400 |
|  |  | 45448841 |
| Household Durables - 0.0% |  |  |
| LG Electronics India Ltd  | 1894 | 35497 |
| TOTAL CONSUMER DISCRETIONARY |  | 66144716 |
| Financials - 8.3% |  |  |
| Banks - 2.2% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 2913950 | 32410779 |
| Capital Markets - 2.4% |  |  |
| 360 ONE WAM Ltd  | 1783141 | 21709463 |
| HDFC Asset Management Co Ltd (b)(c) | 237634 | 14400195 |
|  |  | 36109658 |
| Consumer Finance - 3.7% |  |  |
| Bajaj Finance Ltd  | 2405861 | 28263752 |
| Shriram Finance Ltd  | 3052605 | 25754474 |
|  |  | 54018226 |
| TOTAL FINANCIALS |  | 122538663 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Hindustan Aeronautics Ltd (b) | 258066 | 13605557 |
| Air Freight & Logistics - 0.8% |  |  |
| Delhivery Ltd (a) | 2243703 | 11777766 |
| TOTAL INDUSTRIALS |  | 25383323 |
| TOTAL INDIA |  | 240244131 |
| INDONESIA - 2.2%  |  |  |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| Bank Rakyat Indonesia Persero Tbk PT  | 74653700 | 17858678 |
| Bank Syariah Indonesia Tbk PT  | 94928541 | 14556090 |
| TOTAL INDONESIA |  | 32414768 |
| KOREA (SOUTH) - 11.4%  |  |  |
| Communication Services - 1.7% |  |  |
| Interactive Media & Services - 1.7% |  |  |
| Kakao Corp  | 561539 | 25577004 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| Kia Corp  | 183310 | 15377796 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Korea Aerospace Industries Ltd  | 197329 | 14275792 |
| Industrial Conglomerates - 1.2% |  |  |
| SK Square Co Ltd (a) | 101070 | 18385878 |
| TOTAL INDUSTRIALS |  | 32661670 |
| Information Technology - 6.5% |  |  |
| Semiconductors & Semiconductor Equipment - 4.3% |  |  |
| SK Hynix Inc  | 158668 | 62056877 |
| Technology Hardware, Storage & Peripherals - 2.2% |  |  |
| Samsung Electronics Co Ltd  | 437085 | 32874801 |
| TOTAL INFORMATION TECHNOLOGY |  | 94931678 |
| TOTAL KOREA (SOUTH) |  | 168548148 |
| PHILIPPINES - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Transportation Infrastructure - 1.1% |  |  |
| International Container Terminal Services Inc  | 1761000 | 15897427 |
| SINGAPORE - 1.7%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 1.7% |  |  |
| Sea Ltd Class A ADR (a) | 159688 | 24951250 |
| SOUTH AFRICA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Naspers Ltd Class N  | 117500 | 8252737 |
| TAIWAN - 19.0%  |  |  |
| Information Technology - 19.0% |  |  |
| Electronic Equipment, Instruments & Components - 2.5% |  |  |
| Chroma ATE Inc  | 368000 | 9792449 |
| Elite Material Co Ltd  | 281000 | 12416661 |
| Unimicron Technology Corp  | 2684000 | 14258042 |
|  |  | 36467152 |
| Semiconductors & Semiconductor Equipment - 15.5% |  |  |
| MediaTek Inc  | 523000 | 22260381 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 3307892 | 159776310 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 154953 | 46552530 |
|  |  | 228589221 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Asia Vital Components Co Ltd  | 328000 | 15186172 |
| TOTAL TAIWAN |  | 280242545 |
| UNITED STATES - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Space Exploration Technologies Corp (a)(e)(f) | 11000 | 2331999 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $943,224,750) |  | <br> **1387322878** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Interactive Media & Services - 0.4% |  |  |
| Bytedance Ltd Series E1 (a)(e)(f) | 23366 | 6042448 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(e)(f) | 111500 | 890885 |
| TOTAL CHINA |  | 6933333 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho Series D-2 (e)(f) | 340620 | 524555 |
| Meesho Series E (e)(f) | 56760 | 87410 |
| Meesho Series F (e)(f) | 53596 | 82537 |
| TOTAL INDIA |  | 694502 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,564,017) |  | <br> **7627835** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.4%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 2.4%  |  |  |
| Information Technology - 2.4% |  |  |
| Technology Hardware, Storage & Peripherals - 2.4% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $29,538,794)<br>| 597632 | **35291088** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 87485646 | 87503144 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 21423996 | 21426138 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $108,929,282) |  |  | **108929282** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.2%**<br> (Cost $1,086,256,843)<br>| <br>**1539171083** |
| **NET OTHER ASSETS (LIABILITIES) - (4.2)%**  | **(61738588)** |
| **NET ASSETS - 100.0%** | **1477432495** |

---

**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 $63,039,366 or 4.3% 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 $49,433,809 or 3.3% of net assets.

(d) Security or a portion of the security is on loan at period end.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,959,834 or 0.7% of net assets.

(f) Level 3 security.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 2560310 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 1583651 |
| Meesho Series D-2 | 7/15/2024 | 317912 |
| Meesho Series E | 7/15/2024 | 52976 |
| Meesho Series F | 7/15/2024 | 49168 |
| Space Exploration Technologies Corp | 2/16/2021 | 461989 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 16203038 | 592975463 | 521677479 | 1496373 | 2122 | - | 87503144 | 87485646 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 60896782 | 281759705 | 321230349 | 784681 | - | - | 21426138 | 21423996 | 0.1% |
| Total | 77099820 | 874735168 | 842907828 | 2281054 | 2122 | - | 108929282 |  |  |

---

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 | 173189046 | 52229211 | 120959835 | - |
| Consumer Discretionary | 229467859 | 167189059 | 62278800 | - |
| Consumer Staples | 13682525 | 13682525 | - | - |
| Financials | 241916086 | 209658964 | 32257122 | - |
| Health Care | 99418322 | 99418322 | - | - |
| Industrials | 152471637 | 150139638 | - | 2331999 |
| Information Technology | 446273730 | 286497420 | 159776310 | - |
| Materials | 30903673 | 30903673 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 6042448 | - | - | 6042448 |
| Consumer Discretionary | 694502 | - | - | 694502 |
| Health Care | 890885 | - | - | 890885 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 35291088 | 35291088 | - | - |
|  **Money Market Funds** | 108929282 | 108929282 | - | - |
| **Total Investments in Securities:** | 1539171083 | 1153939182 | 375272067 | 9959834 |

---

**Fidelity® Emerging Asia 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 $20,715,280) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $977,327,561) | $1430241801 |  |
| Fidelity Central Funds (cost $108,929,282) | 108929282 |  |
| Total Investment in Securities (cost $1,086,256,843) |  | $1539171083 |
| Foreign currency held at value (cost $903) |  | 903 |
| Receivable for investments sold |  | 4149160 |
| Receivable for fund shares sold |  | 2543603 |
| Dividends receivable |  | 394646 |
| Distributions receivable from Fidelity Central Funds |  | 374846 |
| Prepaid expenses |  | 1266 |
| Other receivables |  | 470707 |
| **Total assets** |  | 1547106214 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $37280346 |  |
| Payable for fund shares redeemed | 940680 |  |
| Accrued management fee | 1214971 |  |
| Deferred taxes | 8708977 |  |
| Other payables and accrued expenses | 101377 |  |
| Collateral on securities loaned | 21427368 |  |
| **Total liabilities** |  | 69673719 |
| **Net Assets**  |  | $1477432495 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1113182057 |
| Total accumulated earnings (loss) |  | 364250438 |
| **Net Assets** |  | $1477432495 |
| **Net Asset Value**, offering price and redemption price per share ($1,477,432,495 ÷ 22,012,936 shares) |  | $67.12 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $10893663 |
| Income from Fidelity Central Funds (including $784,681 from security lending)  |  | 2281054 |
| Income before foreign taxes withheld |  | $13174717 |
| Less foreign taxes withheld |  | (1418971) |
| **Total income** |  | 11755746 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $9679800 |  |
| Performance adjustment | 1441433 |  |
| Custodian fees and expenses | 186100 |  |
| Independent trustees' fees and expenses | 4191 |  |
| Registration fees | 49131 |  |
| Audit fees | 113466 |  |
| Legal | 2589 |  |
| Interest | 25924 |  |
| Miscellaneous | 4527 |  |
| **Total expenses** |  | 11507161 |
| **Net Investment income (loss)** |  | 248585 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $10,610,124)  | 196106500 |  |
| Fidelity Central Funds | 2122 |  |
| Foreign currency transactions | (700644) |  |
| Total net realized gain (loss) |  | 195407978 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $351,092)  | 163111127 |  |
| Assets and liabilities in foreign currencies | (54575) |  |
| Total change in net unrealized appreciation (depreciation) |  | 163056552 |
| **Net gain (loss)** |  | 358464530 |
| **Net increase (decrease) in net assets resulting from operations** |  | $358713115 |

---

---

| | | |
|:---|:---|:---|
| **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) | $248585 | $5277885 |
| &nbsp;&nbsp;Net realized gain (loss) | 195407978<br>| 28608974<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 163056552 | 266901387<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 358713115<br>| 300788246<br>|
| Distributions to shareholders | -<br>| (375705)<br>|
| Distributions to shareholders from tax return of capital | -<br>| (336817)<br>|
| **Total Distributions** | -<br>| (712522)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 294916917 | 61473832 |
| Reinvestment of distributions | -<br>| 649603<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (201749186) | (204300986) |
| **Net increase (decrease) in net assets resulting from share transactions** | 93167731<br>| (142177551)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 451880846<br>| 157898173<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1025551649 | 867653476<br>|
| &nbsp;&nbsp;End of period | $1477432495 | $1025551649 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5098750 | 1380129 |
| Issued in reinvestment of distributions | -<br>| 16661<br>|
| &nbsp;&nbsp;Redeemed | (3728673) | (4876776) |
| &nbsp;&nbsp;Net increase (decrease) | 1370077 | (3479986) |

---

**Financial Highlights** 

**Fidelity® Emerging Asia Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.68 | $35.97 | $30.23 | $64.66 | $63.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .24  | .05  | (.22)  | (.31) C |
| Net realized and unrealized gain (loss)  | 17.43  | 13.50  | 5.69  | (26.97)  | 11.00  |
| Total from investment operations  | 17.44  | 13.74  | 5.74  | (27.19)  | 10.69  |
| Distributions from net investment income  | -  | (.02)  | -  | (.09)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (7.15)  | (9.63)  |
| Distributions from tax return of capital  | - | (.01) | - | - | - |
| Total distributions  | -  | (.03)  | -  | (7.24)  | (9.63)  |
| Net asset value, end of period  | $67.12 | $49.68 | $35.97 | $30.23 | $64.66 |
| **Total Return** D | 35.10% <br>| 38.22%  | 18.99%  | (46.77)%  | 17.02%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.03%  | .66%  | .87%  | 1.18%  | 1.02%  |
| Expenses net of fee waivers, if any  | 1.03% <br>| .65%  | .87%  | 1.17%  | 1.02%  |
| Expenses net of all reductions, if any  | 1.03%  | .65%  | .87%  | 1.17%  | 1.02%  |
| Net investment income (loss)  | .02%  | .56%  | .13%  | (.51)%  | (.45)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1477432 | $1025552 | $867653 | $823527 | $2000120 |
| Portfolio turnover rate G | 107% <br>| 57%  | 50%  | 44%  | 85%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.54)%.*

D*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 Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. 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.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $460978583 |
| **Gross unrealized depreciation**  | <u>(26628611)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$434349972</u> |
| **Tax Cost**  | <u>$1104821111</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2647167</u> |
| **Capital loss carryforward**  | <u>$(63697058)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$434009307</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 | $(48295015) |
| Long-term | <u>(15402043)</u> |
| **Total capital loss carryforward** | <u>$(63697058)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $- | $375705 |
| **Tax Return of Capital**  | <u>-</u> | <u>336817</u> |
| **Total**  | <u>$-</u> | <u>$712522</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Emerging Asia Fund** | 1216757274 | 1172430680 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Emerging Asia Fund** | .87 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Emerging Asia Fund** | .87 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Emerging Asia Fund** | MSCI All Country Asia ex Japan Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .13%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Emerging Asia Fund** | 4719 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Emerging Asia Fund** | Borrower | 7697654 | 4.66% | 25924 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Emerging Asia Fund** | 45028134 | 61820989 | 27752174 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Emerging Asia Fund** | 1451 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Emerging Asia Fund** | 84190 | - | - |

---

**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.

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

**Fidelity® Emerging Markets Fund**

**Consolidated Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 3.9%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| MercadoLibre Inc (b) | 19100 | 44450666 |
| Financials - 2.1% |  |  |
| Banks - 1.3% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 7556470 | 121734732 |
| Capital Markets - 0.8% |  |  |
| Banco BTG Pactual SA unit  | 8305400 | 75366802 |
| TOTAL FINANCIALS |  | 197101534 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| TOTVS SA  | 7497100 | 61830747 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Equatorial Energia SA  | 8114600 | 55279341 |
| TOTAL BRAZIL |  | 358662288 |
| CANADA - 0.9%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Cameco Corp  | 805400 | 82311530 |
| CHILE - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Antofagasta PLC  | 1651900 | 60545819 |
| CHINA - 28.8%  |  |  |
| Communication Services - 9.7% |  |  |
| Entertainment - 1.4% |  |  |
| Tencent Music Entertainment Group Class A ADR  | 5736525 | 128039238 |
| Interactive Media & Services - 8.3% |  |  |
| Tencent Holdings Ltd  | 9434100 | 766310836 |
| TOTAL COMMUNICATION SERVICES |  | 894350074 |
| Consumer Discretionary - 8.1% |  |  |
| Automobiles - 0.9% |  |  |
| BYD Co Ltd H Shares  | 6089900 | 78841773 |
| Broadline Retail - 6.6% |  |  |
| Alibaba Group Holding Ltd ADR  | 2140700 | 364839501 |
| PDD Holdings Inc Class A ADR (b) | 1809100 | 243993317 |
|  |  | 608832818 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Yum China Holdings Inc  | 1409600 | 60979296 |
| TOTAL CONSUMER DISCRETIONARY |  | 748653887 |
| Consumer Staples - 1.2% |  |  |
| Beverages - 1.2% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 1074100 | 42255318 |
| Kweichow Moutai Co Ltd A Shares (China)  | 346318 | 69581336 |
|  |  | 111836654 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Bank of Chengdu Co Ltd A Shares (China)  | 24900145 | 58809599 |
| Health Care - 1.7% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| APT Medical Inc A Shares (China)  | 1523000 | 59059207 |
| Pharmaceuticals - 1.1% |  |  |
| Consun Pharmaceutical Group Ltd  | 10274000 | 19872238 |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 17576000 | 80613167 |
|  |  | 100485405 |
| TOTAL HEALTH CARE |  | 159544612 |
| Industrials - 5.6% |  |  |
| Electrical Equipment - 4.2% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 2809357 | 153454031 |
| Sieyuan Electric Co Ltd A Shares (China)  | 12570216 | 231980481 |
|  |  | 385434512 |
| Machinery - 1.4% |  |  |
| Airtac International Group  | 2014000 | 59612515 |
| Neway Valve Suzhou Co Ltd A Shares (China)  | 10267779 | 75738107 |
|  |  | 135350622 |
| Trading Companies & Distributors - 0.0% |  |  |
| ZKH Group Ltd Class A (b) | 1 | 0 |
| TOTAL INDUSTRIALS |  | 520785134 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 9549208 | 84525263 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| NAURA Technology Group Co Ltd A Shares (China)  | 995539 | 56935700 |
| Software - 0.4% |  |  |
| Pony AI Inc ADR (b) | 1757100 | 32822627 |
| TOTAL INFORMATION TECHNOLOGY |  | 174283590 |
| TOTAL CHINA |  | 2668263550 |
| FRANCE - 1.9%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Hermes International SCA  | 23619 | 58505322 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Gaztransport Et Technigaz SA  | 607341 | 120128856 |
| TOTAL FRANCE |  | 178634178 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (b)(e) | 379900 | 39475409 |
| GREECE - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| OPAP SA  | 2010644 | 41600360 |
| HONG KONG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Zijin Gold International Co Ltd  | 434900 | 7354158 |
| HUNGARY - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Richter Gedeon Nyrt  | 1900755 | 58586088 |
| INDIA - 14.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Wireless Telecommunication Services - 1.1% |  |  |
| Bharti Airtel Ltd  | 4450631 | 103011563 |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 0.2% |  |  |
| Lenskart Solutions Ltd (b) | 3138591 | 14214089 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Eternal Ltd (b) | 36805400 | 131751432 |
| TOTAL CONSUMER DISCRETIONARY |  | 145965521 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Reliance Industries Ltd  | 8111336 | 135827070 |
| Financials - 6.4% |  |  |
| Banks - 2.9% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 17938234 | 199520289 |
| Kotak Mahindra Bank Ltd  | 3063348 | 72548529 |
|  |  | 272068818 |
| Capital Markets - 1.1% |  |  |
| 360 ONE WAM Ltd  | 8070661 | 98259036 |
| Consumer Finance - 1.5% |  |  |
| Bajaj Finance Ltd  | 11696400 | 137407829 |
| Insurance - 0.9% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 4863500 | 40098602 |
| SBI Life Insurance Co Ltd (c)(d) | 2247800 | 49524277 |
|  |  | 89622879 |
| TOTAL FINANCIALS |  | 597358562 |
| Health Care - 1.0% |  |  |
| Health Care Providers & Services - 1.0% |  |  |
| Max Healthcare Institute Ltd  | 6861200 | 88720614 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Hindustan Aeronautics Ltd (d) | 1811600 | 95509781 |
| Construction & Engineering - 0.9% |  |  |
| Larsen & Toubro Ltd  | 1743932 | 79193550 |
| Professional Services - 0.6% |  |  |
| Computer Age Management Services Ltd  | 1332900 | 59182772 |
| TOTAL INDUSTRIALS |  | 233886103 |
| TOTAL INDIA |  | 1304769433 |
| INDONESIA - 2.3%  |  |  |
| Financials - 2.3% |  |  |
| Banks - 2.3% |  |  |
| Bank Central Asia Tbk PT  | 416997970 | 213499633 |
| ITALY - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.4% |  |  |
| Ferrari NV (e) | 92700 | 37446165 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Brunello Cucinelli SpA (e) | 237700 | 24039436 |
| TOTAL ITALY |  | 61485601 |
| KAZAKHSTAN - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Consumer Finance - 0.9% |  |  |
| Kaspi.KZ JSC ADR  | 1102900 | 82485891 |
| KOREA (SOUTH) - 10.4%  |  |  |
| Communication Services - 1.0% |  |  |
| Interactive Media & Services - 1.0% |  |  |
| Webtoon Entertainment Inc (b)(e) | 5392045 | 94522549 |
| Consumer Staples - 0.4% |  |  |
| Personal Care Products - 0.4% |  |  |
| APR Corp/Korea  | 224290 | 40016477 |
| Health Care - 1.1% |  |  |
| Life Sciences Tools & Services - 1.1% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(f) | 116752 | 99739860 |
| Information Technology - 7.9% |  |  |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| SK Hynix Inc  | 968190 | 378670228 |
| Technology Hardware, Storage & Peripherals - 3.8% |  |  |
| Samsung Electronics Co Ltd  | 4682637 | 352198674 |
| TOTAL INFORMATION TECHNOLOGY |  | 730868902 |
| TOTAL KOREA (SOUTH) |  | 965147788 |
| MEXICO - 1.9%  |  |  |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| BBB Foods Inc Class A (b)(e) | 2316139 | 63276917 |
| Grupo Comercial Chedraui SA de CV  | 5329100 | 38640529 |
|  |  | 101917446 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco del Bajio SA (c)(d) | 5362496 | 13730599 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.6% |  |  |
| Prologis Property Mexico SA de CV (e) | 14843800 | 59276127 |
| TOTAL MEXICO |  | 174924172 |
| NETHERLANDS - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| BE Semiconductor Industries NV  | 263900 | 44897608 |
| POLAND - 1.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Allegro.eu SA (b)(c)(d) | 4337773 | 40523468 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Dino Polska SA (b)(c)(d) | 4993310 | 59587103 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 3066800 | 62864003 |
| TOTAL POLAND |  | 162974574 |
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(f) | 25741060 | 1 |
| SAUDI ARABIA - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Al Rajhi Bank  | 4591520 | 129409291 |
| SOUTH AFRICA - 2.0%  |  |  |
| Consumer Discretionary - 2.0% |  |  |
| Broadline Retail - 2.0% |  |  |
| Naspers Ltd Class N  | 2694000 | 189215944 |
| SWEDEN - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| VEF AB (b)(g) | 73573525 | 17308684 |
| TAIWAN - 18.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| International Games System Co Ltd  | 1331072 | 31138210 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Voltronic Power Technology Corp  | 933868 | 36713896 |
| Information Technology - 17.4% |  |  |
| Semiconductors & Semiconductor Equipment - 17.4% |  |  |
| ASPEED Technology Inc  | 377000 | 67002079 |
| eMemory Technology Inc  | 682000 | 44095783 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 31070000 | 1500729153 |
|  |  | 1611827015 |
| TOTAL TAIWAN |  | 1679679121 |
| UNITED ARAB EMIRATES - 2.4%  |  |  |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| ADNOC Drilling Co PJSC  | 49796383 | 75651402 |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Adnoc Gas PLC  | 59286400 | 56333339 |
| TOTAL ENERGY |  | 131984741 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 17798825 | 69878179 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Presight AI Holding PLC (b) | 18559900 | 18241805 |
| TOTAL UNITED ARAB EMIRATES |  | 220104725 |
| UNITED KINGDOM - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Revolut Group Holdings Ltd (f)(h) | 25555 | 34205879 |
| UNITED STATES - 4.8%  |  |  |
| Information Technology - 4.8% |  |  |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| NVIDIA Corp  | 1842080 | 373002779 |
| Software - 0.7% |  |  |
| Synopsys Inc (b) | 152700 | 69298314 |
| TOTAL UNITED STATES |  | 442301093 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,229,429,517) |  | <br> **9217842818** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Creditas Financial Solutions Ltd 5% 7/28/2027 (f)(h)<br>(Cost $30,523,684)<br>| 30523684 | **36439175** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Bytedance Ltd Series E1 (b)(f)(h)<br>(Cost $9,341,528)<br>| 85253 | **22046426** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.18 | 70231373 | 70245419 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.18 | 29576792 | 29579750 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $99,825,169) |  |  | **99825169** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $5,369,119,898)<br>| <br>**9376153588** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(109991465)** |
| **NET ASSETS - 100.0%** | **9266162123** |

---

**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 $383,817,076 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 $479,326,857 or 5.2% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Level 3 security.

(g) Affiliated company.

(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 $92,691,480 or 1.0% of net assets.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(j) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 9341528 |
| Creditas Financial Solutions Ltd 5% 7/28/2027 | 1/28/2022 - 7/28/2023 | 30523684 |
| Revolut Group Holdings Ltd | 12/27/2024 | 22226349 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 198948750 | 2243617037 | 2372320274 | 3581461 | (94) | - | 70245419 | 70231373 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 47267424 | 474799295 | 492486969 | 157065 | - | - | 29579750 | 29576792 | 0.1% |
| Total | 246216174 | 2718416332 | 2864807243 | 3738526 | (94) | - | 99825169 |  |  |

---

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  |
| VEF AB | 20110388 | - | 3783299 | - | (3173681) | 4155276 | 17308684 | 73573525 |
| Total | 20110388 | - | 3783299 | - | (3173681) | 4155276 | 17308684 |  |

---

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 | 1123022396 | 356711560 | 766310836 | - |
| Consumer Discretionary | 1330400769 | 1126970736 | 203430033 | - |
| Consumer Staples | 313357680 | 313357680 | - | - |
| Energy | 470252197 | 470252197 | - | - |
| Financials | 1476651855 | 1228946342 | 213499633 | 34205880 |
| Health Care | 446066583 | 346326723 | - | 99739860 |
| Industrials | 791385133 | 791385133 | - | - |
| Information Technology | 3084250760 | 1583521607 | 1500729153 | - |
| Materials | 67899977 | 67899977 | - | - |
| Real Estate | 59276127 | 59276127 | - | - |
| Utilities | 55279341 | 55279341 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 36439175 | - | - | 36439175 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 22046426 | - | - | 22046426 |
|  **Money Market Funds** | 99825169 | 99825169 | - | - |
| **Total Investments in Securities:** | 9376153588 | 6499752592 | 2683969655 | 192431341 |

---

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** | 9352379 | (3143400) | 26253020 | 64574499 | (28352786) | - | 74614404 | (9352376) | 133945740 | 26253020 |
| **Convertible Preferred Stocks** | 21242490 | - | 803936 | - | - | - | - | - | 22046426 | 803936 |
| **Convertible Corporate Bonds** | 28606797 | - | 7832378 | - | - | - | - | - | 36439175 | 7832378 |
| <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. |  |  |  |

---

**Fidelity® Emerging Markets 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 $27,895,400) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,238,876,692) | $9259019735 |  |
| Fidelity Central Funds (cost $99,825,169) | 99825169 |  |
| Other affiliated issuers (cost $30,418,037) | 17308684 |  |
| Total Investment in Securities (cost $5,369,119,898) |  | $9376153588 |
| Cash |  | 129 |
| Foreign currency held at value (cost $339,516) |  | 333144 |
| Receivable for investments sold |  | 702105 |
| Receivable for fund shares sold |  | 7063803 |
| Dividends receivable |  | 3504931 |
| Interest receivable |  | 3453745 |
| Distributions receivable from Fidelity Central Funds |  | 188717 |
| Prepaid expenses |  | 8726 |
| Receivable from investment adviser for expense reductions |  | 102408 |
| Other receivables |  | 1981970 |
| **Total assets** |  | 9393493266 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $9240127 |  |
| Accrued management fee | 5976049 |  |
| Distribution and service plan fees payable | 14868 |  |
| Deferred taxes | 82081756 |  |
| Other payables and accrued expenses | 438593 |  |
| Collateral on securities loaned | 29579750 |  |
| **Total liabilities** |  | 127331143 |
| **Net Assets**  |  | $9266162123 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6128474685 |
| Total accumulated earnings (loss) |  | 3137687438 |
| **Net Assets** |  | $9266162123 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($44,055,283 ÷ 881,143 shares)(a) |  | $50.00 |
| Maximum offering price per share (100/94.25 of $50.00) |  | $53.05 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($7,020,258 ÷ 140,559 shares)(a) |  | $49.95 |
| Maximum offering price per share (100/96.50 of $49.95) |  | $51.76 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($3,781,126 ÷ 76,389 shares)(a) |  | $49.50 |
| **Emerging Markets :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,777,850,012 ÷ 114,648,767 shares) |  | $50.40 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,087,699,537 ÷ 41,386,485 shares) |  | $50.44 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($484,298,835 ÷ 9,637,571 shares) |  | $50.25 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($861,457,072 ÷ 16,965,201 shares) |  | $50.78 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $129114385 |
| Interest  |  | 1523139 |
| Income from Fidelity Central Funds (including $157,065 from security lending)  |  | 3738526 |
| Income before foreign taxes withheld |  | $134376050 |
| Less foreign taxes withheld |  | (13374959) |
| **Total income** |  | 121001091 |
| **Expenses** |  |  |
| Management fee | $62607479 |  |
| Distribution and service plan fees | 156962 |  |
| Custodian fees and expenses | 1471652 |  |
| Independent trustees' fees and expenses | 32187 |  |
| Registration fees | 341080 |  |
| Audit fees | 152039 |  |
| Legal | 15281 |  |
| Interest | 100329 |  |
| Miscellaneous | 79947 |  |
| Total expenses before reductions | 64956956 |  |
| Expense reductions | (30946) |  |
| Total expenses after reductions |  | 64926010 |
| **Net Investment income (loss)** |  | 56075081 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $20,385,108)  | 115376860 |  |
| Redemptions in-kind | 286450358 |  |
| Fidelity Central Funds | (94) |  |
| Other affiliated issuers | (3173681) |  |
| Foreign currency transactions | (1396976) |  |
| Futures contracts | 10779615 |  |
| Total net realized gain (loss) |  | 408036082 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $11,673,493) | 1524601524 |  |
| Affiliated issuers  | 4155276 |  |
| Assets and liabilities in foreign currencies | 145668 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1528902468 |
| **Net gain (loss)** |  | 1936938550 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1993013631 |

---

---

| | | |
|:---|:---|:---|
| **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) | $56075081 | $78134320 |
| &nbsp;&nbsp;Net realized gain (loss) | 408036082<br>| 314887725<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1528902468 | 1558006188<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1993013631<br>| 1951028233<br>|
| Distributions to shareholders | (46197464)<br>| (91875932)<br>|
| Share transactions - net increase (decrease) | (1611471650)<br>| 244321857<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 335344517<br>| 2103474158<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8930817606 | 6827343448<br>|
| &nbsp;&nbsp;End of period | $9266162123 | $8930817606 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Emerging Markets Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.62 | $31.80 | $27.73 | $47.48 | $46.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .16  | .21  | .26 D | .16 E | (.04)  |
| Net realized and unrealized gain (loss)  | 10.46  | 7.91  | 3.95  | (17.27)  | .69  |
| Total from investment operations  | 10.62  | 8.12  | 4.21  | (17.11)  | .65  |
| Distributions from net investment income  | (.24)  | (.30)  | (.14)  | (.48)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | -  |
| Total distributions  | (.24)  | (.30)  | (.14)  | (2.64)  | -  |
| Net asset value, end of period  | $50.00 | $39.62 | $31.80 | $27.73 | $47.48 |
| **Total Return** F,G,H | 26.97% <br>| 25.69%  | 15.18%  | (38.00)%  | 1.39%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |
| Expenses before reductions  | 1.14%  | 1.14%  | 1.20%  | 1.21%  | 1.25% K |
| Expenses net of fee waivers, if any  | 1.14% <br>| 1.13%  | 1.20%  | 1.21%  | 1.25% K |
| Expenses net of all reductions, if any  | 1.14%  | 1.13%  | 1.20%  | 1.21%  | 1.25% K |
| Net investment income (loss)  | .40%  | .54%  | .77% D | .45% E | (.17)% K |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $44055 | $38430 | $15288 | $10046 | $6248 |
| Portfolio turnover rate L | 31% M<br>| 46% M,N | 23%  | 34%  | 38% K,N |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the sales charges.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.59 | $31.80 | $27.71 | $47.42 | $46.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .06  | .11  | .17 D | .05 E | (.09)  |
| Net realized and unrealized gain (loss)  | 10.45  | 7.92  | 3.96  | (17.29)  | .68  |
| Total from investment operations  | 10.51  | 8.03  | 4.13  | (17.24)  | .59  |
| Distributions from net investment income  | (.15)  | (.24)  | (.04)  | (.32)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | -  |
| Total distributions  | (.15)  | (.24)  | (.04)  | (2.47) F | -  |
| Net asset value, end of period  | $49.95 | $39.59 | $31.80 | $27.71 | $47.42 |
| **Total Return** G,H,I | 26.65% <br>| 25.37%  | 14.90%  | (38.20)%  | 1.26%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |
| Expenses before reductions  | 1.39%  | 1.39%  | 1.48%  | 1.51%  | 1.52% L |
| Expenses net of fee waivers, if any  | 1.39% <br>| 1.39%  | 1.47%  | 1.50%  | 1.51% L |
| Expenses net of all reductions, if any  | 1.39%  | 1.39%  | 1.47%  | 1.50%  | 1.51% L |
| Net investment income (loss)  | .15%  | .29%  | .50% D | .15% E | (.39)% L |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7020 | $6498 | $3070 | $1392 | $2234 |
| Portfolio turnover rate M | 31% N<br>| 46% N,O | 23%  | 34%  | 38% L,O |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .17%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.08)%.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Total returns do not include the effect of the sales charges.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

O*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.29 | $31.54 | $27.59 | $47.31 | $46.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.14)  | (.08)  | - D,E | (.12) F | (.19)  |
| Net realized and unrealized gain (loss)  | 10.36  | 7.88  | 3.95  | (17.26)  | .67  |
| Total from investment operations  | 10.22  | 7.80  | 3.95  | (17.38)  | .48  |
| Distributions from net investment income  | (.01)  | (.05)  | -  | (.18)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | -  |
| Total distributions  | (.01)  | (.05)  | -  | (2.34)  | -  |
| Net asset value, end of period  | $49.50 | $39.29 | $31.54 | $27.59 | $47.31 |
| **Total Return** G,H,I | 26.03% <br>| 24.73%  | 14.32%  | (38.50)%  | 1.02%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |
| Expenses before reductions  | 1.89%  | 1.89%  | 1.98%  | 2.00%  | 2.01% L |
| Expenses net of fee waivers, if any  | 1.89% <br>| 1.88%  | 1.98%  | 2.00%  | 2.01% L |
| Expenses net of all reductions, if any  | 1.89%  | 1.88%  | 1.97%  | 2.00%  | 2.01% L |
| Net investment income (loss)  | (.35)%  | (.21)%  | (.01)% D | (.34)% F | (.86)% L |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3781 | $3573 | $1768 | $1377 | $1587 |
| Portfolio turnover rate M | 31% N<br>| 46% N,O | 23%  | 34%  | 38% L,O |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.34)%.*

E*Amount represents less than $.005 per share.*

F*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Total returns do not include the effect of the contingent deferred sales charge.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

O*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Emerging Markets Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.83 | $31.97 | $27.87 | $47.56 | $40.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .30  | .36 C | .28 D | .12  |
| Net realized and unrealized gain (loss)  | 10.54  | 7.96  | 3.98  | (17.35)  | 7.81  |
| Total from investment operations  | 10.82  | 8.26  | 4.34  | (17.07)  | 7.93  |
| Distributions from net investment income  | (.25)  | (.40)  | (.24)  | (.46)  | (.09)  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | (.54)  |
| Total distributions  | (.25)  | (.40)  | (.24)  | (2.62)  | (.63)  |
| Net asset value, end of period  | $50.40 | $39.83 | $31.97 | $27.87 | $47.56 |
| **Total Return** E | 27.33% <br>| 26.02%  | 15.56%  | (37.83)%  | 19.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .86%  | .87%  | .90%  | .90%  | .88%  |
| Expenses net of fee waivers, if any  | .86% <br>| .87%  | .90%  | .90%  | .88%  |
| Expenses net of all reductions, if any  | .86%  | .87%  | .90%  | .90%  | .88%  |
| Net investment income (loss)  | .67%  | .81%  | 1.07% C | .76% D | .26%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5777850 | $4759858 | $3985433 | $3330900 | $5016159 |
| Portfolio turnover rate H | 31% I<br>| 46% I,J | 23%  | 34%  | 38% J |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .74%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.*

E*Total returns 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Emerging Markets Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.87 | $32.00 | $27.90 | $47.62 | $40.30 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .36  | .40 C | .33 D | .16  |
| Net realized and unrealized gain (loss)  | 10.54  | 7.95  | 3.98  | (17.35)  | 7.83  |
| Total from investment operations  | 10.87  | 8.31  | 4.38  | (17.02)  | 7.99  |
| Distributions from net investment income  | (.30)  | (.44)  | (.28)  | (.54)  | (.12)  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | (.54)  |
| Total distributions  | (.30)  | (.44)  | (.28)  | (2.70)  | (.67) E |
| Net asset value, end of period  | $50.44 | $39.87 | $32.00 | $27.90 | $47.62 |
| **Total Return** F | 27.47% <br>| 26.20%  | 15.69%  | (37.73)%  | 19.94%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .74%  | .74%  | .77%  | .77%  | .77%  |
| Expenses net of fee waivers, if any  | .74% <br>| .74%  | .76%  | .77%  | .77%  |
| Expenses net of all reductions, if any  | .74%  | .74%  | .76%  | .77%  | .77%  |
| Net investment income (loss)  | .80%  | .94%  | 1.20% C | .88% D | .34%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2087700 | $1897730 | $1095217 | $826468 | $1689454 |
| Portfolio turnover rate I | 31% J<br>| 46% J,K | 23%  | 34%  | 38% K |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.72 | $31.89 | $27.83 | $47.55 | $46.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .27  | .31  | .36 D | .26 E | .04  |
| Net realized and unrealized gain (loss)  | 10.50  | 7.92  | 3.97  | (17.29)  | .68  |
| Total from investment operations  | 10.77  | 8.23  | 4.33  | (17.03)  | .72  |
| Distributions from net investment income  | (.24)  | (.40)  | (.27)  | (.53)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | -  |
| Total distributions  | (.24)  | (.40)  | (.27)  | (2.69)  | -  |
| Net asset value, end of period  | $50.25 | $39.72 | $31.89 | $27.83 | $47.55 |
| **Total Return** F,G | 27.29% <br>| 26.01%  | 15.54%  | (37.81)%  | 1.54%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .87%  | .88%  | .91%  | .89%  | .94% J |
| Expenses net of fee waivers, if any  | .87% <br>| .87%  | .90%  | .89%  | .93% J |
| Expenses net of all reductions, if any  | .87%  | .87%  | .90%  | .89%  | .93% J |
| Net investment income (loss)  | .66%  | .81%  | 1.06% D | .76% E | .17% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $484299 | $303027 | $114992 | $47819 | $25824 |
| Portfolio turnover rate K | 31% L<br>| 46% L,M | 23%  | 34%  | 38% J,M |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .73%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.82 | $31.96 | $27.87 | $47.59 | $46.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .34  | .36  | .40 D | .32 E | (.03)  |
| Net realized and unrealized gain (loss)  | 10.62  | 7.94  | 3.97  | (17.33)  | .79  |
| Total from investment operations  | 10.96  | 8.30  | 4.37  | (17.01)  | .76  |
| Distributions from net investment income  | -  | (.44)  | (.28)  | (.55)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | -  |
| Total distributions  | -  | (.44)  | (.28)  | (2.71)  | -  |
| Net asset value, end of period  | $50.78 | $39.82 | $31.96 | $27.87 | $47.59 |
| **Total Return** F,G | 27.52% <br>| 26.20%  | 15.67%  | (37.74)%  | 1.62%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .73%  | .74%  | .77%  | .77%  | .78% J |
| Expenses net of fee waivers, if any  | .73% <br>| .74%  | .76%  | .77%  | .78% J |
| Expenses net of all reductions, if any  | .73%  | .74%  | .76%  | .77%  | .78% J |
| Net investment income (loss)  | .80%  | .94%  | 1.20% D | .88% E | (.13)% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $861457 | $1921701 | $1611575 | $1306539 | $1797766 |
| Portfolio turnover rate K | 31% L<br>| 46% L,M | 23%  | 34%  | 38% J,M |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Consolidated Financial Statements** 

For the period ended October 31, 2025

**1. Organization.**

Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated 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 consolidated 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 consolidated 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 consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $133945740 | Market comparable | Enterprise value/Net income(EV/NI) | 20.7 | Increase |
|  |  | Market approach | Transaction price | $854.28 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
| Convertible Corporate Bonds | $36439175 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 6.8 | Increase |
|  |  |  | Discount rate | 23.3% | 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 | $22046426 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.0 | 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, is included at the end of the Fund's Consolidated 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 Consolidated 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 Consolidated Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Consolidated 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 Consolidated 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 consolidated 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 consolidated 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 Consolidated 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 consolidated 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, 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**  | $4121880690 |
| **Gross unrealized depreciation**  | <u>(211847962)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3910032728</u> |
| **Tax Cost**  | <u>$5466120860</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(689240038)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3909038772</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 | $(689240038) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(689240038)</u> |

---

Due to a merger in a prior period, approximately $99,915,601 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $6,505,359 of those capital losses per year to offset capital gains. These realized capital losses were acquired from Fidelity Latin America Fund when it merged into the Fund on September 13, 2024.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $46197464 | $91875932 |

---

**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 Consolidated 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 Emerging Markets Fund** | FID FDI 322, LLC | 12806039 | .14 |

---

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 consolidated 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 consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated 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 Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Emerging Markets Fund** | 2485716588 | 3382641051 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Emerging Markets** | .84 |
| **Class K** | .71 |
| **Class I** | .85 |
| **Class Z** | .71 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Emerging Markets** | .83 |
| **Class K** | .71 |
| **Class I** | .85 |
| **Class Z** | .71 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | -% | .25% | 94225 | 9433 |
| **Class M** | .25% | .25% | 29380 | 156 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>33357</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3920</u> |
|  |  |  | <u>156962</u> | <u>13509</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** | 33232 |
| **Class M** | 818 |
| **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>87</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>34137</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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Emerging Markets Fund** | 3943 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Emerging Markets Fund** | Borrower | 57546000 | 4.48% | 100329 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Emerging Markets Fund** | 52761999 | 118892252 | (11113052) |

---

**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 Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated 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 Emerging Markets Fund** | 36475274 | (1624940) | 288075298 | 286450358 | 1449162640 |

---

**Prior Fiscal Year Affiliated Redemptions In-Kind.** Affiliated shareholders redeemed shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated 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 Emerging Markets Fund** | 36475274 | 346805773 | 1498769012 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Emerging Markets Fund** | 10768 |

---

**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 Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated 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 Consolidated 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 Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Emerging Markets Fund** | 16308 | 654 | - |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $9,797.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $21,149.

**10. 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 Emerging Markets Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $235767 | $149850 |
| Class M | 24237 | 22696 |
| Class C | 1260 | 2509 |
| Emerging Markets | 29623551 | 49044521 |
| Class K | 14351242 | 18162751 |
| Class I | 1961407 | 1576885 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&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>-</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>22916720</u> |
| Total  | <u>$46197464</u> | <u>$91875932</u> |

---

**11. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Emerging Markets Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 188169 | 354848 | $7706796 | $13436279 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 259916 | - | 9991163<br>|
| Reinvestment of distributions | 5924 | 4334 | 232853 | 148618 |
| Shares redeemed | <u>(282931)</u> | <u>(129879)</u> | <u>(11419928)</u> | <u>(4844792)</u> |
| Net increase (decrease) | <u>(88838)</u> | <u>489219</u> | <u>$(3480279)</u> | <u>$18731268</u> |
| **Class M** |  |  |  |  |
| Shares sold | 21930 | 36439 | $936918 | $1362892 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 58126 | - | 2233184<br>|
| Reinvestment of distributions | 612 | 656 | 24099 | 22545 |
| Shares redeemed | <u>(46136)</u> | <u>(27603)</u> | <u>(1768542)</u> | <u>(1025710)</u> |
| Net increase (decrease) | <u>(23594)</u> | <u>67618</u> | <u>$(807525)</u> | <u>$2592911</u> |
| **Class C** |  |  |  |  |
| Shares sold | 10500 | 20145 | $440194 | $2445647 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 31209 | - | 1190948<br>|
| Reinvestment of distributions | 32 | 72 | 1243 | 2487 |
| Shares redeemed | <u>(25085)</u> | <u>(16527)</u> | <u>(999300)</u> | <u>(2300041)</u> |
| Net increase (decrease) | <u>(14553)</u> | <u>34899</u> | <u>$(557863)</u> | <u>$1339041</u> |
| **Emerging Markets** |  |  |  |  |
| Shares sold | 32687563 | 23336798 | $1326262247 | $885074796 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 4412960 | - | 170472261<br>|
| Reinvestment of distributions | 539294 | 1104208 | 21318295 | 37951098 |
| Shares redeemed | <u>(38075903)</u> | <u>(34021450)</u> | <u>(1554268938)</u> | <u>(1265925610)</u> |
| Net increase (decrease) | <u>(4849046)</u> | <u>(5167484)</u> | <u>$(206688396)</u> | <u>$(172427455)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 15958631 | 30067036 | $650936361 | $1119926599 |
| Reinvestment of distributions | 362455 | 528375 | 14324210 | 18156694 |
| Shares redeemed | <u>(22531862)</u> | <u>(17220929)</u> | <u>(911066013)</u> | <u>(677157529)</u> |
| Net increase (decrease) | <u>(6210776)</u> | <u>13374482</u> | <u>$(245805442)</u> | <u>$460925764</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4645133 | 8642102 | $185475723 | $324804856 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 48755 | - | 1878043<br>|
| Reinvestment of distributions | 41131 | 42705 | 1621391 | 1463912 |
| Shares redeemed | <u>(2677881)</u> | <u>(4710389)</u> | <u>(109173266)</u> | <u>(181718005)</u> |
| Net increase (decrease) | <u>2008383</u> | <u>4023173</u> | <u>$77923848</u> | <u>$146428806</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 9939484 | 36108432 | $412066927 | $1355101151 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 15788 | - | 609745<br>|
| Reinvestment of distributions | - | 649621 | - | 22297061 |
| Shares redeemed | <u>(41229653)</u> | <u>(38937032)</u> | <u>(1644122920)</u> | <u>(1591276435)</u> |
| Net increase (decrease) | <u>(31290169)</u> | <u>(2163191)</u> | <u>$(1232055993)</u> | <u>$(213268478)</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.

**14. Prior Fiscal Year Reorganization Information.**

On September 13, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Latin America Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| Fidelity Latin America Fund | 179728071 | 11207705 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 9991163 | 259916 | .4343522373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class M |  |  | 2233184 | 58126 | .4360879750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 1190948 | 31209 | .4437971698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America |  |  | 170472261 | 4412960 | .4306756407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | 1878043 | 48755 | .4324844237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 609745 | 15788 | .4312195750 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| Fidelity Emerging Markets Fund | 9771715039 | 9958090383 |

---

Pro forma results of operations of the combined entity for the entire period ended October 31, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $89796022 |
| **Total net realized gain (loss)** | 281914088 |
| **Total change in net unrealized appreciation (depreciation)** | <u>1587783041</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$1959493151</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's Statement of Operations since September 13, 2024.

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

**Fidelity® Europe 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 - 1.3%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| DroneShield Ltd (a)(b) | 1179940 | 2956893 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Glencore PLC  | 1968600 | 9430715 |
| TOTAL AUSTRALIA |  | 12387608 |
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| JTC PLC (a)(c) | 156000 | 2672381 |
| BELGIUM - 2.5%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KBC Group NV  | 73200 | 8795987 |
| Health Care - 1.6% |  |  |
| Pharmaceuticals - 1.6% |  |  |
| UCB SA  | 57100 | 14644131 |
| TOTAL BELGIUM |  | 23440118 |
| CANADA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 97500 | 2328793 |
| CHINA - 1.6%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.6% |  |  |
| Prosus NV Class N  | 220900 | 15259400 |
| DENMARK - 2.8%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Tryg A/S  | 276000 | 6803139 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Novo Nordisk A/S Series B  | 184300 | 9073405 |
| Industrials - 1.1% |  |  |
| Air Freight & Logistics - 1.1% |  |  |
| DSV A/S  | 46100 | 9783607 |
| TOTAL DENMARK |  | 25660151 |
| FINLAND - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Nordea Bank Abp (Sweden)  | 427200 | 7298183 |
| FRANCE - 14.7%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Orange SA  | 575700 | 9209114 |
| Consumer Discretionary - 2.6% |  |  |
| Textiles, Apparel & Luxury Goods - 2.6% |  |  |
| Hermes International SCA  | 3000 | 7431134 |
| LVMH Moet Hennessy Louis Vuitton SE  | 23100 | 16327616 |
|  |  | 23758750 |
| Consumer Staples - 2.1% |  |  |
| Food Products - 1.4% |  |  |
| Danone SA  | 146900 | 12973715 |
| Personal Care Products - 0.7% |  |  |
| L'Oreal SA  | 16700 | 6969100 |
| TOTAL CONSUMER STAPLES |  | 19942815 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Gaztransport Et Technigaz SA  | 34100 | 6744801 |
| Financials - 2.1% |  |  |
| Banks - 0.9% |  |  |
| BNP Paribas SA  | 110400 | 8551365 |
| Insurance - 1.2% |  |  |
| AXA SA  | 261100 | 11328714 |
| TOTAL FINANCIALS |  | 19880079 |
| Health Care - 1.9% |  |  |
| Biotechnology - 0.5% |  |  |
| Abivax SA (b) | 43100 | 4496477 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| EssilorLuxottica SA  | 35664 | 13043603 |
| TOTAL HEALTH CARE |  | 17540080 |
| Industrials - 2.9% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| Airbus SE  | 66800 | 16470954 |
| Building Products - 1.1% |  |  |
| Cie de Saint-Gobain SA  | 103500 | 10045924 |
| TOTAL INDUSTRIALS |  | 26516878 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Air Liquide SA  | 68918 | 13338315 |
| TOTAL FRANCE |  | 136930832 |
| GERMANY - 15.1%  |  |  |
| Communication Services - 2.4% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| Deutsche Telekom AG  | 359500 | 11135580 |
| Interactive Media & Services - 1.2% |  |  |
| Scout24 SE (a)(c) | 96100 | 11099120 |
| TOTAL COMMUNICATION SERVICES |  | 22234700 |
| Consumer Discretionary - 2.0% |  |  |
| Specialty Retail - 1.6% |  |  |
| Auto1 Group SE (b) | 423000 | 14841660 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| adidas AG  | 21400 | 4046362 |
| TOTAL CONSUMER DISCRETIONARY |  | 18888022 |
| Financials - 1.3% |  |  |
| Capital Markets - 0.7% |  |  |
| Deutsche Boerse AG  | 26400 | 6685541 |
| Insurance - 0.6% |  |  |
| Hannover Rueck SE  | 19100 | 5446663 |
| TOTAL FINANCIALS |  | 12132204 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius SE & Co KGaA  | 101400 | 5846272 |
| Industrials - 5.6% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Rheinmetall AG  | 6100 | 11963527 |
| Electrical Equipment - 2.2% |  |  |
| Siemens Energy AG (b) | 160300 | 19971029 |
| Industrial Conglomerates - 2.1% |  |  |
| Siemens AG  | 66500 | 18845923 |
| TOTAL INDUSTRIALS |  | 50780479 |
| Information Technology - 2.4% |  |  |
| Software - 2.4% |  |  |
| SAP SE  | 86700 | 22548288 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 31700 | 7436937 |
| TOTAL GERMANY |  | 139866902 |
| IRELAND - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| AIB Group PLC  | 821700 | 7562853 |
| ISRAEL - 0.6%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 145800 | 2985984 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Camtek Ltd/Israel (b)(d) | 19700 | 2439254 |
| TOTAL ISRAEL |  | 5425238 |
| ITALY - 5.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.1% |  |  |
| Ferrari NV (Italy)  | 3907 | 1560429 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Brunello Cucinelli SpA (d) | 52400 | 5299396 |
| TOTAL CONSUMER DISCRETIONARY |  | 6859825 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola HBC AG  | 120300 | 5458636 |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| FinecoBank Banca Fineco SpA  | 309535 | 7067921 |
| Intesa Sanpaolo SpA  | 1591000 | 10254545 |
|  |  | 17322466 |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 205800 | 12216592 |
| Industrials - 1.2% |  |  |
| Electrical Equipment - 1.2% |  |  |
| Prysmian SpA  | 110300 | 11419472 |
| TOTAL ITALY |  | 53276991 |
| LUXEMBOURG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| CVC Capital Partners PLC (a)(c) | 210100 | 3509069 |
| NETHERLANDS - 4.6%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| uniQure NV (b) | 72100 | 4880449 |
| Information Technology - 4.1% |  |  |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| ASM International NV  | 8400 | 5441430 |
| ASML Holding NV  | 30600 | 32382388 |
|  |  | 37823818 |
| TOTAL NETHERLANDS |  | 42704267 |
| PORTUGAL - 1.3%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Jeronimo Martins SGPS SA  | 167600 | 4315734 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Banco Comercial Portugues SA  | 9266500 | 8173125 |
| TOTAL PORTUGAL |  | 12488859 |
| SPAIN - 3.9%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Neinor Homes SA (a)(c) | 167900 | 3340327 |
| Financials - 3.6% |  |  |
| Banks - 3.6% |  |  |
| Banco Santander SA  | 1736500 | 17665916 |
| Bankinter SA  | 240100 | 3617139 |
| CaixaBank SA  | 1128500 | 11927961 |
|  |  | 33211016 |
| TOTAL SPAIN |  | 36551343 |
| SWEDEN - 4.7%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.6% |  |  |
| Haypp Group AB (b) | 399824 | 6489604 |
| Financials - 1.9% |  |  |
| Capital Markets - 0.9% |  |  |
| EQT AB  | 135900 | 4714891 |
| Nordnet AB  | 126300 | 3655956 |
|  |  | 8370847 |
| Financial Services - 1.0% |  |  |
| Investor AB B Shares  | 268000 | 8845178 |
| TOTAL FINANCIALS |  | 17216025 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Saab AB B Shares  | 74900 | 4121484 |
| Machinery - 0.8% |  |  |
| Atlas Copco AB B Shares  | 449300 | 6751146 |
| TOTAL INDUSTRIALS |  | 10872630 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Hexagon AB B Shares  | 700600 | 8540048 |
| Software - 0.0% |  |  |
| Kry International Ab (b)(e)(f) | 18879 | 396483 |
| TOTAL INFORMATION TECHNOLOGY |  | 8936531 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Alleima AB  | 43737 | 378891 |
| TOTAL SWEDEN |  | 43893681 |
| SWITZERLAND - 3.2%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Cie Financiere Richemont SA Series A  | 64310 | 12720885 |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| UBS Group AG  | 252290 | 9633888 |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| Galderma Group AG  | 42460 | 7835117 |
| TOTAL SWITZERLAND |  | 30189890 |
| TAIWAN - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 66700 | 20038681 |
| UNITED KINGDOM - 22.0%  |  |  |
| Communication Services - 2.1% |  |  |
| Diversified Telecommunication Services - 2.1% |  |  |
| Zegona Communications plc (b) | 1229100 | 19860425 |
| Consumer Discretionary - 2.5% |  |  |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Compass Group PLC  | 332407 | 11002619 |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 22268 | 4660077 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Burberry Group PLC (b) | 485200 | 7887915 |
| TOTAL CONSUMER DISCRETIONARY |  | 23550611 |
| Consumer Staples - 2.1% |  |  |
| Tobacco - 2.1% |  |  |
| British American Tobacco PLC  | 284300 | 14560581 |
| Imperial Brands PLC  | 124868 | 4961546 |
|  |  | 19522127 |
| Financials - 6.9% |  |  |
| Banks - 2.8% |  |  |
| Lloyds Banking Group PLC  | 10841209 | 12711205 |
| NatWest Group PLC  | 1558900 | 12001218 |
|  |  | 24712423 |
| Capital Markets - 2.4% |  |  |
| 3i Group PLC  | 218718 | 12657346 |
| London Stock Exchange Group PLC  | 37500 | 4673489 |
| St James's Place PLC  | 316302 | 5391449 |
|  |  | 22722284 |
| Financial Services - 0.2% |  |  |
| Revolut Group Holdings Ltd (e)(f) | 1298 | 1737399 |
| Insurance - 1.5% |  |  |
| Aviva PLC  | 912000 | 8010460 |
| Hiscox Ltd  | 308867 | 5579180 |
|  |  | 13589640 |
| TOTAL FINANCIALS |  | 62761746 |
| Health Care - 3.1% |  |  |
| Pharmaceuticals - 3.1% |  |  |
| Astrazeneca PLC  | 176100 | 29047458 |
| Industrials - 4.0% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| Rolls-Royce Holdings PLC  | 1690200 | 26010166 |
| Commercial Services & Supplies - 0.2% |  |  |
| Verisure PLC (b) | 99500 | 1838459 |
| Professional Services - 0.9% |  |  |
| RELX PLC  | 190822 | 8433645 |
| TOTAL INDUSTRIALS |  | 36282270 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Halma PLC  | 123645 | 5759854 |
| Oxford Instruments PLC  | 1 | 25 |
|  |  | 5759879 |
| Utilities - 0.7% |  |  |
| Multi-Utilities - 0.7% |  |  |
| National Grid PLC  | 462567 | 6935782 |
| TOTAL UNITED KINGDOM |  | 203720298 |
| UNITED STATES - 9.3%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Spotify Technology SA (b) | 21600 | 14154912 |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| RealReal Inc/The (b) | 234200 | 2859582 |
| Energy - 3.0% |  |  |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Shell PLC  | 748337 | 28054724 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Alcon AG  | 51290 | 3811298 |
| Pharmaceuticals - 0.4% |  |  |
| Roche Holding AG  | 11720 | 3796347 |
| TOTAL HEALTH CARE |  | 7607645 |
| Industrials - 2.4% |  |  |
| Electrical Equipment - 1.9% |  |  |
| Schneider Electric SE  | 61000 | 17380726 |
| Professional Services - 0.5% |  |  |
| Experian PLC  | 105691 | 4929978 |
| TOTAL INDUSTRIALS |  | 22310704 |
| Materials - 1.3% |  |  |
| Construction Materials - 1.3% |  |  |
| Holcim AG  | 132480 | 11777636 |
| TOTAL UNITED STATES |  | 86765203 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $658,951,022) |  | <br> **911970741** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (b)(e)(f)<br>(Cost $1,000,736)<br>| 3852 | **857144** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 3759155 | 3759906 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 5771623 | 5772200 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $9,532,106) |  |  | **9532106** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $669,483,864)<br>| <br>**922359991** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **7028757** |
| **NET ASSETS - 100.0%** | **929388748** |

---

**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 $25,906,583 or 2.8% 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 $20,620,897 or 2.2% of net assets.

(d) Security or a portion of the security is on loan at period end.

(e) Level 3 security.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,991,026 or 0.3% of net assets.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/3/2022 | 1000736 |
| Kry International Ab | 5/14/2021 - 10/30/2024 | 1248474 |
| Revolut Group Holdings Ltd | 12/27/2024 | 1128965 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 10860728 | 285299213 | 292399869 | 642151 | (166) | - | 3759906 | 3759155 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1011520 | 55715596 | 50954916 | 26936 | - | - | 5772200 | 5771623 | 0.0% |
| Total | 11872248 | 341014809 | 343354785 | 669087 | (166) | - | 9532106 |  |  |

---

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 | 65459151 | 45114457 | 20344694 | - |
| Consumer Discretionary | 113727006 | 69629524 | 44097482 | - |
| Consumer Staples | 49239312 | 9774370 | 39464942 | - |
| Energy | 34799525 | 6744801 | 28054724 | - |
| Financials | 216972161 | 124443378 | 90791384 | 1737399 |
| Health Care | 111677133 | 65263446 | 46413687 | - |
| Industrials | 170922933 | 44713104 | 126209829 | - |
| Information Technology | 99875244 | 68390425 | 31088336 | 396483 |
| Materials | 42362494 | 378891 | 41983603 | - |
| Utilities | 6935782 | - | 6935782 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 857144 | - | - | 857144 |
|  **Money Market Funds** | 9532106 | 9532106 | - | - |
| **Total Investments in Securities:** | 922359991 | 443984502 | 475384463 | 2991026 |

---

**Fidelity® Europe 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 $5,515,592) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $659,951,758) | $912827885 |  |
| Fidelity Central Funds (cost $9,532,106) | 9532106 |  |
| Total Investment in Securities (cost $669,483,864) |  | $922359991 |
| Foreign currency held at value (cost $13,722) |  | 13603 |
| Receivable for investments sold |  | 8044985 |
| Receivable for fund shares sold |  | 1353125 |
| Dividends receivable |  | 651282 |
| Reclaims receivable |  | 4060542 |
| Distributions receivable from Fidelity Central Funds |  | 31143 |
| Prepaid expenses |  | 967 |
| **Total assets** |  | 936515638 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $70689 |  |
| Payable for fund shares redeemed | 581401 |  |
| Accrued management fee | 616331 |  |
| Distribution and service plan fees payable | 9821 |  |
| Other payables and accrued expenses | 76448 |  |
| Collateral on securities loaned | 5772200 |  |
| **Total liabilities** |  | 7126890 |
| **Net Assets**  |  | $929388748 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $718779969 |
| Total accumulated earnings (loss) |  | 210608779 |
| **Net Assets** |  | $929388748 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($22,128,960 ÷ 483,582 shares)(a) |  | $45.76 |
| Maximum offering price per share (100/94.25 of $45.76) |  | $48.55 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($6,798,784 ÷ 148,496 shares)(a) |  | $45.78 |
| Maximum offering price per share (100/96.50 of $45.78) |  | $47.44 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($2,588,583 ÷ 57,153 shares)(a) |  | $45.29 |
| **Europe :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($877,402,542 ÷ 19,142,218 shares) |  | $45.84 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($13,658,920 ÷ 297,501 shares) |  | $45.91 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,810,959 ÷ 149,038 shares) |  | $45.70 |
| *(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  |  | $18025464 |
| Foreign Tax Reclaims |  | 1182388 |
| Income from Fidelity Central Funds (including $26,936 from security lending)  |  | 669087 |
| Income before foreign taxes withheld |  | $19876939 |
| Less foreign taxes withheld |  | (1484204) |
| **Total income** |  | 18392735 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $6130432 |  |
| Performance adjustment | (589482) |  |
| Distribution and service plan fees | 99670 |  |
| Custodian fees and expenses | 41862 |  |
| Independent trustees' fees and expenses | 2741 |  |
| Registration fees | 121007 |  |
| Audit fees | 108047 |  |
| Legal | 729 |  |
| Miscellaneous | 2572 |  |
| **Total expenses** |  | 5917578 |
| **Net Investment income (loss)** |  | 12475157 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37406724 |  |
| Fidelity Central Funds | (166) |  |
| Foreign currency transactions | 192818 |  |
| Written options | 523 |  |
| Total net realized gain (loss) |  | 37599899 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 133210059 |  |
| Assets and liabilities in foreign currencies | 209953 |  |
| Total change in net unrealized appreciation (depreciation) |  | 133420012 |
| **Net gain (loss)** |  | 171019911 |
| **Net increase (decrease) in net assets resulting from operations** |  | $183495068 |

---

---

| | | |
|:---|:---|:---|
| **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) | $12475157 | $10582501 |
| &nbsp;&nbsp;Net realized gain (loss) | 37599899<br>| 15962392<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 133420012 | 91497418<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 183495068<br>| 118042311<br>|
| Distributions to shareholders | (17620668)<br>| (9697062)<br>|
| Share transactions - net increase (decrease) | 182842323<br>| (75309165)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 348716723<br>| 33036084<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 580672025 | 547635941<br>|
| &nbsp;&nbsp;End of period | $929388748 | $580672025 |

---

**Financial Highlights** 

**Fidelity Advisor® Europe Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.65 | $30.50 | $27.58 | $46.12 | $35.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .57  | .53  | .46  | .47  | .41  |
| Net realized and unrealized gain (loss)  | 9.57 C | 6.05  | 2.46  | (12.91)  | 10.72  |
| Total from investment operations  | 10.14  | 6.58  | 2.92  | (12.44)  | 11.13  |
| Distributions from net investment income  | (1.03)  | (.43)  | -  | (.99)  | (.38)  |
| Distributions from net realized gain  | -  | -  | -  | (5.12)  | -  |
| Total distributions  | (1.03)  | (.43)  | -  | (6.10) D | (.38)  |
| Net asset value, end of period  | $45.76 | $36.65 | $30.50 | $27.58 | $46.12 |
| **Total Return** E,F | 28.45% C<br>| 21.73%  | 10.59%  | (30.29)%  | 31.60%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.07%  | .93%  | 1.02%  | 1.18%  | 1.36%  |
| Expenses net of fee waivers, if any  | 1.07% <br>| .93%  | 1.01%  | 1.18%  | 1.36%  |
| Expenses net of all reductions, if any  | 1.07%  | .93%  | 1.01%  | 1.18%  | 1.36%  |
| Net investment income (loss)  | 1.38%  | 1.47%  | 1.43%  | 1.42%  | .92%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22129 | $15852 | $15325 | $16495 | $32148 |
| Portfolio turnover rate I | 51% <br>| 31%  | 37%  | 55%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 28.41%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Europe Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.66 | $30.50 | $27.65 | $46.18 | $35.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .44  | .38  | .37  | .27  |
| Net realized and unrealized gain (loss)  | 9.60 C | 6.05  | 2.47  | (12.95)  | 10.75  |
| Total from investment operations  | 10.06  | 6.49  | 2.85  | (12.58)  | 11.02  |
| Distributions from net investment income  | (.94)  | (.33)  | -  | (.83)  | (.26)  |
| Distributions from net realized gain  | -  | -  | -  | (5.12)  | -  |
| Total distributions  | (.94)  | (.33)  | -  | (5.95)  | (.26)  |
| Net asset value, end of period  | $45.78 | $36.66 | $30.50 | $27.65 | $46.18 |
| **Total Return** D,E | 28.14% C<br>| 21.39%  | 10.31%  | (30.51)%  | 31.20%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.32%  | 1.19%  | 1.29%  | 1.49%  | 1.68%  |
| Expenses net of fee waivers, if any  | 1.32% <br>| 1.19%  | 1.28%  | 1.48%  | 1.68%  |
| Expenses net of all reductions, if any  | 1.32%  | 1.19%  | 1.28%  | 1.48%  | 1.68%  |
| Net investment income (loss)  | 1.13%  | 1.21%  | 1.16%  | 1.12%  | .59%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6799 | $4665 | $4248 | $4066 | $6937 |
| Portfolio turnover rate H | 51% <br>| 31%  | 37%  | 55%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 28.10%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Europe Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.19 | $30.03 | $27.36 | $45.63 | $35.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .26  | .21  | .21  | .04  |
| Net realized and unrealized gain (loss)  | 9.51 C | 5.98  | 2.46  | (12.84)  | 10.64  |
| Total from investment operations  | 9.77  | 6.24  | 2.67  | (12.63)  | 10.68  |
| Distributions from net investment income  | (.67)  | (.08)  | -  | (.52)  | (.06)  |
| Distributions from net realized gain  | -  | -  | -  | (5.12)  | -  |
| Total distributions  | (.67)  | (.08)  | -  | (5.64)  | (.06)  |
| Net asset value, end of period  | $45.29 | $36.19 | $30.03 | $27.36 | $45.63 |
| **Total Return** D,E | 27.48% C<br>| 20.80%  | 9.76%  | (30.85)%  | 30.53%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.81%  | 1.67%  | 1.79%  | 1.99%  | 2.19%  |
| Expenses net of fee waivers, if any  | 1.81% <br>| 1.67%  | 1.78%  | 1.98%  | 2.18%  |
| Expenses net of all reductions, if any  | 1.81%  | 1.67%  | 1.78%  | 1.98%  | 2.18%  |
| Net investment income (loss)  | .64%  | .73%  | .65%  | .62%  | .09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2589 | $1601 | $2025 | $2496 | $5255 |
| Portfolio turnover rate H | 51% <br>| 31%  | 37%  | 55%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 27.44%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Europe Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.71 | $30.58 | $27.57 | $46.11 | $35.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .69  | .64  | .57  | .57  | .54  |
| Net realized and unrealized gain (loss)  | 9.58 C | 6.05  | 2.44  | (12.88)  | 10.71  |
| Total from investment operations  | 10.27  | 6.69  | 3.01  | (12.31)  | 11.25  |
| Distributions from net investment income  | (1.14)  | (.56)  | -  | (1.11)  | (.49)  |
| Distributions from net realized gain  | -  | -  | -  | (5.12)  | -  |
| Total distributions  | (1.14)  | (.56)  | -  | (6.23)  | (.49)  |
| Net asset value, end of period  | $45.84 | $36.71 | $30.58 | $27.57 | $46.11 |
| **Total Return** D | 28.85% C<br>| 22.07%  | 10.92%  | (30.07)%  | 31.99%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .77%  | .65%  | .70%  | .88%  | 1.06%  |
| Expenses net of fee waivers, if any  | .77% <br>| .64%  | .69%  | .88%  | 1.06%  |
| Expenses net of all reductions, if any  | .77%  | .64%  | .69%  | .88%  | 1.06%  |
| Net investment income (loss)  | 1.67%  | 1.76%  | 1.75%  | 1.73%  | 1.21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $877403 | $552467 | $519010 | $523685 | $913296 |
| Portfolio turnover rate G | 51% <br>| 31%  | 37%  | 55%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 28.81%.*

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 Advisor® Europe Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.71 | $30.58 | $27.56 | $46.07 | $35.34 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .71  | .64  | .57  | .60  | .54  |
| Net realized and unrealized gain (loss)  | 9.56 C | 6.05  | 2.45  | (12.91)  | 10.70  |
| Total from investment operations  | 10.27  | 6.69  | 3.02  | (12.31)  | 11.24  |
| Distributions from net investment income  | (1.07)  | (.56)  | -  | (1.08)  | (.51)  |
| Distributions from net realized gain  | -  | -  | -  | (5.12)  | -  |
| Total distributions  | (1.07)  | (.56)  | -  | (6.20)  | (.51)  |
| Net asset value, end of period  | $45.91 | $36.71 | $30.58 | $27.56 | $46.07 |
| **Total Return** D | 28.82% C<br>| 22.09%  | 10.96%  | (30.08)%  | 31.99%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .77%  | .62%  | .68%  | .86%  | 1.06%  |
| Expenses net of fee waivers, if any  | .77% <br>| .61%  | .67%  | .86%  | 1.06%  |
| Expenses net of all reductions, if any  | .77%  | .61%  | .67%  | .86%  | 1.06%  |
| Net investment income (loss)  | 1.67%  | 1.79%  | 1.77%  | 1.74%  | 1.22%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13659 | $3011 | $4806 | $4283 | $14401 |
| Portfolio turnover rate G | 51% <br>| 31%  | 37%  | 55%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 28.78%.*

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 Advisor® Europe Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.63 | $30.53 | $27.48 | $46.00 | $35.27 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .74  | .67  | .61  | .62  | .59  |
| Net realized and unrealized gain (loss)  | 9.53 C | 6.04  | 2.44  | (12.86)  | 10.67  |
| Total from investment operations  | 10.27  | 6.71  | 3.05  | (12.24)  | 11.26  |
| Distributions from net investment income  | (1.20)  | (.61)  | -  | (1.17)  | (.53)  |
| Distributions from net realized gain  | -  | -  | -  | (5.12)  | -  |
| Total distributions  | (1.20)  | (.61)  | -  | (6.28) D | (.53)  |
| Net asset value, end of period  | $45.70 | $36.63 | $30.53 | $27.48 | $46.00 |
| **Total Return** E | 28.97% C<br>| 22.20%  | 11.10%  | (30.00)%  | 32.13%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | .67%  | .55%  | .57%  | .76%  | .95%  |
| Expenses net of fee waivers, if any  | .67% <br>| .54%  | .56%  | .75%  | .95%  |
| Expenses net of all reductions, if any  | .67%  | .54%  | .56%  | .75%  | .95%  |
| Net investment income (loss)  | 1.78%  | 1.86%  | 1.87%  | 1.85%  | 1.33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6811 | $3076 | $2222 | $1461 | $28249 |
| Portfolio turnover rate H | 51% <br>| 31%  | 37%  | 55%  | 52%  |

---

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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 28.93%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** 

For the period ended October 31, 2025

**1. Organization.**

Fidelity Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Europe, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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.

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**  | $254013568 |
| **Gross unrealized depreciation**  | <u>(14395936)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$239617632</u> |
| **Tax Cost**  | <u>$682742359</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$17136295</u> |
| **Capital loss carryforward**  | <u>$(46348544)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$239821026</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 | $(46348544) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(46348544)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $17620668 | $9697062 |

---

**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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Europe Fund** |  |  |
| **Equity Risk** |  |  |
| Purchased Options | 1013534 | - |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>523</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;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1014057</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;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**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 and/or OTC options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Europe Fund** | 555606471 | 373615178 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .88 |
| **Class M** | .88 |
| **Class C** | .88 |
| **Europe** | .84 |
| **Class I** | .83 |
| **Class Z** | .72 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Europe** | .81 |
| **Class I** | .82 |
| **Class Z** | .71 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Europe Fund** | MSCI Europe Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Europe. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.08)%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | -% | .25% | 49724 | 1252 |
| **Class M** | .25% | .25% | 28970 | 230 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>20976</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3477</u> |
|  |  |  | <u>99670</u> | <u>4959</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** | 6813 |
| **Class M** | 200 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>134</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7147</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Europe Fund** | 147 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Europe Fund** | 11756380 | 11687385 | 195667 |

---

**Other.** During the period, FMR reimbursed the Fund $305,198 for an operational error which is included in Net Realized Gain (Loss) in the accompanying Statement of Operations.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Europe Fund** | 965 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Europe Fund** | 2614 | - | - |

---

**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 Europe Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $439342 | $214383 |
| Class M | 119110 | 44641 |
| Class C | 28833 | 5044 |
| Europe | 16851586 | 9309343 |
| Class I | 88150 | 81789 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>93647</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>41862</u> |
| Total  | <u>$17620668</u> | <u>$9697062</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Europe Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 245415 | 21452 | $10009889 | $775929 |
| Reinvestment of distributions | 12218 | 6443 | 436804 | 213141 |
| Shares redeemed | <u>(206587)</u> | <u>(97780)</u> | <u>(8594432)</u> | <u>(3489488)</u> |
| Net increase (decrease) | <u>51046</u> | <u>(69885)</u> | <u>$1852261</u> | <u>$(2500418)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 34918 | 3801 | $1419163 | $136486 |
| Reinvestment of distributions | 3192 | 1296 | 114398 | 42989 |
| Shares redeemed | <u>(16851)</u> | <u>(17130)</u> | <u>(683663)</u> | <u>(618152)</u> |
| Net increase (decrease) | <u>21259</u> | <u>(12033)</u> | <u>$849898</u> | <u>$(438677)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 23752 | 2160 | $948756 | $77699 |
| Reinvestment of distributions | 805 | 153 | 28650 | 5024 |
| Shares redeemed | <u>(11650)</u> | <u>(25492)</u> | <u>(478640)</u> | <u>(901511)</u> |
| Net increase (decrease) | <u>12907</u> | <u>(23179)</u> | <u>$498766</u> | <u>$(818788)</u> |
| **Europe** |  |  |  |  |
| Shares sold | 8273765 | 633047 | $343059918 | $22875346 |
| Reinvestment of distributions | 432120 | 259528 | 15431021 | 8577392 |
| Shares redeemed | <u>(4612503)</u> | <u>(2815218)</u> | <u>(190893686)</u> | <u>(100700066)</u> |
| Net increase (decrease) | <u>4093382</u> | <u>(1922643)</u> | <u>$167597253</u> | <u>$(69247328)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 339459 | 13511 | $14220516 | $485051 |
| Reinvestment of distributions | 2344 | 1869 | 83882 | 61781 |
| Shares redeemed | <u>(126319)</u> | <u>(90511)</u> | <u>(5159005)</u> | <u>(3281012)</u> |
| Net increase (decrease) | <u>215484</u> | <u>(75131)</u> | <u>$9145393</u> | <u>$(2734180)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 104128 | 28495 | $4468979 | $1050990 |
| Reinvestment of distributions | 1904 | 865 | 67744 | 28496 |
| Shares redeemed | <u>(40966)</u> | <u>(18170)</u> | <u>(1637971)</u> | <u>(649260)</u> |
| Net increase (decrease) | <u>65066</u> | <u>11190</u> | <u>$2898752</u> | <u>$430226</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.

**Fidelity® Japan Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| JAPAN - 97.9%  |  |  |
| Communication Services - 6.4% |  |  |
| Entertainment - 3.0% |  |  |
| Daiichikosho Co Ltd  | 344300 | 3522088 |
| Konami Group Corp  | 21300 | 3557602 |
| Nintendo Co Ltd  | 241900 | 20631626 |
|  |  | 27711316 |
| Interactive Media & Services - 0.6% |  |  |
| LY Corp  | 1807400 | 5311077 |
| Media - 0.5% |  |  |
| CyberAgent Inc  | 427900 | 4267616 |
| Wireless Telecommunication Services - 2.3% |  |  |
| SoftBank Group Corp  | 122100 | 21424725 |
| TOTAL COMMUNICATION SERVICES |  | 58714734 |
| Consumer Discretionary - 12.3% |  |  |
| Automobile Components - 1.8% |  |  |
| Denso Corp  | 898000 | 12595075 |
| Sumitomo Electric Industries Ltd  | 114300 | 4190481 |
|  |  | 16785556 |
| Automobiles - 0.6% |  |  |
| Suzuki Motor Corp  | 367600 | 5505294 |
| Broadline Retail - 0.9% |  |  |
| Pan Pacific International Holdings Corp  | 1451000 | 8631431 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Curves Holdings Co Ltd  | 975000 | 4599474 |
| Kyoritsu Maintenance Co Ltd  | 419600 | 8176360 |
| Metaplanet Inc (a)(b) | 681100 | 2170009 |
|  |  | 14945843 |
| Household Durables - 5.9% |  |  |
| Open House Group Co Ltd  | 179700 | 8650927 |
| Panasonic Holdings Corp  | 565200 | 6567191 |
| Sony Group Corp  | 1171200 | 32617437 |
| Sumitomo Forestry Co Ltd (b) | 577600 | 6024865 |
|  |  | 53860420 |
| Leisure Products - 0.3% |  |  |
| Roland Corp  | 141600 | 3004555 |
| Specialty Retail - 1.2% |  |  |
| Fast Retailing Co Ltd  | 28900 | 10609768 |
| TOTAL CONSUMER DISCRETIONARY |  | 113342867 |
| Consumer Staples - 4.9% |  |  |
| Beverages - 0.9% |  |  |
| Asahi Group Holdings Ltd  | 727400 | 7839929 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Tsuruha Holdings Inc  | 161100 | 2798421 |
| Welcia Holdings Co Ltd  | 142300 | 2838428 |
|  |  | 5636849 |
| Food Products - 1.7% |  |  |
| Ajinomoto Co Inc  | 194100 | 5507750 |
| Kewpie Corp  | 359500 | 9965505 |
|  |  | 15473255 |
| Personal Care Products - 0.7% |  |  |
| Rohto Pharmaceutical Co Ltd  | 404200 | 6265874 |
| Tobacco - 1.0% |  |  |
| Japan Tobacco Inc  | 272500 | 9486487 |
| TOTAL CONSUMER STAPLES |  | 44702394 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| ENEOS Holdings Inc  | 840400 | 5304919 |
| Financials - 13.6% |  |  |
| Banks - 7.2% |  |  |
| Mizuho Financial Group Inc  | 624400 | 20914577 |
| Sumitomo Mitsui Financial Group Inc  | 1663000 | 45023745 |
|  |  | 65938322 |
| Capital Markets - 1.0% |  |  |
| SBI Holdings Inc  | 223300 | 10018144 |
| Financial Services - 2.8% |  |  |
| ORIX Corp  | 1040100 | 25442977 |
| Insurance - 2.6% |  |  |
| LIFENET INSURANCE CO (a)(b) | 406600 | 4965422 |
| Tokio Marine Holdings Inc  | 499100 | 18613035 |
|  |  | 23578457 |
| TOTAL FINANCIALS |  | 124977900 |
| Health Care - 6.3% |  |  |
| Health Care Equipment & Supplies - 3.5% |  |  |
| Asahi Intecc Co Ltd  | 280700 | 4457030 |
| Hoya Corp  | 168600 | 27443586 |
|  |  | 31900616 |
| Health Care Providers & Services - 0.2% |  |  |
| CUC Inc (a)(b) | 302100 | 2070064 |
| Pharmaceuticals - 2.6% |  |  |
| Chugai Pharmaceutical Co Ltd  | 401800 | 18389479 |
| Santen Pharmaceutical Co Ltd  | 597300 | 5848587 |
|  |  | 24238066 |
| TOTAL HEALTH CARE |  | 58208746 |
| Industrials - 25.8% |  |  |
| Building Products - 0.7% |  |  |
| Nitto Boseki Co Ltd  | 134200 | 7619557 |
| Electrical Equipment - 3.0% |  |  |
| Fuji Electric Co Ltd  | 144400 | 10363143 |
| Furukawa Electric Co Ltd  | 97900 | 6987866 |
| Mitsubishi Electric Corp  | 160800 | 4504403 |
| NIDEC CORP (b) | 477200 | 5830690 |
|  |  | 27686102 |
| Industrial Conglomerates - 5.0% |  |  |
| Hitachi Ltd  | 1326800 | 45784974 |
| Machinery - 10.8% |  |  |
| Ebara Corp  | 608800 | 16319206 |
| Hoshizaki Corp  | 161000 | 5672766 |
| IHI Corp  | 699400 | 14590688 |
| Japan Engine Corp (b) | 58000 | 4836156 |
| Japan Steel Works Ltd/The  | 75100 | 4941367 |
| Kawasaki Heavy Industries Ltd  | 105200 | 8464603 |
| MINEBEA MITSUMI Inc  | 160000 | 3172799 |
| Mitsubishi Heavy Industries Ltd  | 751700 | 22693587 |
| Nabtesco Corp (b) | 155900 | 3916974 |
| Organo Corp  | 56800 | 4894582 |
| SMC Corp  | 27400 | 9379637 |
|  |  | 98882365 |
| Professional Services - 4.4% |  |  |
| BayCurrent Inc  | 164400 | 7536734 |
| Funai Soken Holdings Inc  | 250200 | 3943520 |
| Gakujo Co Ltd (b) | 202100 | 2116601 |
| Persol Holdings Co Ltd  | 6714800 | 11149940 |
| SIGMAXYZ Holdings Inc  | 616200 | 3502636 |
| SMS Co Ltd  | 238300 | 2058122 |
| Timee Inc (a)(b) | 321100 | 3112864 |
| Visional Inc (a) | 97100 | 6754344 |
|  |  | 40174761 |
| Trading Companies & Distributors - 1.9% |  |  |
| ITOCHU Corp  | 295400 | 17119054 |
| TOTAL INDUSTRIALS |  | 237266813 |
| Information Technology - 19.3% |  |  |
| Electronic Equipment, Instruments & Components - 3.8% |  |  |
| Dexerials Corp (b) | 665000 | 10779119 |
| Furuya Metal Co Ltd (b) | 15600 | 288596 |
| Hamamatsu Photonics KK  | 467300 | 5247308 |
| Ibiden Co Ltd  | 157000 | 14889073 |
| Jeol Ltd  | 118300 | 3993230 |
|  |  | 35197326 |
| IT Services - 6.8% |  |  |
| DTS Corp  | 740400 | 6178408 |
| ExaWizards Inc (a)(b) | 774300 | 3366302 |
| Fujitsu Ltd  | 925000 | 24105921 |
| NEC Corp  | 376000 | 13706885 |
| NSD Co Ltd  | 373400 | 7986026 |
| TechMatrix Corp  | 482200 | 6836721 |
|  |  | 62180263 |
| Semiconductors & Semiconductor Equipment - 5.1% |  |  |
| Kioxia Holdings Corp (a)(b) | 317500 | 22301847 |
| Renesas Electronics Corp  | 1415800 | 17484526 |
| Rohm Co Ltd  | 336400 | 5406935 |
| Tekscend Photomask Corp (a) | 52500 | 1185517 |
|  |  | 46378825 |
| Software - 1.0% |  |  |
| Appier Group Inc  | 268600 | 2262298 |
| Money Forward Inc (a) | 250800 | 7323340 |
|  |  | 9585638 |
| Technology Hardware, Storage & Peripherals - 2.6% |  |  |
| FUJIFILM Holdings Corp  | 1021500 | 23674990 |
| TOTAL INFORMATION TECHNOLOGY |  | 177017042 |
| Materials - 7.3% |  |  |
| Chemicals - 7.3% |  |  |
| Carlit Co Ltd  | 292200 | 2906642 |
| Kuraray Co Ltd (b) | 652400 | 7080261 |
| Mitsui Chemicals Inc  | 210000 | 4969632 |
| Nippon Paint Holdings Co Ltd  | 601500 | 3834753 |
| NOF Corp  | 335700 | 5983829 |
| Resonac Holdings Corp (b) | 240200 | 9412548 |
| Shin-Etsu Chemical Co Ltd  | 620800 | 18660592 |
| Tokyo Ohka Kogyo Co Ltd (b) | 213300 | 7824183 |
| Toyo Gosei Co Ltd (b) | 143800 | 6559691 |
|  |  | 67232131 |
| Real Estate - 1.4% |  |  |
| Hotel & Resort REITs - 0.6% |  |  |
| Invincible Investment Corp  | 13000 | 5812082 |
| Real Estate Management & Development - 0.8% |  |  |
| Relo Group Inc  | 612000 | 6584232 |
| TOTAL REAL ESTATE |  | 12396314 |
| TOTAL JAPAN |  | 899163860 |
| UNITED STATES - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Space Exploration Technologies Corp (a)(c)(d) | 18055 | 3827659 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $591,108,599) |  | <br> **902991519** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.8%** | &nbsp;&nbsp;**Money Market Funds - 6.8%** | &nbsp;&nbsp;**Money Market Funds - 6.8%** | &nbsp;&nbsp;**Money Market Funds - 6.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 1181044 | 1181280 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 61196785 | 61202905 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $62,384,185) |  |  | **62384185** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.1%**<br> (Cost $653,492,784)<br>| <br>**965375704** |
| **NET OTHER ASSETS (LIABILITIES) - (5.1)%**  | **(47171858)** |
| **NET ASSETS - 100.0%** | **918203846** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,827,659 or 0.4% 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.

(f) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Space Exploration Technologies Corp | 2/16/2021 - 5/24/2022 | 1151846 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 566579 | 37422362 | 36807754 | 47795 | 93 | - | 1181280 | 1181044 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 13013849 | 262054618 | 213865562 | 315255 | - | - | 61202905 | 61196785 | 0.2% |
| Total | 13580428 | 299476980 | 250673316 | 363050 | 93 | - | 62384185 |  |  |

---

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 | 58714734 | 11347306 | 47367428 | - |
| Consumer Discretionary | 113342867 | 54917040 | 58425827 | - |
| Consumer Staples | 44702394 | 44702394 | - | - |
| Energy | 5304919 | 5304919 | - | - |
| Financials | 124977900 | 14983566 | 109994334 | - |
| Health Care | 58208746 | 39819267 | 18389479 | - |
| Industrials | 241094472 | 205193589 | 32073224 | 3827659 |
| Information Technology | 177017042 | 111751605 | 65265437 | - |
| Materials | 67232131 | 48571539 | 18660592 | - |
| Real Estate | 12396314 | 12396314 | - | - |
|  **Money Market Funds** | 62384185 | 62384185 | - | - |
| **Total Investments in Securities:** | 965375704 | 611371724 | 350176321 | 3827659 |

---

**Fidelity® Japan 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 $57,714,634) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $591,108,599) | $902991519 |  |
| Fidelity Central Funds (cost $62,384,185) | 62384185 |  |
| Total Investment in Securities (cost $653,492,784) |  | $965375704 |
| Foreign currency held at value (cost $8,138,808) |  | 8095732 |
| Receivable for investments sold |  | 10894956 |
| Receivable for fund shares sold |  | 376717 |
| Dividends receivable |  | 5215749 |
| Distributions receivable from Fidelity Central Funds |  | 63680 |
| Prepaid expenses |  | 852 |
| Other receivables |  | 1229838 |
| **Total assets** |  | 991253228 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $11068091 |  |
| Payable for fund shares redeemed | 162011 |  |
| Accrued management fee | 541082 |  |
| Distribution and service plan fees payable | 7465 |  |
| Other payables and accrued expenses | 67829 |  |
| Collateral on securities loaned | 61202904 |  |
| **Total liabilities** |  | 73049382 |
| **Net Assets**  |  | $918203846 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $555843193 |
| Total accumulated earnings (loss) |  | 362360653 |
| **Net Assets** |  | $918203846 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($21,769,621 ÷ 1,002,068 shares)(a) |  | $21.72 |
| Maximum offering price per share (100/94.25 of $21.72) |  | $23.05 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($3,633,426 ÷ 168,738 shares)(a) |  | $21.53 |
| Maximum offering price per share (100/96.50 of $21.53) |  | $22.31 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($2,023,698 ÷ 96,097 shares)(a) |  | $21.06 |
| **Japan :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($243,059,908 ÷ 11,082,859 shares) |  | $21.93 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($24,852,754 ÷ 1,118,676 shares) |  | $22.22 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($622,864,439 ÷ 28,471,038 shares) |  | $21.88 |
| *(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  |  | $15304898 |
| Non-Cash dividends |  | 1678451 |
| Income from Fidelity Central Funds (including $315,255 from security lending)  |  | 363050 |
| Income before foreign taxes withheld |  | $17346399 |
| Less foreign taxes withheld |  | (1503128) |
| **Total income** |  | 15843271 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $5642788 |  |
| Performance adjustment | (819870) |  |
| Distribution and service plan fees | 78996 |  |
| Custodian fees and expenses | 36614 |  |
| Independent trustees' fees and expenses | 2874 |  |
| Registration fees | 120837 |  |
| Audit fees | 69158 |  |
| Legal | 791 |  |
| Interest | 2424 |  |
| Miscellaneous | 5230 |  |
| **Total expenses** |  | 5139842 |
| **Net Investment income (loss)** |  | 10703429 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 53895763 |  |
| Fidelity Central Funds | 93 |  |
| Foreign currency transactions | 685611 |  |
| Total net realized gain (loss) |  | 54581467 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 149961647 |  |
| Assets and liabilities in foreign currencies | 90921 |  |
| Total change in net unrealized appreciation (depreciation) |  | 150052568 |
| **Net gain (loss)** |  | 204634035 |
| **Net increase (decrease) in net assets resulting from operations** |  | $215337464 |

---

---

| | | |
|:---|:---|:---|
| **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) | $10703429 | $8373228 |
| &nbsp;&nbsp;Net realized gain (loss) | 54581467<br>| 16081921<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 150052568 | 113525071<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 215337464<br>| 137980220<br>|
| Distributions to shareholders | (32121491)<br>| (23847306)<br>|
| Share transactions - net increase (decrease) | 42001787<br>| (53403809)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 225217760<br>| 60729105<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 692986086 | 632256981<br>|
| &nbsp;&nbsp;End of period | $918203846 | $692986086 |

---

**Financial Highlights** 

**Fidelity Advisor® Japan Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.34 | $14.56 | $13.26 | $20.90 | $17.50 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .15  | .11  | .04  | .02  |
| Net realized and unrealized gain (loss)  | 4.92  | 3.18  | 1.19  | (5.58)  | 3.71  |
| Total from investment operations  | 5.12  | 3.33  | 1.30  | (5.54)  | 3.73  |
| Distributions from net investment income  | (.38)  | (.09)  | -  | (.55)  | (.07)  |
| Distributions from net realized gain  | (.37)  | (.46)  | -  | (1.55)  | (.25)  |
| Total distributions  | (.74) C | (.55)  | -  | (2.10)  | (.33) C |
| Net asset value, end of period  | $21.72 | $17.34 | $14.56 | $13.26 | $20.90 |
| **Total Return** D,E | 30.78% <br>| 23.44%  | 9.80%  | (29.38)%  | 21.42%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.03%  | .97%  | 1.22%  | 1.39%  | 1.38%  |
| Expenses net of fee waivers, if any  | 1.03% <br>| .97%  | 1.22%  | 1.39%  | 1.38%  |
| Expenses net of all reductions, if any  | 1.03%  | .97%  | 1.21%  | 1.39%  | 1.38%  |
| Net investment income (loss)  | 1.08%  | .90%  | .69%  | .26%  | .08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21770 | $16922 | $15764 | $13004 | $20357 |
| Portfolio turnover rate H | 39% <br>| 21%  | 25%  | 26%  | 31%  |

---

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*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Japan Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.21 | $14.44 | $13.19 | $20.76 | $17.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .11  | .06  | (.01)  | (.05)  |
| Net realized and unrealized gain (loss)  | 4.89  | 3.16  | 1.19  | (5.55)  | 3.69  |
| Total from investment operations  | 5.04  | 3.27  | 1.25  | (5.56)  | 3.64  |
| Distributions from net investment income  | (.35)  | (.04)  | -  | (.46)  | (.02)  |
| Distributions from net realized gain  | (.37)  | (.46)  | -  | (1.55)  | (.25)  |
| Total distributions  | (.72)  | (.50)  | -  | (2.01)  | (.28) C |
| Net asset value, end of period  | $21.53 | $17.21 | $14.44 | $13.19 | $20.76 |
| **Total Return** D,E | 30.47% <br>| 23.10%  | 9.48%  | (29.55)%  | 21.00%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.28%  | 1.22%  | 1.51%  | 1.69%  | 1.70%  |
| Expenses net of fee waivers, if any  | 1.28% <br>| 1.22%  | 1.50%  | 1.69%  | 1.70%  |
| Expenses net of all reductions, if any  | 1.28%  | 1.21%  | 1.49%  | 1.69%  | 1.70%  |
| Net investment income (loss)  | .83%  | .65%  | .42%  | (.04)%  | (.23)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3633 | $2847 | $2354 | $2282 | $3919 |
| Portfolio turnover rate H | 39% <br>| 21%  | 25%  | 26%  | 31%  |

---

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*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Japan Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.84 | $14.17 | $13.00 | $20.43 | $17.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .03  | - C | (.07)  | (.12)  |
| Net realized and unrealized gain (loss)  | 4.79  | 3.10  | 1.17  | (5.49)  | 3.63  |
| Total from investment operations  | 4.85  | 3.13  | 1.17  | (5.56)  | 3.51  |
| Distributions from net investment income  | (.26)  | -  | -  | (.33)  | (.01)  |
| Distributions from net realized gain  | (.37)  | (.46)  | -  | (1.55)  | (.25)  |
| Total distributions  | (.63)  | (.46)  | -  | (1.87) D | (.25) D |
| Net asset value, end of period  | $21.06 | $16.84 | $14.17 | $13.00 | $20.43 |
| **Total Return** E,F | 29.84% <br>| 22.54%  | 9.00%  | (29.85)%  | 20.54%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.78%  | 1.71%  | 1.94%  | 2.11%  | 2.09%  |
| Expenses net of fee waivers, if any  | 1.78% <br>| 1.70%  | 1.93%  | 2.10%  | 2.09%  |
| Expenses net of all reductions, if any  | 1.78%  | 1.70%  | 1.93%  | 2.10%  | 2.09%  |
| Net investment income (loss)  | .33%  | .16%  | (.02)%  | (.46)%  | (.63)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2024 | $1967 | $1779 | $2179 | $4778 |
| Portfolio turnover rate I | 39% <br>| 21%  | 25%  | 26%  | 31%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Japan Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.50 | $14.69 | $13.35 | $21.01 | $17.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .20  | .15  | .08  | .08  |
| Net realized and unrealized gain (loss)  | 4.98  | 3.21  | 1.19  | (5.60)  | 3.72  |
| Total from investment operations  | 5.23  | 3.41  | 1.34  | (5.52)  | 3.80  |
| Distributions from net investment income  | (.43)  | (.14)  | -  | (.59)  | (.11)  |
| Distributions from net realized gain  | (.37)  | (.46)  | -  | (1.55)  | (.25)  |
| Total distributions  | (.80)  | (.60)  | -  | (2.14)  | (.37) C |
| Net asset value, end of period  | $21.93 | $17.50 | $14.69 | $13.35 | $21.01 |
| **Total Return** D | 31.23% <br>| 23.78%  | 10.04%  | (29.16)%  | 21.75%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .74%  | .69%  | .96%  | 1.13%  | 1.09%  |
| Expenses net of fee waivers, if any  | .74% <br>| .68%  | .95%  | 1.12%  | 1.09%  |
| Expenses net of all reductions, if any  | .74%  | .68%  | .95%  | 1.12%  | 1.09%  |
| Net investment income (loss)  | 1.37%  | 1.18%  | .96%  | .52%  | .37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $243060 | $176869 | $149990 | $113015 | $167954 |
| Portfolio turnover rate G | 39% <br>| 21%  | 25%  | 26%  | 31%  |

---

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 Advisor® Japan Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.64 | $14.81 | $13.45 | $20.97 | $17.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .19  | .15  | .09  | .09  |
| Net realized and unrealized gain (loss)  | 5.04  | 3.24  | 1.21  | (5.65)  | 3.71  |
| Total from investment operations  | 5.29  | 3.43  | 1.36  | (5.56)  | 3.80  |
| Distributions from net investment income  | (.35)  | (.14)  | -  | (.41)  | (.14)  |
| Distributions from net realized gain  | (.37)  | (.46)  | -  | (1.55)  | (.25)  |
| Total distributions  | (.71) C | (.60)  | -  | (1.96)  | (.39)  |
| Net asset value, end of period  | $22.22 | $17.64 | $14.81 | $13.45 | $20.97 |
| **Total Return** D | 31.20% <br>| 23.73%  | 10.11%  | (29.15)%  | 21.80%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .78%  | .72%  | .94%  | 1.09%  | 1.04%  |
| Expenses net of fee waivers, if any  | .78% <br>| .72%  | .94%  | 1.09%  | 1.04%  |
| Expenses net of all reductions, if any  | .78%  | .72%  | .94%  | 1.09%  | 1.04%  |
| Net investment income (loss)  | 1.33%  | 1.15%  | .97%  | .56%  | .43%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $24853 | $18555 | $32712 | $33320 | $48887 |
| Portfolio turnover rate G | 39% <br>| 21%  | 25%  | 26%  | 31%  |

---

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 Advisor® Japan Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.47 | $14.68 | $13.31 | $20.98 | $17.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .27  | .22  | .17  | .11  | .10  |
| Net realized and unrealized gain (loss)  | 4.97  | 3.19  | 1.20  | (5.59)  | 3.72  |
| Total from investment operations  | 5.24  | 3.41  | 1.37  | (5.48)  | 3.82  |
| Distributions from net investment income  | (.46)  | (.16)  | -  | (.64)  | (.15)  |
| Distributions from net realized gain  | (.37)  | (.46)  | -  | (1.55)  | (.25)  |
| Total distributions  | (.83)  | (.62)  | -  | (2.19)  | (.40)  |
| Net asset value, end of period  | $21.88 | $17.47 | $14.68 | $13.31 | $20.98 |
| **Total Return** C | 31.38% <br>| 23.87%  | 10.29%  | (29.07)%  | 21.93%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .64%  | .57%  | .80%  | .96%  | .96%  |
| Expenses net of fee waivers, if any  | .64% <br>| .56%  | .79%  | .96%  | .96%  |
| Expenses net of all reductions, if any  | .64%  | .56%  | .79%  | .96%  | .96%  |
| Net investment income (loss)  | 1.47%  | 1.30%  | 1.12%  | .69%  | .51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $622864 | $475826 | $429659 | $408434 | $585487 |
| Portfolio turnover rate F | 39% <br>| 21%  | 25%  | 26%  | 31%  |

---

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 Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Japan, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. 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.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $333272742 |
| **Gross unrealized depreciation**  | <u>(51506011)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$281766731</u> |
| **Tax Cost**  | <u>$683608973</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$45672289</u> |
| **Undistributed long-term capital gain**  | <u>$35147563</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$281540805</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $20965023 | $5853517 |
| **Long-term Capital Gains**  | <u>11156468</u> | <u>17993789</u> |
| **Total**  | <u>$32121491</u> | <u>$23847306</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Japan Fund** | 304443821 | 293192677 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .88 |
| **Class M** | .88 |
| **Class C** | .86 |
| **Japan** | .87 |
| **Class I** | .87 |
| **Class Z** | .72 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Japan** | .82 |
| **Class I** | .86 |
| **Class Z** | .72 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Japan Fund** | TOPIX |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Japan. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.11)%.

**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% | 44734 | 909 |
| **Class M** | .25% | .25% | 15439 | 94 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18823</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4467</u> |
|  |  |  | <u>78996</u> | <u>5470</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** | 1134 |
| **Class M** | 97 |
| **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>23</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1254</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Japan Fund** | Borrower | 2459571 | 4.78% | 2286 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Japan Fund** | 3383078 | 5601800 | (354716) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Japan Fund** | 993 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Japan Fund** | 32730 | - | - |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Japan Fund** | 1025000 | 4.83% | 138 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Japan Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $715903 | $601432 |
| Class M | 121784 | 80704 |
| Class C | 74834 | 58025 |
| Japan | 7875903 | 5977883 |
| Class I | 751595 | 1377391 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>22581472</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>15751871</u> |
| Total  | <u>$32121491</u> | <u>$23847306</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Japan Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 141455 | 178076 | $2649565 | $2989956 |
| Reinvestment of distributions | 40646 | 37678 | 684884 | 571577 |
| Shares redeemed | <u>(156014)</u> | <u>(322353)</u> | <u>(2798686)</u> | <u>(5347066)</u> |
| Net increase (decrease) | <u>26087</u> | <u>(106599)</u> | <u>$535763</u> | <u>$(1785533)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 14193 | 10714 | $257679 | $174853 |
| Reinvestment of distributions | 7270 | 5341 | 121622 | 80602 |
| Shares redeemed | <u>(18161)</u> | <u>(13657)</u> | <u>(329888)</u> | <u>(229966)</u> |
| Net increase (decrease) | <u>3302</u> | <u>2398</u> | <u>$49413</u> | <u>$25489</u> |
| **Class C** |  |  |  |  |
| Shares sold | 19004 | 35715 | $325395 | $576393 |
| Reinvestment of distributions | 4552 | 3913 | 74834 | 58025 |
| Shares redeemed | <u>(44301)</u> | <u>(48344)</u> | <u>(745737)</u> | <u>(787654)</u> |
| Net increase (decrease) | <u>(20745)</u> | <u>(8716)</u> | <u>$(345508)</u> | <u>$(153236)</u> |
| **Japan** |  |  |  |  |
| Shares sold | 3313122 | 2663798 | $61784873 | $44014546 |
| Reinvestment of distributions | 424185 | 360541 | 7194179 | 5509063 |
| Shares redeemed | <u>(2759446)</u> | <u>(3127359)</u> | <u>(50380038)</u> | <u>(51775389)</u> |
| Net increase (decrease) | <u>977861</u> | <u>(103020)</u> | <u>$18599014</u> | <u>$(2251780)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 327165 | 873438 | $6326650 | $14285779 |
| Reinvestment of distributions | 42999 | 86366 | 739145 | 1330039 |
| Shares redeemed | <u>(303191)</u> | <u>(2116540)</u> | <u>(5409044)</u> | <u>(36696595)</u> |
| Net increase (decrease) | <u>66973</u> | <u>(1156736)</u> | <u>$1656751</u> | <u>$(21080777)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 753129 | 8068059 | $13656683 | $125982060 |
| Reinvestment of distributions | 841043 | 630507 | 14222031 | 9602617 |
| Shares redeemed | <u>(355498)</u> | <u>(10742814)</u> | <u>(6372360)</u> | <u>(163742649)</u> |
| Net increase (decrease) | <u>1238674</u> | <u>(2044248)</u> | <u>$21506354</u> | <u>$(28157972)</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | | |
|:---|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** | **Strategic Advisers International Fund** |
| Fidelity Japan Fund | 23% | 39% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity Japan Fund | 62% |

---

**13. 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.

**Fidelity® Japan Smaller Companies Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| JAPAN - 98.9%  |  |  |
| Communication Services - 4.5% |  |  |
| Entertainment - 3.7% |  |  |
| Capcom Co Ltd  | 154700 | 4039699 |
| Konami Group Corp  | 29500 | 4927195 |
| Nintendo Co Ltd  | 64900 | 5535314 |
|  |  | 14502208 |
| Media - 0.8% |  |  |
| CyberAgent Inc  | 341800 | 3408907 |
| TOTAL COMMUNICATION SERVICES |  | 17911115 |
| Consumer Discretionary - 12.8% |  |  |
| Automobile Components - 2.3% |  |  |
| Sumitomo Electric Industries Ltd  | 136000 | 4986049 |
| Toyo Tire Corp (a) | 151700 | 4158929 |
|  |  | 9144978 |
| Automobiles - 2.0% |  |  |
| Mazda Motor Corp  | 340500 | 2368542 |
| Suzuki Motor Corp  | 377000 | 5646071 |
|  |  | 8014613 |
| Broadline Retail - 1.5% |  |  |
| Pan Pacific International Holdings Corp  | 974500 | 5796919 |
| Distributors - 1.1% |  |  |
| Central Automotive Products Ltd  | 381000 | 4442650 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Koshidaka Holdings Co Ltd (a) | 801500 | 6136980 |
| Specialty Retail - 1.5% |  |  |
| USS Co Ltd  | 542100 | 5986985 |
| Textiles, Apparel & Luxury Goods - 2.8% |  |  |
| Asics Corp  | 302500 | 7739650 |
| Fujibo Holdings Inc  | 73300 | 3253339 |
|  |  | 10992989 |
| TOTAL CONSUMER DISCRETIONARY |  | 50516114 |
| Consumer Staples - 7.0% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Kato Sangyo Co Ltd  | 93400 | 3587879 |
| Food Products - 5.2% |  |  |
| Ajinomoto Co Inc  | 274700 | 7794842 |
| Kewpie Corp  | 260350 | 7217022 |
| Kotobuki Spirits Co Ltd (a) | 463600 | 5560733 |
|  |  | 20572597 |
| Household Products - 0.9% |  |  |
| Transaction Co Ltd  | 518800 | 3440488 |
| TOTAL CONSUMER STAPLES |  | 27600964 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Inpex Corp  | 313000 | 5770119 |
| Itochu Enex Co Ltd  | 243800 | 2880798 |
|  |  | 8650917 |
| Financials - 10.7% |  |  |
| Banks - 4.6% |  |  |
| 77 Bank Ltd/The  | 97300 | 4176494 |
| Hokuhoku Financial Group Inc  | 430000 | 10544222 |
| Kyoto Financial Group Inc (a) | 170400 | 3454218 |
|  |  | 18174934 |
| Financial Services - 0.8% |  |  |
| Zenkoku Hosho Co Ltd  | 157400 | 3236653 |
| Insurance - 5.3% |  |  |
| LIFENET INSURANCE CO (a)(b) | 154600 | 1887984 |
| Sompo Holdings Inc  | 287900 | 8773889 |
| T&D Holdings Inc  | 232900 | 5018888 |
| Tokio Marine Holdings Inc  | 137200 | 5116627 |
|  |  | 20797388 |
| TOTAL FINANCIALS |  | 42208975 |
| Health Care - 1.8% |  |  |
| Health Care Providers & Services - 1.0% |  |  |
| As One Corp  | 227100 | 3711319 |
| Pharmaceuticals - 0.8% |  |  |
| Santen Pharmaceutical Co Ltd  | 336500 | 3294909 |
| TOTAL HEALTH CARE |  | 7006228 |
| Industrials - 26.9% |  |  |
| Building Products - 1.0% |  |  |
| Nichias Corp (a) | 106500 | 3983298 |
| Construction & Engineering - 4.0% |  |  |
| Fukuda Corp  | 72300 | 3227720 |
| Hazama Ando Corp  | 432600 | 4847837 |
| Hibiya Engineering Ltd  | 147500 | 4345273 |
| Hokuriku Electrical Construction Co Ltd  | 115100 | 1047111 |
| Yurtec Corp  | 156000 | 2518513 |
|  |  | 15986454 |
| Electrical Equipment - 2.6% |  |  |
| SWCC Corp (a) | 180600 | 8812615 |
| Terasaki Electric Co Ltd  | 45000 | 1410356 |
|  |  | 10222971 |
| Ground Transportation - 1.4% |  |  |
| East Japan Railway Co  | 235200 | 5732342 |
| Machinery - 8.0% |  |  |
| DMG Mori Co Ltd  | 197300 | 3072610 |
| Ebara Corp  | 302300 | 8103311 |
| IHI Corp  | 458000 | 9554670 |
| Japan Steel Works Ltd/The  | 75600 | 4974265 |
| Takeuchi Manufacturing Co Ltd  | 135700 | 5609039 |
|  |  | 31313895 |
| Professional Services - 3.7% |  |  |
| Funai Soken Holdings Inc  | 263480 | 4152832 |
| TKC Corp  | 79800 | 2089371 |
| Visional Inc (b) | 118400 | 8235987 |
|  |  | 14478190 |
| Trading Companies & Distributors - 5.3% |  |  |
| Inaba Denki Sangyo Co Ltd  | 127800 | 3767409 |
| ITOCHU Corp  | 71000 | 4114600 |
| Mitani Corp  | 377200 | 5678437 |
| Senshu Electric Co Ltd (a) | 188300 | 5528892 |
| Totech Corp  | 89500 | 1852605 |
|  |  | 20941943 |
| Transportation Infrastructure - 0.9% |  |  |
| Kamigumi Co Ltd  | 124000 | 3722976 |
| TOTAL INDUSTRIALS |  | 106382069 |
| Information Technology - 20.0% |  |  |
| Electronic Equipment, Instruments & Components - 6.5% |  |  |
| Azbil Corp  | 545700 | 5391138 |
| Dexerials Corp  | 273000 | 4425112 |
| Hamamatsu Photonics KK  | 304000 | 3413614 |
| Ibiden Co Ltd  | 45400 | 4305503 |
| Maruwa Co Ltd/Aichi  | 17300 | 4924736 |
| Riken Keiki Co Ltd (a) | 143100 | 3268521 |
|  |  | 25728624 |
| IT Services - 7.0% |  |  |
| Ad-sol Nissin Corp  | 207600 | 1980222 |
| Argo Graphics Inc  | 699700 | 6215621 |
| JFE Systems Inc  | 75400 | 918832 |
| Nomura Research Institute Ltd  | 129700 | 5008117 |
| NSD Co Ltd  | 293300 | 6272902 |
| SCSK Corp  | 106200 | 3907989 |
| TechMatrix Corp  | 229100 | 3248222 |
|  |  | 27551905 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Renesas Electronics Corp  | 485800 | 5999423 |
| Shibaura Mechatronics Corp  | 25700 | 3046778 |
|  |  | 9046201 |
| Software - 3.1% |  |  |
| m-up Holdings Inc  | 246700 | 3092755 |
| Money Forward Inc (b) | 215250 | 6285283 |
| Systena Corp  | 869900 | 2997319 |
|  |  | 12375357 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| FUJIFILM Holdings Corp  | 191900 | 4447607 |
| TOTAL INFORMATION TECHNOLOGY |  | 79149694 |
| Materials - 9.8% |  |  |
| Chemicals - 6.8% |  |  |
| C Uyemura & Co Ltd  | 86000 | 7009020 |
| Kuraray Co Ltd  | 138000 | 1497664 |
| NOF Corp  | 174900 | 3117580 |
| Osaka Soda Co Ltd (a) | 519700 | 5557495 |
| Resonac Holdings Corp (a) | 122800 | 4812077 |
| Tokyo Ohka Kogyo Co Ltd  | 119000 | 4365109 |
| Toyo Gosei Co Ltd  | 11600 | 529155 |
|  |  | 26888100 |
| Construction Materials - 1.2% |  |  |
| Maeda Kosen Co Ltd  | 380000 | 4754007 |
| Metals & Mining - 1.8% |  |  |
| Yamato Kogyo Co Ltd  | 110400 | 6971727 |
| TOTAL MATERIALS |  | 38613834 |
| Real Estate - 2.4% |  |  |
| Real Estate Management & Development - 2.4% |  |  |
| Arealink Co Ltd (a) | 307400 | 2028588 |
| Katitas Co Ltd  | 203600 | 3314726 |
| Starts Corp Inc  | 131000 | 4067452 |
|  |  | 9410766 |
| Utilities - 0.8% |  |  |
| Gas Utilities - 0.8% |  |  |
| Nippon Gas Co Ltd  | 184900 | 3537588 |
| TOTAL JAPAN |  | 390988264 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $262,911,768) |  | <br> **390988264** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (c) | 4.18 | 194032 | 194071 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.18 | 16331201 | 16332834 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $16,526,905) |  |  | **16526905** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $279,438,673)<br>| <br>**407515169** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(12023423)** |
| **NET ASSETS - 100.0%** | **395491746** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 | 472348 | 24729283 | 25007588 | 18399 | 28 | - | 194071 | 194032 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9338303 | 183903970 | 176909439 | 76840 | - | - | 16332834 | 16331201 | 0.1% |
| Total | 9810651 | 208633253 | 201917027 | 95239 | 28 | - | 16526905 |  |  |

---

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 | 17911115 | 8336102 | 9575013 | - |
| Consumer Discretionary | 50516114 | 44719195 | 5796919 | - |
| Consumer Staples | 27600964 | 27600964 | - | - |
| Energy | 8650917 | 8650917 | - | - |
| Financials | 42208975 | 28318459 | 13890516 | - |
| Health Care | 7006228 | 7006228 | - | - |
| Industrials | 106382069 | 106382069 | - | - |
| Information Technology | 79149694 | 63694547 | 15455147 | - |
| Materials | 38613834 | 38613834 | - | - |
| Real Estate | 9410766 | 9410766 | - | - |
| Utilities | 3537588 | 3537588 | - | - |
|  **Money Market Funds** | 16526905 | 16526905 | - | - |
| **Total Investments in Securities:** | 407515169 | 362797574 | 44717595 | - |

---

**Fidelity® Japan Smaller Companies 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 $15,117,563) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $262,911,768) | $390988264 |  |
| Fidelity Central Funds (cost $16,526,905) | 16526905 |  |
| Total Investment in Securities (cost $279,438,673) |  | $407515169 |
| Foreign currency held at value (cost $2,903,149) |  | 2901275 |
| Receivable for investments sold |  | 2826315 |
| Receivable for fund shares sold |  | 3640 |
| Dividends receivable |  | 3058068 |
| Distributions receivable from Fidelity Central Funds |  | 4338 |
| Prepaid expenses |  | 483 |
| **Total assets** |  | 416309288 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4117744 |  |
| Payable for fund shares redeemed | 40733 |  |
| Accrued management fee | 269403 |  |
| Other payables and accrued expenses | 56828 |  |
| Collateral on securities loaned | 16332834 |  |
| **Total liabilities** |  | 20817542 |
| **Net Assets**  |  | $395491746 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $220936990 |
| Total accumulated earnings (loss) |  | 174554756 |
| **Net Assets** |  | $395491746 |
| **Net Asset Value**, offering price and redemption price per share ($395,491,746 ÷ 20,519,095 shares) |  | $19.27 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $9898033 |
| Income from Fidelity Central Funds (including $76,840 from security lending)  |  | 95239 |
| Income before foreign taxes withheld |  | $9993272 |
| Less foreign taxes withheld |  | (994679) |
| **Total income** |  | 8998593 |
| **Expenses** |  |  |
| Management fee | $3458012 |  |
| Custodian fees and expenses | 27160 |  |
| Independent trustees' fees and expenses | 1680 |  |
| Registration fees | 21466 |  |
| Audit fees | 58567 |  |
| Legal | 573 |  |
| Interest | 9114 |  |
| Miscellaneous | 1354 |  |
| **Total expenses** |  | 3577926 |
| **Net Investment income (loss)** |  | 5420667 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 63380167 |  |
| Fidelity Central Funds | 28 |  |
| Foreign currency transactions | (792256) |  |
| Total net realized gain (loss) |  | 62587939 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 24782089 |  |
| Assets and liabilities in foreign currencies | 347991 |  |
| Total change in net unrealized appreciation (depreciation) |  | 25130080 |
| **Net gain (loss)** |  | 87718019 |
| **Net increase (decrease) in net assets resulting from operations** |  | $93138686 |

---

---

| | | |
|:---|:---|:---|
| **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) | $5420667 | $5374113 |
| &nbsp;&nbsp;Net realized gain (loss) | 62587939<br>| 13982073<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 25130080 | 69020289<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 93138686<br>| 88376475<br>|
| Distributions to shareholders | (17881080)<br>| (13096272)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 26148250 | 28846628 |
| Reinvestment of distributions | 17214798<br>| 12571486<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (133030231) | (142666579) |
| **Net increase (decrease) in net assets resulting from share transactions** | (89667183)<br>| (101248465)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (14409577)<br>| (25968262)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 409901323 | 435869585<br>|
| &nbsp;&nbsp;End of period | $395491746 | $409901323 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1481442 | 1867703 |
| Issued in reinvestment of distributions | 1075253<br>| 873020<br>|
| &nbsp;&nbsp;Redeemed | (7363553) | (9273731) |
| &nbsp;&nbsp;Net increase (decrease) | (4806858) | (6533008) |

---

**Financial Highlights** 

**Fidelity® Japan Smaller Companies Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.19 | $13.68 | $12.47 | $17.92 | $16.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .19  | .18  | .19  | .20  |
| Net realized and unrealized gain (loss)  | 3.57  | 2.75  | 1.04  | (3.75)  | 1.36  |
| Total from investment operations  | 3.79  | 2.94  | 1.22  | (3.56)  | 1.56  |
| Distributions from net investment income  | (.36)  | (.33)  | (.01)  | (.51)  | (.19)  |
| Distributions from net realized gain  | (.34)  | (.10)  | -  | (1.38)  | (.10)  |
| Total distributions  | (.71) C | (.43)  | (.01)  | (1.89)  | (.28) C |
| Net asset value, end of period  | $19.27 | $16.19 | $13.68 | $12.47 | $17.92 |
| **Total Return** D | 24.29% <br>| 21.84%  | 9.76%  | (21.95)%  | 9.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .85%  | .88%  | .92%  | .91%  | .91%  |
| Expenses net of fee waivers, if any  | .85% <br>| .87%  | .91%  | .91%  | .91%  |
| Expenses net of all reductions, if any  | .85%  | .87%  | .91%  | .91%  | .91%  |
| Net investment income (loss)  | 1.28%  | 1.21%  | 1.26%  | 1.33%  | 1.13%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $395492 | $409901 | $435870 | $364425 | $501214 |
| Portfolio turnover rate G | 42% <br>| 21%  | 36%  | 38%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns 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 Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. 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) 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**  | $119598487 |
| **Gross unrealized depreciation**  | <u>(5061994)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$114536493</u> |
| **Tax Cost**  | <u>$292978676</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$13256450</u> |
| **Undistributed long-term capital gain**  | <u>$46872753</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$114425552</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $9193098 | $10045611 |
| **Long-term Capital Gains**  | <u>8687982</u> | <u>3050661</u> |
| **Total**  | <u>$17881080</u> | <u>$13096272</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Japan Smaller Companies Fund** | 171003388 | 271005503 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Japan Smaller Companies Fund** | .84 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Japan Smaller Companies Fund** | .82 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Japan Smaller Companies Fund** | Borrower | 14740400 | 4.45% | 9114 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Japan Smaller Companies Fund** | 342582 | 6526319 | 1163893 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Japan Smaller Companies Fund** | 580 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Japan Smaller Companies Fund** | 8151 | - | - |

---

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | | |
|:---|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** | **Strategic Advisers International Fund** |
| Fidelity Japan Smaller Companies Fund | 15% | 29% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity Japan Smaller Companies Fund | 54% |

---

**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.

**Fidelity® Nordic Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| DroneShield Ltd (a)(b) | 1311366 | 3286243 |
| BAILIWICK OF JERSEY - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| JTC PLC (a)(c) | 83700 | 1433835 |
| DENMARK - 23.9%  |  |  |
| Financials - 5.3% |  |  |
| Banks - 4.1% |  |  |
| Danske Bank A/S  | 297200 | 13270663 |
| Insurance - 1.2% |  |  |
| Tryg A/S  | 161083 | 3970544 |
| TOTAL FINANCIALS |  | 17241207 |
| Health Care - 10.6% |  |  |
| Biotechnology - 1.1% |  |  |
| Genmab A/S (b) | 12300 | 3508303 |
| Pharmaceuticals - 9.5% |  |  |
| ALK-Abello A/S Series B (b) | 82900 | 2730513 |
| Novo Nordisk A/S Series B  | 578700 | 28490394 |
|  |  | 31220907 |
| TOTAL HEALTH CARE |  | 34729210 |
| Industrials - 6.2% |  |  |
| Air Freight & Logistics - 5.0% |  |  |
| DSV A/S  | 77900 | 16532386 |
| Electrical Equipment - 1.2% |  |  |
| NKT A/S (b) | 17500 | 1960966 |
| Vestas Wind Systems A/S  | 97300 | 1989990 |
|  |  | 3950956 |
| TOTAL INDUSTRIALS |  | 20483342 |
| Materials - 1.8% |  |  |
| Chemicals - 1.8% |  |  |
| Novonesis Novozymes B Series B  | 101500 | 6065921 |
| TOTAL DENMARK |  | 78519680 |
| FINLAND - 13.1%  |  |  |
| Financials - 7.3% |  |  |
| Banks - 5.8% |  |  |
| Nordea Bank Abp (Sweden)  | 1112844 | 19011561 |
| Insurance - 1.5% |  |  |
| Sampo Oyj A Shares  | 448300 | 4995774 |
| TOTAL FINANCIALS |  | 24007335 |
| Industrials - 1.7% |  |  |
| Machinery - 1.7% |  |  |
| Wartsila OYJ Abp  | 168900 | 5523145 |
| Information Technology - 2.3% |  |  |
| Communications Equipment - 2.3% |  |  |
| Nokia Oyj  | 1095500 | 7472736 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Cityvarasto Oyj (d) | 52600 | 971283 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 1.5% |  |  |
| Fortum Oyj  | 223600 | 4984547 |
| TOTAL FINLAND |  | 42959046 |
| GERMANY - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Siemens Energy AG (b) | 28500 | 3550682 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE (b) | 1000 | 818466 |
| NORWAY - 11.8%  |  |  |
| Communication Services - 2.0% |  |  |
| Interactive Media & Services - 2.0% |  |  |
| Vend Marketplaces ASA B Shares  | 190600 | 6567061 |
| Consumer Staples - 1.5% |  |  |
| Food Products - 1.5% |  |  |
| Mowi ASA  | 219800 | 4830316 |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Equinor ASA  | 251700 | 6028544 |
| Financials - 3.2% |  |  |
| Banks - 3.2% |  |  |
| DNB Bank ASA  | 411200 | 10485767 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Kongsberg Gruppen ASA  | 168500 | 4309295 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Norbit ASA  | 40800 | 823713 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Nordic Semiconductor ASA (b) | 110700 | 1606526 |
| TOTAL INFORMATION TECHNOLOGY |  | 2430239 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Norsk Hydro ASA  | 461100 | 3120053 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Selvaag Bolig ASA  | 295032 | 959726 |
| TOTAL NORWAY |  | 38731001 |
| SWEDEN - 41.4%  |  |  |
| Consumer Discretionary - 2.6% |  |  |
| Leisure Products - 0.5% |  |  |
| Asmodee Group AB B Shares  | 133000 | 1717475 |
| Specialty Retail - 2.1% |  |  |
| Haypp Group AB (b) | 415698 | 6747257 |
| TOTAL CONSUMER DISCRETIONARY |  | 8464732 |
| Financials - 7.6% |  |  |
| Banks - 0.3% |  |  |
| Swedbank AB A1 Shares  | 45300 | 1378037 |
| Capital Markets - 1.3% |  |  |
| Nordnet AB  | 143200 | 4145154 |
| Financial Services - 6.0% |  |  |
| Investor AB B Shares  | 593000 | 19571607 |
| TOTAL FINANCIALS |  | 25094798 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Asker Healthcare Group AB (b) | 129500 | 1174466 |
| Life Sciences Tools & Services - 1.6% |  |  |
| AddLife AB B Shares  | 205800 | 4449496 |
| Medcap AB (b) | 12900 | 825578 |
|  |  | 5275074 |
| TOTAL HEALTH CARE |  | 6449540 |
| Industrials - 21.9% |  |  |
| Aerospace & Defense - 3.5% |  |  |
| Mildef Group AB (d) | 78500 | 1302239 |
| Saab AB B Shares  | 184800 | 10168896 |
|  |  | 11471135 |
| Building Products - 3.4% |  |  |
| Assa Abloy AB B Shares  | 190200 | 7167605 |
| Munters Europe AB (a)(c) | 242000 | 4126628 |
|  |  | 11294233 |
| Industrial Conglomerates - 0.9% |  |  |
| Nolato AB B Shares  | 428500 | 2832536 |
| Machinery - 14.1% |  |  |
| Atlas Copco AB B Shares  | 1010400 | 15182190 |
| Beijer Alma AB B Shares  | 173400 | 5311376 |
| Indutrade AB  | 226300 | 6050388 |
| Sandvik AB  | 592700 | 17998890 |
| Volvo AB B Shares  | 55600 | 1523164 |
|  |  | 46066008 |
| TOTAL INDUSTRIALS |  | 71663912 |
| Information Technology - 4.7% |  |  |
| Electronic Equipment, Instruments & Components - 4.1% |  |  |
| Hexagon AB B Shares  | 444200 | 5414629 |
| Lagercrantz Group AB B Shares  | 323653 | 7951434 |
|  |  | 13366063 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Dynavox Group AB (b) | 203100 | 2097220 |
| TOTAL INFORMATION TECHNOLOGY |  | 15463283 |
| Materials - 2.4% |  |  |
| Metals & Mining - 1.5% |  |  |
| Boliden AB (b) | 110900 | 5007879 |
| Paper & Forest Products - 0.9% |  |  |
| Svenska Cellulosa AB SCA B Shares  | 219600 | 2929849 |
| TOTAL MATERIALS |  | 7937728 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Swedish Logistic Property AB B Shares (b)(d) | 142304 | 626869 |
| TOTAL SWEDEN |  | 135700862 |
| SWITZERLAND - 1.2%  |  |  |
| Industrials - 1.2% |  |  |
| Building Products - 1.2% |  |  |
| Belimo Holding AG  | 3610 | 3884759 |
| TAIWAN - 2.5%  |  |  |
| Information Technology - 2.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 83000 | 4009029 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 14200 | 4266106 |
| TOTAL TAIWAN |  | 8275135 |
| UNITED KINGDOM - 2.2%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Tobacco - 1.4% |  |  |
| British American Tobacco PLC  | 84796 | 4342874 |
| Financials - 0.7% |  |  |
| Financial Services - 0.7% |  |  |
| Enity Holding AB  | 245900 | 2454276 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Verisure PLC (b) | 16300 | 301175 |
| TOTAL UNITED KINGDOM |  | 7098325 |
| UNITED STATES - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Spotify Technology SA (b) | 1900 | 1245108 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $235,802,159) |  | <br> **325503142** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 631848 | 631975 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 1790347 | 1790526 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,422,501) |  |  | **2422501** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $238,224,660)<br>| <br>**327925643** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **477876** |
| **NET ASSETS - 100.0%** | **328403519** |

---

**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 $8,846,706 or 2.7% 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 $5,560,463 or 1.7% 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 | 9501575 | 87428533 | 96298124 | 286754 | (9) | - | 631975 | 631848 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 976198 | 25307673 | 24493345 | 7056 | - | - | 1790526 | 1790347 | 0.0% |
| Total | 10477773 | 112736206 | 120791469 | 293810 | (9) | - | 2422501 |  |  |

---

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 | 7812169 | 7812169 | - | - |
| Consumer Discretionary | 8464732 | 8464732 | - | - |
| Consumer Staples | 9173190 | 4830316 | 4342874 | - |
| Energy | 6028544 | - | 6028544 | - |
| Financials | 80717218 | 80717218 | - | - |
| Health Care | 41997216 | 9180053 | 32817163 | - |
| Industrials | 113002553 | 88602216 | 24400337 | - |
| Information Technology | 33641393 | 16744999 | 16896394 | - |
| Materials | 17123702 | 17123702 | - | - |
| Real Estate | 2557878 | 2557878 | - | - |
| Utilities | 4984547 | 4984547 | - | - |
|  **Money Market Funds** | 2422501 | 2422501 | - | - |
| **Total Investments in Securities:** | 327925643 | 243440331 | 84485312 | - |

---

**Fidelity® Nordic 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 $1,680,245) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $235,802,159) | $325503142 |  |
| Fidelity Central Funds (cost $2,422,501) | 2422501 |  |
| Total Investment in Securities (cost $238,224,660) |  | $327925643 |
| Foreign currency held at value (cost $61) |  | 61 |
| Receivable for investments sold |  | 36698 |
| Receivable for fund shares sold |  | 164827 |
| Dividends receivable |  | 92503 |
| Reclaims receivable |  | 3939890 |
| Distributions receivable from Fidelity Central Funds |  | 6963 |
| Prepaid expenses |  | 365 |
| **Total assets** |  | 332166950 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $335017 |  |
| Payable for fund shares redeemed | 487539 |  |
| Accrued management fee | 224112 |  |
| Payable for IRS closing agreement payments and fees | 868486 |  |
| Other payables and accrued expenses | 57751 |  |
| Collateral on securities loaned | 1790526 |  |
| **Total liabilities** |  | 3763431 |
| **Net Assets**  |  | $328403519 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $225892509 |
| Total accumulated earnings (loss) |  | 102511010 |
| **Net Assets** |  | $328403519 |
| **Net Asset Value**, offering price and redemption price per share ($328,403,519 ÷ 4,809,601 shares) |  | $68.28 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $8394134 |
| Foreign Tax Reclaims |  | 4625660 |
| Income from Fidelity Central Funds (including $7,056 from security lending)  |  | 293810 |
| Less IRS closing agreement payments and fees |  | (867240) |
| Income before foreign taxes withheld |  | $12446364 |
| Less foreign taxes withheld |  | (1880642) |
| **Total income** |  | 10565722 |
| **Expenses** |  |  |
| Management fee | $2622346 |  |
| Custodian fees and expenses | 31126 |  |
| Independent trustees' fees and expenses | 1285 |  |
| Registration fees | 27789 |  |
| Audit fees | 85157 |  |
| Legal | 494 |  |
| Miscellaneous | 2633 |  |
| Total expenses before reductions | 2770830 |  |
| Expense reductions | (831) |  |
| Total expenses after reductions |  | 2769999 |
| **Net Investment income (loss)** |  | 7795723 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17897667 |  |
| Fidelity Central Funds | (9) |  |
| Foreign currency transactions | 128388 |  |
| Total net realized gain (loss) |  | 18026046 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3986515 |  |
| Assets and liabilities in foreign currencies | 163099 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4149614 |
| **Net gain (loss)** |  | 22175660 |
| **Net increase (decrease) in net assets resulting from operations** |  | $29971383 |

---

---

| | | |
|:---|:---|:---|
| **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) | $7795723 | $4773825 |
| &nbsp;&nbsp;Net realized gain (loss) | 18026046<br>| 14138360<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4149614 | 44961022<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 29971383<br>| 63873207<br>|
| Distributions to shareholders | (17187035)<br>| (158641)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 40045592 | 38753187 |
| Reinvestment of distributions | 15532893<br>| 143738<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (72553478) | (56670115) |
| **Net increase (decrease) in net assets resulting from share transactions** | (16974993)<br>| (17773190)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (4190645)<br>| 45941376<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 332594164 | 286652788<br>|
| &nbsp;&nbsp;End of period | $328403519 | $332594164 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 625961 | 576139 |
| Issued in reinvestment of distributions | 257979<br>| 2295<br>|
| &nbsp;&nbsp;Redeemed | (1147997) | (858020) |
| &nbsp;&nbsp;Net increase (decrease) | (264057) | (279586) |

---

**Financial Highlights** 

**Fidelity® Nordic Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $65.55 | $53.55 | $46.13 | $75.57 | $56.51 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | 1.56 C | .92  | .93  | .78  | 1.06  |
| Net realized and unrealized gain (loss)  | 4.65  | 11.11  | 6.49  | (20.65) D | 20.17  |
| Total from investment operations  | 6.21  | 12.03  | 7.42  | (19.87)  | 21.23  |
| Distributions from net investment income  | (2.36)  | (.03)  | -  | (3.02)  | (.96)  |
| Distributions from net realized gain  | (1.12)  | -  | -  | (6.56)  | (1.21)  |
| Total distributions  | (3.48)  | (.03)  | -  | (9.57) E | (2.17)  |
| Net asset value, end of period  | $68.28 | $65.55 | $53.55 | $46.13 | $75.57 |
| **Total Return** F | 10.19% C<br>| 22.47%  | 16.08%  | (29.33)% D | 38.39%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .86%  | .88%  | .94%  | .93%  | .92%  |
| Expenses net of fee waivers, if any  | .86% <br>| .88%  | .93%  | .92%  | .92%  |
| Expenses net of all reductions, if any  | .86%  | .88%  | .93%  | .92%  | .92%  |
| Net investment income (loss)  | 2.43%  | 1.39%  | 1.69%  | 1.45%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $328404 | $332594 | $286653 | $257164 | $422673 |
| Portfolio turnover rate I | 49% <br>| 21%  | 23%  | 42%  | 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 (loss) per share reflects EU reclaims which amounted to $.75 per share. Excluding these EU reclaims, the total return would have been 9.02%.*

D*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (29.35)%.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** 

For the period ended October 31, 2025

**1. Organization.**

Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. For U.S. income tax purposes, EU reclaims received by a fund reduce the amounts of foreign taxes shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid in that year, and a fund previously passed foreign tax credit on to its shareholders, a fund will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability on behalf of shareholders. During the fiscal years ended October 31, 2023 and October 31, 2025, the Fund received EU reclaims in excess of foreign withholding taxes paid. The Fund is seeking a closing agreement with the IRS and has accrued the estimated payments and associated interest and fees due to the IRS as presented in the Statement of Assets and Liabilities in payable for IRS closing agreement payments and fees, and in the Statement of Operations in IRS closing agreement payments and fees. The actual fees may differ from the estimate.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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), non-deductible expenses 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**  | $81565254 |
| **Gross unrealized depreciation**  | <u>(5564917)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$76000337</u> |
| **Tax Cost**  | <u>$251925306</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$11474151</u> |
| **Undistributed long-term capital gain**  | <u>$15741498</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$76118554</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $11653817 | $158641 |
| **Long-term Capital Gains**  | <u>5533218</u> | <u>-</u> |
| **Total**  | <u>$17187035</u> | <u>$158641</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 and/or OTC options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Nordic Fund** | 151848165 | 169093471 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Nordic Fund** | .85 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Nordic Fund** | .82 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Nordic Fund** | 12 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Nordic Fund** | 5481913 | 683970 | 30212 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Nordic Fund** | 441 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Nordic Fund** | 751 | - | - |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $831.

**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.

**Fidelity® Pacific Basin Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.6%  |  |  |
| Financials - 4.3% |  |  |
| Capital Markets - 2.4% |  |  |
| HUB24 Ltd  | 143970 | 10753823 |
| Macquarie Group Ltd  | 92404 | 13214124 |
|  |  | 23967947 |
| Financial Services - 1.9% |  |  |
| Challenger Ltd  | 2079470 | 12667160 |
| Cuscal Ltd  | 2233531 | 6094035 |
|  |  | 18761195 |
| TOTAL FINANCIALS |  | 42729142 |
| Industrials - 0.6% |  |  |
| Commercial Services & Supplies - 0.6% |  |  |
| Brambles Ltd  | 382033 | 6214110 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Canva Australia Holdings Pty Ltd Class A (a)(b)(c) | 4024 | 6624349 |
| TOTAL AUSTRALIA |  | 55567601 |
| CHINA - 25.1%  |  |  |
| Communication Services - 10.0% |  |  |
| Entertainment - 1.2% |  |  |
| DouYu International Holdings Ltd ADR  | 887510 | 6097193 |
| HUYA Inc Class A ADR (d) | 2391957 | 6577882 |
|  |  | 12675075 |
| Interactive Media & Services - 8.8% |  |  |
| Autohome Inc Class A ADR  | 299800 | 7554960 |
| Baidu Inc A Shares (c) | 538000 | 8143296 |
| Tencent Holdings Ltd  | 878800 | 71382959 |
|  |  | 87081215 |
| TOTAL COMMUNICATION SERVICES |  | 99756290 |
| Consumer Discretionary - 8.3% |  |  |
| Broadline Retail - 4.1% |  |  |
| Alibaba Group Holding Ltd  | 629600 | 13397100 |
| PDD Holdings Inc Class A ADR (c) | 203600 | 27459533 |
|  |  | 40856633 |
| Diversified Consumer Services - 2.3% |  |  |
| New Oriental Education & Technology Group Inc (c) | 435700 | 2605379 |
| New Oriental Education & Technology Group Inc ADR (c) | 56900 | 3389533 |
| TAL Education Group Class A ADR (c) | 1406700 | 17246142 |
|  |  | 23241054 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 246116 | 9588679 |
| Luckin Coffee Inc ADR (c) | 233200 | 9351320 |
|  |  | 18939999 |
| TOTAL CONSUMER DISCRETIONARY |  | 83037686 |
| Financials - 2.1% |  |  |
| Capital Markets - 0.8% |  |  |
| Noah Holdings Ltd Class A ADR  | 721400 | 8144606 |
| Consumer Finance - 1.3% |  |  |
| Lufax Holding Ltd ADR (c)(d) | 3947300 | 12315576 |
| TOTAL FINANCIALS |  | 20460182 |
| Health Care - 2.1% |  |  |
| Biotechnology - 0.9% |  |  |
| Zai Lab Ltd (c) | 1791200 | 4673948 |
| Zai Lab Ltd ADR (c)(d) | 162700 | 4251351 |
|  |  | 8925299 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Zylox-Tonbridge Medical Technology Co Ltd H Shares (e)(f) | 3915500 | 11922030 |
| TOTAL HEALTH CARE |  | 20847329 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| EHang Holdings Ltd ADR (c) | 281900 | 5189779 |
| Ground Transportation - 1.4% |  |  |
| DiDi Global Inc ADR (c) | 1187200 | 7645568 |
| Full Truck Alliance Co Ltd ADR  | 481300 | 6256900 |
|  |  | 13902468 |
| TOTAL INDUSTRIALS |  | 19092247 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Mininglamp Technology Group Ltd  | 16520 | 299763 |
| Pony AI Inc ADR (c) | 333056 | 6221486 |
|  |  | 6521249 |
| TOTAL CHINA |  | 249714983 |
| FRANCE - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| SOITEC (c) | 103000 | 4873577 |
| HONG KONG - 3.6%  |  |  |
| Financials - 3.6% |  |  |
| Capital Markets - 0.6% |  |  |
| Futu Holdings Ltd Class A ADR  | 30500 | 6070720 |
| Insurance - 3.0% |  |  |
| AIA Group Ltd  | 2210400 | 21508821 |
| Prudential PLC  | 577619 | 8033577 |
|  |  | 29542398 |
| TOTAL FINANCIALS |  | 35613118 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| China Metal Recycling Holdings Ltd (a)(c) | 2572200 | 3 |
| TOTAL HONG KONG |  | 35613121 |
| INDIA - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| LG Electronics India Ltd  | 8475 | 158835 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| PTC Industries Ltd (c) | 11322 | 2204452 |
| TOTAL INDIA |  | 2363287 |
| INDONESIA - 1.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 4437487 | 536341 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Bank Central Asia Tbk PT  | 6792100 | 3477501 |
| Bank Rakyat Indonesia Persero Tbk PT  | 28040000 | 6707736 |
|  |  | 10185237 |
| TOTAL INDONESIA |  | 10721578 |
| JAPAN - 30.0%  |  |  |
| Communication Services - 2.4% |  |  |
| Entertainment - 2.4% |  |  |
| Daiichikosho Co Ltd  | 232600 | 2379429 |
| Nintendo Co Ltd  | 254500 | 21706279 |
|  |  | 24085708 |
| Consumer Discretionary - 2.4% |  |  |
| Broadline Retail - 0.6% |  |  |
| Pan Pacific International Holdings Corp  | 1181000 | 7025306 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Kyoritsu Maintenance Co Ltd (d) | 352700 | 6872742 |
| Metaplanet Inc (c)(d) | 604600 | 1926277 |
|  |  | 8799019 |
| Household Durables - 0.9% |  |  |
| Open House Group Co Ltd  | 177300 | 8535388 |
| TOTAL CONSUMER DISCRETIONARY |  | 24359713 |
| Consumer Staples - 0.4% |  |  |
| Personal Care Products - 0.4% |  |  |
| Rohto Pharmaceutical Co Ltd  | 228000 | 3534436 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| ENEOS Holdings Inc  | 595800 | 3760913 |
| Financials - 3.9% |  |  |
| Banks - 0.5% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 191400 | 5181927 |
| Capital Markets - 0.6% |  |  |
| SBI Holdings Inc  | 122100 | 5477902 |
| Financial Services - 1.9% |  |  |
| ORIX Corp  | 751800 | 18390568 |
| Insurance - 0.9% |  |  |
| LIFENET INSURANCE CO (c)(d) | 370100 | 4519682 |
| Tokio Marine Holdings Inc  | 128300 | 4784717 |
|  |  | 9304399 |
| TOTAL FINANCIALS |  | 38354796 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Hoya Corp  | 108600 | 17677185 |
| Health Care Providers & Services - 0.2% |  |  |
| CUC Inc (c)(d) | 326100 | 2234518 |
| TOTAL HEALTH CARE |  | 19911703 |
| Industrials - 7.9% |  |  |
| Electrical Equipment - 1.2% |  |  |
| Fuji Electric Co Ltd  | 95700 | 6868094 |
| NIDEC CORP (d) | 414500 | 5064587 |
|  |  | 11932681 |
| Industrial Conglomerates - 2.7% |  |  |
| Hitachi Ltd  | 765200 | 26405383 |
| Machinery - 1.8% |  |  |
| IHI Corp  | 389600 | 8127727 |
| Mitsubishi Heavy Industries Ltd  | 322100 | 9724098 |
|  |  | 17851825 |
| Professional Services - 2.2% |  |  |
| BayCurrent Inc  | 127600 | 5849679 |
| Funai Soken Holdings Inc  | 257200 | 4053850 |
| SMS Co Ltd  | 272600 | 2354361 |
| Visional Inc (c) | 142500 | 9912400 |
|  |  | 22170290 |
| TOTAL INDUSTRIALS |  | 78360179 |
| Information Technology - 8.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Hamamatsu Photonics KK  | 574700 | 6453302 |
| Ibiden Co Ltd  | 110400 | 10469768 |
|  |  | 16923070 |
| IT Services - 1.5% |  |  |
| Fujitsu Ltd  | 392000 | 10215699 |
| NSD Co Ltd  | 228200 | 4880586 |
|  |  | 15096285 |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| Kioxia Holdings Corp (c)(d) | 257700 | 18101373 |
| Renesas Electronics Corp  | 882600 | 10899734 |
| Tekscend Photomask Corp (c) | 58000 | 1309714 |
|  |  | 30310821 |
| Software - 1.2% |  |  |
| Money Forward Inc (c)(d) | 402500 | 11752969 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| FUJIFILM Holdings Corp  | 447200 | 10364616 |
| TOTAL INFORMATION TECHNOLOGY |  | 84447761 |
| Materials - 1.7% |  |  |
| Chemicals - 1.7% |  |  |
| Kuraray Co Ltd (d) | 451500 | 4899966 |
| Nippon Paint Holdings Co Ltd  | 507700 | 3236748 |
| Shin-Etsu Chemical Co Ltd  | 70300 | 2113144 |
| Toyo Gosei Co Ltd (d) | 148700 | 6783213 |
|  |  | 17033071 |
| Real Estate - 0.4% |  |  |
| Hotel & Resort REITs - 0.4% |  |  |
| Invincible Investment Corp  | 9000 | 4023749 |
| TOTAL JAPAN |  | 297872029 |
| KOREA (SOUTH) - 8.1%  |  |  |
| Communication Services - 3.4% |  |  |
| Diversified Telecommunication Services - 2.5% |  |  |
| KT Corp  | 326740 | 11219239 |
| KT Corp ADR  | 713300 | 13231715 |
|  |  | 24450954 |
| Interactive Media & Services - 0.9% |  |  |
| Webtoon Entertainment Inc (c)(d) | 514503 | 9019237 |
| TOTAL COMMUNICATION SERVICES |  | 33470191 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| NongShim Co Ltd  | 15950 | 4865595 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KB Financial Group Inc  | 111279 | 9055439 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Hanwha Aerospace Co Ltd  | 6910 | 4733142 |
| Korea Aerospace Industries Ltd  | 66860 | 4836995 |
|  |  | 9570137 |
| Information Technology - 2.4% |  |  |
| Technology Hardware, Storage & Peripherals - 2.4% |  |  |
| Samsung Electronics Co Ltd  | 310870 | 23381698 |
| TOTAL KOREA (SOUTH) |  | 80343060 |
| SINGAPORE - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| Sea Ltd Class A ADR (c) | 74700 | 11671875 |
| TAIWAN - 11.3%  |  |  |
| Information Technology - 11.3% |  |  |
| Semiconductors & Semiconductor Equipment - 11.3% |  |  |
| MediaTek Inc  | 205000 | 8725388 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 2146000 | 103655126 |
| TOTAL TAIWAN |  | 112380514 |
| THAILAND - 1.8%  |  |  |
| Industrials - 1.8% |  |  |
| Transportation Infrastructure - 1.8% |  |  |
| Airports of Thailand PCL  | 13770800 | 17526859 |
| UNITED STATES - 7.3%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.7% |  |  |
| Legend Biotech Corp ADR (c) | 199800 | 6473520 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Anteris Technologies Global Corp depository receipt  | 452994 | 2095506 |
| GI Dynamics Inc (a)(c) | 111225 | 1 |
|  |  | 2095507 |
| TOTAL HEALTH CARE |  | 8569027 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Space Exploration Technologies Corp (a)(b)(c) | 22539 | 4778267 |
| Information Technology - 5.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Amkor Technology Inc  | 445600 | 14383968 |
| Technology Hardware, Storage & Peripherals - 3.7% |  |  |
| Seagate Technology Holdings PLC  | 70500 | 18039540 |
| Western Digital Corp  | 120300 | 18070263 |
|  |  | 36109803 |
| TOTAL INFORMATION TECHNOLOGY |  | 50493771 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.9% |  |  |
| James Hardie Industries PLC depository receipt (c) | 435406 | 9176183 |
| TOTAL UNITED STATES |  | 73017248 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $601,446,680) |  | <br> **951665732** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (a)(b)(c) | 85 | 139928 |
| Canva Australia Holdings Pty Ltd Series A2 (a)(b)(c) | 15 | 24693 |
| TOTAL AUSTRALIA |  | 164621 |
| CHINA - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(b)(c) | 76206 | 608886 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho Series D-2 (a)(b) | 240720 | 370709 |
| Meesho Series E (a)(b) | 40080 | 61723 |
| Meesho Series F (a)(b) | 37847 | 58284 |
| TOTAL INDIA |  | 490716 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,485,831) |  | <br> **1264223** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 2.0%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 30652 | 7248769 |
| Information Technology - 1.3% |  |  |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Samsung Electronics Co Ltd  | 219180 | 12942916 |
| TOTAL KOREA (SOUTH) |  | 20191685 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $12,442,059) |  | <br> **20191685** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 19024518 | 19028323 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 32972516 | 32975814 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $52,004,137) |  |  | **52004137** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.1%**<br> (Cost $667,378,707)<br>| <br>**1025125777** |
| **NET OTHER ASSETS (LIABILITIES) - (3.1)%**  | **(30474293)** |
| **NET ASSETS - 100.0%** | **994651484** |

---

**Legend**

(a) Level 3 security.

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,666,839 or 1.3% of net assets.

(c) Non-income producing.

(d) Security or a portion of the security is on loan at period end.

(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 $11,922,030 or 1.2% 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 $11,922,030 or 1.2% of net assets.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 8/19/2025 | 4915360 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 90666 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 16000 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 1082365 |
| Meesho Series D-2 | 7/15/2024 | 224672 |
| Meesho Series E | 7/15/2024 | 37408 |
| Meesho Series F | 7/15/2024 | 34720 |
| Space Exploration Technologies Corp | 2/16/2021 - 5/24/2022 | 1437725 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1294188 | 213219806 | 195485412 | 250707 | (259) | - | 19028323 | 19024518 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 22547314 | 194464242 | 184035742 | 800868 | - | - | 32975814 | 32972516 | 0.1% |
| Total | 23841502 | 407684048 | 379521154 | 1051575 | (259) | - | 52004137 |  |  |

---

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 | 157312189 | 44860416 | 112451773 | - |
| Consumer Discretionary | 119228109 | 96200324 | 23027785 | - |
| Consumer Staples | 8936372 | 8936372 | - | - |
| Energy | 3760913 | 3760913 | - | - |
| Financials | 156397914 | 79257628 | 77140286 | - |
| Health Care | 49328059 | 44654110 | 4673948 | 1 |
| Industrials | 135541799 | 121039434 | 9724098 | 4778267 |
| Information Technology | 288722919 | 146663632 | 135434938 | 6624349 |
| Materials | 28413709 | 26300562 | 2113144 | 3 |
| Real Estate | 4023749 | 4023749 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 490716 | - | - | 490716 |
| Health Care | 608886 | - | - | 608886 |
| Information Technology | 164621 | - | - | 164621 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 7248769 | 7248769 | - | - |
| Information Technology | 12942916 | 12942916 | - | - |
|  **Money Market Funds** | 52004137 | 52004137 | - | - |
| **Total Investments in Securities:** | 1025125777 | 647892962 | 364565972 | 12666843 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **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** | 4822286 | - | 3757763 | 2822571 | - | - | - | - | 11402620 | 3757763 |
| **Convertible Preferred Stocks** | 882109 | (27172) | 546402 | 296800 | (433916) | - | - | - | 1264223 | 544513 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Fidelity® Pacific Basin Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **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 $31,029,737) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $615,374,570) | $973121640 |  |
| Fidelity Central Funds (cost $52,004,137) | 52004137 |  |
| Total Investment in Securities (cost $667,378,707) |  | $1025125777 |
| Foreign currency held at value (cost $9,824) |  | 9824 |
| Receivable for investments sold |  | 5681301 |
| Receivable for fund shares sold |  | 452775 |
| Dividends receivable |  | 1842044 |
| Distributions receivable from Fidelity Central Funds |  | 46722 |
| Prepaid expenses |  | 887 |
| Other receivables |  | 125332 |
| **Total assets** |  | 1033284662 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4462031 |  |
| Payable for fund shares redeemed | 321912 |  |
| Accrued management fee | 792909 |  |
| Other payables and accrued expenses | 80513 |  |
| Collateral on securities loaned | 32975813 |  |
| **Total liabilities** |  | 38633178 |
| **Net Assets**  |  | $994651484 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $601959995 |
| Total accumulated earnings (loss) |  | 392691489 |
| **Net Assets** |  | $994651484 |
| **Net Asset Value**, offering price and redemption price per share ($994,651,484 ÷ 23,376,560 shares) |  | $42.55 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $13059904 |
| Special dividends |  | 12338026 |
| Income from Fidelity Central Funds (including $800,868 from security lending)  |  | 1051575 |
| Income before foreign taxes withheld |  | $26449505 |
| Less foreign taxes withheld |  | (1258539) |
| **Total income** |  | 25190966 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $6396708 |  |
| Performance adjustment | 787009 |  |
| Custodian fees and expenses | 179512 |  |
| Independent trustees' fees and expenses | 2923 |  |
| Registration fees | 37470 |  |
| Audit fees | 118374 |  |
| Legal | 2710 |  |
| Interest | 22724 |  |
| Miscellaneous | 3221 |  |
| **Total expenses** |  | 7550651 |
| **Net Investment income (loss)** |  | 17640315 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 45384500 |  |
| Fidelity Central Funds | (259) |  |
| Foreign currency transactions | (81052) |  |
| Total net realized gain (loss) |  | 45303189 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $13,632)  | 172763561 |  |
| Assets and liabilities in foreign currencies | 42499 |  |
| Total change in net unrealized appreciation (depreciation) |  | 172806060 |
| **Net gain (loss)** |  | 218109249 |
| **Net increase (decrease) in net assets resulting from operations** |  | $235749564 |

---

---

| | | |
|:---|:---|:---|
| **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) | $17640315 | $19714129 |
| &nbsp;&nbsp;Net realized gain (loss) | 45303189<br>| 6434285<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 172806060 | 145497408<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 235749564<br>| 171645822<br>|
| Distributions to shareholders | (38319917)<br>| (36646040)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 155495367 | 40195016 |
| Reinvestment of distributions | 28600287<br>| 28015888<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (102559536) | (137490015) |
| **Net increase (decrease) in net assets resulting from share transactions** | 81536118<br>| (69279111)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 278965765<br>| 65720671<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 715685719 | 649965048<br>|
| &nbsp;&nbsp;End of period | $994651484 | $715685719 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4305008 | 1319130 |
| Issued in reinvestment of distributions | 909678<br>| 1000210<br>|
| &nbsp;&nbsp;Redeemed | (2978157) | (4570449) |
| &nbsp;&nbsp;Net increase (decrease) | 2236529 | (2251109) |

---

**Financial Highlights** 

**Fidelity® Pacific Basin Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.85 | $27.79 | $25.99 | $46.10 | $40.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .80 C | .88 D | .32 E | .22  | .15  |
| Net realized and unrealized gain (loss)  | 9.73  | 6.77  | 3.88  | (14.49)  | 7.74  |
| Total from investment operations  | 10.53  | 7.65  | 4.20  | (14.27)  | 7.89  |
| Distributions from net investment income  | (1.83)  | (.25)  | -  | (1.17) F | (.10)  |
| Distributions from net realized gain  | -  | (1.34)  | (2.40)  | (4.67) F | (1.85)  |
| Total distributions  | (1.83)  | (1.59)  | (2.40)  | (5.84)  | (1.95)  |
| Net asset value, end of period  | $42.55 | $33.85 | $27.79 | $25.99 | $46.10 |
| **Total Return** G | 33.02% <br>| 28.70%  | 16.06%  | (35.11)%  | 20.08%  |
| **Ratios to Average Net Assets** A,H,I |  |  |  |  |  |
| Expenses before reductions  | .98%  | .88%  | 1.07%  | 1.12%  | 1.04%  |
| Expenses net of fee waivers, if any  | .98% <br>| .88%  | 1.07%  | 1.12%  | 1.04%  |
| Expenses net of all reductions, if any  | .98%  | .88%  | 1.07%  | 1.12%  | 1.04%  |
| Net investment income (loss)  | 2.28% C | 2.88% D | 1.08% E | .64%  | .32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $994651 | $715686 | $649965 | $657558 | $1214726 |
| Portfolio turnover rate J | 47% <br>| 61%  | 46%  | 29%  | 40%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.56 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .69%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.39 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.61%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .84%.*

F*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount 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 Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $11402620 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 14.0 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.9 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
| Convertible Preferred Stocks | $1264223 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 6.0 - 14.0/8.0 | Increase |
|  |  | Market approach | Transaction price | $15.40 | Increase |
|  |  |  | Discount rate | 10.0% | Decrease |
|  |  | Black scholes | Volatility | 60.0% | 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, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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.

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**  | $365758004 |
| **Gross unrealized depreciation**  | <u>(46118969)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$319639035</u> |
| **Tax Cost**  | <u>$705486742</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$44557847</u> |
| **Undistributed long-term capital gain**  | <u>$28587239</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$319546403</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $38319917 | $17687206 |
| **Long-term Capital Gains**  | <u>-</u> | <u>18958834</u> |
| **Total**  | <u>$38319917</u> | <u>$36646040</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 Pacific Basin Fund** | 401335104 | 357787034 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Pacific Basin Fund** | .83 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Pacific Basin Fund** | .83 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Pacific Basin Fund** | MSCI All Country Pacific Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .10%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Pacific Basin Fund** | 6628 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Pacific Basin Fund** | Borrower | 7949478 | 4.53% | 21905 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Pacific Basin Fund** | - | 5169785 | 2789630 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Pacific Basin Fund** | 1012 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Pacific Basin Fund** | 84331 | - | - |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Pacific Basin Fund** | 555000 | 4.83% | 819 |

---

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** |
| Fidelity Pacific Basin Fund | 16% |

---

**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 Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting Fidelity Investment Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;Fidelity Europe Fund (1) |
| &nbsp;&nbsp;Fidelity Pacific Basin Fund (1) |
| &nbsp;&nbsp;Fidelity Canada Fund (1) |
| &nbsp;&nbsp;Fidelity Emerging Markets Fund (2) |
| &nbsp;&nbsp;Fidelity Nordic Fund (1) |
| &nbsp;&nbsp;Fidelity Japan Fund (1) |
| &nbsp;&nbsp;Fidelity Emerging Asia Fund (1) |
| &nbsp;&nbsp;Fidelity China Region Fund (1) |
| &nbsp;&nbsp;Fidelity Japan Smaller Companies Fund (1) |

---

1. Statement of assets and liabilities, including the schedule of investments, 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, and the financial highlights for each of the periods indicated therein.

2. Consolidated statement of asset and liabilities, including the consolidated schedule of investments, as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, and the consolidated financial highlights for each of the periods indicated therein.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 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 opinions.

/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 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 Canada Fund** | $48750714 |
| **Fidelity Japan Fund** | $35176084 |
| **Fidelity Japan Smaller Companies Fund** | $52270187 |
| **Fidelity Nordic Fund** | $17647207 |
| **Fidelity Pacific Basin Fund** | $28587239 |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
|  | **December 2024** |
| **Fidelity Japan Fund** | 100% |

---

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 Canada Fund** | $40259 |
| **Fidelity China Region Fund** | $1037843 |
| **Fidelity Emerging Markets Fund** | $4352282 |
| **Fidelity Europe Fund** | $203733 |
| **Fidelity Japan Fund** | $73144 |
| **Fidelity Nordic Fund** | $398591 |
| **Fidelity Pacific Basin Fund** | $217435 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail** | **Class K** | **Class I** | **Class Z** |
| **Fidelity Pacific Basin Fund** |  |  |  |  |  |  |  |
| December 13, 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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail** | **Class K** | **Class I** | **Class Z** |
| **Fidelity Canada Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | 100% | 100% | 100% | 100% | - | 100% | 100% |
| **Fidelity China Region Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | 59.07% | 64.75% | 100% | 52.11% | - | 50.88% | 46.95% |
| **Fidelity Emerging Markets Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | 93.74% | 100% | 100% | 92.28% | 82.84% | 93.11% | - |
| **Fidelity Europe Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | 77.28% | 84.88% | 100% | 69.81% | - | 73.97% | 66.21% |
| **Fidelity Japan Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | 55.94% | 58.95% | 73.12% | 50.10% | - | 59.46% | 47.66% |
| **Fidelity Japan Smaller Companies Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | - | - | - | 75.67% | - | - | - |
| **Fidelity Nordic Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | - | - | - | 55.60% | - | - | - |
| **Fidelity Pacific Basin Fund** |  |  |  |  |  |  |  |
| December 13, 2024 | - | - | - | 21.99% | - | - | - |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity Canada Fund** |  |  |  |
| Class A | 12/16/2024 | $0.8591 | $0.1656 |
| Class M | 12/16/2024 | $0.6864 | $0.1656 |
| Class C | 12/16/2024 | $0.1862 | $0.1656 |
| Canada | 12/16/2024 | $1.0706 | $0.1656 |
| Class I | 12/16/2024 | $1.2462 | $0.1656 |
| Class Z | 12/16/2024 | $1.3018 | $0.1656 |
| **Fidelity China Region Fund** |  |  |  |
| Class A | 12/16/2024 | $0.5133 | $0.0784 |
| Class M | 12/16/2024 | $0.4682 | $0.0784 |
| Class C | 12/16/2024 | $0.2897 | $0.0784 |
| China Region | 12/16/2024 | $0.5819 | $0.0784 |
| Class I | 12/16/2024 | $0.5960 | $0.0784 |
| Class Z | 12/16/2024 | $0.6458 | $0.0784 |
| **Fidelity Emerging Markets Fund** |  |  |  |
| Class A | 12/16/2024 | $0.4022 | $0.2005 |
| Class M | 12/16/2024 | $0.3201 | $0.2005 |
| Class C | 12/16/2024 | $0.1959 | $0.2005 |
| Emerging Markets | 12/16/2024 | $0.4086 | $0.2005 |
| Class K | 12/16/2024 | $0.4552 | $0.2005 |
| Class I | 12/16/2024 | $0.4050 | $0.2005 |
| Class Z | 12/16/2024 | $0.0000 | $0.0000 |
| **Fidelity Europe Fund** |  |  |  |
| Class A | 12/16/2024 | $1.0141 | $0.0000 |
| Class M | 12/16/2024 | $0.9233 | $0.0000 |
| Class C | 12/16/2024 | $0.6560 | $0.0000 |
| Europe | 12/16/2024 | $1.1226 | $0.0000 |
| Class I | 12/16/2024 | $1.0595 | $0.0000 |
| Class Z | 12/16/2024 | $1.1838 | $0.0000 |
| **Fidelity Japan Fund** |  |  |  |
| Class A | 12/16/2024 | $0.4200 | $0.0294 |
| Class M | 12/16/2024 | $0.3986 | $0.0294 |
| Class C | 12/16/2024 | $0.3213 | $0.0294 |
| Japan | 12/16/2024 | $0.4690 | $0.0294 |
| Class I | 12/16/2024 | $0.3952 | $0.0294 |
| Class Z | 12/16/2024 | $0.4930 | $0.0294 |
| **Fidelity Japan Smaller Companies Fund** |  |  |  |
| Japan Smaller Companies | 12/16/2024 | $0.3953 | $0.0332 |
| **Fidelity Nordic Fund** |  |  |  |
| Nordic | 12/16/2024 | $2.5156 | $0.2576 |
| **Fidelity Pacific Basin Fund** |  |  |  |
| Pacific Basin | 12/16/2024 | $1.4709 | $0.0852 |

---

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 Canada Fund**

**Fidelity China Region Fund**

**Fidelity Emerging Asia Fund**

**Fidelity Emerging Markets Fund**

**Fidelity Europe Fund**

**Fidelity Japan Fund**

**Fidelity Japan Smaller Companies Fund**

**Fidelity Nordic Fund**

**Fidelity Pacific Basin Fund**

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 certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, 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. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio of the fund or a representative class, as applicable (the representative class 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 each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that 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 each 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 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. 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 Fidelity's 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, 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 separate agreements.

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 each fund for different time periods, measured against an appropriate index (benchmark index) and, for Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, an appropriate peer group of funds with similar objectives (peer group). 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. Fidelity Emerging Markets Fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025. As a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

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 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 was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, each 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 each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and the total expense ratio of each fund or the retail class of each fund, as applicable, the Board considered each fund's or each retail class's effective management fee rate, as applicable, from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and fund paid 12b-1 fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. For Fidelity Canada Fund, Fidelity Emerging Asia Fund, Fidelity Europe Fund, Fidelity Japan Fund, and Fidelity Pacific Basin Fund, the Board also considered information about the impact of each 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 a fund's performance adjustment, if applicable) of the fund or retail class, as applicable, relative to the total peer group; (ii) gross management fee comparisons of the fund or the retail class, as applicable, relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund or the retail class, as applicable, 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 or the retail class, as applicable, relative to the asset-sized peer group. The total expense asset size 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 management fee rate of each fund or the retail class of each 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 information provided to the Board indicated that the total expense ratio of each fund or the retail class of each fund, as applicable, ranked below the competitive median of the total mapped 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.

For Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, 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.

For Fidelity Canada Fund, Fidelity Emerging Asia Fund, Fidelity Europe Fund, Fidelity Japan Fund and Fidelity Pacific Basin Fund, the Board also considered that each fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, each fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.

For Fidelity Canada Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, in connection with its consideration of each 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.

Based on its review, the Board concluded that the management fee of each fund or each class of each fund, as applicable, including the use of the retail class as the basis for the performance adjustment (for Fidelity Canada Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund and Fidelity Japan Fund), is fair and reasonable in light of the services that each 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 fund or each class of each fund, as applicable, was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each 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 each fund and was satisfied that the profitability was not excessive.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for 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 each 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 Fidelity 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 each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118365_4.jpg)<br>

1.754542.125 TIF-ANN-1225

**Fidelity® Total International Equity Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118370_1.jpg)

![](img118370_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TIE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Total International Equity Fund](#Sub_Sec_Fund_1978_TIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1978_TIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_TIE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_TIE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TIE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TIE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TIE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TIE-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® Total International Equity Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.7%** | &nbsp;&nbsp;**Common Stocks - 96.7%** | &nbsp;&nbsp;**Common Stocks - 96.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Whitehaven Coal Ltd  | 38536 | 181541 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Macquarie Group Ltd  | 22320 | 3191845 |
| Insurance - 0.0% |  |  |
| Steadfast Group Ltd  | 96588 | 353906 |
| TOTAL FINANCIALS |  | 3545751 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| BHP Group Ltd  | 39481 | 1125533 |
| Glencore PLC  | 927832 | 4444844 |
| Imdex Ltd  | 288578 | 649529 |
| Rio Tinto PLC  | 65312 | 4708344 |
|  |  | 10928250 |
| TOTAL AUSTRALIA |  | 14655542 |
| AUSTRIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Erste Group Bank AG  | 16100 | 1665550 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| JTC PLC (a)(b) | 33365 | 571564 |
| BELGIUM - 1.1%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| KBC Ancora  | 16073 | 1263510 |
| KBC Group NV  | 82072 | 9862081 |
|  |  | 11125591 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 5418 | 1389525 |
| TOTAL BELGIUM |  | 12515116 |
| BRAZIL - 1.0%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Itau Unibanco Holding SA  | 517340 | 3792580 |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Gerdau SA ADR  | 955147 | 3333463 |
| Vale SA ADR  | 336199 | 4064646 |
|  |  | 7398109 |
| TOTAL BRAZIL |  | 11190689 |
| CANADA - 7.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Restaurant Brands International Inc (c) | 56836 | 3733009 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Alimentation Couche-Tard Inc  | 101070 | 5136551 |
| Energy - 1.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Pason Systems Inc  | 12418 | 105804 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Cameco Corp  | 53782 | 5496497 |
| Canadian Natural Resources Ltd  | 136131 | 4355066 |
| Suncor Energy Inc  | 124421 | 4954485 |
|  |  | 14806048 |
| TOTAL ENERGY |  | 14911852 |
| Financials - 2.2% |  |  |
| Banks - 1.3% |  |  |
| Royal Bank of Canada  | 65904 | 9654768 |
| Toronto Dominion Bank  | 58510 | 4804115 |
|  |  | 14458883 |
| Capital Markets - 0.5% |  |  |
| Brookfield Asset Management Ltd Class A  | 56078 | 3033502 |
| TMX Group Ltd  | 63118 | 2327970 |
|  |  | 5361472 |
| Insurance - 0.4% |  |  |
| Intact Financial Corp  | 25158 | 4692943 |
| TOTAL FINANCIALS |  | 24513298 |
| Industrials - 1.1% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| BOYD GROUP INC  | 18169 | 2902143 |
| Ground Transportation - 0.8% |  |  |
| Canadian Pacific Kansas City Ltd  | 120999 | 8707304 |
| Trading Companies & Distributors - 0.0% |  |  |
| Richelieu Hardware Ltd  | 15959 | 437506 |
| TOTAL INDUSTRIALS |  | 12046953 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Constellation Software Inc/Canada  | 2296 | 6042366 |
| Constellation Software Inc/Canada warrants 3/31/2040 (d)(e) | 921 | 0 |
| Lumine Group Inc Subordinate Voting Shares (b)(e) | 9800 | 234073 |
|  |  | 6276439 |
| Materials - 1.3% |  |  |
| Chemicals - 0.2% |  |  |
| Nutrien Ltd  | 45106 | 2456702 |
| Metals & Mining - 1.1% |  |  |
| Franco-Nevada Corp  | 58925 | 11006924 |
| OR Royalties Inc  | 28402 | 911261 |
|  |  | 11918185 |
| TOTAL MATERIALS |  | 14374887 |
| TOTAL CANADA |  | 80992989 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 95920 | 3515682 |
| CHINA - 9.6%  |  |  |
| Communication Services - 3.4% |  |  |
| Interactive Media & Services - 3.4% |  |  |
| Tencent Holdings Ltd  | 453402 | 36828830 |
| Consumer Discretionary - 3.0% |  |  |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 327469 | 4239517 |
| Broadline Retail - 1.5% |  |  |
| Alibaba Group Holding Ltd ADR  | 47243 | 8051624 |
| PDD Holdings Inc Class A ADR (e) | 62831 | 8474017 |
|  |  | 16525641 |
| Diversified Consumer Services - 0.2% |  |  |
| TAL Education Group Class A ADR (e) | 297586 | 3648404 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Meituan B Shares (a)(b)(e) | 384526 | 5061422 |
| Shangri-La Asia Ltd  | 674093 | 420736 |
|  |  | 5482158 |
| Household Durables - 0.4% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 1081400 | 4073445 |
| TOTAL CONSUMER DISCRETIONARY |  | 33969165 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Chlitina Holding Ltd  | 39146 | 127188 |
| Financials - 1.8% |  |  |
| Banks - 0.6% |  |  |
| China Construction Bank Corp H Shares  | 6616380 | 6550492 |
| Insurance - 1.2% |  |  |
| China Life Insurance Co Ltd H Shares  | 2869278 | 9054018 |
| PICC Property & Casualty Co Ltd H Shares  | 1879234 | 4440192 |
|  |  | 13494210 |
| TOTAL FINANCIALS |  | 20044702 |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Wuxi Apptec Co Ltd H Shares (a)(b) | 284762 | 3979790 |
| Pharmaceuticals - 0.2% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (a)(b) | 655026 | 3004308 |
| TOTAL HEALTH CARE |  | 6984098 |
| Industrials - 0.8% |  |  |
| Ground Transportation - 0.3% |  |  |
| Full Truck Alliance Co Ltd ADR  | 287708 | 3740204 |
| Machinery - 0.5% |  |  |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 449100 | 4859245 |
| TOTAL INDUSTRIALS |  | 8599449 |
| TOTAL CHINA |  | 106553432 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Novo Nordisk A/S Series B  | 25524 | 1256590 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 8565 | 1817714 |
| TOTAL DENMARK |  | 3074304 |
| FINLAND - 1.0%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Mandatum Holding Oy  | 51620 | 370208 |
| Sampo Oyj A Shares  | 386887 | 4311399 |
|  |  | 4681607 |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Kone Oyj B Shares  | 60348 | 4028922 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Fortum Oyj  | 85778 | 1912185 |
| TOTAL FINLAND |  | 10622714 |
| FRANCE - 7.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.1% |  |  |
| Vivendi SE  | 379547 | 1365827 |
| Media - 0.1% |  |  |
| Canal+ SA  | 215938 | 679975 |
| TOTAL COMMUNICATION SERVICES |  | 2045802 |
| Consumer Discretionary - 0.6% |  |  |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 10051 | 7104280 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.0% |  |  |
| Laurent-Perrier  | 1451 | 156546 |
| Food Products - 0.4% |  |  |
| Danone SA  | 47121 | 4161568 |
| TOTAL CONSUMER STAPLES |  | 4318114 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| TotalEnergies SE  | 67279 | 4200567 |
| Financials - 1.0% |  |  |
| Banks - 0.3% |  |  |
| BNP Paribas SA  | 52284 | 4049815 |
| Insurance - 0.7% |  |  |
| AXA SA  | 167116 | 7250898 |
| TOTAL FINANCIALS |  | 11300713 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| EssilorLuxottica SA  | 23940 | 8755717 |
| Pharmaceuticals - 0.0% |  |  |
| Vetoquinol SA  | 4517 | 388406 |
| TOTAL HEALTH CARE |  | 9144123 |
| Industrials - 3.5% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| Airbus SE  | 46317 | 11420437 |
| LISI SA  | 10676 | 625129 |
| Safran SA  | 46825 | 16637790 |
|  |  | 28683356 |
| Building Products - 0.2% |  |  |
| Cie de Saint-Gobain SA  | 30680 | 2977864 |
| Electrical Equipment - 0.7% |  |  |
| Legrand SA  | 45251 | 7814291 |
| TOTAL INDUSTRIALS |  | 39475511 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Air Liquide SA  | 20348 | 3938130 |
| TOTAL FRANCE |  | 81527240 |
| GERMANY - 5.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| CTS Eventim AG & Co KGaA  | 22792 | 2038645 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (a)(b) | 3885 | 448700 |
| TOTAL COMMUNICATION SERVICES |  | 2487345 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 20918 | 1946251 |
| Specialty Retail - 0.0% |  |  |
| Fielmann Group AG  | 3870 | 211216 |
| TOTAL CONSUMER DISCRETIONARY |  | 2157467 |
| Financials - 1.6% |  |  |
| Banks - 0.2% |  |  |
| Commerzbank AG  | 58139 | 2111609 |
| Capital Markets - 0.7% |  |  |
| Deutsche Bank AG  | 98107 | 3497658 |
| Deutsche Boerse AG  | 16153 | 4090589 |
|  |  | 7588247 |
| Insurance - 0.7% |  |  |
| Hannover Rueck SE  | 11901 | 3393756 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 7846 | 4854273 |
|  |  | 8248029 |
| TOTAL FINANCIALS |  | 17947885 |
| Health Care - 0.5% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Fresenius SE & Co KGaA  | 72839 | 4199573 |
| Pharmaceuticals - 0.1% |  |  |
| Bayer AG  | 41129 | 1279296 |
| TOTAL HEALTH CARE |  | 5478869 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Rheinmetall AG  | 2739 | 5371820 |
| Air Freight & Logistics - 0.2% |  |  |
| Deutsche Post AG  | 60579 | 2783386 |
| Industrial Conglomerates - 0.5% |  |  |
| Siemens AG  | 19124 | 5419691 |
| Machinery - 0.1% |  |  |
| Daimler Truck Holding AG  | 24848 | 994130 |
| TOTAL INDUSTRIALS |  | 14569027 |
| Information Technology - 1.2% |  |  |
| Software - 1.2% |  |  |
| SAP SE  | 52981 | 13778902 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| BASF SE  | 39816 | 1964595 |
| Covestro AG  | 13897 | 970714 |
|  |  | 2935309 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Vonovia SE  | 57708 | 1734458 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| RWE AG  | 37101 | 1826502 |
| TOTAL GERMANY |  | 62915764 |
| GREECE - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 677378 | 2548028 |
| National Bank of Greece SA  | 433215 | 6364155 |
|  |  | 8912183 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Athens International Airport SA  | 17592 | 203180 |
| TOTAL GREECE |  | 9115363 |
| HONG KONG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Prudential PLC  | 315362 | 4386083 |
| HUNGARY - 0.5%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| OTP Bank Nyrt  | 43214 | 4121770 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Richter Gedeon Nyrt  | 53228 | 1640622 |
| TOTAL HUNGARY |  | 5762392 |
| INDIA - 2.9%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Reliance Industries Ltd  | 85440 | 1430721 |
| Reliance Industries Ltd GDR (a) | 27452 | 1820068 |
|  |  | 3250789 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 718535 | 7991997 |
| ICICI Bank Ltd  | 320622 | 4858610 |
|  |  | 12850607 |
| Industrials - 0.7% |  |  |
| Construction & Engineering - 0.7% |  |  |
| Larsen & Toubro Ltd  | 169019 | 7675308 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Tata Consultancy Services Ltd  | 120046 | 4135647 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| JK Cement Ltd  | 63345 | 4434471 |
| TOTAL INDIA |  | 32346822 |
| INDONESIA - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Bank Central Asia Tbk PT  | 14388118 | 7366602 |
| IRELAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| Cairn Homes PLC  | 86893 | 193601 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 4567 | 594806 |
| Real Estate - 0.0% |  |  |
| Residential REITs - 0.0% |  |  |
| Irish Residential Properties Reit PLC  | 202835 | 216964 |
| TOTAL IRELAND |  | 1005371 |
| ISRAEL - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Tel Aviv Stock Exchange Ltd  | 24693 | 575939 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (e) | 43105 | 882790 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ituran Location and Control Ltd  | 13810 | 531823 |
| TOTAL ISRAEL |  | 1990552 |
| ITALY - 1.4%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Eni SpA  | 153814 | 2836251 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| BPER Banca SPA  | 124984 | 1491770 |
| UniCredit SpA  | 77214 | 5717442 |
|  |  | 7209212 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 15188 | 1572429 |
| Machinery - 0.1% |  |  |
| Interpump Group SpA  | 24995 | 1287829 |
| Passenger Airlines - 0.3% |  |  |
| Ryanair Holdings PLC ADR  | 37463 | 2340688 |
| TOTAL INDUSTRIALS |  | 5200946 |
| TOTAL ITALY |  | 15246409 |
| JAPAN - 11.4%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 0.8% |  |  |
| Nintendo Co Ltd  | 93779 | 7998401 |
| Interactive Media & Services - 0.1% |  |  |
| LY Corp  | 395342 | 1161719 |
| Wireless Telecommunication Services - 0.2% |  |  |
| SoftBank Group Corp  | 15264 | 2678354 |
| TOTAL COMMUNICATION SERVICES |  | 11838474 |
| Consumer Discretionary - 1.3% |  |  |
| Automobiles - 0.6% |  |  |
| Toyota Motor Corp  | 276648 | 5640061 |
| Distributors - 0.0% |  |  |
| Central Automotive Products Ltd  | 4800 | 55969 |
| Diversified Consumer Services - 0.0% |  |  |
| Aucnet Inc  | 20978 | 274153 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Curves Holdings Co Ltd  | 41718 | 196801 |
| Gift Holdings Inc  | 12990 | 272258 |
| Koshidaka Holdings Co Ltd  | 77830 | 595935 |
| Monogatari Corp/The  | 16265 | 406862 |
|  |  | 1471856 |
| Household Durables - 0.4% |  |  |
| Sony Group Corp  | 101315 | 2821581 |
| Sumitomo Forestry Co Ltd  | 138431 | 1443955 |
|  |  | 4265536 |
| Leisure Products - 0.0% |  |  |
| Yonex Co Ltd  | 4417 | 113785 |
| Specialty Retail - 0.2% |  |  |
| USS Co Ltd  | 226955 | 2506505 |
| TOTAL CONSUMER DISCRETIONARY |  | 14327865 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Daikokutenbussan Co Ltd  | 2296 | 92370 |
| Kusuri no Aoki Holdings Co Ltd  | 7401 | 187583 |
| YAKUODO Holdings Co Ltd  | 6500 | 85789 |
|  |  | 365742 |
| Food Products - 0.0% |  |  |
| Iwatsuka Confectionery Co Ltd  | 1400 | 27135 |
| Personal Care Products - 0.0% |  |  |
| Artnature Inc  | 19442 | 106476 |
| TOTAL CONSUMER STAPLES |  | 499353 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Inpex Corp  | 91487 | 1686552 |
| San-Ai Obbli Co Ltd  | 22468 | 297707 |
|  |  | 1984259 |
| Financials - 2.2% |  |  |
| Banks - 1.5% |  |  |
| Chiba Bank Ltd/The  | 24389 | 238255 |
| Hachijuni Bank Ltd/The  | 36379 | 366717 |
| Hokuhoku Financial Group Inc  | 11717 | 287318 |
| Kyoto Financial Group Inc  | 12225 | 247816 |
| Mitsubishi UFJ Financial Group Inc  | 533277 | 8055299 |
| Sumitomo Mitsui Financial Group Inc  | 276941 | 7497848 |
|  |  | 16693253 |
| Financial Services - 0.3% |  |  |
| ORIX Corp  | 143037 | 3498978 |
| Sony Financial Group Inc (e) | 111547 | 112481 |
|  |  | 3611459 |
| Insurance - 0.4% |  |  |
| Tokio Marine Holdings Inc  | 109823 | 4095651 |
| TOTAL FINANCIALS |  | 24400363 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Hoya Corp  | 21000 | 3418241 |
| Medikit Co Ltd  | 10788 | 189635 |
| Nagaileben Co Ltd  | 27723 | 316248 |
| Techno Medica Co Ltd  | 500 | 6093 |
|  |  | 3930217 |
| Health Care Technology - 0.0% |  |  |
| Software Service Inc  | 2370 | 210687 |
| TOTAL HEALTH CARE |  | 4140904 |
| Industrials - 3.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Japan Elevator Service Holdings Co Ltd  | 41160 | 485421 |
| Pronexus Inc  | 17786 | 126260 |
|  |  | 611681 |
| Construction & Engineering - 0.1% |  |  |
| SHO-BOND Holdings Co Ltd  | 23164 | 735909 |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 203472 | 7021375 |
| Machinery - 1.3% |  |  |
| Komatsu Ltd  | 70200 | 2348258 |
| MINEBEA MITSUMI Inc  | 60605 | 1201797 |
| Mitsubishi Heavy Industries Ltd  | 360088 | 10870944 |
| Mitsuboshi Belting Ltd  | 4364 | 105199 |
| Moriya Transportation Engineering & Manufacturing Co Ltd  | 6386 | 204082 |
| NS Tool Co Ltd  | 24171 | 120141 |
| Tocalo Co Ltd  | 10900 | 160201 |
|  |  | 15010622 |
| Professional Services - 0.7% |  |  |
| Funai Soken Holdings Inc  | 8308 | 130946 |
| Recruit Holdings Co Ltd  | 144100 | 7145627 |
| Timee Inc (e) | 13786 | 133647 |
| Visional Inc (e) | 3787 | 263426 |
|  |  | 7673646 |
| Trading Companies & Distributors - 0.6% |  |  |
| ITOCHU Corp  | 70361 | 4077569 |
| Mitsui & Co Ltd  | 120622 | 2975828 |
|  |  | 7053397 |
| TOTAL INDUSTRIALS |  | 38106630 |
| Information Technology - 2.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Ai Holdings Corp  | 6421 | 111662 |
| Azbil Corp  | 391588 | 3868618 |
| Ibiden Co Ltd  | 22333 | 2117947 |
| Keyence Corp  | 10584 | 3940070 |
|  |  | 10038297 |
| IT Services - 0.5% |  |  |
| Fujitsu Ltd  | 97192 | 2532868 |
| NSD Co Ltd  | 28574 | 611121 |
| Obic Co Ltd  | 5610 | 174259 |
| TIS Inc  | 60590 | 2089649 |
|  |  | 5407897 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Advantest Corp  | 55000 | 8236021 |
| Renesas Electronics Corp  | 146559 | 1809941 |
|  |  | 10045962 |
| Software - 0.1% |  |  |
| Broadleaf Co Ltd  | 63020 | 303425 |
| m-up Holdings Inc  | 14620 | 183284 |
| Miroku Jyoho Service Co Ltd  | 9344 | 106955 |
| WingArc1st Inc  | 7142 | 155714 |
|  |  | 749378 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| FUJIFILM Holdings Corp  | 100735 | 2334704 |
| TOTAL INFORMATION TECHNOLOGY |  | 28576238 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Nihon Parkerizing Co Ltd  | 21926 | 190506 |
| Shin-Etsu Chemical Co Ltd  | 70208 | 2110379 |
| SK Kaken Co Ltd  | 8702 | 512148 |
|  |  | 2813033 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Goldcrest Co Ltd  | 18560 | 402248 |
| TOTAL JAPAN |  | 127089367 |
| KOREA (SOUTH) - 3.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Hyundai Mobis Co Ltd  | 18450 | 4079174 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BGF retail Co Ltd  | 2946 | 213540 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Korea Aerospace Industries Ltd  | 58264 | 4215117 |
| Information Technology - 2.6% |  |  |
| Technology Hardware, Storage & Peripherals - 2.6% |  |  |
| Samsung Electronics Co Ltd  | 382053 | 28735638 |
| TOTAL KOREA (SOUTH) |  | 37243469 |
| MALAYSIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| CIMB Group Holdings Bhd  | 2747473 | 4789053 |
| MEXICO - 2.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Wireless Telecommunication Services - 0.7% |  |  |
| America Movil SAB de CV ADR  | 318832 | 7259805 |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.3% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 30262 | 2855522 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 3427278 | 11330485 |
| TOTAL CONSUMER STAPLES |  | 14186007 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Financiero Banorte SAB de CV  | 116219 | 1093785 |
| TOTAL MEXICO |  | 22539597 |
| NETHERLANDS - 1.9%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 18375 | 584143 |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| ASML Holding NV  | 15872 | 16796512 |
| BE Semiconductor Industries NV  | 22214 | 3779293 |
|  |  | 20575805 |
| TOTAL NETHERLANDS |  | 21159948 |
| NORWAY - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medistim ASA  | 6852 | 184672 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 19503 | 498779 |
| TOTAL NORWAY |  | 683451 |
| PERU - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Credicorp Ltd  | 30238 | 7892118 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| International Container Terminal Services Inc  | 20200 | 182356 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| LUKOIL PJSC ADR (d)(e) | 15040 | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC ADR (d)(e) | 62556 | 1 |
| TOTAL RUSSIA |  | 1 |
| SAUDI ARABIA - 1.0%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Saudi Arabian Oil Co (a)(b) | 478900 | 3307338 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Al Rajhi Bank  | 259800 | 7322310 |
| TOTAL SAUDI ARABIA |  | 10629648 |
| SINGAPORE - 0.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Singapore Telecommunications Ltd  | 707139 | 2308138 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| United Overseas Bank Ltd  | 143877 | 3832372 |
| TOTAL SINGAPORE |  | 6140510 |
| SOUTH AFRICA - 1.6%  |  |  |
| Communication Services - 0.4% |  |  |
| Wireless Telecommunication Services - 0.4% |  |  |
| MTN Group Ltd  | 481458 | 4802222 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Thungela Resources Ltd (United Kingdom)  | 10836 | 48400 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| FirstRand Ltd  | 726926 | 3447736 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Anglo American PLC  | 100556 | 3804301 |
| Impala Platinum Holdings Ltd  | 492306 | 5276037 |
| Valterra Platinum Ltd (United Kingdom)  | 10255 | 626448 |
|  |  | 9706786 |
| TOTAL SOUTH AFRICA |  | 18005144 |
| SPAIN - 1.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Amadeus IT Group SA Class A  | 1468 | 112219 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Banco Santander SA  | 976559 | 9934818 |
| Bankinter SA  | 196642 | 2962438 |
|  |  | 12897256 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Fluidra SA  | 6827 | 197673 |
| TOTAL SPAIN |  | 13207148 |
| SWEDEN - 3.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Autoliv Inc  | 14344 | 1675379 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| Investor AB B Shares  | 173216 | 5716889 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| AddLife AB B Shares  | 13170 | 284742 |
| Industrials - 2.3% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| INVISIO AB  | 12550 | 399607 |
| Building Products - 0.6% |  |  |
| Assa Abloy AB B Shares  | 171907 | 6478241 |
| Machinery - 1.3% |  |  |
| Atlas Copco AB A Shares  | 532952 | 8930179 |
| Epiroc AB A Shares  | 240395 | 5091179 |
|  |  | 14021358 |
| Trading Companies & Distributors - 0.4% |  |  |
| AddTech AB B Shares  | 119820 | 4061161 |
| Bergman & Beving AB B Shares  | 24793 | 878171 |
|  |  | 4939332 |
| TOTAL INDUSTRIALS |  | 25838538 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Lagercrantz Group AB B Shares  | 90194 | 2215866 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| John Mattson Fastighetsforetagen AB (e) | 35025 | 245537 |
| TOTAL SWEDEN |  | 35976951 |
| SWITZERLAND - 2.1%  |  |  |
| Financials - 1.8% |  |  |
| Capital Markets - 0.9% |  |  |
| UBS Group AG  | 200564 | 7658692 |
| UBS Group AG (United States)  | 57845 | 2218934 |
|  |  | 9877626 |
| Insurance - 0.9% |  |  |
| Swiss Life Holding AG  | 3175 | 3441901 |
| Zurich Insurance Group AG  | 9062 | 6302362 |
|  |  | 9744263 |
| TOTAL FINANCIALS |  | 19621889 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Schindler Holding AG  | 9715 | 3452613 |
| Schindler Holding AG  | 878 | 296212 |
|  |  | 3748825 |
| TOTAL SWITZERLAND |  | 23370714 |
| TAIWAN - 5.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Addcn Technology Co Ltd  | 63785 | 362674 |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Eclat Textile Co Ltd  | 326318 | 4352250 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Hiwin Technologies Corp  | 204056 | 1481789 |
| Information Technology - 5.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Yageo Corp  | 661808 | 5354155 |
| Semiconductors & Semiconductor Equipment - 4.9% |  |  |
| eMemory Technology Inc  | 4462 | 288498 |
| MediaTek Inc  | 187456 | 7978665 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 959997 | 46369343 |
|  |  | 54636506 |
| TOTAL INFORMATION TECHNOLOGY |  | 59990661 |
| TOTAL TAIWAN |  | 66187374 |
| TURKEY - 0.4%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Yapi ve Kredi Bankasi AS (e) | 3880515 | 3100426 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 690879 | 1613266 |
| TOTAL TURKEY |  | 4713692 |
| UNITED ARAB EMIRATES - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Adnoc Gas PLC  | 5384096 | 5115914 |
| UNITED KINGDOM - 8.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Baltic Classifieds Group PLC  | 173995 | 674302 |
| Rightmove PLC  | 118304 | 1038179 |
|  |  | 1712481 |
| Consumer Discretionary - 1.9% |  |  |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Compass Group PLC  | 318493 | 10542068 |
| InterContinental Hotels Group PLC ADR  | 26266 | 3190268 |
|  |  | 13732336 |
| Household Durables - 0.3% |  |  |
| Barratt Redrow PLC  | 774610 | 3829248 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 14396 | 3012686 |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 318772 | 390210 |
| TOTAL CONSUMER DISCRETIONARY |  | 20964480 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Tesco PLC  | 413371 | 2494559 |
| Tobacco - 0.7% |  |  |
| British American Tobacco PLC  | 68416 | 3503963 |
| Imperial Brands PLC  | 106513 | 4232223 |
|  |  | 7736186 |
| TOTAL CONSUMER STAPLES |  | 10230745 |
| Financials - 2.4% |  |  |
| Banks - 1.6% |  |  |
| HSBC Holdings PLC  | 403191 | 5644453 |
| Lloyds Banking Group PLC  | 6346933 | 7441713 |
| Standard Chartered PLC  | 212953 | 4371340 |
|  |  | 17457506 |
| Capital Markets - 0.6% |  |  |
| 3i Group PLC  | 40057 | 2318123 |
| London Stock Exchange Group PLC  | 30532 | 3805093 |
| St James's Place PLC  | 63155 | 1076493 |
|  |  | 7199709 |
| Insurance - 0.2% |  |  |
| Beazley PLC  | 182750 | 2233932 |
| TOTAL FINANCIALS |  | 26891147 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC  | 12500 | 2061858 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Avon Technologies PLC  | 6165 | 155014 |
| BAE Systems PLC  | 581489 | 14324103 |
| Rolls-Royce Holdings PLC  | 153495 | 2362105 |
|  |  | 16841222 |
| Machinery - 0.0% |  |  |
| Bodycote PLC  | 37827 | 306608 |
| Spirax Group PLC  | 1872 | 174483 |
|  |  | 481091 |
| Marine Transportation - 0.0% |  |  |
| Clarkson PLC  | 5284 | 251633 |
| Professional Services - 0.6% |  |  |
| RELX PLC  | 155147 | 6856939 |
| Trading Companies & Distributors - 0.3% |  |  |
| Diploma PLC  | 8402 | 619215 |
| Howden Joinery Group PLC  | 243815 | 2765789 |
|  |  | 3385004 |
| TOTAL INDUSTRIALS |  | 27815889 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Oxford Instruments PLC  | 9927 | 246737 |
| Software - 0.1% |  |  |
| Sage Group PLC/The  | 93085 | 1405675 |
| TOTAL INFORMATION TECHNOLOGY |  | 1652412 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglogold Ashanti Plc  | 90906 | 6181608 |
| Real Estate - 0.0% |  |  |
| Retail REITs - 0.0% |  |  |
| Shaftesbury Capital PLC  | 78212 | 144257 |
| TOTAL UNITED KINGDOM |  | 97654877 |
| UNITED STATES - 9.7%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| PriceSmart Inc  | 13443 | 1545138 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| BP PLC  | 296659 | 1738069 |
| Shell PLC ADR  | 135207 | 10129708 |
|  |  | 11867777 |
| Financials - 1.6% |  |  |
| Capital Markets - 0.5% |  |  |
| Moody's Corp  | 7402 | 3555181 |
| Morningstar Inc  | 955 | 202746 |
| S&P Global Inc  | 3361 | 1637513 |
|  |  | 5395440 |
| Financial Services - 0.9% |  |  |
| Mastercard Inc Class A  | 9156 | 5054020 |
| Visa Inc Class A  | 15203 | 5180271 |
|  |  | 10234291 |
| Insurance - 0.2% |  |  |
| Marsh & McLennan Cos Inc  | 11664 | 2077941 |
| TOTAL FINANCIALS |  | 17707672 |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| GSK PLC  | 225271 | 5274372 |
| Roche Holding AG  | 11037 | 3575110 |
|  |  | 8849482 |
| Industrials - 2.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 74704 | 3266086 |
| Electrical Equipment - 1.6% |  |  |
| GE Vernova Inc  | 11774 | 6889438 |
| Schneider Electric SE  | 37159 | 10587713 |
|  |  | 17477151 |
| Professional Services - 0.3% |  |  |
| Experian PLC  | 76494 | 3568078 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 4903 | 1207057 |
| TOTAL INDUSTRIALS |  | 25518372 |
| Materials - 3.9% |  |  |
| Chemicals - 1.4% |  |  |
| Linde PLC  | 29522 | 12349053 |
| Sherwin-Williams Co/The  | 8537 | 2944752 |
|  |  | 15293805 |
| Construction Materials - 2.5% |  |  |
| Amrize Ltd  | 39704 | 2046501 |
| CRH PLC  | 178497 | 21258994 |
| Holcim AG  | 51556 | 4583392 |
|  |  | 27888887 |
| TOTAL MATERIALS |  | 43182692 |
| TOTAL UNITED STATES |  | 108671133 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $906,772,704) |  | <br> **1078272645** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Bytedance Ltd Series E1 (d)(e)(f)<br>(Cost $63,224)<br>| 577 | **149212** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Porsche Automobil Holding SE <br>(Cost $725,951)<br>| 16134 | **641060** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 36592550 | 36599868 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 2377297 | 2377535 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $38,977,400) |  |  | **38977403** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $946,539,279)<br>| <br>**1118040320** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(3447745)** |
| **NET ASSETS - 100.0%** | **1114592575** |

---

**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 $18,193,190 or 1.6% of net assets.

(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 $16,607,195 or 1.5% of net assets.

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security.

(e) Non-income producing.

(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 $149,212 or 0.0% of net assets.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 63224 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 9756116 | 739721439 | 712877915 | 641608 | 229 | (1) | 36599868 | 36592550 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 897547 | 76408374 | 74928386 | 21218 | - | - | 2377535 | 2377297 | 0.0% |
| Total | 10653663 | 816129813 | 787806301 | 662826 | 229 | (1) | 38977403 |  |  |

---

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 | 69645771 | 18670329 | 50975442 | - |
| Consumer Discretionary | 92668889 | 61499477 | 31169412 | - |
| Consumer Staples | 36256636 | 21864323 | 14392313 | - |
| Energy | 47704688 | 38929801 | 8774887 | - |
| Financials | 283324654 | 178620961 | 104703692 | 1 |
| Health Care | 42298275 | 28851049 | 13447226 | - |
| Industrials | 224013193 | 103487547 | 120525646 | - |
| Information Technology | 166469431 | 91407652 | 75061779 | - |
| Materials | 109408957 | 77453402 | 31955555 | - |
| Real Estate | 2743464 | 1009006 | 1734458 | - |
| Utilities | 3738687 | 1912185 | 1826502 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 149212 | - | - | 149212 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 641060 | - | 641060 | - |
|  **Money Market Funds** | 38977403 | 38977403 | - | - |
| **Total Investments in Securities:** | 1118040320 | 662683135 | 455207972 | 149213 |

---

**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 $2,215,640) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $907,561,879) | $1079062917 |  |
| Fidelity Central Funds (cost $38,977,400) | 38977403 |  |
| Total Investment in Securities (cost $946,539,279) |  | $1118040320 |
| Cash |  | 2717 |
| Foreign currency held at value (cost $88,644) |  | 88457 |
| Receivable for investments sold |  | 696477 |
| Receivable for fund shares sold |  | 1686465 |
| Dividends receivable |  | 1804681 |
| Distributions receivable from Fidelity Central Funds |  | 146906 |
| Prepaid expenses |  | 586 |
| Other receivables |  | 45843 |
| **Total assets** |  | 1122512452 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3700052 |  |
| Payable for fund shares redeemed | 590917 |  |
| Accrued management fee | 724496 |  |
| Distribution and service plan fees payable | 18794 |  |
| Deferred taxes | 391666 |  |
| Other payables and accrued expenses | 116417 |  |
| Collateral on securities loaned | 2377535 |  |
| **Total liabilities** |  | 7919877 |
| **Net Assets**  |  | $1114592575 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $940487382 |
| Total accumulated earnings (loss) |  | 174105193 |
| **Net Assets** |  | $1114592575 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($44,011,712 ÷ 3,001,673 shares)(a) |  | $14.66 |
| Maximum offering price per share (100/94.25 of $14.66) |  | $15.55 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($16,289,960 ÷ 1,103,892 shares)(a) |  | $14.76 |
| Maximum offering price per share (100/96.50 of $14.76) |  | $15.30 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($3,848,419 ÷ 263,214 shares)(a) |  | $14.62 |
| **Total International Equity :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($865,933,694 ÷ 58,793,951 shares) |  | $14.73 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($121,848,735 ÷ 8,308,332 shares) |  | $14.67 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($62,660,055 ÷ 4,234,975 shares) |  | $14.80 |
| *(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  |  | $11847922 |
| Non-Cash dividends |  | 798364 |
| Interest  |  | 240 |
| Income from Fidelity Central Funds (including $21,218 from security lending)  |  | 662826 |
| Income before foreign taxes withheld |  | $13309352 |
| Less foreign taxes withheld |  | (959337) |
| **Total income** |  | 12350015 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $4077755 |  |
| Performance adjustment | 184188 |  |
| Distribution and service plan fees | 181162 |  |
| Custodian fees and expenses | 146653 |  |
| Independent trustees' fees and expenses | 1628 |  |
| Registration fees | 127310 |  |
| Audit fees | 100520 |  |
| Legal | 2501 |  |
| Miscellaneous | 3138 |  |
| Total expenses before reductions | 4824855 |  |
| Expense reductions | (34718) |  |
| Total expenses after reductions |  | 4790137 |
| **Net Investment income (loss)** |  | 7559878 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $129,793)  | 4525892 |  |
| Fidelity Central Funds | 229 |  |
| Foreign currency transactions | (162949) |  |
| Total net realized gain (loss) |  | 4363172 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $157,777)  | 107283562 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 15820 |  |
| Total change in net unrealized appreciation (depreciation) |  | 107299381 |
| **Net gain (loss)** |  | 111662553 |
| **Net increase (decrease) in net assets resulting from operations** |  | $119222431 |

---

---

| | | |
|:---|:---|:---|
| **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) | $7559878 | $3732888 |
| &nbsp;&nbsp;Net realized gain (loss) | 4363172<br>| 4359942<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 107299381 | 50001353<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 119222431<br>| 58094183<br>|
| Distributions to shareholders | (4837858)<br>| (3300481)<br>|
| Share transactions - net increase (decrease) | 680448664<br>| 42264083<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 794833237<br>| 97057785<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 319759338 | 222701553<br>|
| &nbsp;&nbsp;End of period | $1114592575 | $319759338 |

---

**Financial Highlights** 

**Fidelity Advisor® Total International Equity Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.84 | $9.56 | $8.56 | $12.48 | $9.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .13  | .13  | .15  | .11 C |
| Net realized and unrealized gain (loss)  | 2.80  | 2.27  | .95  | (3.10)  | 3.03  |
| Total from investment operations  | 2.96  | 2.40  | 1.08  | (2.95)  | 3.14  |
| Distributions from net investment income  | (.14)  | (.12)  | (.08)  | (.19)  | (.06)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.20)  |
| Total distributions  | (.14)  | (.12)  | (.08)  | (.97) D | (.26)  |
| Net asset value, end of period  | $14.66 | $11.84 | $9.56 | $8.56 | $12.48 |
| **Total Return** E,F | 25.32% <br>| 25.25%  | 12.66%  | (25.44)%  | 33.04%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.22%  | 1.28%  | 1.39%  | 1.56%  | 1.60%  |
| Expenses net of fee waivers, if any  | 1.20% <br>| 1.24%  | 1.29%  | 1.30%  | 1.34%  |
| Expenses net of all reductions, if any  | 1.20%  | 1.24%  | 1.29%  | 1.30%  | 1.34%  |
| Net investment income (loss)  | 1.25%  | 1.11%  | 1.33%  | 1.55%  | .91% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $44012 | $24152 | $17343 | $12786 | $8642 |
| Portfolio turnover rate I | 37% <br>| 33%  | 28%  | 31%  | 39%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns 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*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*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*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Total International Equity Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.91 | $9.62 | $8.61 | $12.53 | $9.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .10  | .11  | .13  | .08 C |
| Net realized and unrealized gain (loss)  | 2.83  | 2.28  | .95  | (3.12)  | 3.04  |
| Total from investment operations  | 2.96  | 2.38  | 1.06  | (2.99)  | 3.12  |
| Distributions from net investment income  | (.11)  | (.09)  | (.05)  | (.15)  | (.04)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.20)  |
| Total distributions  | (.11)  | (.09)  | (.05)  | (.93) D | (.24)  |
| Net asset value, end of period  | $14.76 | $11.91 | $9.62 | $8.61 | $12.53 |
| **Total Return** E,F | 25.06% <br>| 24.91%  | 12.34%  | (25.59)%  | 32.63%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.48%  | 1.52%  | 1.66%  | 1.80%  | 1.83%  |
| Expenses net of fee waivers, if any  | 1.45% <br>| 1.48%  | 1.54%  | 1.55%  | 1.59%  |
| Expenses net of all reductions, if any  | 1.45%  | 1.48%  | 1.54%  | 1.55%  | 1.59%  |
| Net investment income (loss)  | 1.00%  | .87%  | 1.09%  | 1.29%  | .65% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16290 | $13015 | $10624 | $9876 | $12936 |
| Portfolio turnover rate I | 37% <br>| 33%  | 28%  | 31%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Total International Equity Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.79 | $9.53 | $8.53 | $12.41 | $9.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .04  | .06  | .08  | .02 C |
| Net realized and unrealized gain (loss)  | 2.81  | 2.27  | .95  | (3.11)  | 3.02  |
| Total from investment operations  | 2.87  | 2.31  | 1.01  | (3.03)  | 3.04  |
| Distributions from net investment income  | (.04)  | (.05)  | (.01)  | (.07)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.20)  |
| Total distributions  | (.04)  | (.05)  | (.01)  | (.85) D | (.20)  |
| Net asset value, end of period  | $14.62 | $11.79 | $9.53 | $8.53 | $12.41 |
| **Total Return** E,F | 24.45% <br>| 24.28%  | 11.82%  | (26.04)%  | 32.00%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.97%  | 2.02%  | 2.18%  | 2.34%  | 2.40%  |
| Expenses net of fee waivers, if any  | 1.95% <br>| 1.99%  | 2.04%  | 2.05%  | 2.10%  |
| Expenses net of all reductions, if any  | 1.95%  | 1.99%  | 2.04%  | 2.05%  | 2.10%  |
| Net investment income (loss)  | .50%  | .36%  | .58%  | .79%  | .15% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3848 | $2950 | $2475 | $1893 | $1982 |
| Portfolio turnover rate I | 37% <br>| 33%  | 28%  | 31%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12)%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Total International Equity Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.90 | $9.60 | $8.60 | $12.54 | $9.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .16  | .16  | .18  | .14 C |
| Net realized and unrealized gain (loss)  | 2.81  | 2.28  | .94  | (3.12)  | 3.04  |
| Total from investment operations  | 3.01  | 2.44  | 1.10  | (2.94)  | 3.18  |
| Distributions from net investment income  | (.18)  | (.14)  | (.10)  | (.23)  | (.08)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.20)  |
| Total distributions  | (.18)  | (.14)  | (.10)  | (1.00)  | (.28)  |
| Net asset value, end of period  | $14.73 | $11.90 | $9.60 | $8.60 | $12.54 |
| **Total Return** D | 25.67% <br>| 25.68%  | 12.80%  | (25.25)%  | 33.37%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .91%  | .99%  | 1.11%  | 1.23%  | 1.27%  |
| Expenses net of fee waivers, if any  | .91% <br>| .99%  | 1.04%  | 1.05%  | 1.09%  |
| Expenses net of all reductions, if any  | .91%  | .99%  | 1.04%  | 1.05%  | 1.09%  |
| Net investment income (loss)  | 1.54%  | 1.36%  | 1.58%  | 1.79%  | 1.16% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $865934 | $163406 | $108561 | $86458 | $82604 |
| Portfolio turnover rate G | 37% <br>| 33%  | 28%  | 31%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.*

D*Total returns 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 Advisor® Total International Equity Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.85 | $9.56 | $8.56 | $12.49 | $9.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .16  | .16  | .17  | .14 C |
| Net realized and unrealized gain (loss)  | 2.81  | 2.27  | .94  | (3.10)  | 3.03  |
| Total from investment operations  | 3.00  | 2.43  | 1.10  | (2.93)  | 3.17  |
| Distributions from net investment income  | (.18)  | (.14)  | (.10)  | (.23)  | (.08)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.20)  |
| Total distributions  | (.18)  | (.14)  | (.10)  | (1.00)  | (.28)  |
| Net asset value, end of period  | $14.67 | $11.85 | $9.56 | $8.56 | $12.49 |
| **Total Return** D | 25.67% <br>| 25.69%  | 12.86%  | (25.28)%  | 33.40%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .96%  | .99%  | 1.09%  | 1.22%  | 1.26%  |
| Expenses net of fee waivers, if any  | .95% <br>| .97%  | 1.04%  | 1.04%  | 1.06%  |
| Expenses net of all reductions, if any  | .95%  | .97%  | 1.04%  | 1.04%  | 1.06%  |
| Net investment income (loss)  | 1.50%  | 1.38%  | 1.58%  | 1.80%  | 1.18% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $121849 | $69379 | $57299 | $35423 | $5714 |
| Portfolio turnover rate G | 37% <br>| 33%  | 28%  | 31%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.*

D*Total returns 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 Advisor® Total International Equity Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.93 | $9.63 | $8.61 | $12.53 | $9.62 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .17  | .17  | .19  | .16 C |
| Net realized and unrealized gain (loss)  | 2.84  | 2.28  | .95  | (3.11)  | 3.03  |
| Total from investment operations  | 3.05  | 2.45  | 1.12  | (2.92)  | 3.19  |
| Distributions from net investment income  | (.18)  | (.15)  | (.10)  | (.23)  | (.08)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.20)  |
| Total distributions  | (.18)  | (.15)  | (.10)  | (1.00)  | (.28)  |
| Net asset value, end of period  | $14.80 | $11.93 | $9.63 | $8.61 | $12.53 |
| **Total Return** D | 25.91% <br>| 25.73%  | 13.04%  | (25.09)%  | 33.54%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .83%  | .89%  | .95%  | 1.10%  | 1.16%  |
| Expenses net of fee waivers, if any  | .80% <br>| .85%  | .89%  | .90%  | .94%  |
| Expenses net of all reductions, if any  | .80%  | .85%  | .89%  | .90%  | .94%  |
| Net investment income (loss)  | 1.65%  | 1.50%  | 1.74%  | 1.94%  | 1.31% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $62660 | $46858 | $26401 | $7681 | $5752 |
| Portfolio turnover rate G | 37% <br>| 33%  | 28%  | 31%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.*

D*Total returns 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 Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total International Equity, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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 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**  | $189823253 |
| **Gross unrealized depreciation**  | <u>(27768955)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$162054298</u> |
| **Tax Cost**  | <u>$955986022</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$9917478</u> |
| **Undistributed long-term capital gain**  | <u>$2528188</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$162051193</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income** | <u>$4837858</u> | <u>$3300481</u> |
| **Total**  | <u>$4837858</u> | <u>$3300481</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 Total International Equity Fund** | 841954287 | 183994622 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .88 |
| **Class M** | .88 |
| **Class C** | .88 |
| **Total International Equity** | .87 |
| **Class I** | .85 |
| **Class Z** | .72 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Total International Equity** | .80 |
| **Class I** | .84 |
| **Class Z** | .72 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Total International Equity Fund** | MSCI All Country World ex USA Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Total International Equity. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .04%.

**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% | 79367 | 3042 |
| **Class M** | .25% | .25% | 70430 | 92 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>31365</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5572</u> |
|  |  |  | <u>181162</u> | <u>8706</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** | 24118 |
| **Class M** | 991 |
| **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>25</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25134</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Total International Equity Fund** | 2866 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Total International Equity Fund** | 165486362 | 4996326 | 526439 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Total International Equity Fund** | 575 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Total International Equity Fund** | 2181 | - | - |

---

**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** | 1.20% | 7015 |
| **Class M** | 1.45% | 3640 |
| **Class C** | 1.95% | 785 |
| **Class I** | .95% | 9266 |
| **Class Z** | .80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14012</u> |
|  |  | <u>34718</u> |

---

**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 Total International Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $294865 | $214708 |
| Class M | 118208 | 103563 |
| Class C | 10828 | 12847 |
| Total International Equity | 2693319 | 1657937 |
| Class I | 1209622 | 886527 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>511016</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>424899</u> |
| Total  | <u>$4837858</u> | <u>$3300481</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Total International Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1316237 | 549290 | $17044482 | $6240487 |
| Reinvestment of distributions | 25108 | 20725 | 294592 | 213883 |
| Shares redeemed | <u>(379540)</u> | <u>(344770)</u> | <u>(4853816)</u> | <u>(3941834)</u> |
| Net increase (decrease) | <u>961805</u> | <u>225245</u> | <u>$12485258</u> | <u>$2512536</u> |
| **Class M** |  |  |  |  |
| Shares sold | 173829 | 137040 | $2275071 | $1587737 |
| Reinvestment of distributions | 9993 | 9958 | 118147 | 103562 |
| Shares redeemed | <u>(172632)</u> | <u>(159164)</u> | <u>(2206805)</u> | <u>(1820564)</u> |
| Net increase (decrease) | <u>11190</u> | <u>(12166)</u> | <u>$186413</u> | <u>$(129265)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 95768 | 57438 | $1260882 | $630153 |
| Reinvestment of distributions | 926 | 1241 | 10828 | 12847 |
| Shares redeemed | <u>(83622)</u> | <u>(68257)</u> | <u>(1028540)</u> | <u>(785305)</u> |
| Net increase (decrease) | <u>13072</u> | <u>(9578)</u> | <u>$243170</u> | <u>$(142305)</u> |
| **Total International Equity** |  |  |  |  |
| Shares sold | 51008106 | 4737578 | $706163196 | $54385150 |
| Reinvestment of distributions | 200010 | 144359 | 2352232 | 1492669 |
| Shares redeemed | <u>(6148640)</u> | <u>(2451059)</u> | <u>(79929120)</u> | <u>(27787042)</u> |
| Net increase (decrease) | <u>45059476</u> | <u>2430878</u> | <u>$628586308</u> | <u>$28090777</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4874881 | 2162129 | $62075906 | $24037565 |
| Reinvestment of distributions | 101172 | 85453 | 1185843 | 880163 |
| Shares redeemed | <u>(2523400)</u> | <u>(2382839)</u> | <u>(31412520)</u> | <u>(26892945)</u> |
| Net increase (decrease) | <u>2452653</u> | <u>(135257)</u> | <u>$31849229</u> | <u>$(1975217)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 3033014 | 2618679 | $40190330 | $30191085 |
| Reinvestment of distributions | 40881 | 37496 | 482408 | 388454 |
| Shares redeemed | <u>(2765832)</u> | <u>(1471673)</u> | <u>(33574452)</u> | <u>(16671982)</u> |
| Net increase (decrease) | <u>308063</u> | <u>1184502</u> | <u>$7098286</u> | <u>$13907557</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **VIP FundsManager 60% Portfolio** |
| Fidelity Total International Equity Fund | 16% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity Total International Equity Fund | 34% |

---

**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 the Shareholders of Fidelity Total International Equity Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Total International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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 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, $2,831,462, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $252,189 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Total International Equity** | **Class I** | **Class Z** |
| **Fidelity Total International Equity Fund** |  |  |  |  |  |  |
| December 13, 2024 | 3% | 4% | 3% | 2% | 3% | 3% |
| December 27, 2024 | 3% | 3% | 8% | 3% | 3% | 3% |

---

Class A, Class M, Class C, Total International Equity, Class I and Class Z designate 100% of each dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br> **Fidelity Total International Equity Fund**  | **Pay Date** | **Income**  | **Taxes** |
| Class A | 12/16/2024 | $0.1470 | $0.0305 |
| Class M | 12/16/2024 | $0.1153 | $0.0305 |
| Class C | 12/16/2024 | $0.0537 | $0.0305 |
| Total International Equity | 12/16/2024 | $0.1816 | $0.0305 |
| Class I | 12/16/2024 | $0.1797 | $0.0305 |
| Class Z | 12/16/2024 | $0.1788 | $0.0305 |

---

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 Total 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) 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. 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 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.

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 1.20%, 1.45%, 1.95%, 0.95%, 0.80%, and 0.95% 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.

![](img118370_4.jpg)<br>

1.912358.115 TIE-ANN-1225

**Fidelity® International Value Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118383_1.jpg)

![](img118383_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FIV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Value Fund](#Sub_Sec_Fund_1597_FIV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1597_FIV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FIV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FIV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FIV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FIV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FIV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FIV-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® International Value Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 4.0%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Macquarie Group Ltd  | 202982 | 29027199 |
| Materials - 3.1% |  |  |
| Metals & Mining - 3.1% |  |  |
| BHP Group Ltd  | 369555 | 10535357 |
| Glencore PLC  | 8373907 | 40115783 |
| Rio Tinto PLC  | 594000 | 42821477 |
|  |  | 93472617 |
| TOTAL AUSTRALIA |  | 122499816 |
| BELGIUM - 1.9%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| KBC Group NV  | 387697 | 46587130 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 50391 | 12923509 |
| TOTAL BELGIUM |  | 59510639 |
| CHINA - 0.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| Tencent Holdings Ltd  | 274242 | 22276064 |
| DENMARK - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| DSV A/S  | 85012 | 18041735 |
| FINLAND - 2.0%  |  |  |
| Financials - 1.4% |  |  |
| Insurance - 1.4% |  |  |
| Mandatum Holding Oy  | 519837 | 3728161 |
| Sampo Oyj A Shares  | 3534710 | 39390173 |
|  |  | 43118334 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Fortum Oyj  | 765868 | 17072922 |
| TOTAL FINLAND |  | 60191256 |
| FRANCE - 9.1%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.4% |  |  |
| Vivendi SE  | 3365437 | 12110772 |
| Media - 0.3% |  |  |
| Canal+ SA  | 1953368 | 6151037 |
| Louis Hachette Group  | 1443328 | 2479673 |
|  |  | 8630710 |
| TOTAL COMMUNICATION SERVICES |  | 20741482 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.2% |  |  |
| Danone SA  | 430622 | 38031089 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| TotalEnergies SE  | 614446 | 38362959 |
| Financials - 3.4% |  |  |
| Banks - 1.2% |  |  |
| BNP Paribas SA  | 477879 | 37015557 |
| Insurance - 2.2% |  |  |
| AXA SA  | 1522115 | 66042153 |
| TOTAL FINANCIALS |  | 103057710 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| EssilorLuxottica SA  | 40129 | 14676613 |
| Industrials - 0.9% |  |  |
| Building Products - 0.9% |  |  |
| Cie de Saint-Gobain SA  | 284768 | 27640170 |
| Materials - 1.2% |  |  |
| Chemicals - 1.2% |  |  |
| Air Liquide SA  | 185743 | 35948499 |
| TOTAL FRANCE |  | 278458522 |
| GERMANY - 13.8%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.6% |  |  |
| Bayerische Motoren Werke AG  | 189131 | 17597109 |
| Financials - 4.6% |  |  |
| Banks - 0.6% |  |  |
| Commerzbank AG  | 521521 | 18941643 |
| Capital Markets - 1.4% |  |  |
| Deutsche Bank AG  | 909154 | 32412672 |
| Deutsche Boerse AG  | 45009 | 11398087 |
|  |  | 43810759 |
| Insurance - 2.6% |  |  |
| Hannover Rueck SE  | 108341 | 30895127 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 74044 | 45810573 |
|  |  | 76705700 |
| TOTAL FINANCIALS |  | 139458102 |
| Health Care - 1.6% |  |  |
| Health Care Providers & Services - 1.3% |  |  |
| Fresenius SE & Co KGaA  | 664752 | 38326645 |
| Pharmaceuticals - 0.3% |  |  |
| Bayer AG  | 362477 | 11274662 |
| TOTAL HEALTH CARE |  | 49601307 |
| Industrials - 5.0% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Rheinmetall AG  | 31446 | 61672964 |
| Air Freight & Logistics - 0.9% |  |  |
| Deutsche Post AG  | 582184 | 26749247 |
| Industrial Conglomerates - 1.8% |  |  |
| Siemens AG  | 194739 | 55188513 |
| Machinery - 0.3% |  |  |
| Daimler Truck Holding AG  | 251983 | 10081457 |
| TOTAL INDUSTRIALS |  | 153692181 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| SAP SE  | 6700 | 1742486 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| BASF SE  | 360205 | 17773183 |
| Covestro AG  | 131893 | 9212804 |
|  |  | 26985987 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Vonovia SE  | 524846 | 15774647 |
| Utilities - 0.5% |  |  |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| RWE AG  | 338407 | 16659957 |
| TOTAL GERMANY |  | 421511776 |
| HONG KONG - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Insurance - 1.3% |  |  |
| Prudential PLC  | 2881447 | 40075426 |
| INDIA - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Reliance Industries Ltd GDR (a) | 249800 | 16561740 |
| INDONESIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank Central Asia Tbk PT  | 29678189 | 15194996 |
| ISRAEL - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 415592 | 8511324 |
| ITALY - 4.2%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Eni SpA  | 1396574 | 25752103 |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| BPER Banca SPA  | 1093981 | 13057419 |
| UniCredit SpA  | 702335 | 52005584 |
|  |  | 65063003 |
| Industrials - 1.2% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 150399 | 15570962 |
| Passenger Airlines - 0.7% |  |  |
| Ryanair Holdings PLC ADR  | 351955 | 21990149 |
| TOTAL INDUSTRIALS |  | 37561111 |
| TOTAL ITALY |  | 128376217 |
| JAPAN - 21.5%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 0.3% |  |  |
| Nintendo Co Ltd  | 90908 | 7753534 |
| Interactive Media & Services - 0.3% |  |  |
| LY Corp  | 3459056 | 10164497 |
| Wireless Telecommunication Services - 0.8% |  |  |
| SoftBank Group Corp  | 140159 | 24593514 |
| TOTAL COMMUNICATION SERVICES |  | 42511545 |
| Consumer Discretionary - 3.0% |  |  |
| Automobiles - 1.7% |  |  |
| Toyota Motor Corp  | 2540783 | 51799290 |
| Household Durables - 1.3% |  |  |
| Sony Group Corp  | 919137 | 25597587 |
| Sumitomo Forestry Co Ltd (c) | 1266138 | 13206909 |
|  |  | 38804496 |
| TOTAL CONSUMER DISCRETIONARY |  | 90603786 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Inpex Corp  | 834859 | 15390529 |
| Financials - 7.0% |  |  |
| Banks - 4.7% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 4849924 | 73259464 |
| Sumitomo Mitsui Financial Group Inc  | 2518805 | 68193645 |
|  |  | 141453109 |
| Financial Services - 1.1% |  |  |
| ORIX Corp  | 1303667 | 31890366 |
| Sony Financial Group Inc (b) | 874996 | 882320 |
|  |  | 32772686 |
| Insurance - 1.2% |  |  |
| Tokio Marine Holdings Inc  | 1004193 | 37449569 |
| TOTAL FINANCIALS |  | 211675364 |
| Industrials - 6.0% |  |  |
| Industrial Conglomerates - 2.3% |  |  |
| Hitachi Ltd  | 2068986 | 71396195 |
| Machinery - 1.4% |  |  |
| MINEBEA MITSUMI Inc  | 567241 | 11248384 |
| Mitsubishi Heavy Industries Ltd  | 1043073 | 31490045 |
|  |  | 42738429 |
| Trading Companies & Distributors - 2.3% |  |  |
| ITOCHU Corp  | 698886 | 40501920 |
| Mitsui & Co Ltd  | 1161422 | 28653082 |
|  |  | 69155002 |
| TOTAL INDUSTRIALS |  | 183289626 |
| Information Technology - 3.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Ibiden Co Ltd  | 205140 | 19454423 |
| IT Services - 1.2% |  |  |
| Fujitsu Ltd  | 849688 | 22143256 |
| TIS Inc  | 421108 | 14523321 |
|  |  | 36666577 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Renesas Electronics Corp  | 1326077 | 16376486 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| FUJIFILM Holdings Corp  | 899849 | 20855523 |
| TOTAL INFORMATION TECHNOLOGY |  | 93353009 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Shin-Etsu Chemical Co Ltd  | 632753 | 19019886 |
| TOTAL JAPAN |  | 655843745 |
| SINGAPORE - 1.8%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Singapore Telecommunications Ltd  | 6437412 | 21012043 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| United Overseas Bank Ltd  | 1312116 | 34950109 |
| TOTAL SINGAPORE |  | 55962152 |
| SOUTH AFRICA - 1.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Thungela Resources Ltd (United Kingdom)  | 85381 | 381361 |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Anglo American PLC  | 916807 | 34685250 |
| Valterra Platinum Ltd (United Kingdom)  | 96093 | 5870038 |
|  |  | 40555288 |
| TOTAL SOUTH AFRICA |  | 40936649 |
| SPAIN - 3.8%  |  |  |
| Financials - 3.8% |  |  |
| Banks - 3.8% |  |  |
| Banco Santander SA (c) | 8881631 | 90355398 |
| Bankinter SA  | 1818741 | 27399580 |
| TOTAL SPAIN |  | 117754978 |
| SWEDEN - 1.7%  |  |  |
| Financials - 1.7% |  |  |
| Financial Services - 1.7% |  |  |
| Investor AB B Shares  | 1593153 | 52581050 |
| SWITZERLAND - 3.6%  |  |  |
| Financials - 3.6% |  |  |
| Capital Markets - 0.7% |  |  |
| UBS Group AG (United States)  | 521000 | 19985560 |
| Insurance - 2.9% |  |  |
| Swiss Life Holding AG  | 29377 | 31846530 |
| Zurich Insurance Group AG  | 83887 | 58341012 |
|  |  | 90187542 |
| TOTAL SWITZERLAND |  | 110173102 |
| UNITED KINGDOM - 14.1%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Household Durables - 1.2% |  |  |
| Barratt Redrow PLC  | 7075727 | 34978525 |
| Specialty Retail - 0.1% |  |  |
| JD Sports Fashion PLC  | 3140070 | 3843777 |
| TOTAL CONSUMER DISCRETIONARY |  | 38822302 |
| Consumer Staples - 3.0% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Tesco PLC  | 3722337 | 22463089 |
| Tobacco - 2.3% |  |  |
| British American Tobacco PLC  | 617860 | 31644039 |
| Imperial Brands PLC  | 972991 | 38661150 |
|  |  | 70305189 |
| TOTAL CONSUMER STAPLES |  | 92768278 |
| Financials - 6.6% |  |  |
| Banks - 5.2% |  |  |
| HSBC Holdings PLC  | 3702982 | 51839718 |
| Lloyds Banking Group PLC  | 57724175 | 67680992 |
| Standard Chartered PLC  | 1941525 | 39854170 |
|  |  | 159374880 |
| Capital Markets - 0.7% |  |  |
| London Stock Exchange Group PLC  | 91200 | 11365925 |
| St James's Place PLC  | 586200 | 9991930 |
|  |  | 21357855 |
| Insurance - 0.7% |  |  |
| Beazley PLC  | 1652907 | 20205099 |
| TOTAL FINANCIALS |  | 200937834 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Astrazeneca PLC  | 115625 | 19072188 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| BAE Systems PLC  | 2260953 | 55695158 |
| Rolls-Royce Holdings PLC  | 1507622 | 23200508 |
|  |  | 78895666 |
| TOTAL UNITED KINGDOM |  | 430496268 |
| UNITED STATES - 11.1%  |  |  |
| Energy - 3.5% |  |  |
| Oil, Gas & Consumable Fuels - 3.5% |  |  |
| BP PLC  | 2697309 | 15803024 |
| Shell PLC ADR  | 1229702 | 92129274 |
|  |  | 107932298 |
| Health Care - 2.7% |  |  |
| Pharmaceuticals - 2.7% |  |  |
| GSK PLC  | 2075709 | 48599517 |
| Roche Holding AG  | 102589 | 33230673 |
|  |  | 81830190 |
| Industrials - 0.4% |  |  |
| Trading Companies & Distributors - 0.4% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 46291 | 11396260 |
| Materials - 4.5% |  |  |
| Chemicals - 0.9% |  |  |
| Linde PLC  | 68037 | 28459877 |
| Construction Materials - 3.6% |  |  |
| Amrize Ltd  | 357963 | 18450830 |
| CRH PLC  | 513094 | 61109495 |
| Holcim AG  | 331940 | 29509876 |
|  |  | 109070201 |
| TOTAL MATERIALS |  | 137530078 |
| TOTAL UNITED STATES |  | 338688826 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,294,590,375) |  | <br> **2993646281** |

---

---

| | | |
|:---|:---|:---|
| &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 $7,199,958)<br>| 147350 | **5854728** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.18 | 93079160 | 93097776 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.18 | 59939855 | 59945849 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $153,043,625) |  |  | **153043625** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $2,454,833,958)<br>| <br>**3152544634** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(91563047)** |
| **NET ASSETS - 100.0%** | **3060981587** |

---

**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 $16,561,740 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 | 62042278 | 1136094750 | 1105045689 | 3177025 | 6437 | - | 93097776 | 93079160 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 4015254 | 252979359 | 197048764 | 29716 | - | - | 59945849 | 59939855 | 0.2% |
| Total | 66057532 | 1389074109 | 1302094453 | 3206741 | 6437 | - | 153043625 |  |  |

---

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 | 106541134 | 20741482 | 85799652 | - |
| Consumer Discretionary | 147023197 | 69626320 | 77396877 | - |
| Consumer Staples | 130799367 | - | 130799367 | - |
| Energy | 204380990 | 124462904 | 79918086 | - |
| Financials | 1209654337 | 502237100 | 707417237 | - |
| Health Care | 186615131 | 74438091 | 112177040 | - |
| Industrials | 510516749 | 290553108 | 219963641 | - |
| Information Technology | 95095495 | 33977744 | 61117751 | - |
| Materials | 353512355 | 123103044 | 230409311 | - |
| Real Estate | 15774647 | - | 15774647 | - |
| Utilities | 33732879 | 17072922 | 16659957 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 5854728 | - | 5854728 | - |
|  **Money Market Funds** | 153043625 | 153043625 | - | - |
| **Total Investments in Securities:** | 3152544634 | 1409256340 | 1743288294 | - |

---

**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 $57,333,654) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,301,790,333) | $2999501009 |  |
| Fidelity Central Funds (cost $153,043,625) | 153043625 |  |
| Total Investment in Securities (cost $2,454,833,958) |  | $3152544634 |
| Foreign currency held at value (cost $63,612) |  | 63733 |
| Receivable for investments sold |  | 8218391 |
| Receivable for fund shares sold |  | 22747493 |
| Dividends receivable |  | 8772809 |
| Reclaims receivable |  | 5517611 |
| Distributions receivable from Fidelity Central Funds |  | 234279 |
| Prepaid expenses |  | 2809 |
| **Total assets** |  | 3198101759 |
| **Liabilities** |  |  |
| Payable to custodian bank | $38374 |  |
| Payable for investments purchased  | 73025598 |  |
| Payable for fund shares redeemed | 2132104 |  |
| Accrued management fee | 1879206 |  |
| Distribution and service plan fees payable | 20318 |  |
| Other payables and accrued expenses | 78723 |  |
| Collateral on securities loaned | 59945849 |  |
| **Total liabilities** |  | 137120172 |
| **Net Assets**  |  | $3060981587 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2394254992 |
| Total accumulated earnings (loss) |  | 666726595 |
| **Net Assets** |  | $3060981587 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($52,344,261 ÷ 3,832,987 shares)(a) |  | $13.66 |
| Maximum offering price per share (100/94.25 of $13.66) |  | $14.49 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($9,700,757 ÷ 710,473 shares)(a) |  | $13.65 |
| Maximum offering price per share (100/96.50 of $13.65) |  | $14.15 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,778,964 ÷ 494,945 shares)(a) |  | $13.70 |
| **International Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,677,258,636 ÷ 122,709,819 shares) |  | $13.67 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($408,519,974 ÷ 29,855,134 shares) |  | $13.68 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($906,378,995 ÷ 66,230,229 shares) |  | $13.69 |
| *(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  |  | $70087184 |
| Non-Cash dividends |  | 12225836 |
| Interest  |  | 6990 |
| Income from Fidelity Central Funds (including $29,716 from security lending)  |  | 3206741 |
| Income before foreign taxes withheld |  | $85526751 |
| Less foreign taxes withheld |  | (4249091) |
| **Total income** |  | 81277660 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $16485330 |  |
| Performance adjustment | 207352 |  |
| Distribution and service plan fees | 159234 |  |
| Custodian fees and expenses | 119575 |  |
| Independent trustees' fees and expenses | 7529 |  |
| Registration fees | 263530 |  |
| Audit fees | 83115 |  |
| Legal | 1524 |  |
| Miscellaneous | 7973 |  |
| Total expenses before reductions | 17335162 |  |
| Expense reductions | (2936) |  |
| Total expenses after reductions |  | 17332226 |
| **Net Investment income (loss)** |  | 63945434 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 34606296 |  |
| Fidelity Central Funds | 6437 |  |
| Foreign currency transactions | (332554) |  |
| Total net realized gain (loss) |  | 34280179 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 485810467 |  |
| Assets and liabilities in foreign currencies | 33995 |  |
| Total change in net unrealized appreciation (depreciation) |  | 485844462 |
| **Net gain (loss)** |  | 520124641 |
| **Net increase (decrease) in net assets resulting from operations** |  | $584070075 |

---

---

| | | |
|:---|:---|:---|
| **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) | $63945434 | $26214521 |
| &nbsp;&nbsp;Net realized gain (loss) | 34280179<br>| (3040677)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 485844462 | 158249922<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 584070075<br>| 181423766<br>|
| Distributions to shareholders | (42013169)<br>| (16926327)<br>|
| Share transactions - net increase (decrease) | 1046640484<br>| 590603012<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1588697390<br>| 755100451<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1472284197 | 717183746<br>|
| &nbsp;&nbsp;End of period | $3060981587 | $1472284197 |

---

**Financial Highlights** 

**Fidelity Advisor® International Value Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.70 | $8.85 | $7.64 | $9.65 | $6.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .22  | .20  | .24  | .25 C |
| Net realized and unrealized gain (loss)  | 2.89  | 1.81  | 1.15  | (1.87)  | 2.66  |
| Total from investment operations  | 3.21  | 2.03  | 1.35  | (1.63)  | 2.91  |
| Distributions from net investment income  | (.25)  | (.18)  | (.14)  | (.38)  | (.13)  |
| Total distributions  | (.25)  | (.18)  | (.14)  | (.38)  | (.13)  |
| Net asset value, end of period  | $13.66 | $10.70 | $8.85 | $7.64 | $9.65 |
| **Total Return** D,E | 30.75% <br>| 23.18%  | 17.72%  | (17.43)%  | 42.56%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.09%  | 1.15%  | 1.33%  | 1.46%  | 1.37%  |
| Expenses net of fee waivers, if any  | 1.09% <br>| 1.14%  | 1.29%  | 1.30%  | 1.33%  |
| Expenses net of all reductions, if any  | 1.09%  | 1.14%  | 1.29%  | 1.30%  | 1.33%  |
| Net investment income (loss)  | 2.64%  | 2.12%  | 2.21%  | 2.85%  | 2.77% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $52344 | $20609 | $17133 | $12080 | $10566 |
| Portfolio turnover rate H | 31% <br>| 29%  | 29%  | 25%  | 29% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.73%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Value Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.69 | $8.84 | $7.63 | $9.63 | $6.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .19  | .18  | .22  | .23 C |
| Net realized and unrealized gain (loss)  | 2.89  | 1.81  | 1.15  | (1.87)  | 2.65  |
| Total from investment operations  | 3.18  | 2.00  | 1.33  | (1.65)  | 2.88  |
| Distributions from net investment income  | (.22)  | (.15)  | (.12)  | (.35)  | (.11)  |
| Total distributions  | (.22)  | (.15)  | (.12)  | (.35)  | (.11)  |
| Net asset value, end of period  | $13.65 | $10.69 | $8.84 | $7.63 | $9.63 |
| **Total Return** D,E | 30.38% <br>| 22.87%  | 17.45%  | (17.65)%  | 42.20%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.34%  | 1.39%  | 1.59%  | 1.72%  | 1.62%  |
| Expenses net of fee waivers, if any  | 1.34% <br>| 1.39%  | 1.54%  | 1.55%  | 1.58%  |
| Expenses net of all reductions, if any  | 1.34%  | 1.39%  | 1.54%  | 1.55%  | 1.58%  |
| Net investment income (loss)  | 2.39%  | 1.88%  | 1.97%  | 2.60%  | 2.51% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9701 | $4730 | $4196 | $3498 | $4375 |
| Portfolio turnover rate H | 31% <br>| 29%  | 29%  | 25%  | 29% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.48%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Value Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.72 | $8.85 | $7.64 | $9.60 | $6.85 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .14  | .13  | .18  | .18 C |
| Net realized and unrealized gain (loss)  | 2.91  | 1.83  | 1.15  | (1.87)  | 2.65  |
| Total from investment operations  | 3.14  | 1.97  | 1.28  | (1.69)  | 2.83  |
| Distributions from net investment income  | (.16)  | (.10)  | (.07)  | (.27)  | (.08)  |
| Total distributions  | (.16)  | (.10)  | (.07)  | (.27)  | (.08)  |
| Net asset value, end of period  | $13.70 | $10.72 | $8.85 | $7.64 | $9.60 |
| **Total Return** D,E | 29.70% <br>| 22.44%  | 16.74%  | (18.01)%  | 41.45%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.83%  | 1.88%  | 2.09%  | 2.23%  | 2.12%  |
| Expenses net of fee waivers, if any  | 1.83% <br>| 1.88%  | 2.05%  | 2.05%  | 2.09%  |
| Expenses net of all reductions, if any  | 1.83%  | 1.88%  | 2.05%  | 2.05%  | 2.09%  |
| Net investment income (loss)  | 1.90%  | 1.38%  | 1.46%  | 2.09%  | 2.00% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6779 | $2365 | $2366 | $2190 | $3177 |
| Portfolio turnover rate H | 31% <br>| 29%  | 29%  | 25%  | 29% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® International Value Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.72 | $8.86 | $7.65 | $9.66 | $6.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .25  | .22  | .26  | .28 C |
| Net realized and unrealized gain (loss)  | 2.89  | 1.81  | 1.15  | (1.86)  | 2.66  |
| Total from investment operations  | 3.24  | 2.06  | 1.37  | (1.60)  | 2.94  |
| Distributions from net investment income  | (.29)  | (.20)  | (.16)  | (.41)  | (.15)  |
| Total distributions  | (.29)  | (.20)  | (.16)  | (.41)  | (.15)  |
| Net asset value, end of period  | $13.67 | $10.72 | $8.86 | $7.65 | $9.66 |
| **Total Return** D | 31.12% <br>| 23.58%  | 17.96%  | (17.20)%  | 43.08%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .80%  | .89%  | 1.01%  | 1.13%  | 1.01%  |
| Expenses net of fee waivers, if any  | .80% <br>| .89%  | 1.01%  | 1.05%  | 1.01%  |
| Expenses net of all reductions, if any  | .80%  | .89%  | 1.01%  | 1.05%  | 1.01%  |
| Net investment income (loss)  | 2.92%  | 2.37%  | 2.50%  | 3.10%  | 3.09% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1677259 | $885896 | $443836 | $367478 | $372441 |
| Portfolio turnover rate G | 31% <br>| 29%  | 29%  | 25%  | 29% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.05%.*

D*Total returns 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.*

**Fidelity Advisor® International Value Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.73 | $8.87 | $7.66 | $9.67 | $6.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .24  | .22  | .25  | .28 C |
| Net realized and unrealized gain (loss)  | 2.89  | 1.82  | 1.15  | (1.86)  | 2.66  |
| Total from investment operations  | 3.24  | 2.06  | 1.37  | (1.61)  | 2.94  |
| Distributions from net investment income  | (.29)  | (.20)  | (.16)  | (.40)  | (.15)  |
| Total distributions  | (.29)  | (.20)  | (.16)  | (.40)  | (.15)  |
| Net asset value, end of period  | $13.68 | $10.73 | $8.87 | $7.66 | $9.67 |
| **Total Return** D | 31.05% <br>| 23.55%  | 17.97%  | (17.23)%  | 43.05%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .84%  | .92%  | 1.02%  | 1.09%  | 1.07%  |
| Expenses net of fee waivers, if any  | .84% <br>| .92%  | 1.01%  | 1.04%  | 1.05%  |
| Expenses net of all reductions, if any  | .84%  | .92%  | 1.01%  | 1.04%  | 1.05%  |
| Net investment income (loss)  | 2.88%  | 2.34%  | 2.50%  | 3.10%  | 3.05% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $408520 | $164277 | $91052 | $74751 | $6661 |
| Portfolio turnover rate G | 31% <br>| 29%  | 29%  | 25%  | 29% H |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.01%.*

D*Total returns 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.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Value Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.74 | $8.88 | $7.66 | $9.67 | $6.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .26  | .24  | .26  | .30 C |
| Net realized and unrealized gain (loss)  | 2.89  | 1.82  | 1.15  | (1.86)  | 2.65  |
| Total from investment operations  | 3.25  | 2.08  | 1.39  | (1.60)  | 2.95  |
| Distributions from net investment income  | (.30)  | (.22)  | (.17)  | (.41)  | (.15)  |
| Total distributions  | (.30)  | (.22)  | (.17)  | (.41)  | (.15)  |
| Net asset value, end of period  | $13.69 | $10.74 | $8.88 | $7.66 | $9.67 |
| **Total Return** D | 31.21% <br>| 23.71%  | 18.20%  | (17.13)%  | 43.35%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .73%  | .79%  | .87%  | .94%  | .89%  |
| Expenses net of fee waivers, if any  | .73% <br>| .79%  | .86%  | .89%  | .89%  |
| Expenses net of all reductions, if any  | .72%  | .79%  | .86%  | .89%  | .89%  |
| Net investment income (loss)  | 3.00%  | 2.47%  | 2.65%  | 3.25%  | 3.21% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $906379 | $394406 | $158601 | $118176 | $11946 |
| Portfolio turnover rate G | 31% <br>| 29%  | 29%  | 25%  | 29% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.17%.*

D*Total returns 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 International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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**  | $707093037 |
| **Gross unrealized depreciation**  | <u>(62759341)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$644333696</u> |
| **Tax Cost**  | <u>$2508210938</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$72190679</u> |
| **Capital loss carryforward**  | <u>$(49719209)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$644255124</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 | $(41801869) |
| Long-term | <u>(7917340)</u> |
| **Total capital loss carryforward** | <u>$(49719209)</u> |

---

Due to large redemptions in a prior period, approximately $21,132,092 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $5,836,972 of those capital losses per year to offset capital gains.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income** | <u>$42013169</u> | <u>$16926327</u> |
| **Total** | <u>$42013169</u> | <u>$16926327</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity International Value Fund** | 1697656155 | 645954525 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .88 |
| **Class M** | .88 |
| **Class C** | .88 |
| **International Value** | .87 |
| **Class I** | .87 |
| **Class Z** | .72 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .81 |
| **Class M** | .81 |
| **Class C** | .81 |
| **International Value** | .77 |
| **Class I** | .81 |
| **Class Z** | .69 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity International Value Fund** | MSCI EAFE Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .01%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 86159 | 6367 |
| **Class M** | .25% | .25% | 33924 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>39151</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4523</u> |
|  |  |  | <u>159234</u> | <u>10890</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** | 37165 |
| **Class M** | 1627 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>136</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>38928</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Value Fund** | 1183 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity International Value Fund** | 124477834 | 124427712 | 1135192 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Value Fund** | 2685 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity International Value Fund** | 3039 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,936.

**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 International Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $488630 | $348977 |
| Class M | 96338 | 72953 |
| Class C | 33393 | 27673 |
| International Value | 24793093 | 10313599 |
| Class I | 4958469 | 2133490 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>11643246</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4029635</u> |
| Total  | <u>$42013169</u> | <u>$16926327</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 International Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2656161 | 409712 | $32469471 | $4210717 |
| Reinvestment of distributions | 46752 | 36641 | 485618 | 346659 |
| Shares redeemed | <u>(795907)</u> | <u>(457274)</u> | <u>(9912166)</u> | <u>(4730489)</u> |
| Net increase (decrease) | <u>1907006</u> | <u>(10921)</u> | <u>$23042923</u> | <u>$(173113)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 323909 | 25444 | $3994255 | $257449 |
| Reinvestment of distributions | 9259 | 7505 | 96338 | 71094 |
| Shares redeemed | <u>(65009)</u> | <u>(65455)</u> | <u>(793067)</u> | <u>(674620)</u> |
| Net increase (decrease) | <u>268159</u> | <u>(32506)</u> | <u>$3297526</u> | <u>$(346077)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 366525 | 24053 | $4632287 | $245624 |
| Reinvestment of distributions | 3198 | 2901 | 33393 | 27673 |
| Shares redeemed | <u>(95533)</u> | <u>(73408)</u> | <u>(1199228)</u> | <u>(749686)</u> |
| Net increase (decrease) | <u>274190</u> | <u>(46454)</u> | <u>$3466452</u> | <u>$(476389)</u> |
| **International Value** |  |  |  |  |
| Shares sold | 95253860 | 43576697 | $1156005757 | $455952864 |
| Reinvestment of distributions | 1839614 | 930687 | 19105277 | 8794774 |
| Shares redeemed | <u>(57010781)</u> | <u>(11974365)</u> | <u>(705469583)</u> | <u>(123234962)</u> |
| Net increase (decrease) | <u>40082693</u> | <u>32533019</u> | <u>$469641451</u> | <u>$341512676</u> |
| **Class I** |  |  |  |  |
| Shares sold | 21393351 | 11977758 | $262720600 | $126009409 |
| Reinvestment of distributions | 467850 | 221911 | 4863643 | 2101443 |
| Shares redeemed | <u>(7309810)</u> | <u>(7158179)</u> | <u>(86076089)</u> | <u>(75842662)</u> |
| Net increase (decrease) | <u>14551391</u> | <u>5041490</u> | <u>$181508154</u> | <u>$52268190</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 43471460 | 25315241 | $531900267 | $265920733 |
| Reinvestment of distributions | 853657 | 352743 | 8868907 | 3336691 |
| Shares redeemed | <u>(14823952)</u> | <u>(6806180)</u> | <u>(175085196)</u> | <u>(71439699)</u> |
| Net increase (decrease) | <u>29501165</u> | <u>18861804</u> | <u>$365683978</u> | <u>$197817725</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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 International Value Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity International Value Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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 $1,618,322 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 100% and 100%; Class M designates 100% and 100%; Class C designates 100% and 100%; International Value designates 97.19% and 100%; Class I designates 98.36% and 100%; and Class Z designates 92.78% and 100%, of each dividend distributed December 13th and December 27th, 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** |
| Class A | 12/16/24 | $0.2017 | $0.0134 |
| Class M | 12/16/24 | $0.1710 | $0.0134 |
| Class C | 12/16/24 | $0.1106 | $0.0134 |
| International Value  | 12/16/24 | $0.2420 | $0.0134 |
| Class I | 12/16/24 | $0.2391 | $0.0134 |
| Class Z | 12/16/24 | $0.2535 | $0.0134 |

---

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 International Value 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. 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 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.

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.

![](img118383_4.jpg)<br>

1.827482.119 FIV-ANN-1225

**Fidelity® International Small Cap Opportunities Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118385_1.jpg)

![](img118385_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ILS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Small Cap Opportunities Fund](#Sub_Sec_Fund_1504_ILS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1504_ILS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ILS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ILS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ILS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ILS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ILS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ILS-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® International Small Cap Opportunities Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.8%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Treasury Wine Estates Ltd  | 375000 | 1469721 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Whitehaven Coal Ltd  | 1035000 | 4875844 |
| Financials - 1.3% |  |  |
| Financial Services - 0.2% |  |  |
| Cuscal Ltd  | 925000 | 2523799 |
| Insurance - 1.1% |  |  |
| Steadfast Group Ltd  | 4731460 | 17336448 |
| TOTAL FINANCIALS |  | 19860247 |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Imdex Ltd  | 7777574 | 17505701 |
| TOTAL AUSTRALIA |  | 43711513 |
| AUSTRIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| AT&S Austria Technologie & Systemtechnik AG (a) | 65000 | 2416242 |
| BAILIWICK OF JERSEY - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Capital Markets - 1.3% |  |  |
| JTC PLC (b)(c) | 1190000 | 20385471 |
| BELGIUM - 2.4%  |  |  |
| Financials - 2.3% |  |  |
| Banks - 2.3% |  |  |
| KBC Ancora  | 434745 | 34175622 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ion Beam Applications (d) | 47356 | 596067 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.1% |  |  |
| Warehouses De Pauw CVA  | 70000 | 1776695 |
| TOTAL BELGIUM |  | 36548384 |
| BRAZIL - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Orizon Valorizacao de Residuos SA (a) | 260000 | 2680248 |
| CANADA - 4.5%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| North West Co Inc/The  | 140000 | 4541728 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Pason Systems Inc  | 332900 | 2836373 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| South Bow Corp  | 200000 | 5187694 |
| TOTAL ENERGY |  | 8024067 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Onex Corp Subordinate Voting Shares  | 18000 | 1565719 |
| Industrials - 1.3% |  |  |
| Trading Companies & Distributors - 1.3% |  |  |
| Richelieu Hardware Ltd (d) | 760963 | 20861308 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 395000 | 9434601 |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| OR Royalties Inc  | 767100 | 24611957 |
| Triple Flag Precious Metals Corp  | 40000 | 1110834 |
|  |  | 25722791 |
| TOTAL CANADA |  | 70150214 |
| CHINA - 0.4%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Personal Care Products - 0.3% |  |  |
| Chlitina Holding Ltd  | 1048842 | 3407765 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Consun Pharmaceutical Group Ltd  | 1100000 | 2127649 |
| TOTAL CHINA |  | 5535414 |
| EGYPT - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Integrated Diagnostics Holdings PLC (b)(c) | 5696716 | 3190161 |
| FRANCE - 3.7%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Laurent-Perrier  | 39163 | 4225219 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Vetoquinol SA  | 121442 | 10442518 |
| Industrials - 2.0% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Exail Technologies SA (a) | 37000 | 3544053 |
| LISI SA  | 287284 | 16821806 |
|  |  | 20365859 |
| Commercial Services & Supplies - 0.3% |  |  |
| Elis SA  | 170000 | 4734164 |
| Ground Transportation - 0.2% |  |  |
| Stef SA  | 27000 | 3765708 |
| Trading Companies & Distributors - 0.2% |  |  |
| Thermador Groupe  | 26500 | 2333655 |
| TOTAL INDUSTRIALS |  | 31199386 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Lectra (d) | 163306 | 4329397 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Robertet SA  | 1800 | 1728283 |
| Real Estate - 0.3% |  |  |
| Industrial REITs - 0.1% |  |  |
| ARGAN SA  | 30000 | 2334116 |
| Retail REITs - 0.2% |  |  |
| Carmila SA  | 130000 | 2370540 |
| TOTAL REAL ESTATE |  | 4704656 |
| TOTAL FRANCE |  | 56629459 |
| GERMANY - 5.3%  |  |  |
| Communication Services - 2.7% |  |  |
| Entertainment - 1.8% |  |  |
| CTS Eventim AG & Co KGaA  | 305392 | 27315983 |
| Interactive Media & Services - 0.8% |  |  |
| Scout24 SE (b)(c) | 105700 | 12207878 |
| Wireless Telecommunication Services - 0.1% |  |  |
| 1&1 AG  | 60000 | 1480003 |
| TOTAL COMMUNICATION SERVICES |  | 41003864 |
| Consumer Discretionary - 1.2% |  |  |
| Specialty Retail - 1.2% |  |  |
| Auto1 Group SE (a) | 390000 | 13683800 |
| Fielmann Group AG  | 103000 | 5621531 |
|  |  | 19305331 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Montana Aerospace Ag (a)(b)(c) | 65000 | 2572538 |
| Rheinmetall AG  | 4800 | 9413923 |
|  |  | 11986461 |
| Machinery - 0.3% |  |  |
| Stabilus SE  | 190000 | 4763326 |
| TOTAL INDUSTRIALS |  | 16749787 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Mensch und Maschine Software SE (d) | 43000 | 2064339 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| TAG Immobilien AG  | 210000 | 3483193 |
| TOTAL GERMANY |  | 82606514 |
| GREECE - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Transportation Infrastructure - 0.4% |  |  |
| Athens International Airport SA  | 473700 | 5471023 |
| INDONESIA - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Selamat Sempurna Tbk PT  | 25000000 | 2886350 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 15000000 | 1812989 |
| TOTAL INDONESIA |  | 4699339 |
| IRELAND - 1.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Cairn Homes PLC  | 2335691 | 5204002 |
| Industrials - 1.0% |  |  |
| Trading Companies & Distributors - 1.0% |  |  |
| AerCap Holdings NV  | 119200 | 15524608 |
| Real Estate - 0.4% |  |  |
| Residential REITs - 0.4% |  |  |
| Irish Residential Properties Reit PLC  | 5454557 | 5834517 |
| TOTAL IRELAND |  | 26563127 |
| ISRAEL - 2.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Energean PLC  | 165000 | 2089571 |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Tel Aviv Stock Exchange Ltd  | 665296 | 15517346 |
| Information Technology - 0.9% |  |  |
| Communications Equipment - 0.9% |  |  |
| Ituran Location and Control Ltd  | 372877 | 14359493 |
| TOTAL ISRAEL |  | 31966410 |
| ITALY - 3.5%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Generalfinance Spa  | 132788 | 2946368 |
| Industrials - 3.3% |  |  |
| Commercial Services & Supplies - 0.4% |  |  |
| doValue SpA (a)(b)(c) | 2000000 | 6238142 |
| Machinery - 2.8% |  |  |
| Interpump Group SpA  | 846840 | 43632123 |
| Passenger Airlines - 0.1% |  |  |
| Wizz Air Holdings Plc (a)(b)(c) | 100000 | 1375444 |
| TOTAL INDUSTRIALS |  | 51245709 |
| TOTAL ITALY |  | 54192077 |
| JAPAN - 30.3%  |  |  |
| Consumer Discretionary - 5.7% |  |  |
| Distributors - 0.4% |  |  |
| Central Automotive Products Ltd  | 469500 | 5474606 |
| Diversified Consumer Services - 0.5% |  |  |
| Aucnet Inc  | 563954 | 7370082 |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Curves Holdings Co Ltd  | 2767078 | 13053440 |
| Gift Holdings Inc (d) | 350000 | 7335669 |
| Koshidaka Holdings Co Ltd  | 2098675 | 16069279 |
| Metaplanet Inc (a) | 350000 | 1115113 |
| Monogatari Corp/The  | 438700 | 10973905 |
|  |  | 48547406 |
| Leisure Products - 0.1% |  |  |
| Roland Corp  | 5960 | 126463 |
| Yonex Co Ltd  | 116000 | 2988255 |
|  |  | 3114718 |
| Specialty Retail - 1.6% |  |  |
| Intermestic Inc  | 175000 | 2477775 |
| USS Co Ltd  | 1982130 | 21890762 |
|  |  | 24368537 |
| TOTAL CONSUMER DISCRETIONARY |  | 88875349 |
| Consumer Staples - 1.9% |  |  |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Blue Zones Holdings Co Ltd  | 40000 | 2037506 |
| Daikokutenbussan Co Ltd  | 61600 | 2478230 |
| Kato Sangyo Co Ltd  | 45000 | 1728635 |
| Kusuri no Aoki Holdings Co Ltd  | 198500 | 5031088 |
| Qol Holdings Co Ltd  | 280000 | 3533839 |
| Tsuruha Holdings Inc  | 350000 | 6079749 |
| YAKUODO Holdings Co Ltd  | 411500 | 5431127 |
|  |  | 26320174 |
| Food Products - 0.0% |  |  |
| Iwatsuka Confectionery Co Ltd  | 37800 | 732649 |
| Personal Care Products - 0.2% |  |  |
| Artnature Inc (d) | 521000 | 2853313 |
| TOTAL CONSUMER STAPLES |  | 29906136 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Iwatani Corp  | 260000 | 2710337 |
| San-Ai Obbli Co Ltd  | 780800 | 10345815 |
|  |  | 13056152 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Bank of Iwate Ltd/The  | 60000 | 1576796 |
| Chiba Bank Ltd/The (d) | 665000 | 6496382 |
| Hachijuni Bank Ltd/The  | 980000 | 9878853 |
| Hokuhoku Financial Group Inc  | 535000 | 13118973 |
| Kyoto Financial Group Inc  | 339200 | 6876003 |
|  |  | 37947007 |
| Health Care - 1.5% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Medikit Co Ltd  | 291800 | 5129363 |
| Nagaileben Co Ltd  | 745427 | 8503412 |
| Techno Medica Co Ltd  | 80791 | 984527 |
|  |  | 14617302 |
| Health Care Providers & Services - 0.2% |  |  |
| As One Corp  | 170000 | 2778177 |
| Health Care Technology - 0.4% |  |  |
| Software Service Inc  | 66400 | 5902797 |
| TOTAL HEALTH CARE |  | 23298276 |
| Industrials - 6.4% |  |  |
| Commercial Services & Supplies - 2.4% |  |  |
| CTS Co Ltd  | 340000 | 1961326 |
| Daiei Kankyo Co Ltd  | 550000 | 12241256 |
| Japan Elevator Service Holdings Co Ltd  | 1340200 | 15805681 |
| Park24 Co Ltd (d) | 270000 | 3157096 |
| Pronexus Inc  | 477000 | 3386140 |
|  |  | 36551499 |
| Construction & Engineering - 1.1% |  |  |
| SHO-BOND Holdings Co Ltd (d) | 559400 | 17771867 |
| Electrical Equipment - 0.3% |  |  |
| Fuji Electric Co Ltd  | 65000 | 4664849 |
| Machinery - 1.5% |  |  |
| Mitsuboshi Belting Ltd  | 117580 | 2834402 |
| Moriya Transportation Engineering & Manufacturing Co Ltd  | 171700 | 5487136 |
| NS Tool Co Ltd  | 648900 | 3225342 |
| Takeuchi Manufacturing Co Ltd  | 80000 | 3306729 |
| Tocalo Co Ltd  | 608636 | 8945302 |
|  |  | 23798911 |
| Professional Services - 1.1% |  |  |
| Funai Soken Holdings Inc  | 224350 | 3536086 |
| Timee Inc (a)(d) | 660000 | 6398287 |
| Visional Inc (a) | 101000 | 7025631 |
|  |  | 16960004 |
| TOTAL INDUSTRIALS |  | 99747130 |
| Information Technology - 8.7% |  |  |
| Electronic Equipment, Instruments & Components - 3.8% |  |  |
| Ai Holdings Corp  | 172500 | 2999805 |
| Azbil Corp  | 4791868 | 47340336 |
| Ibiden Co Ltd  | 49000 | 4646908 |
| Rigaku Holdings Corp (d) | 270000 | 1732723 |
|  |  | 56719772 |
| IT Services - 2.7% |  |  |
| NSD Co Ltd  | 889949 | 19033625 |
| Obic Co Ltd  | 152000 | 4721459 |
| Softcreate Holdings Corp  | 90000 | 1245668 |
| System Support Holdings Inc  | 113900 | 2250506 |
| TechMatrix Corp  | 200000 | 2835637 |
| TIS Inc  | 334700 | 11543252 |
|  |  | 41630147 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Shibaura Mechatronics Corp  | 30000 | 3556551 |
| Software - 2.0% |  |  |
| Broadleaf Co Ltd  | 1697198 | 8171572 |
| m-up Holdings Inc  | 567450 | 7113837 |
| Miroku Jyoho Service Co Ltd  | 251700 | 2881051 |
| Money Forward Inc (a) | 60000 | 1751995 |
| Rakus Co Ltd  | 200000 | 1618325 |
| Systena Corp  | 1300000 | 4479268 |
| VRAIN Solution Inc (a) | 13700 | 258336 |
| WingArc1st Inc  | 227100 | 4951372 |
|  |  | 31225756 |
| TOTAL INFORMATION TECHNOLOGY |  | 133132226 |
| Materials - 1.7% |  |  |
| Chemicals - 1.5% |  |  |
| Nihon Parkerizing Co Ltd  | 653878 | 5681284 |
| SK Kaken Co Ltd  | 235400 | 13854247 |
| Toyo Gosei Co Ltd  | 70000 | 3193173 |
|  |  | 22728704 |
| Construction Materials - 0.1% |  |  |
| Maeda Kosen Co Ltd  | 125000 | 1563818 |
| Containers & Packaging - 0.1% |  |  |
| Fuji Seal International Inc  | 90000 | 1584972 |
| TOTAL MATERIALS |  | 25877494 |
| Real Estate - 1.2% |  |  |
| Real Estate Management & Development - 1.2% |  |  |
| Arealink Co Ltd  | 500000 | 3299591 |
| Goldcrest Co Ltd  | 500730 | 10852237 |
| Katitas Co Ltd  | 160000 | 2604893 |
| SRE Holdings Corp  | 80000 | 1464408 |
|  |  | 18221129 |
| TOTAL JAPAN |  | 470060899 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| BGF retail Co Ltd  | 79256 | 5744876 |
| NETHERLANDS - 4.3%  |  |  |
| Industrials - 1.9% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Koninklijke Heijmans N.V depository receipt  | 33935 | 2405583 |
| Machinery - 1.6% |  |  |
| Aalberts NV  | 776097 | 24672192 |
| Trading Companies & Distributors - 0.1% |  |  |
| IMCD NV  | 18000 | 1866878 |
| TOTAL INDUSTRIALS |  | 28944653 |
| Information Technology - 2.4% |  |  |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| BE Semiconductor Industries NV  | 222429 | 37842099 |
| TOTAL NETHERLANDS |  | 66786752 |
| NORWAY - 1.4%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TGS ASA  | 305000 | 2637707 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Medistim ASA  | 185242 | 4992578 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Kongsberg Gruppen ASA  | 524905 | 13424157 |
| TOTAL NORWAY |  | 21054442 |
| PHILIPPINES - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Transportation Infrastructure - 0.6% |  |  |
| International Container Terminal Services Inc  | 1030000 | 9298325 |
| SPAIN - 0.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| CIE Automotive SA  | 65000 | 2180237 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Viscofan SA  | 30000 | 1863835 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Clinica Baviera SA (d) | 45000 | 2183695 |
| Industrials - 0.6% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Befesa SA (b)(c) | 50000 | 1654053 |
| Machinery - 0.4% |  |  |
| Fluidra SA  | 184201 | 5333461 |
| TOTAL INDUSTRIALS |  | 6987514 |
| TOTAL SPAIN |  | 13215281 |
| SWEDEN - 10.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Automobile Components - 0.6% |  |  |
| Autoliv Inc  | 80000 | 9344000 |
| Broadline Retail - 0.1% |  |  |
| Rusta AB  | 300000 | 1983105 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Betsson AB B Shares  | 180000 | 2817400 |
| TOTAL CONSUMER DISCRETIONARY |  | 14144505 |
| Health Care - 0.5% |  |  |
| Life Sciences Tools & Services - 0.5% |  |  |
| AddLife AB B Shares  | 351520 | 7600032 |
| Industrials - 5.5% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| INVISIO AB (d) | 338163 | 10767539 |
| Trading Companies & Distributors - 4.9% |  |  |
| AddTech AB B Shares  | 1503275 | 50951770 |
| Bergman & Beving AB B Shares  | 686462 | 24314567 |
|  |  | 75266337 |
| TOTAL INDUSTRIALS |  | 86033876 |
| Information Technology - 3.4% |  |  |
| Electronic Equipment, Instruments & Components - 3.4% |  |  |
| Lagercrantz Group AB B Shares  | 2125212 | 52211729 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Alleima AB  | 340000 | 2945396 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| John Mattson Fastighetsforetagen AB (a) | 942052 | 6604107 |
| TOTAL SWEDEN |  | 169539645 |
| TAIWAN - 1.2%  |  |  |
| Communication Services - 0.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| Addcn Technology Co Ltd  | 1718028 | 9768500 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| eMemory Technology Inc  | 129000 | 8340698 |
| TOTAL TAIWAN |  | 18109198 |
| TURKEY - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 1800000 | 4203167 |
| UNITED KINGDOM - 17.1%  |  |  |
| Communication Services - 2.9% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Zegona Communications plc (a) | 1070000 | 17289606 |
| Interactive Media & Services - 1.8% |  |  |
| Baltic Classifieds Group PLC  | 4689002 | 18171829 |
| Rightmove PLC  | 1037993 | 9108924 |
|  |  | 27280753 |
| TOTAL COMMUNICATION SERVICES |  | 44570359 |
| Consumer Discretionary - 4.7% |  |  |
| Automobile Components - 0.1% |  |  |
| AB Dynamics PLC  | 100000 | 1661830 |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 725000 | 1711045 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Dp Poland PLC (a) | 18541591 | 1887752 |
| InterContinental Hotels Group PLC ADR  | 222650 | 27043069 |
|  |  | 28930821 |
| Leisure Products - 2.6% |  |  |
| Games Workshop Group PLC  | 193200 | 40431430 |
| TOTAL CONSUMER DISCRETIONARY |  | 72735126 |
| Financials - 0.4% |  |  |
| Banks - 0.2% |  |  |
| Shawbrook Group PLC (b)(c)(e) | 522800 | 2685397 |
| Capital Markets - 0.1% |  |  |
| Allfunds Group Plc  | 300000 | 2282247 |
| Financial Services - 0.1% |  |  |
| Enity Holding AB  | 210000 | 2095966 |
| TOTAL FINANCIALS |  | 7063610 |
| Industrials - 6.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Avon Technologies PLC  | 165000 | 4148796 |
| Air Freight & Logistics - 0.1% |  |  |
| Ferrari Group PLC  | 230000 | 2218966 |
| Industrial Conglomerates - 0.5% |  |  |
| DCC PLC  | 115000 | 7568883 |
| Machinery - 1.7% |  |  |
| Bodycote PLC  | 2659626 | 21557676 |
| Spirax Group PLC  | 57691 | 5377206 |
|  |  | 26934882 |
| Marine Transportation - 0.4% |  |  |
| Clarkson PLC  | 141153 | 6721935 |
| Trading Companies & Distributors - 3.3% |  |  |
| Diploma PLC  | 227000 | 16729575 |
| Howden Joinery Group PLC  | 2939700 | 33347368 |
|  |  | 50076943 |
| TOTAL INDUSTRIALS |  | 97670405 |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Oxford Instruments PLC  | 348100 | 8652097 |
| IT Services - 0.1% |  |  |
| Kainos Group PLC  | 150000 | 1856258 |
| Software - 0.5% |  |  |
| Pinewood Technologies Group PLC (a) | 650000 | 3146639 |
| Sage Group PLC/The  | 333700 | 5039198 |
|  |  | 8185837 |
| TOTAL INFORMATION TECHNOLOGY |  | 18694192 |
| Materials - 1.0% |  |  |
| Construction Materials - 0.5% |  |  |
| SigmaRoc PLC (a) | 4982910 | 7554140 |
| Metals & Mining - 0.5% |  |  |
| Hill & Smith PLC  | 280000 | 7926866 |
| TOTAL MATERIALS |  | 15481006 |
| Real Estate - 0.6% |  |  |
| Retail REITs - 0.2% |  |  |
| Shaftesbury Capital PLC  | 2100000 | 3873313 |
| Specialized REITs - 0.4% |  |  |
| Big Yellow Group PLC (The)  | 350000 | 5112920 |
| TOTAL REAL ESTATE |  | 8986233 |
| TOTAL UNITED KINGDOM |  | 265200931 |
| UNITED STATES - 1.2%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| PriceSmart Inc (d) | 100060 | 11500897 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Morningstar Inc  | 25321 | 5375648 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Legend Biotech Corp ADR (a) | 62800 | 2034720 |
| TOTAL UNITED STATES |  | 18911265 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,095,321,327) |  | <br> **1508870377** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 1.0%** | &nbsp;&nbsp;**International Equity Funds - 1.0%** | &nbsp;&nbsp;**International Equity Funds - 1.0%** |
|  | Shares | Value ($)<br>|
| iShares MSCI EAFE Small-Cap ETF (d)<br>(Cost $15,012,125)<br>| 197800 | **15074338** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 24623179 | 24628104 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 31896102 | 31899291 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $56,527,395) |  |  | **56527395** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $1,166,860,847)<br>| <br>**1580472110** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(30065120)** |
| **NET ASSETS - 100.0%** | **1550406990** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**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 $50,309,084 or 3.2% 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 $59,743,685 or 3.9% of net assets.

(d) Security or a portion of the security is on loan at period end.

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 | 34774965 | 717155262 | 727302922 | 1789028 | 799 | - | 24628104 | 24623179 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18102100 | 628078596 | 614281405 | 158344 | - | - | 31899291 | 31896102 | 0.1% |
| Total | 52877065 | 1345233858 | 1341584327 | 1947372 | 799 | - | 56527395 |  |  |

---

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 | 95342723 | 95342723 | - | - |
| Consumer Discretionary | 205330900 | 205330900 | - | - |
| Consumer Staples | 64473166 | 64473166 | - | - |
| Energy | 30683341 | 30683341 | - | - |
| Financials | 144837038 | 144837038 | - | - |
| Health Care | 56465696 | 56465696 | - | - |
| Industrials | 490041296 | 490041296 | - | - |
| Information Technology | 282825016 | 282825016 | - | - |
| Materials | 89260671 | 89260671 | - | - |
| Real Estate | 49610530 | 49610530 | - | - |
|  **International Equity Funds** | 15074338 | 15074338 | - | - |
|  **Money Market Funds** | 56527395 | 56527395 | - | - |
| **Total Investments in Securities:** | 1580472110 | 1580472110 | - | - |

---

**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 $32,990,696) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,110,333,452) | $1523944715 |  |
| Fidelity Central Funds (cost $56,527,395) | 56527395 |  |
| Total Investment in Securities (cost $1,166,860,847) |  | $1580472110 |
| Foreign currency held at value (cost $3,445,302) |  | 3431460 |
| Receivable for investments sold |  | 695259 |
| Receivable for fund shares sold |  | 1153945 |
| Dividends receivable |  | 4338983 |
| Reclaims receivable |  | 2808164 |
| Distributions receivable from Fidelity Central Funds |  | 113387 |
| Prepaid expenses |  | 1661 |
| Other receivables |  | 13126 |
| **Total assets** |  | 1593028095 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $4619626 |  |
| Delayed delivery | 2541169 |  |
| Payable for fund shares redeemed | 2471469 |  |
| Accrued management fee | 1006384 |  |
| Distribution and service plan fees payable | 13778 |  |
| Other payables and accrued expenses | 69388 |  |
| Collateral on securities loaned | 31899291 |  |
| **Total liabilities** |  | 42621105 |
| **Net Assets**  |  | $1550406990 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $993265582 |
| Total accumulated earnings (loss) |  | 557141408 |
| **Net Assets** |  | $1550406990 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($37,552,311 ÷ 1,622,552 shares)(a) |  | $23.14 |
| Maximum offering price per share (100/94.25 of $23.14) |  | $24.55 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($9,782,734 ÷ 430,990 shares)(a) |  | $22.70 |
| Maximum offering price per share (100/96.50 of $22.70) |  | $23.52 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($2,123,614 ÷ 99,073 shares)(a) |  | $21.43 |
| **International Small Cap Opportunities :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($852,597,398 ÷ 35,979,823 shares) |  | $23.70 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($143,204,372 ÷ 6,055,348 shares) |  | $23.65 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($505,146,561 ÷ 21,413,331 shares) |  | $23.59 |
| *(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  |  | $31360578 |
| Foreign Tax Reclaims |  | 1971421 |
| Interest  |  | 186 |
| Income from Fidelity Central Funds (including $158,344 from security lending)  |  | 1947372 |
| Income before foreign taxes withheld |  | $35279557 |
| Less foreign taxes withheld |  | (3279414) |
| **Total income** |  | 32000143 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $12442233 |  |
| Performance adjustment | 395540 |  |
| Distribution and service plan fees | 156588 |  |
| Custodian fees and expenses | 81907 |  |
| Independent trustees' fees and expenses | 5478 |  |
| Registration fees | 145284 |  |
| Audit fees | 94394 |  |
| Legal | 1277 |  |
| Miscellaneous | 9298 |  |
| Total expenses before reductions | 13331999 |  |
| Expense reductions | (930) |  |
| Total expenses after reductions |  | 13331069 |
| **Net Investment income (loss)** |  | 18669074 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 155286727 |  |
| Fidelity Central Funds | 799 |  |
| Foreign currency transactions | (41918) |  |
| Total net realized gain (loss) |  | 155245608 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 90950886 |  |
| Assets and liabilities in foreign currencies | 151413 |  |
| Total change in net unrealized appreciation (depreciation) |  | 91102299 |
| **Net gain (loss)** |  | 246347907 |
| **Net increase (decrease) in net assets resulting from operations** |  | $265016981 |

---

---

| | | |
|:---|:---|:---|
| **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) | $18669074 | $13006743 |
| &nbsp;&nbsp;Net realized gain (loss) | 155245608<br>| 66758616<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 91102299 | 179564617<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 265016981<br>| 259329976<br>|
| Distributions to shareholders | (77968307)<br>| (42624195)<br>|
| Share transactions - net increase (decrease) | 91826373<br>| 79946440<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 278875047<br>| 296652221<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1271531943 | 974879722<br>|
| &nbsp;&nbsp;End of period | $1550406990 | $1271531943 |

---

**Financial Highlights** 

**Fidelity Advisor® International Small Cap Opportunities Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.36 | $16.75 | $17.17 | $28.35 | $20.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .15  | .10  | .06  | (.06)  |
| Net realized and unrealized gain (loss)  | 3.76  | 4.14  | .61  | (8.93)  | 7.55  |
| Total from investment operations  | 3.98  | 4.29  | .71  | (8.87)  | 7.49  |
| Distributions from net investment income  | (.25)  | (.12)  | -  | -  | -  |
| Distributions from net realized gain  | (.95)  | (.56)  | (1.13)  | (2.31)  | -  |
| Total distributions  | (1.20)  | (.68)  | (1.13)  | (2.31)  | -  |
| Net asset value, end of period  | $23.14 | $20.36 | $16.75 | $17.17 | $28.35 |
| **Total Return** C,D | 20.56% <br>| 26.06%  | 3.74%  | (33.79)%  | 35.91%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.24%  | 1.27%  | 1.31%  | 1.49%  | 1.50%  |
| Expenses net of fee waivers, if any  | 1.24% <br>| 1.26%  | 1.31%  | 1.48%  | 1.50%  |
| Expenses net of all reductions, if any  | 1.24%  | 1.26%  | 1.31%  | 1.48%  | 1.50%  |
| Net investment income (loss)  | 1.01%  | .77%  | .56%  | .30%  | (.25)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $37552 | $32876 | $26559 | $26380 | $45981 |
| Portfolio turnover rate G | 53% <br>| 27%  | 10%  | 13%  | 21%  |

---

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® International Small Cap Opportunities Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.98 | $16.43 | $16.91 | $28.02 | $20.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .10  | .06  | .01  | (.13)  |
| Net realized and unrealized gain (loss)  | 3.70  | 4.07  | .59  | (8.81)  | 7.48  |
| Total from investment operations  | 3.86  | 4.17  | .65  | (8.80)  | 7.35  |
| Distributions from net investment income  | (.19)  | (.06)  | -  | -  | -  |
| Distributions from net realized gain  | (.95)  | (.56)  | (1.13)  | (2.31)  | -  |
| Total distributions  | (1.14)  | (.62)  | (1.13)  | (2.31)  | -  |
| Net asset value, end of period  | $22.70 | $19.98 | $16.43 | $16.91 | $28.02 |
| **Total Return** C,D | 20.29% <br>| 25.80%  | 3.43%  | (33.95)%  | 35.56%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.49%  | 1.53%  | 1.57%  | 1.74%  | 1.75%  |
| Expenses net of fee waivers, if any  | 1.49% <br>| 1.52%  | 1.56%  | 1.74%  | 1.75%  |
| Expenses net of all reductions, if any  | 1.49%  | 1.52%  | 1.56%  | 1.74%  | 1.75%  |
| Net investment income (loss)  | .76%  | .51%  | .31%  | .05%  | (.50)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9783 | $9933 | $9589 | $10115 | $16378 |
| Portfolio turnover rate G | 53% <br>| 27%  | 10%  | 13%  | 21%  |

---

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® International Small Cap Opportunities Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.95 | $15.64 | $16.22 | $27.10 | $20.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | - C | (.04)  | (.09)  | (.25)  |
| Net realized and unrealized gain (loss)  | 3.50  | 3.87  | .59  | (8.48)  | 7.26  |
| Total from investment operations  | 3.55  | 3.87  | .55  | (8.57)  | 7.01  |
| Distributions from net investment income  | (.12)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.95)  | (.56)  | (1.13)  | (2.31)  | -  |
| Total distributions  | (1.07)  | (.56)  | (1.13)  | (2.31)  | -  |
| Net asset value, end of period  | $21.43 | $18.95 | $15.64 | $16.22 | $27.10 |
| **Total Return** D,E | 19.66% <br>| 25.11%  | 2.93%  | (34.28)%  | 34.89%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.99%  | 2.02%  | 2.10%  | 2.26%  | 2.26%  |
| Expenses net of fee waivers, if any  | 1.99% <br>| 2.02%  | 2.10%  | 2.25%  | 2.26%  |
| Expenses net of all reductions, if any  | 1.99%  | 2.02%  | 2.10%  | 2.25%  | 2.26%  |
| Net investment income (loss)  | .26%  | .01%  | (.23)%  | (.47)%  | (1.01)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2124 | $2035 | $2036 | $3314 | $6770 |
| Portfolio turnover rate H | 53% <br>| 27%  | 10%  | 13%  | 21%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® International Small Cap Opportunities Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.81 | $17.12 | $17.47 | $28.77 | $21.10 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .21  | .16  | .13  | .01  |
| Net realized and unrealized gain (loss)  | 3.85  | 4.23  | .63  | (9.09)  | 7.66  |
| Total from investment operations  | 4.14  | 4.44  | .79  | (8.96)  | 7.67  |
| Distributions from net investment income  | (.30)  | (.19)  | - C | (.04)  | -  |
| Distributions from net realized gain  | (.95)  | (.56)  | (1.13)  | (2.31)  | -  |
| Total distributions  | (1.25)  | (.75)  | (1.14) D | (2.34) D | -  |
| Net asset value, end of period  | $23.70 | $20.81 | $17.12 | $17.47 | $28.77 |
| **Total Return** E | 20.99% <br>| 26.39%  | 4.11%  | (33.62)%  | 36.35%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .94%  | .98%  | 1.01%  | 1.19%  | 1.21%  |
| Expenses net of fee waivers, if any  | .94% <br>| .98%  | 1.00%  | 1.19%  | 1.20%  |
| Expenses net of all reductions, if any  | .94%  | .98%  | 1.00%  | 1.19%  | 1.20%  |
| Net investment income (loss)  | 1.31%  | 1.05%  | .87%  | .60%  | .05%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $852597 | $636948 | $632320 | $700271 | $1268421 |
| Portfolio turnover rate H | 53% <br>| 27%  | 10%  | 13%  | 21%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Small Cap Opportunities Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.77 | $17.09 | $17.46 | $28.75 | $21.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .27  | .21  | .15  | .13  | .01  |
| Net realized and unrealized gain (loss)  | 3.85  | 4.21  | .62  | (9.07)  | 7.65  |
| Total from investment operations  | 4.12  | 4.42  | .77  | (8.94)  | 7.66  |
| Distributions from net investment income  | (.29)  | (.18)  | (.01)  | (.04)  | -  |
| Distributions from net realized gain  | (.95)  | (.56)  | (1.13)  | (2.31)  | -  |
| Total distributions  | (1.24)  | (.74)  | (1.14)  | (2.35)  | -  |
| Net asset value, end of period  | $23.65 | $20.77 | $17.09 | $17.46 | $28.75 |
| **Total Return** C | 20.89% <br>| 26.37%  | 4.02%  | (33.60)%  | 36.32%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | 1.00%  | .99%  | 1.05%  | 1.20%  | 1.22%  |
| Expenses net of fee waivers, if any  | 1.00% <br>| .98%  | 1.04%  | 1.19%  | 1.22%  |
| Expenses net of all reductions, if any  | 1.00%  | .98%  | 1.04%  | 1.19%  | 1.22%  |
| Net investment income (loss)  | 1.25%  | 1.05%  | .83%  | .59%  | .04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $143204 | $221654 | $81122 | $82705 | $141310 |
| Portfolio turnover rate F | 53% <br>| 27%  | 10%  | 13%  | 21%  |

---

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® International Small Cap Opportunities Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.74 | $17.07 | $17.44 | $28.73 | $21.05 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .23  | .18  | .15  | .04  |
| Net realized and unrealized gain (loss)  | 3.84  | 4.21  | .62  | (9.05)  | 7.64  |
| Total from investment operations  | 4.14  | 4.44  | .80  | (8.90)  | 7.68  |
| Distributions from net investment income  | (.34)  | (.21)  | (.04)  | (.08)  | -  |
| Distributions from net realized gain  | (.95)  | (.56)  | (1.13)  | (2.31)  | -  |
| Total distributions  | (1.29)  | (.77)  | (1.17)  | (2.39)  | -  |
| Net asset value, end of period  | $23.59 | $20.74 | $17.07 | $17.44 | $28.73 |
| **Total Return** C | 21.08% <br>| 26.53%  | 4.19%  | (33.52)%  | 36.48%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .86%  | .87%  | .89%  | 1.07%  | 1.09%  |
| Expenses net of fee waivers, if any  | .86% <br>| .87%  | .88%  | 1.07%  | 1.09%  |
| Expenses net of all reductions, if any  | .86%  | .87%  | .88%  | 1.07%  | 1.09%  |
| Net investment income (loss)  | 1.38%  | 1.16%  | .98%  | .72%  | .16%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $505147 | $368086 | $223254 | $219360 | $309803 |
| Portfolio turnover rate F | 53% <br>| 27%  | 10%  | 13%  | 21%  |

---

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 International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap Opportunities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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) 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**  | $464444838 |
| **Gross unrealized depreciation**  | <u>(77144583)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$387300255</u> |
| **Tax Cost**  | <u>$1193171855</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$30053410</u> |
| **Undistributed long-term capital gain**  | <u>$139840565</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$387247437</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $19154669 | $10695320 |
| **Long-term Capital Gains** | <u>58813638</u> | <u>31928875</u> |
| **Total** | <u>$77968307</u> | <u>$42624195</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity International Small Cap Opportunities Fund** | 766420141 | 730214282 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | 1.02 |
| **Class M** | 1.02 |
| **Class C** | 1.02 |
| **International Small Cap Opportunities** | .99 |
| **Class I** | 1.02 |
| **Class Z** | .88 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .93 |
| **Class M** | .94 |
| **Class C** | .94 |
| **International Small Cap Opportunities** | .89 |
| **Class I** | .94 |
| **Class Z** | .81 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity International Small Cap Opportunities Fund** | MSCI EAFE Small Cap Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap Opportunities. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .03%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 87641 | 2939 |
| **Class M** | .25% | .25% | 48594 | 142 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>20353</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3436</u> |
|  |  |  | <u>156588</u> | <u>6517</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** | 9053 |
| **Class M** | 541 |
| **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>53</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9647</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Small Cap Opportunities Fund** | 1292 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity International Small Cap Opportunities Fund** | 52153177 | 40627946 | 25351771 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Small Cap Opportunities Fund** | 1802 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Small Cap Opportunities Fund** | 1907 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity International Small Cap Opportunities Fund** | 17040 | - | - |

---

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 International Small Cap Opportunities Fund** | 3184354 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $930.

**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 International Small Cap Opportunities Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1902866 | $1071393 |
| Class M | 561660 | 359747 |
| Class C | 112453 | 67234 |
| International Small Cap Opportunities | 38399271 | 27456391 |
| Class I | 13413028 | 3627918 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>23579029</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>10041512</u> |
| Total  | <u>$77968307</u> | <u>$42624195</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 International Small Cap Opportunities Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 263573 | 225403 | $5638958 | $4421268 |
| Reinvestment of distributions | 88165 | 57351 | 1736854 | 1052398 |
| Shares redeemed | <u>(344241)</u> | <u>(253463)</u> | <u>(7280331)</u> | <u>(4972403)</u> |
| Net increase (decrease) | <u>7497</u> | <u>29291</u> | <u>$95481</u> | <u>$501263</u> |
| **Class M** |  |  |  |  |
| Shares sold | 40475 | 13011 | $870315 | $253332 |
| Reinvestment of distributions | 26375 | 19865 | 510610 | 358562 |
| Shares redeemed | <u>(133104)</u> | <u>(119085)</u> | <u>(2700722)</u> | <u>(2319634)</u> |
| Net increase (decrease) | <u>(66254)</u> | <u>(86209)</u> | <u>$(1319797)</u> | <u>$(1707740)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 15616 | 17556 | $319956 | $327256 |
| Reinvestment of distributions | 6125 | 3896 | 112453 | 67013 |
| Shares redeemed | <u>(30063)</u> | <u>(44237)</u> | <u>(586618)</u> | <u>(801985)</u> |
| Net increase (decrease) | <u>(8322)</u> | <u>(22785)</u> | <u>$(154209)</u> | <u>$(407716)</u> |
| **International Small Cap Opportunities** |  |  |  |  |
| Shares sold | 13886903 | 7348249 | $312370530 | $150444534 |
| Reinvestment of distributions | 1573114 | 1228945 | 31635332 | 22993567 |
| Shares redeemed | <u>(10085823)</u> | <u>(14912938)</u> | <u>(220450296)</u> | <u>(304809170)</u> |
| Net increase (decrease) | <u>5374194</u> | <u>(6335744)</u> | <u>$123555566</u> | <u>$(131371069)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3092105 | 11400627 | $65984490 | $231485694 |
| Reinvestment of distributions | 647836 | 186259 | 13008545 | 3479316 |
| Shares redeemed | <u>(8358673)</u> | <u>(5660385)</u> | <u>(182616697)</u> | <u>(117402312)</u> |
| Net increase (decrease) | <u>(4618732)</u> | <u>5926501</u> | <u>$(103623662)</u> | <u>$117562698</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 5702095 | 6196097 | $121149179 | $127736617 |
| Reinvestment of distributions | 1086298 | 493559 | 21736824 | 9199948 |
| Shares redeemed | <u>(3118779)</u> | <u>(2022168)</u> | <u>(69613009)</u> | <u>(41567561)</u> |
| Net increase (decrease) | <u>3669614</u> | <u>4667488</u> | <u>$73272994</u> | <u>$95369004</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity International Small Cap Opportunities Fund | 23% |

---

**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 the Shareholders of Fidelity International Small Cap Opportunities Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Opportunities Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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 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, $148,041,642, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $1,154,093 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 5%; Class M designates 7%; Class C designates 10%; International Small Cap Opportunities designates 4%; Class I designates 5% and Class Z designates 4%; of the dividend distributed, respectively 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%; International Small Cap Opportunities designates 100%; Class I designates 100% and Class Z designates 92.99%; of the dividend distributed, 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** |
| **Fidelity International Small Cap Opportunities Fund** |  |  |  |
| Class A | 12/16/2024 | $0.2571 | $0.0356 |
| Class M | 12/16/2024 | $0.2025 | $0.0356 |
| Class C | 12/16/2024 | $0.1388 | $0.0356 |
| International Small Cap Opportunities | 12/16/2024 | $0.3089 | $0.0356 |
| Class I | 12/16/2024 | $0.2944 | $0.0356 |
| Class Z | 12/16/2024 | $0.3426 | $0.0356 |

---

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 International Small Cap Opportunities 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. 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 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. 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 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.

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.

![](img118385_4.jpg)<br>

1.815075.121 ILS-ANN-1225

**Fidelity® International Small Cap Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118386_1.jpg)

![](img118386_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ISC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Small Cap Fund](#Sub_Sec_Fund_1135_ISC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1135_ISC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ISC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ISC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ISC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ISC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ISC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ISC-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® International Small Cap Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Amotiv Ltd  | 3326107 | 19434107 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Inghams Group Ltd  | 238469 | 377593 |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| AUB Group Ltd  | 1284933 | 31056628 |
| nib holdings Ltd/Australia  | 5428251 | 26779853 |
|  |  | 57836481 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Deterra Royalties Ltd  | 10515892 | 28072636 |
| Imdex Ltd  | 12108786 | 27254359 |
|  |  | 55326995 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Servcorp Ltd  | 238255 | 1150470 |
| Specialized REITs - 0.3% |  |  |
| National Storage REIT unit  | 10752596 | 16181474 |
| TOTAL REAL ESTATE |  | 17331944 |
| TOTAL AUSTRALIA |  | 150307120 |
| AUSTRIA - 2.6%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Eurotelesites AG (a) | 2619500 | 14613734 |
| Telekom Austria AG  | 3304700 | 35158570 |
|  |  | 49772304 |
| Industrials - 0.7% |  |  |
| Construction & Engineering - 0.7% |  |  |
| Strabag SE  | 491597 | 38474807 |
| Materials - 1.0% |  |  |
| Construction Materials - 0.6% |  |  |
| Wienerberger AG  | 946000 | 28067075 |
| Containers & Packaging - 0.4% |  |  |
| Mayr Melnhof Karton AG  | 261100 | 23775596 |
| TOTAL MATERIALS |  | 51842671 |
| TOTAL AUSTRIA |  | 140089782 |
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Fagron  | 1520500 | 36103650 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Econocom Group SA/NV  | 4274795 | 8435610 |
| TOTAL BELGIUM |  | 44539260 |
| BRAZIL - 1.0%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Diversified Consumer Services - 0.4% |  |  |
| Afya Ltd Class A  | 1631500 | 23118355 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Hypera SA  | 5983900 | 28740783 |
| TOTAL BRAZIL |  | 51859138 |
| CANADA - 4.3%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Quebecor Inc Class B  | 612800 | 19547732 |
| Consumer Staples - 1.6% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| North West Co Inc/The  | 1092600 | 35444940 |
| Food Products - 0.9% |  |  |
| Lassonde Industries Inc Class A  | 303999 | 47331120 |
| TOTAL CONSUMER STAPLES |  | 82776060 |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Total Energy Services Inc  | 1021000 | 10264233 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Parkland Corp  | 707400 | 20154507 |
| TOTAL ENERGY |  | 30418740 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| ECN Capital Corp  | 5618700 | 11176908 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Richelieu Hardware Ltd  | 298200 | 8174960 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Open Text Corp (b) | 789796 | 30301182 |
| Materials - 0.6% |  |  |
| Containers & Packaging - 0.6% |  |  |
| CCL Industries Inc Class B  | 564200 | 31473393 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Genesis Land Development Corp (c) | 5135199 | 12155617 |
| TOTAL CANADA |  | 226024592 |
| CHINA - 4.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.3% |  |  |
| Weifu High-Technology Group Co Ltd B Shares  | 8972271 | 17019551 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Best Pacific International Holdings Ltd (d) | 22158900 | 9353417 |
| TOTAL CONSUMER DISCRETIONARY |  | 26372968 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| Far East Horizon Ltd  | 29572000 | 26563443 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 36599200 | 25575237 |
| Pharmaceuticals - 0.7% |  |  |
| Consun Pharmaceutical Group Ltd  | 19459000 | 37638104 |
| TOTAL HEALTH CARE |  | 63213341 |
| Industrials - 2.1% |  |  |
| Machinery - 1.4% |  |  |
| Impro Precision Industries Ltd/China (d)(e) | 28391300 | 18268526 |
| Precision Tsugami China Corp Ltd (d) | 5803453 | 29411043 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 8365900 | 22624438 |
|  |  | 70304007 |
| Transportation Infrastructure - 0.7% |  |  |
| Qingdao Port International Co Ltd H Shares (d)(e) | 42216000 | 38573023 |
| TOTAL INDUSTRIALS |  | 108877030 |
| Materials - 0.4% |  |  |
| Containers & Packaging - 0.4% |  |  |
| Shenzhen YUTO Packaging Technology Co Ltd A Shares (China)  | 5863066 | 22480550 |
| TOTAL CHINA |  | 247507332 |
| FINLAND - 0.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Tokmanni Group Corp (b) | 1072908 | 10610778 |
| Materials - 0.6% |  |  |
| Containers & Packaging - 0.6% |  |  |
| Huhtamaki Oyj  | 1007100 | 33849914 |
| TOTAL FINLAND |  | 44460692 |
| FRANCE - 2.2%  |  |  |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Vallourec SACA  | 1923400 | 35793578 |
| Industrials - 0.6% |  |  |
| Trading Companies & Distributors - 0.6% |  |  |
| Thermador Groupe  | 404966 | 35662302 |
| Real Estate - 0.9% |  |  |
| Industrial REITs - 0.5% |  |  |
| ARGAN SA  | 352600 | 27433647 |
| Residential REITs - 0.4% |  |  |
| Altarea SCA  | 164757 | 18781818 |
| TOTAL REAL ESTATE |  | 46215465 |
| TOTAL FRANCE |  | 117671345 |
| GERMANY - 2.5%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Talanx AG  | 200167 | 24341223 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Rheinmetall AG  | 21225 | 41627191 |
| Machinery - 0.7% |  |  |
| JOST Werke SE (d)(e) | 437020 | 25438421 |
| Stabilus SE  | 391500 | 9814959 |
|  |  | 35253380 |
| TOTAL INDUSTRIALS |  | 76880571 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Bechtle AG  | 700000 | 29563167 |
| TOTAL GERMANY |  | 130784961 |
| GREECE - 0.9%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Alpha Bank SA  | 4000000 | 15676040 |
| Industrials - 0.6% |  |  |
| Transportation Infrastructure - 0.6% |  |  |
| Athens International Airport SA  | 2612300 | 30170897 |
| TOTAL GREECE |  | 45846937 |
| HONG KONG - 1.7%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| HKT Trust & HKT Ltd unit  | 16905000 | 24648661 |
| Media - 0.4% |  |  |
| Pico Far East Holdings Ltd  | 61300071 | 20668573 |
| TOTAL COMMUNICATION SERVICES |  | 45317234 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Magnificent Hotel Investment Ltd (a) | 316412000 | 2891076 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| WH Group Ltd (d)(e) | 23683500 | 22736989 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| China Metal Recycling Holdings Ltd (a)(f) | 436800 | 1 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Sino Land Co Ltd  | 13662375 | 16966871 |
| TOTAL HONG KONG |  | 87912171 |
| HUNGARY - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Richter Gedeon Nyrt  | 1497000 | 46141335 |
| INDIA - 2.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| KRBL Ltd  | 239628 | 1007617 |
| Financials - 1.0% |  |  |
| Consumer Finance - 1.0% |  |  |
| Shriram Finance Ltd  | 6357760 | 53639683 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Redington Ltd  | 12000000 | 34304061 |
| Real Estate - 0.6% |  |  |
| Office REITs - 0.6% |  |  |
| Embassy Office Parks REIT  | 6206600 | 29992915 |
| TOTAL INDIA |  | 118944276 |
| INDONESIA - 1.2%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.5% |  |  |
| Selamat Sempurna Tbk PT  | 206988500 | 23897650 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 209139000 | 25277775 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Syariah Indonesia Tbk PT  | 109806200 | 16837390 |
| TOTAL INDONESIA |  | 66012815 |
| IRELAND - 1.0%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Dalata Hotel Group PLC  | 3766409 | 27958303 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Mincon Group Plc (c) | 13529844 | 7017828 |
| Real Estate - 0.3% |  |  |
| Residential REITs - 0.3% |  |  |
| Irish Residential Properties Reit PLC  | 17030600 | 18216938 |
| TOTAL IRELAND |  | 53193069 |
| ITALY - 3.6%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Automobile Components - 0.4% |  |  |
| Pirelli & C SpA (d)(e) | 2875800 | 20140669 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Lottomatica Group Spa  | 811200 | 19990935 |
| TOTAL CONSUMER DISCRETIONARY |  | 40131604 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| MARR SpA  | 985827 | 10454084 |
| Financials - 1.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Banca Generali SpA  | 480300 | 27127272 |
| Financial Services - 1.0% |  |  |
| Banca Mediolanum SpA  | 1045700 | 20984728 |
| BFF Bank SpA (a)(d)(e) | 2405056 | 28997085 |
|  |  | 49981813 |
| TOTAL FINANCIALS |  | 77109085 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 597311 | 35457262 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Sesa SpA (b) | 265000 | 24619451 |
| TOTAL ITALY |  | 187771486 |
| JAPAN - 25.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Capcom Co Ltd  | 842700 | 22005524 |
| Consumer Discretionary - 3.1% |  |  |
| Automobile Components - 0.4% |  |  |
| Toyo Tire Corp  | 754600 | 20687723 |
| Automobiles - 0.3% |  |  |
| Isuzu Motors Ltd  | 1401700 | 17235880 |
| Distributors - 1.1% |  |  |
| Central Automotive Products Ltd  | 1872300 | 21831958 |
| PALTAC Corp  | 1173500 | 34631614 |
|  |  | 56463572 |
| Leisure Products - 0.3% |  |  |
| Roland Corp  | 805000 | 17080981 |
| Specialty Retail - 1.0% |  |  |
| ABC-Mart Inc  | 1568500 | 26905001 |
| ARCLANDS CORP  | 2294889 | 26089453 |
|  |  | 52994454 |
| TOTAL CONSUMER DISCRETIONARY |  | 164462610 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Tsuruha Holdings Inc  | 2103900 | 36546235 |
| Food Products - 0.0% |  |  |
| S Foods Inc  | 191423 | 3105298 |
| TOTAL CONSUMER STAPLES |  | 39651533 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Itochu Enex Co Ltd  | 1150400 | 13593397 |
| San-Ai Obbli Co Ltd  | 2127900 | 28195262 |
|  |  | 41788659 |
| Financials - 2.3% |  |  |
| Banks - 2.3% |  |  |
| Hachijuni Bank Ltd/The  | 3868900 | 39000299 |
| Hokuhoku Financial Group Inc  | 1850200 | 45369579 |
| Kyoto Financial Group Inc (b) | 1931200 | 39147809 |
|  |  | 123517687 |
| Health Care - 1.3% |  |  |
| Health Care Providers & Services - 1.3% |  |  |
| As One Corp  | 1997600 | 32645225 |
| Ship Healthcare Holdings Inc  | 2389100 | 35710154 |
|  |  | 68355379 |
| Industrials - 8.7% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Prestige International Inc  | 3568700 | 15352982 |
| Electrical Equipment - 1.0% |  |  |
| Fuji Electric Co Ltd  | 748000 | 53681656 |
| Industrial Conglomerates - 0.5% |  |  |
| Hikari Tsushin Inc  | 104600 | 27692427 |
| Machinery - 2.2% |  |  |
| Ebara Corp  | 2454400 | 65791489 |
| Kawasaki Heavy Industries Ltd  | 627400 | 50481864 |
|  |  | 116273353 |
| Professional Services - 2.6% |  |  |
| BayCurrent Inc  | 925100 | 42410172 |
| Funai Soken Holdings Inc  | 1623200 | 25584017 |
| MEITEC Group Holdings Inc  | 1174400 | 24088498 |
| Persol Holdings Co Ltd  | 13594600 | 22573864 |
| TKC Corp  | 660900 | 17304078 |
|  |  | 131960629 |
| Trading Companies & Distributors - 1.2% |  |  |
| Inaba Denki Sangyo Co Ltd  | 1497700 | 44150614 |
| Mitani Corp  | 1362042 | 20504428 |
|  |  | 64655042 |
| Transportation Infrastructure - 0.9% |  |  |
| Kamigumi Co Ltd  | 1534600 | 46074844 |
| TOTAL INDUSTRIALS |  | 455690933 |
| Information Technology - 5.8% |  |  |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Amano Corp  | 780950 | 20746281 |
| Dexerials Corp  | 2176700 | 35282568 |
| Maruwa Co Ltd/Aichi  | 125800 | 35811084 |
|  |  | 91839933 |
| IT Services - 1.7% |  |  |
| Dentsu Soken Inc  | 481000 | 23845564 |
| NSD Co Ltd  | 1606800 | 34365147 |
| TIS Inc  | 894300 | 30842934 |
|  |  | 89053645 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Renesas Electronics Corp  | 3074500 | 37968764 |
| Software - 1.6% |  |  |
| Justsystems Corp  | 634700 | 20530657 |
| Systena Corp  | 10456600 | 36029165 |
| WingArc1st Inc  | 1196282 | 26082068 |
|  |  | 82641890 |
| TOTAL INFORMATION TECHNOLOGY |  | 301504232 |
| Materials - 1.5% |  |  |
| Chemicals - 1.5% |  |  |
| Kuraray Co Ltd  | 2807200 | 30465525 |
| NOF Corp  | 2601800 | 46376904 |
| Tokyo Ohka Kogyo Co Ltd  | 63200 | 2318276 |
|  |  | 79160705 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Starts Corp Inc  | 835800 | 25950964 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Kansai Electric Power Co Inc/The  | 2439000 | 38101956 |
| TOTAL JAPAN |  | 1360190182 |
| KOREA (SOUTH) - 1.2%  |  |  |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.6% |  |  |
| Vitzrocell Co Ltd (c) | 1609341 | 30852290 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Soulbrain Co Ltd  | 161800 | 32037138 |
| TOTAL KOREA (SOUTH) |  | 62889428 |
| MEXICO - 3.0%  |  |  |
| Consumer Staples - 1.6% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Grupo Comercial Chedraui SA de CV  | 5910400 | 42855450 |
| Food Products - 0.7% |  |  |
| Gruma SAB de CV Series B  | 2186300 | 37103024 |
| TOTAL CONSUMER STAPLES |  | 79958474 |
| Financials - 1.1% |  |  |
| Capital Markets - 0.4% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 11236457 | 21446552 |
| Insurance - 0.7% |  |  |
| Qualitas Controladora SAB de CV (b) | 4225935 | 38320815 |
| TOTAL FINANCIALS |  | 59767367 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Genomma Lab Internacional SAB de CV (b) | 18028861 | 17642151 |
| TOTAL MEXICO |  | 157367992 |
| NETHERLANDS - 0.8%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Acomo NV  | 957899 | 25946874 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Van Lanschot Kempen NV depository receipt  | 296041 | 17300445 |
| TOTAL NETHERLANDS |  | 43247319 |
| NORWAY - 1.6%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| Europris ASA (d)(e) | 4658300 | 40148046 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| SpareBank 1 SMN  | 2147100 | 39481585 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Selvaag Bolig ASA  | 2186000 | 7110960 |
| TOTAL NORWAY |  | 86740591 |
| PERU - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Intercorp Financial Services Inc (United States) (d) | 683100 | 29393793 |
| PHILIPPINES - 1.2%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| Century Pacific Food Inc  | 67700000 | 40359737 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Robinsons Land Corp  | 95921000 | 24343980 |
| TOTAL PHILIPPINES |  | 64703717 |
| POLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Allegro.eu SA (a)(d)(e) | 1600000 | 14947197 |
| ROMANIA - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Banca Transilvania SA  | 5836084 | 37039383 |
| SAUDI ARABIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Insurance - 0.5% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 607600 | 26570248 |
| SINGAPORE - 1.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Hour Glass Ltd/The  | 15860080 | 25588635 |
| Industrials - 0.7% |  |  |
| Construction & Engineering - 0.3% |  |  |
| Boustead Singapore Ltd  | 12550066 | 17259233 |
| Professional Services - 0.4% |  |  |
| HRnetgroup Ltd (d) | 36239100 | 20603054 |
| TOTAL INDUSTRIALS |  | 37862287 |
| Real Estate - 0.5% |  |  |
| Industrial REITs - 0.5% |  |  |
| Mapletree Industrial Trust  | 17411231 | 28492565 |
| TOTAL SINGAPORE |  | 91943487 |
| SOUTH AFRICA - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Specialty Retail - 0.7% |  |  |
| Pepkor Holdings Ltd (d)(e) | 23127700 | 35216801 |
| SPAIN - 3.0%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| CIE Automotive SA  | 952800 | 31958927 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Viscofan SA  | 356195 | 22129624 |
| Financials - 0.5% |  |  |
| Insurance - 0.5% |  |  |
| Grupo Catalana Occidente SA  | 457122 | 26081633 |
| Industrials - 1.5% |  |  |
| Air Freight & Logistics - 1.0% |  |  |
| Logista Integral SA  | 1590000 | 53002075 |
| Commercial Services & Supplies - 0.5% |  |  |
| Prosegur Comp Securidad SA  | 8592981 | 28030300 |
| TOTAL INDUSTRIALS |  | 81032375 |
| TOTAL SPAIN |  | 161202559 |
| SWEDEN - 2.3%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Haypp Group AB (a) | 1232700 | 20008141 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Noba (a) | 936100 | 9429728 |
| Industrials - 1.0% |  |  |
| Machinery - 0.6% |  |  |
| Beijer Alma AB B Shares  | 1098000 | 33632589 |
| Trading Companies & Distributors - 0.4% |  |  |
| Alligo AB B Shares  | 1697197 | 21223336 |
| TOTAL INDUSTRIALS |  | 54855925 |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Alleima AB  | 179064 | 1551219 |
| Granges AB  | 2351776 | 34483555 |
|  |  | 36034774 |
| TOTAL SWEDEN |  | 120328568 |
| SWITZERLAND - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Anhui Heli Co Ltd A ELS (Ubs Ag Londn Branch Warrant Program) warrants 12/8/2025 (a)(e) | 8014256 | 23454762 |
| TAIWAN - 3.7%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| International Games System Co Ltd  | 1398000 | 32703879 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.2% |  |  |
| Sporton International Inc  | 2419977 | 14074205 |
| Trading Companies & Distributors - 0.3% |  |  |
| Lumax International Corp Ltd  | 4537292 | 14609320 |
| TOTAL INDUSTRIALS |  | 28683525 |
| Information Technology - 2.4% |  |  |
| Electronic Equipment, Instruments & Components - 2.4% |  |  |
| Test Research Co Ltd  | 6232000 | 31688479 |
| Tripod Technology Corp  | 4625000 | 51317093 |
| Yageo Corp  | 4957596 | 40107915 |
|  |  | 123113487 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Yung Chi Paint & Varnish Manufacturing Co Ltd  | 3513075 | 8560681 |
| TOTAL TAIWAN |  | 193061572 |
| TURKEY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| MLP Saglik Hizmetleri AS (a)(d)(e) | 2536000 | 20261949 |
| UNITED KINGDOM - 13.0%  |  |  |
| Communication Services - 0.6% |  |  |
| Media - 0.6% |  |  |
| Informa PLC  | 2303933 | 29292178 |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Vistry Group PLC (a) | 2053098 | 17375071 |
| Consumer Staples - 1.5% |  |  |
| Food Products - 1.5% |  |  |
| Cranswick PLC  | 532100 | 34496626 |
| Premier Foods PLC  | 18855500 | 45181338 |
|  |  | 79677964 |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Subsea 7 SA  | 1726600 | 31534516 |
| Financials - 4.0% |  |  |
| Banks - 0.7% |  |  |
| Close Brothers Group PLC (a) | 3500000 | 19256214 |
| Shawbrook Group PLC (d)(e)(g) | 4086000 | 20988013 |
|  |  | 40244227 |
| Capital Markets - 1.0% |  |  |
| ICG PLC  | 1019500 | 25862214 |
| Rathbones Group PLC  | 1139900 | 26715162 |
|  |  | 52577376 |
| Insurance - 2.3% |  |  |
| Beazley PLC  | 2614200 | 31955925 |
| Hiscox Ltd  | 2520248 | 45524185 |
| Lancashire Holdings Ltd  | 2827100 | 24809261 |
| Sabre Insurance Group PLC (d)(e) | 9790000 | 17233905 |
|  |  | 119523276 |
| TOTAL FINANCIALS |  | 212344879 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Convatec Group PLC (d)(e) | 10577700 | 33933848 |
| Industrials - 3.9% |  |  |
| Commercial Services & Supplies - 0.5% |  |  |
| Mears Group PLC (c) | 5726314 | 26705438 |
| Industrial Conglomerates - 1.4% |  |  |
| DCC PLC (b) | 555400 | 36554412 |
| Metlen Energy & Metals PLC  | 754316 | 38386763 |
|  |  | 74941175 |
| Machinery - 0.6% |  |  |
| Bodycote PLC  | 2289871 | 18560616 |
| Luxfer Holdings PLC  | 1087159 | 13263340 |
|  |  | 31823956 |
| Passenger Airlines - 0.4% |  |  |
| JET2 PLC  | 1235000 | 21561955 |
| Trading Companies & Distributors - 1.0% |  |  |
| Ashtead Technology Holdings plc (b)(c) | 7342000 | 31587982 |
| RS GROUP PLC  | 2670653 | 19524451 |
|  |  | 51112433 |
| TOTAL INDUSTRIALS |  | 206144957 |
| Real Estate - 1.5% |  |  |
| Real Estate Management & Development - 1.5% |  |  |
| Grainger PLC  | 10871166 | 26763439 |
| LSL Property Services PLC  | 4330035 | 14505336 |
| Savills PLC  | 2769800 | 36677957 |
|  |  | 77946732 |
| TOTAL UNITED KINGDOM |  | 688250145 |
| UNITED STATES - 1.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Diversified Consumer Services - 0.3% |  |  |
| Adtalem Global Education Inc (a) | 182400 | 17878848 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Antero Resources Corp (a) | 906400 | 28016824 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.9% |  |  |
| GCC SAB de CV  | 1468100 | 14097426 |
| RHI Magnesita NV  | 1056191 | 29068505 |
|  |  | 43165931 |
| TOTAL UNITED STATES |  | 89061603 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,970,433,462) |  | <br> **5064937607** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (h) | 4.18 | 68444381 | 68458070 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 83993966 | 84002365 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $152,460,435) |  |  | **152460435** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.7%**<br> (Cost $4,122,893,897)<br>| <br>**5217398042** |
| **NET OTHER ASSETS (LIABILITIES) - 1.3%**  | **69482254** |
| **NET ASSETS - 100.0%** | **5286880296** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated company.

(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 $425,645,779 or 8.1% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $360,339,234 or 6.8% of net assets.

(f) Level 3 security.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) 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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 83365948 | 758955302 | 773864054 | 3009183 | 874 | - | 68458070 | 68444381 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 48249 | 778969971 | 695015855 | 274791 | - | - | 84002365 | 83993966 | 0.3% |
| Total | 83414197 | 1537925273 | 1468879909 | 3283974 | 874 | - | 152460435 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Ashtead Technology Holdings plc | 45808505 | 5662466 | - | 114911 | - | (19882989) | 31587982 | 7342000 |
| Genesis Land Development Corp | 14606233 | 653047 | - | 608574 | - | (3103663) | 12155617 | 5135199 |
| Mears Group PLC | 36775536 | 1086937 | 14480213 | 1242550 | (1078953) | 4402131 | 26705438 | 5726314 |
| Mincon Group Plc | 6475519 | - | 1 | 309698 | - | 542310 | 7017828 | 13529844 |
| Servcorp Ltd | 23181584 | - | 30297064 | 1009364 | 9207021 | (941071) | - | - |
| Vitzrocell Co Ltd | 21869198 | - | - | 425532 | - | 8983092 | 30852290 | 1609341 |
| Total | 148716575 | 7402450 | 44777278 | 3710629 | 8128068 | (10000190) | 108319155 |  |

---

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 | 198638851 | 176633327 | 22005524 | - |
| Consumer Discretionary | 541999117 | 541999117 | - | - |
| Consumer Staples | 430354324 | 430354324 | - | - |
| Energy | 167552317 | 167552317 | - | - |
| Financials | 864107001 | 864107001 | - | - |
| Health Care | 349849698 | 349849698 | - | - |
| Industrials | 1223835449 | 1200380687 | 23454762 | - |
| Information Technology | 551841190 | 513872426 | 37968764 | - |
| Materials | 393932753 | 393932752 | - | 1 |
| Real Estate | 304724951 | 304724951 | - | - |
| Utilities | 38101956 | 38101956 | - | - |
|  **Money Market Funds** | 152460435 | 152460435 | - | - |
| **Total Investments in Securities:** | 5217398042 | 5133968991 | 83429050 | 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 (including securities loaned of $78,328,556) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,884,442,295) | $4956618452 |  |
| Fidelity Central Funds (cost $152,460,435) | 152460435 |  |
| Other affiliated issuers (cost $85,991,167) | 108319155 |  |
| Total Investment in Securities (cost $4,122,893,897) |  | $5217398042 |
| Foreign currency held at value (cost $113,911,204) |  | 112874356 |
| Receivable for investments sold |  | 55103485 |
| Receivable for fund shares sold |  | 4093068 |
| Dividends receivable |  | 16667910 |
| Reclaims receivable |  | 6733621 |
| Distributions receivable from Fidelity Central Funds |  | 159627 |
| Prepaid expenses |  | 5578 |
| Other receivables |  | 131571 |
| **Total assets** |  | 5413167258 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $10059332 |  |
| Delayed delivery | 20617038 |  |
| Payable for fund shares redeemed | 2873962 |  |
| Accrued management fee | 3118304 |  |
| Distribution and service plan fees payable | 47752 |  |
| Deferred taxes | 5432799 |  |
| Other payables and accrued expenses | 139505 |  |
| Collateral on securities loaned | 83998270 |  |
| **Total liabilities** |  | 126286962 |
| **Net Assets**  |  | $5286880296 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4136780532 |
| Total accumulated earnings (loss) |  | 1150099764 |
| **Net Assets** |  | $5286880296 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($142,350,440 ÷ 3,965,710 shares)(a) |  | $35.90 |
| Maximum offering price per share (100/94.25 of $35.90) |  | $38.09 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($20,929,056 ÷ 586,866 shares)(a) |  | $35.66 |
| Maximum offering price per share (100/96.50 of $35.66) |  | $36.95 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($10,884,943 ÷ 317,510 shares)(a) |  | $34.28 |
| **International Small Cap :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,657,765,354 ÷ 45,075,546 shares) |  | $36.78 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,416,087,142 ÷ 38,243,174 shares) |  | $37.03 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,038,863,361 ÷ 55,099,997 shares) |  | $37.00 |
| *(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 (including $3,710,629 earned from affiliated issuers) |  | $175515217 |
| Income from Fidelity Central Funds (including $274,791 from security lending)  |  | 3283974 |
| Income before foreign taxes withheld |  | $178799191 |
| Less foreign taxes withheld |  | (12826722) |
| **Total income** |  | 165972469 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $41391079 |  |
| Performance adjustment | 1868152 |  |
| Distribution and service plan fees | 550249 |  |
| Custodian fees and expenses | 444635 |  |
| Independent trustees' fees and expenses | 19462 |  |
| Registration fees | 222500 |  |
| Audit fees | 119403 |  |
| Legal | 3965 |  |
| Interest | 7018 |  |
| Miscellaneous | 52588 |  |
| Total expenses before reductions | 44679051 |  |
| Expense reductions | (33620) |  |
| Total expenses after reductions |  | 44645431 |
| **Net Investment income (loss)** |  | 121327038 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $254,766)  | 80590644 |  |
| Fidelity Central Funds | 874 |  |
| Other affiliated issuers | 8128068 |  |
| Foreign currency transactions | 262613 |  |
| Total net realized gain (loss) |  | 88982199 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $769,090)  | 603216375 |  |
| Affiliated issuers  | (10000190) |  |
| Assets and liabilities in foreign currencies | 1119476 |  |
| Total change in net unrealized appreciation (depreciation) |  | 594335661 |
| **Net gain (loss)** |  | 683317860 |
| **Net increase (decrease) in net assets resulting from operations** |  | $804644898 |

---

---

| | | |
|:---|:---|:---|
| **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) | $121327038 | $97982787 |
| &nbsp;&nbsp;Net realized gain (loss) | 88982199<br>| 37452111<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 594335661 | 563297242<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 804644898<br>| 698732140<br>|
| Distributions to shareholders | (120637857)<br>| (81035424)<br>|
| Share transactions - net increase (decrease) | (175417152)<br>| 505200813<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 508589889<br>| 1122897529<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4778290407 | 3655392878<br>|
| &nbsp;&nbsp;End of period | $5286880296 | $4778290407 |

---

**Financial Highlights** 

**Fidelity Advisor® International Small Cap Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.28 | $26.84 | $23.88 | $34.31 | $24.75 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .71  | .58  | .44  | .58  | .31  |
| Net realized and unrealized gain (loss)  | 4.63  | 4.37  | 2.63  | (8.74)  | 9.42  |
| Total from investment operations  | 5.34  | 4.95  | 3.07  | (8.16)  | 9.73  |
| Distributions from net investment income  | (.72)  | (.51)  | (.11)  | (.75)  | (.17)  |
| Distributions from net realized gain  | -  | -  | -  | (1.52)  | -  |
| Total distributions  | (.72)  | (.51)  | (.11)  | (2.27)  | (.17)  |
| Net asset value, end of period  | $35.90 | $31.28 | $26.84 | $23.88 | $34.31 |
| **Total Return** C,D | 17.46% <br>| 18.59%  | 12.87%  | (25.19)%  | 39.43%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.19%  | 1.32%  | 1.43%  | 1.29%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.19% <br>| 1.32%  | 1.43%  | 1.29%  | 1.29%  |
| Expenses net of all reductions, if any  | 1.19%  | 1.32%  | 1.43%  | 1.29%  | 1.29%  |
| Net investment income (loss)  | 2.15%  | 1.85%  | 1.56%  | 2.06%  | .95%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $142350 | $124941 | $108866 | $95906 | $136131 |
| Portfolio turnover rate G | 24% <br>| 17%  | 10%  | 17%  | 28%  |

---

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® International Small Cap Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.11 | $26.69 | $23.73 | $34.12 | $24.62 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .63  | .50  | .36  | .50  | .22  |
| Net realized and unrealized gain (loss)  | 4.59  | 4.35  | 2.64  | (8.70)  | 9.38  |
| Total from investment operations  | 5.22  | 4.85  | 3.00  | (8.20)  | 9.60  |
| Distributions from net investment income  | (.67)  | (.43)  | (.04)  | (.66)  | (.10)  |
| Distributions from net realized gain  | -  | -  | -  | (1.52)  | -  |
| Total distributions  | (.67)  | (.43)  | (.04)  | (2.19) C | (.10)  |
| Net asset value, end of period  | $35.66 | $31.11 | $26.69 | $23.73 | $34.12 |
| **Total Return** D,E | 17.13% <br>| 18.27%  | 12.62%  | (25.43)%  | 39.07%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.45%  | 1.58%  | 1.71%  | 1.57%  | 1.57%  |
| Expenses net of fee waivers, if any  | 1.45% <br>| 1.57%  | 1.70%  | 1.56%  | 1.57%  |
| Expenses net of all reductions, if any  | 1.44%  | 1.57%  | 1.70%  | 1.56%  | 1.57%  |
| Net investment income (loss)  | 1.90%  | 1.60%  | 1.29%  | 1.79%  | .68%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $20929 | $19033 | $15515 | $13761 | $19926 |
| Portfolio turnover rate H | 24% <br>| 17%  | 10%  | 17%  | 28%  |

---

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*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Small Cap Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.87 | $25.64 | $22.88 | $32.93 | $23.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .44  | .33  | .21  | .35  | .06  |
| Net realized and unrealized gain (loss)  | 4.43  | 4.19  | 2.55  | (8.40)  | 9.07  |
| Total from investment operations  | 4.87  | 4.52  | 2.76  | (8.05)  | 9.13  |
| Distributions from net investment income  | (.46)  | (.29)  | -  | (.48)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (1.52)  | -  |
| Total distributions  | (.46)  | (.29)  | -  | (2.00)  | -  |
| Net asset value, end of period  | $34.28 | $29.87 | $25.64 | $22.88 | $32.93 |
| **Total Return** C,D | 16.55% <br>| 17.68%  | 12.06%  | (25.77)%  | 38.36%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.95%  | 2.06%  | 2.20%  | 2.06%  | 2.05%  |
| Expenses net of fee waivers, if any  | 1.95% <br>| 2.06%  | 2.19%  | 2.05%  | 2.05%  |
| Expenses net of all reductions, if any  | 1.95%  | 2.06%  | 2.19%  | 2.05%  | 2.05%  |
| Net investment income (loss)  | 1.39%  | 1.11%  | .80%  | 1.30%  | .19%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10885 | $12577 | $12603 | $13556 | $21683 |
| Portfolio turnover rate G | 24% <br>| 17%  | 10%  | 17%  | 28%  |

---

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® International Small Cap Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.03 | $27.46 | $24.43 | $35.05 | $25.28 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .83  | .68  | .52  | .67  | .41  |
| Net realized and unrealized gain (loss)  | 4.73  | 4.48  | 2.70  | (8.94)  | 9.61  |
| Total from investment operations  | 5.56  | 5.16  | 3.22  | (8.27)  | 10.02  |
| Distributions from net investment income  | (.81)  | (.59)  | (.19)  | (.83)  | (.25)  |
| Distributions from net realized gain  | -  | -  | -  | (1.52)  | -  |
| Total distributions  | (.81)  | (.59)  | (.19)  | (2.35)  | (.25)  |
| Net asset value, end of period  | $36.78 | $32.03 | $27.46 | $24.43 | $35.05 |
| **Total Return** C | 17.79% <br>| 18.93%  | 13.19%  | (25.01)%  | 39.83%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .90%  | 1.04%  | 1.17%  | 1.02%  | 1.01%  |
| Expenses net of fee waivers, if any  | .90% <br>| 1.04%  | 1.16%  | 1.02%  | 1.01%  |
| Expenses net of all reductions, if any  | .90%  | 1.04%  | 1.16%  | 1.02%  | 1.01%  |
| Net investment income (loss)  | 2.44%  | 2.13%  | 1.83%  | 2.33%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1657765 | $1590236 | $1342755 | $1145773 | $1534214 |
| Portfolio turnover rate F | 24% <br>| 17%  | 10%  | 17%  | 28%  |

---

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® International Small Cap Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.25 | $27.66 | $24.60 | $35.27 | $25.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .82  | .67  | .53  | .68  | .41  |
| Net realized and unrealized gain (loss)  | 4.76  | 4.51  | 2.71  | (8.99)  | 9.67  |
| Total from investment operations  | 5.58  | 5.18  | 3.24  | (8.31)  | 10.08  |
| Distributions from net investment income  | (.80)  | (.59)  | (.18)  | (.84)  | (.25)  |
| Distributions from net realized gain  | -  | -  | -  | (1.52)  | -  |
| Total distributions  | (.80)  | (.59)  | (.18)  | (2.36)  | (.25)  |
| Net asset value, end of period  | $37.03 | $32.25 | $27.66 | $24.60 | $35.27 |
| **Total Return** C | 17.73% <br>| 18.90%  | 13.20%  | (24.98)%  | 39.80%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .95%  | 1.08%  | 1.16%  | 1.02%  | 1.02%  |
| Expenses net of fee waivers, if any  | .95% <br>| 1.08%  | 1.15%  | 1.01%  | 1.02%  |
| Expenses net of all reductions, if any  | .94%  | 1.08%  | 1.15%  | 1.01%  | 1.02%  |
| Net investment income (loss)  | 2.40%  | 2.09%  | 1.84%  | 2.34%  | 1.22%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1416087 | $1304244 | $924094 | $696515 | $1080258 |
| Portfolio turnover rate F | 24% <br>| 17%  | 10%  | 17%  | 28%  |

---

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® International Small Cap Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.23 | $27.65 | $24.59 | $35.26 | $25.43 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .86  | .71  | .56  | .70  | .45  |
| Net realized and unrealized gain (loss)  | 4.75  | 4.50  | 2.72  | (8.97)  | 9.67  |
| Total from investment operations  | 5.61  | 5.21  | 3.28  | (8.27)  | 10.12  |
| Distributions from net investment income  | (.84)  | (.63)  | (.22)  | (.88)  | (.29)  |
| Distributions from net realized gain  | -  | -  | -  | (1.52)  | -  |
| Total distributions  | (.84)  | (.63)  | (.22)  | (2.40)  | (.29)  |
| Net asset value, end of period  | $37.00 | $32.23 | $27.65 | $24.59 | $35.26 |
| **Total Return** C | 17.86% <br>| 19.01%  | 13.38%  | (24.89)%  | 39.99%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .83%  | .96%  | 1.03%  | .89%  | .89%  |
| Expenses net of fee waivers, if any  | .83% <br>| .96%  | 1.03%  | .89%  | .89%  |
| Expenses net of all reductions, if any  | .83%  | .96%  | 1.03%  | .89%  | .89%  |
| Net investment income (loss)  | 2.51%  | 2.21%  | 1.96%  | 2.47%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2038863 | $1727260 | $1251559 | $965701 | $739757 |
| Portfolio turnover rate F | 24% <br>| 17%  | 10%  | 17%  | 28%  |

---

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 International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. 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. 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 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**  | $1287904418 |
| **Gross unrealized depreciation**  | <u>(309079577)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$978824841</u> |
| **Tax Cost**  | <u>$4238573201</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$166460910</u> |
| **Undistributed long-term capital gain**  | <u>$11472776</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$977598878</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $<u>120637857</u> | $<u>81035424</u> |
| **Total**  | <u>$120637857</u> | <u>$81035424</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity International Small Cap Fund** | 1121130088 | 1298568997 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | 1.02 |
| **Class M** | 1.02 |
| **Class C** | 1.02 |
| **International Small Cap** | 1.00 |
| **Class I** | 1.00 |
| **Class Z** | .87 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .89 |
| **Class M** | .89 |
| **Class C** | .89 |
| **International Small Cap** | .85 |
| **Class I** | .89 |
| **Class Z** | .77 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity International Small Cap Fund** | MSCI ACWI (All Country World Index) ex USA Small Cap Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .04%.

**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% | 338981 | 4911 |
| **Class M** | .25% | .25% | 95616 | - |
| **Class C** | .75% | .25% | <u>115652</u> | <u>11478</u> |
|  |  |  | <u>550249</u> | <u>16389</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** | 12471 |
| **Class M** | 811 |
| **Class C**A | <u>166</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13448</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Small Cap Fund** | 1684 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity International Small Cap Fund**. | Borrower | 11493600 | 4.40% | 7018 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity International Small Cap Fund** | 45363507 | 12698294 | 2024448 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Small Cap Fund** | 6708 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity International Small Cap Fund** | 28929 | - | - |

---

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 International Small Cap Fund** | 252095 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $33,620.

**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 International Small Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2901411 | $2098372 |
| Class M | 410420 | 241727 |
| Class C | 186204 | 139497 |
| International Small Cap | 39749892 | 27992078 |
| Class I | 31846159 | 20805567 |
| Class Z | <u>45543771</u> | <u>29758183</u> |
| Total  | <u>$120637857</u> | <u>$81035424</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 International Small Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 930116 | 727649 | $30202967 | $22252808 |
| Reinvestment of distributions | 94214 | 71368 | 2884846 | 2084465 |
| Shares redeemed | <u>(1052868)</u> | <u>(860161)</u> | <u>(34813541)</u> | <u>(26602775)</u> |
| Net increase (decrease) | <u>(28538)</u> | <u>(61144)</u> | <u>$(1725728)</u> | <u>$(2265502)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 126929 | 123660 | $4272202 | $3890067 |
| Reinvestment of distributions | 13431 | 8280 | 409526 | 241156 |
| Shares redeemed | <u>(165358)</u> | <u>(101426)</u> | <u>(5146501)</u> | <u>(3110795)</u> |
| Net increase (decrease) | <u>(24998)</u> | <u>30514</u> | <u>$(464773)</u> | <u>$1020428</u> |
| **Class C** |  |  |  |  |
| Shares sold | 35411 | 57296 | $1127956 | $1707164 |
| Reinvestment of distributions | 6318 | 4960 | 185987 | 139376 |
| Shares redeemed | <u>(145336)</u> | <u>(132703)</u> | <u>(4585721)</u> | <u>(3971313)</u> |
| Net increase (decrease) | <u>(103607)</u> | <u>(70447)</u> | <u>$(3271778)</u> | <u>$(2124773)</u> |
| **International Small Cap** |  |  |  |  |
| Shares sold | 12665091 | 10622095 | $425579688 | $338221799 |
| Reinvestment of distributions | 1091550 | 843925 | 34154601 | 25168669 |
| Shares redeemed | <u>(18333629)</u> | <u>(10703729)</u> | <u>(616630506)</u> | <u>(336929002)</u> |
| Net increase (decrease) | <u>(4576988)</u> | <u>762291</u> | <u>$(156896217)</u> | <u>$26461466</u> |
| **Class I** |  |  |  |  |
| Shares sold | 10958781 | 13931167 | $366166037 | $442942466 |
| Reinvestment of distributions | 980060 | 673230 | 30891485 | 20225978 |
| Shares redeemed | <u>(14143408)</u> | <u>(7562762)</u> | <u>(470345518)</u> | <u>(242340980)</u> |
| Net increase (decrease) | <u>(2204567)</u> | <u>7041635</u> | <u>$(73287996)</u> | <u>$220827464</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 16187289 | 16036560 | $561614814 | $510478803 |
| Reinvestment of distributions | 967209 | 663553 | 30428407 | 19900821 |
| Shares redeemed | <u>(15650083)</u> | <u>(8375022)</u> | <u>(531813881)</u> | <u>(269097894)</u> |
| Net increase (decrease) | <u>1504415</u> | <u>8325091</u> | <u>$60229340</u> | <u>$261281730</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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 International Small Cap Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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 hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $23,545,091, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $4,681,219 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%; International Small Cap Fund designates 90.89%; Class I designates 91.82%; and Class Z designates 87.74% of the dividend 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 | $0.7621 | $0.0830 |
| Class M | 12/16/2024 | $0.7127 | $0.0830 |
| Class C | 12/16/2024 | $0.5141 | $0.0830 |
| International Small Cap Fund | 12/16/2024 | $0.8458 | $0.0830 |
| Class I | 12/16/2024 | $0.8372 | $0.0830 |
| Class Z | 12/16/2024 | $0.8762 | $0.0830 |

---

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 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 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. 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 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. 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 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.

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.

![](img118386_4.jpg)<br>

1.793585.122 ISC-ANN-1225

**Fidelity® International Growth Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118388_1.jpg)

![](img118388_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IGF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Growth Fund](#Sub_Sec_Fund_1979_IGF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1979_IGF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IGF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IGF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IGF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IGF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IGF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IGF-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® International Growth 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>|
| AUSTRIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Erste Group Bank AG  | 376900 | 38990432 |
| BELGIUM - 1.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| KBC Group NV  | 929000 | 111632136 |
| CANADA - 1.7%  |  |  |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Canadian Pacific Kansas City Ltd  | 463300 | 33339894 |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Franco-Nevada Corp  | 530980 | 99184664 |
| TOTAL CANADA |  | 132524558 |
| CHINA - 1.9%  |  |  |
| Communication Services - 1.9% |  |  |
| Interactive Media & Services - 1.9% |  |  |
| Tencent Holdings Ltd  | 1802500 | 146413042 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Series B  | 542300 | 26698359 |
| FINLAND - 1.2%  |  |  |
| Industrials - 1.2% |  |  |
| Machinery - 1.2% |  |  |
| Kone Oyj B Shares  | 1415204 | 94481125 |
| FRANCE - 15.4%  |  |  |
| Consumer Discretionary - 2.2% |  |  |
| Textiles, Apparel & Luxury Goods - 2.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 235645 | 166559351 |
| Health Care - 2.2% |  |  |
| Health Care Equipment & Supplies - 2.2% |  |  |
| EssilorLuxottica SA  | 456021 | 166783226 |
| Industrials - 10.9% |  |  |
| Aerospace & Defense - 8.5% |  |  |
| Airbus SE  | 1082200 | 266839315 |
| Safran SA  | 1097600 | 389997600 |
|  |  | 656836915 |
| Electrical Equipment - 2.4% |  |  |
| Legrand SA  | 1057600 | 182634515 |
| TOTAL INDUSTRIALS |  | 839471430 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Lectra  | 284613 | 7545361 |
| TOTAL FRANCE |  | 1180359368 |
| GERMANY - 5.4%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 266500 | 23837263 |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| Deutsche Boerse AG  | 245900 | 62271759 |
| Information Technology - 4.3% |  |  |
| Software - 4.3% |  |  |
| SAP SE  | 1263500 | 328601636 |
| TOTAL GERMANY |  | 414710658 |
| INDIA - 0.8%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Reliance Industries Ltd  | 1989300 | 33311503 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 2766982 | 30776109 |
| TOTAL INDIA |  | 64087612 |
| ITALY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Interpump Group SpA  | 740226 | 38139001 |
| JAPAN - 14.0%  |  |  |
| Communication Services - 2.2% |  |  |
| Entertainment - 2.2% |  |  |
| Nintendo Co Ltd  | 1965100 | 167603175 |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.6% |  |  |
| USS Co Ltd  | 3957000 | 43701343 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Hoya Corp  | 491800 | 80051930 |
| Industrials - 5.5% |  |  |
| Construction & Engineering - 0.3% |  |  |
| SHO-BOND Holdings Co Ltd  | 752000 | 23890675 |
| Machinery - 3.0% |  |  |
| Komatsu Ltd  | 1642900 | 54956607 |
| Mitsubishi Heavy Industries Ltd  | 5817000 | 175613399 |
|  |  | 230570006 |
| Professional Services - 2.2% |  |  |
| Recruit Holdings Co Ltd  | 3373500 | 167285028 |
| TOTAL INDUSTRIALS |  | 421745709 |
| Information Technology - 4.7% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Azbil Corp  | 7156712 | 70703355 |
| Keyence Corp  | 247748 | 92228296 |
|  |  | 162931651 |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Advantest Corp  | 1327900 | 198847481 |
| TOTAL INFORMATION TECHNOLOGY |  | 361779132 |
| TOTAL JAPAN |  | 1074881289 |
| NETHERLANDS - 6.3%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 283900 | 9025205 |
| Information Technology - 6.2% |  |  |
| Semiconductors & Semiconductor Equipment - 6.2% |  |  |
| ASML Holding NV  | 374742 | 396569961 |
| BE Semiconductor Industries NV  | 446964 | 76042495 |
|  |  | 472612456 |
| TOTAL NETHERLANDS |  | 481637661 |
| SPAIN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Amadeus IT Group SA Class A  | 30012 | 2294230 |
| SWEDEN - 7.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Autoliv Inc (a) | 266669 | 31146939 |
| Industrials - 6.9% |  |  |
| Building Products - 2.0% |  |  |
| Assa Abloy AB B Shares  | 4030410 | 151884254 |
| Machinery - 4.3% |  |  |
| Atlas Copco AB A Shares  | 12495900 | 209382117 |
| Epiroc AB A Shares  | 5637017 | 119382945 |
|  |  | 328765062 |
| Trading Companies & Distributors - 0.6% |  |  |
| AddTech AB B Shares  | 1502090 | 50911605 |
| TOTAL INDUSTRIALS |  | 531560921 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Lagercrantz Group AB B Shares  | 1870500 | 45954022 |
| TOTAL SWEDEN |  | 608661882 |
| SWITZERLAND - 3.5%  |  |  |
| Financials - 2.4% |  |  |
| Capital Markets - 2.4% |  |  |
| UBS Group AG  | 4742962 | 181113665 |
| Industrials - 1.1% |  |  |
| Machinery - 1.1% |  |  |
| Schindler Holding AG  | 230443 | 81897109 |
| Schindler Holding AG  | 20350 | 6865517 |
|  |  | 88762626 |
| TOTAL SWITZERLAND |  | 269876291 |
| TAIWAN - 4.0%  |  |  |
| Information Technology - 4.0% |  |  |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 6391000 | 308695205 |
| UNITED KINGDOM - 12.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Rightmove PLC  | 1696773 | 14890058 |
| Consumer Discretionary - 5.6% |  |  |
| Hotels, Restaurants & Leisure - 5.1% |  |  |
| Compass Group PLC  | 7467000 | 247156511 |
| InterContinental Hotels Group PLC ADR (a) | 1183670 | 143768558 |
|  |  | 390925069 |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 184400 | 38589832 |
| TOTAL CONSUMER DISCRETIONARY |  | 429514901 |
| Financials - 1.4% |  |  |
| Capital Markets - 1.4% |  |  |
| 3i Group PLC  | 939800 | 54386809 |
| London Stock Exchange Group PLC  | 443703 | 55297093 |
|  |  | 109683902 |
| Industrials - 5.2% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| BAE Systems PLC  | 8492936 | 209210633 |
| Professional Services - 2.1% |  |  |
| RELX PLC  | 3638700 | 160817427 |
| Trading Companies & Distributors - 0.4% |  |  |
| Howden Joinery Group PLC  | 2920300 | 33127298 |
| TOTAL INDUSTRIALS |  | 403155358 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Sage Group PLC/The  | 1880000 | 28389845 |
| TOTAL UNITED KINGDOM |  | 985634064 |
| UNITED STATES - 20.7%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| PriceSmart Inc  | 232098 | 26677344 |
| Financials - 5.3% |  |  |
| Capital Markets - 1.6% |  |  |
| Moody's Corp  | 173084 | 83132246 |
| S&P Global Inc  | 76188 | 37119555 |
|  |  | 120251801 |
| Financial Services - 3.1% |  |  |
| Mastercard Inc Class A  | 215200 | 118788248 |
| Visa Inc Class A  | 354860 | 120914996 |
|  |  | 239703244 |
| Insurance - 0.6% |  |  |
| Marsh & McLennan Cos Inc  | 259251 | 46185566 |
| TOTAL FINANCIALS |  | 406140611 |
| Industrials - 6.5% |  |  |
| Electrical Equipment - 5.5% |  |  |
| GE Vernova Inc  | 275500 | 161206070 |
| Schneider Electric SE  | 879900 | 250709853 |
|  |  | 411915923 |
| Professional Services - 1.0% |  |  |
| Experian PLC  | 1713084 | 79907145 |
| TOTAL INDUSTRIALS |  | 491823068 |
| Materials - 8.6% |  |  |
| Chemicals - 3.7% |  |  |
| Linde PLC  | 519979 | 217507216 |
| Sherwin-Williams Co/The  | 199411 | 68784830 |
|  |  | 286292046 |
| Construction Materials - 4.9% |  |  |
| CRH PLC  | 2864266 | 341134082 |
| Holcim AG  | 325000 | 28892901 |
|  |  | 370026983 |
| TOTAL MATERIALS |  | 656319029 |
| TOTAL UNITED STATES |  | 1580960052 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,810,286,083) |  | <br> **7560676965** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d)<br>(Cost $6,992,915)<br>| 63819 | **16503593** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 110599518 | 110621638 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 50283100 | 50288128 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $160,909,766) |  |  | **160909766** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $4,978,188,764)<br>| <br>**7738090324** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(55411437)** |
| **NET ASSETS - 100.0%** | **7682678887** |

---

**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 $16,503,593 or 0.2% 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.

(f) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bytedance Ltd Series E1 | 11/18/2020 | 6992915 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 148770998 | 1898452123 | 1936599806 | 6444029 | (1677) | - | 110621638 | 110599518 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 144986916 | 541593107 | 636291895 | 897276 | - | - | 50288128 | 50283100 | 0.2% |
| Total | 293757914 | 2440045230 | 2572891701 | 7341305 | (1677) | - | 160909766 |  |  |

---

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 | 352743538 | 38727321 | 314016217 | - |
| Consumer Discretionary | 673216764 | 259500902 | 413715862 | - |
| Consumer Staples | 26677344 | 26677344 | - | - |
| Energy | 33311503 | 33311503 | - | - |
| Financials | 940608614 | 768652953 | 171955661 | - |
| Health Care | 273533515 | 246835156 | 26698359 | - |
| Industrials | 2951504337 | 652266444 | 2299237893 | - |
| Information Technology | 1553577657 | 717433335 | 836144322 | - |
| Materials | 755503693 | 726610792 | 28892901 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 16503593 | - | - | 16503593 |
|  **Money Market Funds** | 160909766 | 160909766 | - | - |
| **Total Investments in Securities:** | 7738090324 | 3630925516 | 4090661215 | 16503593 |

---

**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 $50,218,734) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,817,278,998) | $7577180558 |  |
| Fidelity Central Funds (cost $160,909,766) | 160909766 |  |
| Total Investment in Securities (cost $4,978,188,764) |  | $7738090324 |
| Cash |  | 24248 |
| Foreign currency held at value (cost $17,734) |  | 17733 |
| Receivable for investments sold |  | 3829111 |
| Receivable for fund shares sold |  | 5560012 |
| Dividends receivable |  | 6544353 |
| Reclaims receivable |  | 16819722 |
| Distributions receivable from Fidelity Central Funds |  | 825084 |
| Prepaid expenses |  | 7224 |
| **Total assets** |  | 7771717811 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $28287624 |  |
| Payable for fund shares redeemed | 3004429 |  |
| Accrued management fee | 4511344 |  |
| Distribution and service plan fees payable | 79020 |  |
| Deferred taxes | 2720491 |  |
| Other payables and accrued expenses | 148591 |  |
| Collateral on securities loaned | 50287425 |  |
| **Total liabilities** |  | 89038924 |
| **Net Assets**  |  | $7682678887 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4690431461 |
| Total accumulated earnings (loss) |  | 2992247426 |
| **Net Assets** |  | $7682678887 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($229,530,231 ÷ 9,799,951 shares)(a) |  | $23.42 |
| Maximum offering price per share (100/94.25 of $23.42) |  | $24.85 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($32,719,281 ÷ 1,413,161 shares)(a) |  | $23.15 |
| Maximum offering price per share (100/96.50 of $23.15) |  | $23.99 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($20,852,762 ÷ 943,668 shares)(a) |  | $22.10 |
| **International Growth :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,726,678,833 ÷ 72,873,033 shares) |  | $23.69 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,093,362,330 ÷ 88,640,250 shares) |  | $23.62 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,579,535,450 ÷ 151,351,534 shares) |  | $23.65 |
| *(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  |  | $92718960 |
| Foreign Tax Reclaims |  | 5761964 |
| Interest  |  | 10418 |
| Income from Fidelity Central Funds (including $897,276 from security lending)  |  | 7341305 |
| Income before foreign taxes withheld |  | $105832647 |
| Less foreign taxes withheld |  | (7801530) |
| **Total income** |  | 98031117 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $48455970 |  |
| Performance adjustment | 5107406 |  |
| Distribution and service plan fees | 908800 |  |
| Custodian fees and expenses | 267523 |  |
| Independent trustees' fees and expenses | 25568 |  |
| Registration fees | 179498 |  |
| Audit fees | 136488 |  |
| Legal | 5694 |  |
| Miscellaneous | 71100 |  |
| Total expenses before reductions | 55158047 |  |
| Expense reductions | (278) |  |
| Total expenses after reductions |  | 55157769 |
| **Net Investment income (loss)** |  | 42873348 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 221575763 |  |
| Fidelity Central Funds | (1677) |  |
| Foreign currency transactions | (618466) |  |
| Total net realized gain (loss) |  | 220955620 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,307,616)  | 757590336 |  |
| Assets and liabilities in foreign currencies | 982721 |  |
| Total change in net unrealized appreciation (depreciation) |  | 758573057 |
| **Net gain (loss)** |  | 979528677 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1022402025 |

---

---

| | | |
|:---|:---|:---|
| **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) | $42873348 | $31462911 |
| &nbsp;&nbsp;Net realized gain (loss) | 220955620<br>| 104369251<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 758573057 | 924053495<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1022402025<br>| 1059885657<br>|
| Distributions to shareholders | (52532043)<br>| (24060084)<br>|
| Share transactions - net increase (decrease) | 666193603<br>| 670552377<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1636063585<br>| 1706377950<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6046615302 | 4340237352<br>|
| &nbsp;&nbsp;End of period | $7682678887 | $6046615302 |

---

**Financial Highlights** 

**Fidelity Advisor® International Growth Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.21 | $16.19 | $14.89 | $21.04 | $16.06 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .06  | .04  | - C | (.04)  |
| Net realized and unrealized gain (loss)  | 3.23  | 4.00  | 1.49  | (5.80)  | 5.02  |
| Total from investment operations  | 3.31  | 4.06  | 1.53  | (5.80)  | 4.98  |
| Distributions from net investment income  | (.02)  | (.04)  | -  | (.03)  | -  |
| Distributions from net realized gain  | (.07)  | -  | (.23)  | (.32)  | -  |
| Total distributions  | (.10) D | (.04)  | (.23)  | (.35)  | -  |
| Net asset value, end of period  | $23.42 | $20.21 | $16.19 | $14.89 | $21.04 |
| **Total Return** E,F | 16.42% <br>| 25.08%  | 10.26%  | (28.00)%  | 31.01%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.13%  | 1.18%  | 1.21%  | 1.30%  | 1.28%  |
| Expenses net of fee waivers, if any  | 1.13% <br>| 1.18%  | 1.21%  | 1.30%  | 1.28%  |
| Expenses net of all reductions, if any  | 1.13%  | 1.18%  | 1.21%  | 1.30%  | 1.28%  |
| Net investment income (loss)  | .36%  | .28%  | .23%  | .02%  | (.20)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $229530 | $204716 | $171656 | $157490 | $232527 |
| Portfolio turnover rate I | 39% <br>| 31%  | 22%  | 22%  | 21%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Growth Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.00 | $16.04 | $14.79 | $20.92 | $16.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .01  | (.01)  | (.04)  | (.09)  |
| Net realized and unrealized gain (loss)  | 3.20  | 3.95  | 1.49  | (5.77)  | 5.00  |
| Total from investment operations  | 3.22  | 3.96  | 1.48  | (5.81)  | 4.91  |
| Distributions from net realized gain  | (.07)  | -  | (.23)  | (.32)  | -  |
| Total distributions  | (.07)  | -  | (.23)  | (.32)  | -  |
| Net asset value, end of period  | $23.15 | $20.00 | $16.04 | $14.79 | $20.92 |
| **Total Return** C,D | 16.16% <br>| 24.69%  | 9.99%  | (28.18)%  | 30.67%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.38%  | 1.44%  | 1.48%  | 1.57%  | 1.55%  |
| Expenses net of fee waivers, if any  | 1.38% <br>| 1.43%  | 1.48%  | 1.57%  | 1.55%  |
| Expenses net of all reductions, if any  | 1.38%  | 1.43%  | 1.47%  | 1.57%  | 1.55%  |
| Net investment income (loss)  | .11%  | .03%  | (.03)%  | (.25)%  | (.48)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32719 | $31196 | $27016 | $26250 | $38761 |
| Portfolio turnover rate G | 39% <br>| 31%  | 22%  | 22%  | 21%  |

---

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® International Growth Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.19 | $15.46 | $14.33 | $20.39 | $15.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.08)  | (.09)  | (.09)  | (.13)  | (.18)  |
| Net realized and unrealized gain (loss)  | 3.06  | 3.82  | 1.45  | (5.61)  | 4.89  |
| Total from investment operations  | 2.98  | 3.73  | 1.36  | (5.74)  | 4.71  |
| Distributions from net realized gain  | (.07)  | -  | (.23)  | (.32)  | -  |
| Total distributions  | (.07)  | -  | (.23)  | (.32)  | -  |
| Net asset value, end of period  | $22.10 | $19.19 | $15.46 | $14.33 | $20.39 |
| **Total Return** C,D | 15.59% <br>| 24.13%  | 9.47%  | (28.58)%  | 30.04%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.89%  | 1.94%  | 1.98%  | 2.07%  | 2.05%  |
| Expenses net of fee waivers, if any  | 1.89% <br>| 1.94%  | 1.97%  | 2.06%  | 2.05%  |
| Expenses net of all reductions, if any  | 1.89%  | 1.94%  | 1.97%  | 2.06%  | 2.05%  |
| Net investment income (loss)  | (.40)%  | (.48)%  | (.53)%  | (.74)%  | (.97)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $20853 | $24523 | $27270 | $33575 | $58867 |
| Portfolio turnover rate G | 39% <br>| 31%  | 22%  | 22%  | 21%  |

---

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® International Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.44 | $16.38 | $15.05 | $21.26 | $16.20 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .11  | .09  | .05  | .02  |
| Net realized and unrealized gain (loss)  | 3.27  | 4.04  | 1.51  | (5.85)  | 5.06  |
| Total from investment operations  | 3.41  | 4.15  | 1.60  | (5.80)  | 5.08  |
| Distributions from net investment income  | (.08)  | (.09)  | (.04)  | (.09)  | (.02)  |
| Distributions from net realized gain  | (.07)  | -  | (.23)  | (.32)  | -  |
| Total distributions  | (.16) C | (.09)  | (.27)  | (.41)  | (.02)  |
| Net asset value, end of period  | $23.69 | $20.44 | $16.38 | $15.05 | $21.26 |
| **Total Return** D | 16.77% <br>| 25.41%  | 10.59%  | (27.79)%  | 31.38%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .84%  | .89%  | .93%  | 1.01%  | .99%  |
| Expenses net of fee waivers, if any  | .84% <br>| .89%  | .92%  | 1.01%  | .99%  |
| Expenses net of all reductions, if any  | .84%  | .89%  | .92%  | 1.01%  | .99%  |
| Net investment income (loss)  | .65%  | .57%  | .52%  | .31%  | .09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1726679 | $1591303 | $1277884 | $1194442 | $1773433 |
| Portfolio turnover rate G | 39% <br>| 31%  | 22%  | 22%  | 21%  |

---

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*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® International Growth Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.38 | $16.34 | $15.01 | $21.20 | $16.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .11  | .09  | .05  | .01  |
| Net realized and unrealized gain (loss)  | 3.27  | 4.02  | 1.50  | (5.83)  | 5.05  |
| Total from investment operations  | 3.40  | 4.13  | 1.59  | (5.78)  | 5.06  |
| Distributions from net investment income  | (.08)  | (.09)  | (.03)  | (.09)  | (.02)  |
| Distributions from net realized gain  | (.07)  | -  | (.23)  | (.32)  | -  |
| Total distributions  | (.16) C | (.09)  | (.26)  | (.41)  | (.02)  |
| Net asset value, end of period  | $23.62 | $20.38 | $16.34 | $15.01 | $21.20 |
| **Total Return** D | 16.77% <br>| 25.34%  | 10.59%  | (27.78)%  | 31.36%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .88%  | .92%  | .94%  | 1.02%  | 1.00%  |
| Expenses net of fee waivers, if any  | .88% <br>| .92%  | .93%  | 1.02%  | 1.00%  |
| Expenses net of all reductions, if any  | .88%  | .92%  | .93%  | 1.02%  | 1.00%  |
| Net investment income (loss)  | .61%  | .54%  | .51%  | .30%  | .07%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2093362 | $1821120 | $1441605 | $1373850 | $2035690 |
| Portfolio turnover rate G | 39% <br>| 31%  | 22%  | 22%  | 21%  |

---

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 Advisor® International Growth Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.43 | $16.38 | $15.05 | $21.25 | $16.19 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .14  | .11  | .08  | .04  |
| Net realized and unrealized gain (loss)  | 3.26  | 4.03  | 1.51  | (5.85)  | 5.06  |
| Total from investment operations  | 3.42  | 4.17  | 1.62  | (5.77)  | 5.10  |
| Distributions from net investment income  | (.13)  | (.12)  | (.06)  | (.11)  | (.04)  |
| Distributions from net realized gain  | (.07)  | -  | (.23)  | (.32)  | -  |
| Total distributions  | (.20)  | (.12)  | (.29)  | (.43)  | (.04)  |
| Net asset value, end of period  | $23.65 | $20.43 | $16.38 | $15.05 | $21.25 |
| **Total Return** C | 16.88% <br>| 25.53%  | 10.74%  | (27.68)%  | 31.55%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .77%  | .79%  | .80%  | .89%  | .87%  |
| Expenses net of fee waivers, if any  | .77% <br>| .79%  | .79%  | .89%  | .87%  |
| Expenses net of all reductions, if any  | .77%  | .79%  | .79%  | .89%  | .87%  |
| Net investment income (loss)  | .72%  | .67%  | .65%  | .43%  | .20%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3579535 | $2373757 | $1394806 | $989259 | $1277877 |
| Portfolio turnover rate F | 39% <br>| 31%  | 22%  | 22%  | 21%  |

---

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 International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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 and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2814413999 |
| **Gross unrealized depreciation**  | <u>(80042139)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2734371860</u> |
| **Tax Cost**  | <u>$5003718464</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$56024231</u> |
| **Undistributed long-term capital gain**  | <u>$203377663</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2735566024</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $30372950 | $24060084 |
| **Long-term Capital Gains**  | <u>22159093</u> | <u>-</u> |
| **Total**  | <u>$52532043</u> | <u>$24060084</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity International Growth Fund** | 3260796987 | 2528911259 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .87 |
| **Class M** | .87 |
| **Class C** | .87 |
| **International Growth** | .84 |
| **Class I** | .85 |
| **Class Z** | .71 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .79 |
| **Class M** | .79 |
| **Class C** | .80 |
| **International Growth** | .75 |
| **Class I** | .79 |
| **Class Z** | .68 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity International Growth Fund** | MSCI EAFE Growth Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .08%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 533527 | 10113 |
| **Class M** | .25% | .25% | 157440 | 285 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>217833</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18745</u> |
|  |  |  | <u>908800</u> | <u>29143</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** | 32320 |
| **Class M** | 1841 |
| **Class C**A | <u>355</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>34516</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Growth Fund** | 3018 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity International Growth Fund** | 237872062 | 81716958 | 17765339 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Growth Fund** | 8875 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity International Growth Fund** | 94549 | 416 | - |

---

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 International Growth Fund** | 1677420 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $278.

**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 International Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $961001 | $381205 |
| Class M | 111260 | - |
| Class C | 87826 | - |
| International Growth | 11811561 | 7052424 |
| Class I | 14013519 | 7886338 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>25546876</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>8740117</u> |
| Total  | <u>$52532043</u> | <u>$24060084</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 International Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1265548 | 1361726 | $27040697 | $26631593 |
| Reinvestment of distributions | 46688 | 21028 | 959433 | 380612 |
| Shares redeemed | <u>(1642214)</u> | <u>(1854663)</u> | <u>(35069393)</u> | <u>(36470900)</u> |
| Net increase (decrease) | <u>(329978)</u> | <u>(471909)</u> | <u>$(7069263)</u> | <u>$(9458695)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 109654 | 108808 | $2326094 | $2130923 |
| Reinvestment of distributions | 5288 | - | 107663 | - |
| Shares redeemed | <u>(261220)</u> | <u>(234072)</u> | <u>(5535058)</u> | <u>(4543640)</u> |
| Net increase (decrease) | <u>(146278)</u> | <u>(125264)</u> | <u>$(3101301)</u> | <u>$(2412717)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 134868 | 107281 | $2743088 | $2006178 |
| Reinvestment of distributions | 4496 | - | 87769 | - |
| Shares redeemed | <u>(473507)</u> | <u>(593274)</u> | <u>(9509544)</u> | <u>(11112046)</u> |
| Net increase (decrease) | <u>(334143)</u> | <u>(485993)</u> | <u>$(6678687)</u> | <u>$(9105868)</u> |
| **International Growth** |  |  |  |  |
| Shares sold | 12824035 | 14283815 | $276273838 | $286244273 |
| Reinvestment of distributions | 511084 | 347988 | 10599872 | 6354264 |
| Shares redeemed | <u>(18307185)</u> | <u>(14803330)</u> | <u>(395397756)</u> | <u>(295979856)</u> |
| Net increase (decrease) | <u>(4972066)</u> | <u>(171527)</u> | <u>$(108524046)</u> | <u>$(3381319)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 20441543 | 21361727 | $439927847 | $425487377 |
| Reinvestment of distributions | 667402 | 424789 | 13801873 | 7735409 |
| Shares redeemed | <u>(21811957)</u> | <u>(20686405)</u> | <u>(470979946)</u> | <u>(410163686)</u> |
| Net increase (decrease) | <u>(703012)</u> | <u>1100111</u> | <u>$(17250226)</u> | <u>$23059100</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 70610119 | 68973110 | $1566104662 | $1408702342 |
| Reinvestment of distributions | 901011 | 267865 | 18632896 | 4883179 |
| Shares redeemed | <u>(36337381)</u> | <u>(38217356)</u> | <u>(775920432)</u> | <u>(741733645)</u> |
| Net increase (decrease) | <u>35173749</u> | <u>31023619</u> | <u>$808817126</u> | <u>$671851876</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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 International Growth Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 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 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 hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $212,134,955, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $401,007 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;&nbsp;&nbsp;&nbsp;&nbsp;

Class A designates 63%; Fidelity International Growth Fund designates 25%; Class I designates 25%; and Class Z designates 17%; of the dividends distributed in December 2025 during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Fidelity International Growth Fund, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| Class A | 12/16/24 | $0.0313 | $0.0136 |
| Class M | 12/16/24 | $0.0000 | $0.0000 |
| Class C | 12/16/24 | $0.0000 | $0.0000 |
| Fidelity International Growth Fund<br> Class I<br> Class Z | 12/16/24<br> 12/16/24<br> 12/16/24 | $0.0805<br> $0.0805<br> $0.1171 | $0.0136<br> $0.0136<br> $0.0136 |

---

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 International Growth 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. 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 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. 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.

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.

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.

![](img118388_4.jpg)<br>

1.912350.115 IGF-ANN-1225

**Fidelity® International Discovery K6 Fund**

**Annual Report**

**October 31, 2025**

![](img118390_1.jpg)

![](img118390_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IGI-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Discovery K6 Fund](#Sub_Sec_Fund_3461_IGI-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3461_IGI-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IGI-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IGI-K6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IGI-K6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IGI-K6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IGI-K6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IGI-K6-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 1-800-835-5092 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® International Discovery K6 Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.4%** | &nbsp;&nbsp;**Common Stocks - 95.4%** | &nbsp;&nbsp;**Common Stocks - 95.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| CAR Group Ltd  | 66404 | 1551099 |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 84567 | 3505294 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| DroneShield Ltd (a)(b) | 430740 | 1079420 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Elsight Ltd (a) | 246400 | 260370 |
| Software - 0.2% |  |  |
| Canva Australia Holdings Pty Ltd Class A (a)(c)(d) | 500 | 823105 |
| TOTAL INFORMATION TECHNOLOGY |  | 1083475 |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Brazilian Rare Earths Ltd (a) | 294741 | 1103096 |
| IperionX Ltd (a) | 1341776 | 5969884 |
|  |  | 7072980 |
| TOTAL AUSTRALIA |  | 14292268 |
| BAILIWICK OF JERSEY - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| JTC PLC (b)(e) | 234405 | 4015510 |
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 23218 | 5954596 |
| BRAZIL - 1.1%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (a) | 2357 | 5485352 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 107295 | 1728522 |
| TOTAL BRAZIL |  | 7213874 |
| CANADA - 3.7%  |  |  |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Cameco Corp  | 51514 | 5264708 |
| Canadian Natural Resources Ltd  | 82838 | 2650131 |
|  |  | 7914839 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Definity Financial Corp  | 26501 | 1232890 |
| Information Technology - 2.3% |  |  |
| IT Services - 0.8% |  |  |
| Shopify Inc Class A (a) | 28037 | 4874766 |
| Software - 1.5% |  |  |
| Constellation Software Inc/Canada  | 3469 | 9129341 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 4032 | 0 |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 25792 | 616044 |
|  |  | 9745385 |
| TOTAL INFORMATION TECHNOLOGY |  | 14620151 |
| TOTAL CANADA |  | 23767880 |
| CHINA - 4.2%  |  |  |
| Communication Services - 1.8% |  |  |
| Interactive Media & Services - 1.8% |  |  |
| Tencent Holdings Ltd  | 142230 | 11553025 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.1% |  |  |
| BYD Co Ltd H Shares  | 87820 | 1136946 |
| Broadline Retail - 0.5% |  |  |
| Alibaba Group Holding Ltd ADR  | 17193 | 2930203 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Laopu Gold Co Ltd H Shares (f) | 21700 | 1911531 |
| TOTAL CONSUMER DISCRETIONARY |  | 5978680 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 28182 | 1108685 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 58391 | 2291864 |
| Montage Technology Co Ltd A Shares (China)  | 205538 | 3936104 |
|  |  | 6227968 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 432775 | 1795583 |
| TOTAL CHINA |  | 26663941 |
| DENMARK - 1.1%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 53895 | 1328461 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Series B  | 43044 | 2119130 |
| Industrials - 0.6% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| DSV A/S  | 16194 | 3436784 |
| TOTAL DENMARK |  | 6884375 |
| FRANCE - 6.8%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Hermes International SCA  | 2409 | 5967201 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Danone SA  | 42400 | 3744625 |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| AXA SA  | 236802 | 10274463 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| EssilorLuxottica SA  | 17178 | 6282610 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Safran SA  | 33467 | 11891445 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Air Liquide SA  | 27913 | 5402252 |
| TOTAL FRANCE |  | 43562596 |
| GERMANY - 9.2%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 22177 | 1983635 |
| Consumer Discretionary - 0.9% |  |  |
| Specialty Retail - 0.9% |  |  |
| Auto1 Group SE (a) | 169842 | 5959190 |
| Financials - 1.1% |  |  |
| Capital Markets - 0.6% |  |  |
| Deutsche Boerse AG  | 15270 | 3866978 |
| Insurance - 0.5% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 5138 | 3178849 |
| TOTAL FINANCIALS |  | 7045827 |
| Health Care - 1.3% |  |  |
| Health Care Providers & Services - 1.3% |  |  |
| Fresenius SE & Co KGaA  | 139355 | 8034590 |
| Industrials - 3.1% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| Rheinmetall AG  | 3797 | 7446805 |
| Industrial Conglomerates - 2.0% |  |  |
| Siemens AG  | 43899 | 12440860 |
| TOTAL INDUSTRIALS |  | 19887665 |
| Information Technology - 1.7% |  |  |
| Software - 1.7% |  |  |
| SAP SE  | 41496 | 10791970 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 20473 | 4803041 |
| TOTAL GERMANY |  | 58505918 |
| HONG KONG - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Zijin Gold International Co Ltd  | 30000 | 507299 |
| HUNGARY - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Richter Gedeon Nyrt  | 57753 | 1780094 |
| INDIA - 1.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Bharti Airtel Ltd  | 80339 | 1859477 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Lenskart Solutions Ltd (a) | 232992 | 1055177 |
| Household Durables - 0.0% |  |  |
| LG Electronics India Ltd  | 263 | 4929 |
| TOTAL CONSUMER DISCRETIONARY |  | 1060106 |
| Financials - 0.7% |  |  |
| Banks - 0.4% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 236630 | 2631948 |
| Capital Markets - 0.3% |  |  |
| 360 ONE WAM Ltd  | 154471 | 1880660 |
| TOTAL FINANCIALS |  | 4512608 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| Computer Age Management Services Ltd  | 44617 | 1981062 |
| TOTAL INDIA |  | 9413253 |
| IRELAND - 1.4%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Household Durables - 0.5% |  |  |
| Cairn Homes PLC  | 1352483 | 3013380 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| AIB Group PLC  | 505034 | 4648288 |
| Industrials - 0.2% |  |  |
| Building Products - 0.2% |  |  |
| Kingspan Group PLC  | 15441 | 1155094 |
| TOTAL IRELAND |  | 8816762 |
| ITALY - 4.7%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.2% |  |  |
| Ferrari NV  | 3380 | 1365351 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 43986 | 1083976 |
| TOTAL CONSUMER DISCRETIONARY |  | 2449327 |
| Financials - 4.0% |  |  |
| Banks - 3.5% |  |  |
| FinecoBank Banca Fineco SpA  | 125544 | 2866671 |
| Intesa Sanpaolo SpA  | 915381 | 5899947 |
| UniCredit SpA  | 181463 | 13436735 |
|  |  | 22203353 |
| Financial Services - 0.5% |  |  |
| BFF Bank SpA (a)(b)(e) | 249544 | 3008682 |
| TOTAL FINANCIALS |  | 25212035 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 34005 | 2018587 |
| TOTAL ITALY |  | 29679949 |
| JAPAN - 18.7%  |  |  |
| Communication Services - 1.3% |  |  |
| Entertainment - 1.1% |  |  |
| Nintendo Co Ltd  | 79598 | 6788905 |
| Wireless Telecommunication Services - 0.2% |  |  |
| SoftBank Group Corp  | 10000 | 1754687 |
| TOTAL COMMUNICATION SERVICES |  | 8543592 |
| Consumer Discretionary - 2.3% |  |  |
| Broadline Retail - 0.5% |  |  |
| Pan Pacific International Holdings Corp  | 569100 | 3385353 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Metaplanet Inc (a) | 163400 | 520598 |
| Household Durables - 1.0% |  |  |
| Sony Group Corp  | 238248 | 6635109 |
| Specialty Retail - 0.7% |  |  |
| Fast Retailing Co Ltd  | 11984 | 4399566 |
| TOTAL CONSUMER DISCRETIONARY |  | 14940626 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Kotobuki Spirits Co Ltd  | 95800 | 1149090 |
| Financials - 2.9% |  |  |
| Banks - 2.3% |  |  |
| Hachijuni Bank Ltd/The  | 175511 | 1769232 |
| Mitsubishi UFJ Financial Group Inc  | 506445 | 7649994 |
| Sumitomo Mitsui Financial Group Inc  | 187719 | 5082268 |
|  |  | 14501494 |
| Insurance - 0.6% |  |  |
| Tokio Marine Holdings Inc  | 112887 | 4209917 |
| TOTAL FINANCIALS |  | 18711411 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Chugai Pharmaceutical Co Ltd  | 5000 | 228839 |
| Industrials - 8.0% |  |  |
| Industrial Conglomerates - 3.3% |  |  |
| Hitachi Ltd  | 597627 | 20622805 |
| Machinery - 2.5% |  |  |
| IHI Corp  | 278215 | 5804044 |
| Japan Steel Works Ltd/The  | 10821 | 711991 |
| Mitsubishi Heavy Industries Ltd  | 299337 | 9036890 |
|  |  | 15552925 |
| Professional Services - 0.7% |  |  |
| BayCurrent Inc  | 49798 | 2282933 |
| Timee Inc (a)(f) | 108831 | 1055048 |
| Visional Inc (a) | 18014 | 1253067 |
|  |  | 4591048 |
| Trading Companies & Distributors - 1.5% |  |  |
| ITOCHU Corp  | 167677 | 9717236 |
| TOTAL INDUSTRIALS |  | 50484014 |
| Information Technology - 4.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Ibiden Co Ltd  | 48992 | 4646149 |
| IT Services - 1.0% |  |  |
| NEC Corp  | 76494 | 2788549 |
| SCSK Corp  | 87578 | 3222730 |
|  |  | 6011279 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Advantest Corp  | 65622 | 9826621 |
| Disco Corp  | 8232 | 2733709 |
| Tokyo Seimitsu Co Ltd  | 19948 | 1379830 |
|  |  | 13940160 |
| TOTAL INFORMATION TECHNOLOGY |  | 24597588 |
| TOTAL JAPAN |  | 118655160 |
| KOREA (SOUTH) - 2.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (a) | 21115 | 370145 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Coupang Inc Class A (a) | 95402 | 3050002 |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| SK Hynix Inc  | 24448 | 9561894 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Samsung Electronics Co Ltd  | 68132 | 5124463 |
| TOTAL INFORMATION TECHNOLOGY |  | 14686357 |
| TOTAL KOREA (SOUTH) |  | 18106504 |
| LUXEMBOURG - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| CVC Capital Partners PLC (b)(e) | 117932 | 1969688 |
| NETHERLANDS - 4.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Universal Music Group NV  | 18112 | 485800 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| ING Groep NV  | 293068 | 7317813 |
| Information Technology - 2.8% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| ASM International NV  | 1933 | 1252177 |
| ASML Holding NV  | 11536 | 12207949 |
| BE Semiconductor Industries NV  | 18273 | 3108806 |
|  |  | 16568932 |
| Software - 0.2% |  |  |
| Topicus.com Inc (a) | 9935 | 977526 |
| TOTAL INFORMATION TECHNOLOGY |  | 17546458 |
| TOTAL NETHERLANDS |  | 25350071 |
| POLAND - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Benefit Systems SA (a) | 646 | 548392 |
| PORTUGAL - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Banco Comercial Portugues SA  | 7813111 | 6891225 |
| SINGAPORE - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Sea Ltd Class A ADR (a) | 36901 | 5765781 |
| SPAIN - 3.0%  |  |  |
| Financials - 3.0% |  |  |
| Banks - 3.0% |  |  |
| Banco Santander SA  | 962484 | 9791628 |
| CaixaBank SA  | 878370 | 9284149 |
| TOTAL SPAIN |  | 19075777 |
| SWEDEN - 3.9%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 0.2% |  |  |
| Noba (a) | 105900 | 1066775 |
| Financial Services - 1.3% |  |  |
| Investor AB B Shares  | 250233 | 8258789 |
| TOTAL FINANCIALS |  | 9325564 |
| Industrials - 0.8% |  |  |
| Machinery - 0.8% |  |  |
| Indutrade AB  | 202150 | 5404710 |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Hexagon AB B Shares  | 386300 | 4708850 |
| Lagercrantz Group AB B Shares  | 210648 | 5175153 |
|  |  | 9884003 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(c)(d) | 3324 | 69808 |
| TOTAL INFORMATION TECHNOLOGY |  | 9953811 |
| TOTAL SWEDEN |  | 24684085 |
| SWITZERLAND - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| Partners Group Holding AG  | 1782 | 2175380 |
| UBS Group AG  | 107798 | 4116350 |
| TOTAL SWITZERLAND |  | 6291730 |
| TAIWAN - 3.3%  |  |  |
| Information Technology - 3.3% |  |  |
| Semiconductors & Semiconductor Equipment - 3.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 434841 | 21003494 |
| UNITED KINGDOM - 15.3%  |  |  |
| Communication Services - 4.2% |  |  |
| Diversified Telecommunication Services - 4.0% |  |  |
| Zegona Communications plc (a) | 1581560 | 25555653 |
| Interactive Media & Services - 0.2% |  |  |
| Baltic Classifieds Group PLC  | 372596 | 1443964 |
| TOTAL COMMUNICATION SERVICES |  | 26999617 |
| Consumer Discretionary - 1.8% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Compass Group PLC  | 163674 | 5417583 |
| Leisure Products - 0.9% |  |  |
| Games Workshop Group PLC  | 27669 | 5790359 |
| TOTAL CONSUMER DISCRETIONARY |  | 11207942 |
| Consumer Staples - 0.9% |  |  |
| Tobacco - 0.9% |  |  |
| Imperial Brands PLC  | 150991 | 5999527 |
| Financials - 5.0% |  |  |
| Banks - 1.5% |  |  |
| NatWest Group PLC  | 1046354 | 8055374 |
| Shawbrook Group PLC (b)(e)(g) | 214300 | 1100766 |
| Starling Bank Ltd (c) | 137500 | 422683 |
|  |  | 9578823 |
| Capital Markets - 2.5% |  |  |
| 3i Group PLC  | 186044 | 10766482 |
| London Stock Exchange Group PLC  | 41640 | 5189442 |
|  |  | 15955924 |
| Financial Services - 0.3% |  |  |
| Revolut Group Holdings Ltd (c)(d) | 1409 | 1885975 |
| Insurance - 0.7% |  |  |
| Aviva PLC  | 492358 | 4324576 |
| TOTAL FINANCIALS |  | 31745298 |
| Industrials - 3.4% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| BAE Systems PLC  | 260811 | 6424685 |
| Rolls-Royce Holdings PLC  | 554514 | 8533310 |
|  |  | 14957995 |
| Professional Services - 0.3% |  |  |
| RELX PLC  | 44644 | 1973104 |
| Trading Companies & Distributors - 0.7% |  |  |
| Diploma PLC  | 61347 | 4521186 |
| TOTAL INDUSTRIALS |  | 21452285 |
| TOTAL UNITED KINGDOM |  | 97404669 |
| UNITED STATES - 3.2%  |  |  |
| Communication Services - 1.0% |  |  |
| Entertainment - 1.0% |  |  |
| Spotify Technology SA (a) | 9420 | 6173114 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Alcon AG (United States)  | 14431 | 1066307 |
| Industrials - 1.5% |  |  |
| Electrical Equipment - 1.5% |  |  |
| Schneider Electric SE  | 33438 | 9527488 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Holcim AG  | 36872 | 3277966 |
| TOTAL UNITED STATES |  | 20044875 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $387,874,776) |  | <br> **606849766** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (a)(c)(d) | 85 | 139928 |
| Canva Australia Holdings Pty Ltd Series A2 (a)(c)(d) | 15 | 24692 |
| TOTAL AUSTRALIA |  | 164620 |
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Valsoft Corp Series A-1.2 (c)(d) | 64 | 711092 |
| Valsoft Corp Series A-1.3 (c)(d) | 23 | 255549 |
| Valsoft Corp Series A-1.4 (c)(d) | 29 | 322214 |
| TOTAL CANADA |  | 1288855 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (a)(c)(d) | 1533 | 396434 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(c)(d) | 7322 | 58503 |
| TOTAL CHINA |  | 454937 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(c)(d) | 3347 | 744771 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,607,855) |  | <br> **2653183** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (h) | 4.18 | 24092544 | 24097363 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 1559508 | 1559664 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $25,657,027) |  |  | **25657027** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $416,139,658)<br>| <br>**635159976** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **965612** |
| **NET ASSETS - 100.0%** | **636125588** |

---

**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 $11,790,110 or 1.9% of net assets.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,432,071 or 0.9% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,094,646 or 1.6% of net assets.

(f) Security or a portion of the security is on loan at period end.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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>|
| Bolt Technology OU Series E | 1/3/2022 | 869539 |
| Bytedance Ltd Series E1 | 11/18/2020 | 167978 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 8/19/2025 | 591278 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 90666 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 15999 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 103995 |
| Kry International Ab | 5/14/2021 - 10/30/2024 | 219661 |
| Revolut Group Holdings Ltd | 12/27/2024 | 1225511 |
| Valsoft Corp Series A-1.2 | 3/14/2025 | 749677 |
| Valsoft Corp Series A-1.3 | 3/17/2025 | 228318 |
| Valsoft Corp Series A-1.4 | 3/17/2025 | 381683 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 12600765 | 203987327 | 192490764 | 571955 | 35 | - | 24097363 | 24092544 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 100450 | 52688481 | 51229267 | 27634 | - | - | 1559664 | 1559508 | 0.0% |
| Total | 12701215 | 256675808 | 243720031 | 599589 | 35 | - | 25657027 |  |  |

---

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 | 59519504 | 38937087 | 20582417 | - |
| Consumer Discretionary | 68382881 | 47490093 | 20892788 | - |
| Consumer Staples | 12001927 | 2257775 | 9744152 | - |
| Energy | 7914839 | 7914839 | - | - |
| Financials | 161327110 | 64806041 | 94212411 | 2308658 |
| Health Care | 27484753 | 25136784 | 2347969 | - |
| Industrials | 126848359 | 67020577 | 59827782 | - |
| Information Technology | 120511272 | 70553715 | 49064644 | 892913 |
| Materials | 22859121 | 9375862 | 13483259 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 396434 | - | - | 396434 |
| Health Care | 58503 | - | - | 58503 |
| Information Technology | 2198246 | - | - | 2198246 |
|  **Money Market Funds** | 25657027 | 25657027 | - | - |
| **Total Investments in Securities:** | 635159976 | 359149800 | 270155422 | 5854754 |

---

**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 $1,482,658) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $390,482,631) | $609502949 |  |
| Fidelity Central Funds (cost $25,657,027) | 25657027 |  |
| Total Investment in Securities (cost $416,139,658) |  | $635159976 |
| Foreign currency held at value (cost $132,114) |  | 131918 |
| Receivable for investments sold |  | 4708312 |
| Receivable for fund shares sold |  | 621549 |
| Dividends receivable |  | 922318 |
| Reclaims receivable |  | 1336861 |
| Distributions receivable from Fidelity Central Funds |  | 69574 |
| Other receivables |  | 5146 |
| **Total assets** |  | 642955654 |
| **Liabilities** |  |  |
| Payable to custodian bank | $35590 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 3395752 |  |
| Delayed delivery | 1041646 |  |
| Payable for fund shares redeemed | 129666 |  |
| Accrued management fee | 314436 |  |
| Deferred taxes | 353312 |  |
| Collateral on securities loaned | 1559664 |  |
| **Total liabilities** |  | 6830066 |
| **Net Assets**  |  | $636125588 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $486800145 |
| Total accumulated earnings (loss) |  | 149325443 |
| **Net Assets** |  | $636125588 |
| **Net Asset Value**, offering price and redemption price per share ($636,125,588 ÷ 37,744,491 shares) |  | $16.85 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $10987674 |
| Interest  |  | 558 |
| Income from Fidelity Central Funds (including $27,634 from security lending)  |  | 599589 |
| Income before foreign taxes withheld |  | $11587821 |
| Less foreign taxes withheld |  | (484274) |
| **Total income** |  | 11103547 |
| **Expenses** |  |  |
| Management fee | $3388513 |  |
| Independent trustees' fees and expenses | 2245 |  |
| Total expenses before reductions | 3390758 |  |
| Expense reductions | (1843) |  |
| Total expenses after reductions |  | 3388915 |
| **Net Investment income (loss)** |  | 7714632 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $118,755)  | 39286240 |  |
| Fidelity Central Funds | 35 |  |
| Foreign currency transactions | 35211 |  |
| Total net realized gain (loss) |  | 39321486 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $94,516)  | 86977947 |  |
| Assets and liabilities in foreign currencies | 96098 |  |
| Total change in net unrealized appreciation (depreciation) |  | 87074045 |
| **Net gain (loss)** |  | 126395531 |
| **Net increase (decrease) in net assets resulting from operations** |  | $134110163 |

---

---

| | | |
|:---|:---|:---|
| **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) | $7714632 | $8489589 |
| &nbsp;&nbsp;Net realized gain (loss) | 39321486<br>| 38108806<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 87074045 | 123162530<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 134110163<br>| 169760925<br>|
| Distributions to shareholders | (20770849)<br>| (11176994)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 115796946 | 175322558 |
| Reinvestment of distributions | 20770849<br>| 11176992<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (164432659) | (377815727) |
| **Net increase (decrease) in net assets resulting from share transactions** | (27864864)<br>| (191316177)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 85474450<br>| (32732246)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 550651138 | 583383384<br>|
| &nbsp;&nbsp;End of period | $636125588 | $550651138 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7879090 | 13577941 |
| Issued in reinvestment of distributions | 1540864<br>| 955298<br>|
| &nbsp;&nbsp;Redeemed | (11479198) | (28467113) |
| &nbsp;&nbsp;Net increase (decrease) | (2059244) | (13933874) |

---

**Financial Highlights** 

**Fidelity® International Discovery K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.83 | $10.86 | $10.23 | $14.97 | $11.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .17  | .19  | .24  | .16  |
| Net realized and unrealized gain (loss)  | 3.35  | 3.00  | .55  | (4.70)  | 3.60  |
| Total from investment operations  | 3.55  | 3.17  | .74  | (4.46)  | 3.76  |
| Distributions from net investment income  | (.53)  | (.20)  | (.11)  | (.28)  | (.08)  |
| Total distributions  | (.53)  | (.20)  | (.11)  | (.28)  | (.08)  |
| Net asset value, end of period  | $16.85 | $13.83 | $10.86 | $10.23 | $14.97 |
| **Total Return** C | 26.64% <br>| 29.50%  | 7.19%  | (30.35)%  | 33.43%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .60% <br>| .60%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .60%  | .60%  | .60%  | .60%  | .60%  |
| Net investment income (loss)  | 1.36%  | 1.31%  | 1.62%  | 1.98%  | 1.11%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $636126 | $550651 | $583383 | $468052 | $430892 |
| Portfolio turnover rate F | 54% <br>| 48% G | 55% G | 50% G | 58% G |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*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.*

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*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 International Discovery K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. 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. 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. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforward and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $206931439 |
| **Gross unrealized depreciation**  | <u>(7853857)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$199077582</u> |
| **Tax Cost**  | <u>$436082394</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$16536486</u> |
| **Capital loss carryforward**  | <u>$(66001931)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$199144200</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 | $(66001931) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(66001931)</u> |

---

Due to large subscriptions in a prior period, approximately $58,410,947 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $11,985,573 of those capital losses per year to offset capital gains. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $20770849 | $11176994 |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity International Discovery K6 Fund** | 297880057 | 350911592 |

---

**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** | **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 International Discovery K6 Fund** | 5980844 | - | - | 21762174 | 73727455 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity International Discovery K6 Fund** | 3165883 | 36396996 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Discovery K6 Fund** | 560 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity International Discovery K6 Fund** | 9012544 | 20513511 | 1206174 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity International Discovery K6 Fund** | 3007 | 2 | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,843.

**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 International Discovery K6 Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity International Discovery K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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 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 $638,620 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 51.01% 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 $0.5377 and $0.0276 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 International Discovery K6 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) 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. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board 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 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 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.

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.

![](img118390_4.jpg)<br>

1.9893917.106 IGI-K6-ANN-1225

**Fidelity® International Discovery Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118391_1.jpg)

![](img118391_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_IGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Discovery Fund](#Sub_Sec_Fund_305_IGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements305_IGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IGI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IGI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IGI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IGI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IGI-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: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® International Discovery Fund**

**Consolidated 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 - 2.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| CAR Group Ltd  | 1289635 | 30123952 |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 1630630 | 67589459 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| DroneShield Ltd (a)(b) | 8329298 | 20872963 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Elsight Ltd (a) | 4696882 | 4963168 |
| Software - 0.1% |  |  |
| Canva Australia Holdings Pty Ltd Class A (a)(c)(d) | 7000 | 11523470 |
| TOTAL INFORMATION TECHNOLOGY |  | 16486638 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Brazilian Rare Earths Ltd (a) | 5919602 | 22154679 |
| IperionX Ltd (a)(e) | 25880594 | 115148974 |
|  |  | 137303653 |
| TOTAL AUSTRALIA |  | 272376665 |
| BAILIWICK OF JERSEY - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| JTC PLC (b)(f) | 4479497 | 76736686 |
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 442349 | 113446871 |
| BRAZIL - 1.1%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (a) | 45551 | 106009021 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 1990930 | 32073882 |
| TOTAL BRAZIL |  | 138082903 |
| CANADA - 3.8%  |  |  |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Cameco Corp  | 993617 | 101547225 |
| Canadian Natural Resources Ltd  | 1580280 | 50555890 |
|  |  | 152103115 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Definity Financial Corp  | 504279 | 23460272 |
| Information Technology - 2.3% |  |  |
| IT Services - 0.7% |  |  |
| Shopify Inc Class A (a) | 533100 | 92689577 |
| Software - 1.6% |  |  |
| Constellation Software Inc/Canada  | 67024 | 176386543 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 50942 | 4 |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 493032 | 11776102 |
|  |  | 188162649 |
| TOTAL INFORMATION TECHNOLOGY |  | 280852226 |
| TOTAL CANADA |  | 456415613 |
| CHINA - 4.2%  |  |  |
| Communication Services - 1.8% |  |  |
| Interactive Media & Services - 1.8% |  |  |
| Tencent Holdings Ltd  | 2727900 | 221581214 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.1% |  |  |
| BYD Co Ltd H Shares  | 1653000 | 21400261 |
| Broadline Retail - 0.5% |  |  |
| Alibaba Group Holding Ltd ADR  | 326600 | 55662438 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Laopu Gold Co Ltd H Shares (g) | 411400 | 36239816 |
| TOTAL CONSUMER DISCRETIONARY |  | 113302515 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 540700 | 21271251 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 1102200 | 43261667 |
| Montage Technology Co Ltd A Shares (China)  | 3884700 | 74392982 |
|  |  | 117654649 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 8220000 | 34104767 |
| TOTAL CHINA |  | 507914396 |
| DENMARK - 1.1%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 1078046 | 26572816 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Series B  | 815624 | 40154568 |
| Industrials - 0.6% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| DSV A/S  | 312300 | 66278101 |
| TOTAL DENMARK |  | 133005485 |
| FRANCE - 7.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Hermes International SCA  | 46901 | 116175881 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Danone SA  | 804800 | 71077233 |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| AXA SA  | 4561049 | 197896672 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| EssilorLuxottica SA  | 332562 | 121629845 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Safran SA  | 637075 | 226364542 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| Air Liquide SA  | 540768 | 104659653 |
| TOTAL FRANCE |  | 837803826 |
| GERMANY - 9.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 426300 | 38130676 |
| Consumer Discretionary - 0.9% |  |  |
| Specialty Retail - 0.9% |  |  |
| Auto1 Group SE (a) | 3238200 | 113617642 |
| Financials - 1.1% |  |  |
| Capital Markets - 0.6% |  |  |
| Deutsche Boerse AG  | 293400 | 74300668 |
| Insurance - 0.5% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 96982 | 60002173 |
| TOTAL FINANCIALS |  | 134302841 |
| Health Care - 1.3% |  |  |
| Health Care Providers & Services - 1.3% |  |  |
| Fresenius SE & Co KGaA  | 2702300 | 155802601 |
| Industrials - 3.2% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Rheinmetall AG  | 73174 | 143511336 |
| Industrial Conglomerates - 2.0% |  |  |
| Siemens AG  | 844237 | 239254513 |
| TOTAL INDUSTRIALS |  | 382765849 |
| Information Technology - 1.7% |  |  |
| Software - 1.7% |  |  |
| SAP SE  | 795521 | 206893155 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 392100 | 91988104 |
| TOTAL GERMANY |  | 1123500868 |
| HONG KONG - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Zijin Gold International Co Ltd  | 565500 | 9562604 |
| HUNGARY - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Richter Gedeon Nyrt  | 656825 | 20245012 |
| INDIA - 1.6%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Bharti Airtel Ltd  | 1531650 | 35450627 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Lenskart Solutions Ltd (a) | 3178393 | 14394345 |
| Household Durables - 0.0% |  |  |
| LG Electronics India Ltd (h) | 35549 | 666246 |
| LG Electronics India Ltd (h) | 35548 | 666227 |
| LG Electronics India Ltd  | 4532 | 84937 |
|  |  | 1417410 |
| TOTAL CONSUMER DISCRETIONARY |  | 15811755 |
| Financials - 0.8% |  |  |
| Banks - 0.5% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 4383038 | 48750898 |
| Capital Markets - 0.3% |  |  |
| 360 ONE WAM Ltd  | 3007800 | 36619494 |
| TOTAL FINANCIALS |  | 85370392 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| Computer Age Management Services Ltd  | 828700 | 36795531 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pine Labs Ltd/India (d) | 7241995 | 18030540 |
| TOTAL INDIA |  | 191458845 |
| IRELAND - 1.4%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Household Durables - 0.5% |  |  |
| Cairn Homes PLC  | 26071501 | 58088222 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| AIB Group PLC  | 9625000 | 88587637 |
| Industrials - 0.2% |  |  |
| Building Products - 0.2% |  |  |
| Kingspan Group PLC  | 292837 | 21906253 |
| TOTAL IRELAND |  | 168582112 |
| ITALY - 4.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.2% |  |  |
| Ferrari NV (g) | 67242 | 27162406 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 841901 | 20747519 |
| TOTAL CONSUMER DISCRETIONARY |  | 47909925 |
| Financials - 3.7% |  |  |
| Banks - 3.4% |  |  |
| FinecoBank Banca Fineco SpA  | 1617890 | 36942895 |
| Intesa Sanpaolo SpA  | 17522900 | 112941143 |
| UniCredit SpA  | 3484102 | 257986231 |
|  |  | 407870269 |
| Financial Services - 0.3% |  |  |
| BFF Bank SpA (a)(b)(f) | 3140339 | 37862185 |
| TOTAL FINANCIALS |  | 445732454 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 651751 | 38688901 |
| TOTAL ITALY |  | 532331280 |
| JAPAN - 19.0%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 1.1% |  |  |
| Nintendo Co Ltd  | 1535000 | 130919991 |
| Wireless Telecommunication Services - 0.3% |  |  |
| SoftBank Group Corp  | 189048 | 33172002 |
| TOTAL COMMUNICATION SERVICES |  | 164091993 |
| Consumer Discretionary - 2.4% |  |  |
| Broadline Retail - 0.5% |  |  |
| Pan Pacific International Holdings Corp  | 10970720 | 65260517 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Metaplanet Inc (a)(g) | 3078200 | 9807255 |
| Household Durables - 1.1% |  |  |
| Sony Group Corp  | 4609815 | 128381448 |
| Specialty Retail - 0.7% |  |  |
| Fast Retailing Co Ltd  | 234180 | 85972161 |
| TOTAL CONSUMER DISCRETIONARY |  | 289421381 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Kotobuki Spirits Co Ltd  | 1806569 | 21669215 |
| Financials - 3.0% |  |  |
| Banks - 2.3% |  |  |
| Hachijuni Bank Ltd/The  | 3362000 | 33890513 |
| Mitsubishi UFJ Financial Group Inc  | 9766186 | 147520982 |
| Sumitomo Mitsui Financial Group Inc  | 3601318 | 97501395 |
|  |  | 278912890 |
| Insurance - 0.7% |  |  |
| Tokio Marine Holdings Inc  | 2173564 | 81059153 |
| TOTAL FINANCIALS |  | 359972043 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Chugai Pharmaceutical Co Ltd  | 93500 | 4279284 |
| Industrials - 8.1% |  |  |
| Industrial Conglomerates - 3.3% |  |  |
| Hitachi Ltd  | 11525355 | 397714865 |
| Machinery - 2.5% |  |  |
| IHI Corp  | 5326300 | 111115791 |
| Japan Steel Works Ltd/The  | 209200 | 13764765 |
| Mitsubishi Heavy Industries Ltd  | 5791091 | 174831214 |
|  |  | 299711770 |
| Professional Services - 0.7% |  |  |
| BayCurrent Inc  | 980100 | 44931585 |
| Timee Inc (a)(g) | 2057400 | 19945205 |
| Visional Inc (a) | 360594 | 25083172 |
|  |  | 89959962 |
| Trading Companies & Distributors - 1.6% |  |  |
| ITOCHU Corp  | 3232367 | 187322495 |
| TOTAL INDUSTRIALS |  | 974709092 |
| Information Technology - 3.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Ibiden Co Ltd  | 933100 | 88490406 |
| IT Services - 1.0% |  |  |
| NEC Corp  | 1475000 | 53770359 |
| SCSK Corp  | 1670100 | 61456992 |
|  |  | 115227351 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Advantest Corp  | 1265700 | 189533291 |
| Disco Corp  | 156800 | 52070642 |
| Tokyo Seimitsu Co Ltd  | 398311 | 27551718 |
|  |  | 269155651 |
| TOTAL INFORMATION TECHNOLOGY |  | 472873408 |
| TOTAL JAPAN |  | 2287016416 |
| KOREA (SOUTH) - 2.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (a) | 248019 | 4347773 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Coupang Inc Class A (a) | 1799700 | 57536409 |
| Information Technology - 2.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| SK Hynix Inc  | 472960 | 184980088 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Samsung Electronics Co Ltd  | 1293290 | 97273186 |
| TOTAL INFORMATION TECHNOLOGY |  | 282253274 |
| TOTAL KOREA (SOUTH) |  | 344137456 |
| LUXEMBOURG - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| CVC Capital Partners PLC (b)(f) | 2270918 | 37928642 |
| NETHERLANDS - 4.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Universal Music Group NV  | 345344 | 9262811 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| ING Groep NV  | 5640879 | 140850927 |
| Information Technology - 2.8% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| ASM International NV  | 36600 | 23709088 |
| ASML Holding NV  | 219514 | 232300245 |
| BE Semiconductor Industries NV  | 351150 | 59741550 |
|  |  | 315750883 |
| Software - 0.2% |  |  |
| Topicus.com Inc (a) | 195461 | 19231841 |
| TOTAL INFORMATION TECHNOLOGY |  | 334982724 |
| TOTAL NETHERLANDS |  | 485096462 |
| POLAND - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Benefit Systems SA (a) | 12300 | 10441511 |
| PORTUGAL - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Banco Comercial Portugues SA  | 149008100 | 131426304 |
| SINGAPORE - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Sea Ltd Class A ADR (a) | 708000 | 110625000 |
| SPAIN - 3.0%  |  |  |
| Financials - 3.0% |  |  |
| Banks - 3.0% |  |  |
| Banco Santander SA  | 18519500 | 188404225 |
| CaixaBank SA  | 16936953 | 179019325 |
| TOTAL SPAIN |  | 367423550 |
| SWEDEN - 3.9%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 0.2% |  |  |
| Noba (a) | 1994000 | 20086398 |
| Financial Services - 1.3% |  |  |
| Investor AB B Shares  | 4825933 | 159276997 |
| TOTAL FINANCIALS |  | 179363395 |
| Industrials - 0.9% |  |  |
| Machinery - 0.9% |  |  |
| Indutrade AB  | 3857122 | 103124548 |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Hexagon AB B Shares  | 7340800 | 89481565 |
| Lagercrantz Group AB B Shares  | 3740597 | 91898144 |
|  |  | 181379709 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(c)(d) | 194526 | 4085296 |
| TOTAL INFORMATION TECHNOLOGY |  | 185465005 |
| TOTAL SWEDEN |  | 467952948 |
| SWITZERLAND - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| Partners Group Holding AG  | 34456 | 42062223 |
| UBS Group AG  | 2079240 | 79397385 |
| TOTAL SWITZERLAND |  | 121459608 |
| TAIWAN - 3.4%  |  |  |
| Information Technology - 3.4% |  |  |
| Semiconductors & Semiconductor Equipment - 3.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 8368000 | 404187369 |
| UNITED KINGDOM - 14.3%  |  |  |
| Communication Services - 3.0% |  |  |
| Diversified Telecommunication Services - 2.8% |  |  |
| Zegona Communications plc (a) | 20594092 | 332769842 |
| Interactive Media & Services - 0.2% |  |  |
| Baltic Classifieds Group PLC  | 7057861 | 27352140 |
| TOTAL COMMUNICATION SERVICES |  | 360121982 |
| Consumer Discretionary - 1.8% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Compass Group PLC  | 3184431 | 105404158 |
| Leisure Products - 0.9% |  |  |
| Games Workshop Group PLC  | 532413 | 111419352 |
| TOTAL CONSUMER DISCRETIONARY |  | 216823510 |
| Consumer Staples - 1.0% |  |  |
| Tobacco - 1.0% |  |  |
| Imperial Brands PLC  | 2911643 | 115692197 |
| Financials - 5.1% |  |  |
| Banks - 1.6% |  |  |
| NatWest Group PLC  | 20166700 | 155253685 |
| Shawbrook Group PLC (b)(f)(i) | 4061700 | 20863194 |
| Starling Bank Ltd (c) | 6223100 | 19130170 |
|  |  | 195247049 |
| Capital Markets - 2.6% |  |  |
| 3i Group PLC  | 3582859 | 207342272 |
| London Stock Exchange Group PLC  | 810820 | 101049551 |
|  |  | 308391823 |
| Financial Services - 0.2% |  |  |
| Revolut Group Holdings Ltd (c)(d) | 25338 | 33915420 |
| Insurance - 0.7% |  |  |
| Aviva PLC  | 9407588 | 82630591 |
| TOTAL FINANCIALS |  | 620184883 |
| Industrials - 3.4% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| BAE Systems PLC  | 5074099 | 124992754 |
| Rolls-Royce Holdings PLC  | 10669167 | 164185782 |
|  |  | 289178536 |
| Professional Services - 0.3% |  |  |
| RELX PLC  | 803467 | 35510346 |
| Trading Companies & Distributors - 0.7% |  |  |
| Diploma PLC  | 1173300 | 86470532 |
| TOTAL INDUSTRIALS |  | 411159414 |
| TOTAL UNITED KINGDOM |  | 1723981986 |
| UNITED STATES - 3.2%  |  |  |
| Communication Services - 1.0% |  |  |
| Entertainment - 1.0% |  |  |
| Spotify Technology SA (a) | 181200 | 118743984 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Alcon AG (United States)  | 270500 | 19987245 |
| Industrials - 1.5% |  |  |
| Electrical Equipment - 1.5% |  |  |
| Schneider Electric SE  | 643965 | 183484908 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Holcim AG  | 702430 | 62446895 |
| TOTAL UNITED STATES |  | 384663032 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,239,915,014) |  | <br> **11457803450** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (a)(c)(d) | 931 | 1532622 |
| Canva Australia Holdings Pty Ltd Series A2 (a)(c)(d) | 169 | 278209 |
| TOTAL AUSTRALIA |  | 1810831 |
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Valsoft Corp Series A-1.2 (c)(d) | 1026 | 11399701 |
| Valsoft Corp Series A-1.3 (c)(d) | 363 | 4033228 |
| Valsoft Corp Series A-1.4 (c)(d) | 469 | 5210975 |
| TOTAL CANADA |  | 20643904 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| Bytedance Ltd Series E1 (a)(c)(d) | 131235 | 33937371 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(c)(d) | 631853 | 5048505 |
| TOTAL CHINA |  | 38985876 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(c)(d) | 87239 | 19412342 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $68,986,435) |  | <br> **80852953** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.18 | 464848113 | 464941083 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.18 | 36656465 | 36660131 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $501,601,214) |  |  | **501601214** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $7,810,502,663)<br>| <br>**12040257617** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **10763821** |
| **NET ASSETS - 100.0%** | **12051021438** |

---

**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 $206,039,772 or 1.7% of net assets.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $148,407,679 or 1.2% of net assets.

(e) Affiliated company.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $173,390,707 or 1.4% of net assets.

(g) Security or a portion of the security is on loan at period end.

(h) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $1,332,473 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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>|
| Bolt Technology OU Series E | 1/3/2022 | 22664387 |
| Bytedance Ltd Series E1 | 11/18/2020 | 14379968 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 8/19/2025 | 8104054 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 993061 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 180266 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 8974301 |
| Kry International Ab | 5/14/2021 - 10/30/2024 | 12863695 |
| Revolut Group Holdings Ltd | 12/27/2024 | 22037614 |
| Valsoft Corp Series A-1.2 | 3/14/2025 | 12018267 |
| Valsoft Corp Series A-1.3 | 3/17/2025 | 3603455 |
| Valsoft Corp Series A-1.4 | 3/17/2025 | 6172730 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| LG Electronics India Ltd | 1/7/2026 |
| LG Electronics India Ltd | 11/8/2025 |

---

**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 | 267528251 | 3238428759 | 3041017063 | 10994203 | 1136 | - | 464941083 | 464848113 | 0.8% |
| Fidelity Securities Lending Cash Central Fund | 23907178 | 1364265341 | 1351512388 | 700403 | - | - | 36660131 | 36656465 | 0.1% |
| Total | 291435429 | 4602694100 | 4392529451 | 11694606 | 1136 | - | 501601214 |  |  |

---

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  |
| IperionX Ltd | 48120514 | 13385628 | 1433759 | - | 348533 | 54728058 | 115148974 | 25880594 |
| Total | 48120514 | 13385628 | 1433759 | - | 348533 | 54728058 | 115148974 |  |

---

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 | 981855012 | 586918994 | 394936018 | - |
| Consumer Discretionary | 1312910720 | 913498091 | 399412629 | - |
| Consumer Staples | 229709896 | 42940466 | 186769430 | - |
| Energy | 152103115 | 152103115 | - | - |
| Financials | 3069343004 | 1203573237 | 1812724177 | 53045590 |
| Health Care | 514234327 | 469800475 | 44433852 | - |
| Industrials | 2437902712 | 1289278653 | 1148624059 | - |
| Information Technology | 2319678988 | 1343873656 | 960196562 | 15608770 |
| Materials | 440065676 | 180971024 | 259094652 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 33937371 | - | - | 33937371 |
| Health Care | 5048505 | - | - | 5048505 |
| Information Technology | 41867077 | - | - | 41867077 |
|  **Money Market Funds** | 501601214 | 501601214 | - | - |
| **Total Investments in Securities:** | 12040257617 | 6684558925 | 5206191379 | 149507313 |

---

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** | 48790354 | - | 8714597 | 34974559 | (11126191) | - | - | (12698959) | 68654360 | 23025677 |
| **Convertible Preferred Stocks** | 71851147 | (225237) | 6537737 | 21794452 | (1136859) | - | - | (17968287) | 80852953 | 6537736 |
| <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. |  |  |  |

---

**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 $34,917,815) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,274,941,790) | $11423507429 |  |
| Fidelity Central Funds (cost $501,601,214) | 501601214 |  |
| Other affiliated issuers (cost $33,959,659) | 115148974 |  |
| Total Investment in Securities (cost $7,810,502,663) |  | $12040257617 |
| Foreign currency held at value (cost $2,772,961) |  | 2768636 |
| Receivable for investments sold |  | 89512641 |
| Receivable for fund shares sold |  | 3702803 |
| Dividends receivable |  | 17647149 |
| Reclaims receivable |  | 32685314 |
| Distributions receivable from Fidelity Central Funds |  | 1342828 |
| Prepaid expenses |  | 12150 |
| Other receivables |  | 2347008 |
| **Total assets** |  | 12190276146 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $64754952 |  |
| Delayed delivery | 19742665 |  |
| Payable for fund shares redeemed | 1627849 |  |
| Accrued management fee | 6845718 |  |
| Distribution and service plan fees payable | 46638 |  |
| Deferred taxes | 8519692 |  |
| Other payables and accrued expenses | 1057063 |  |
| Collateral on securities loaned | 36660131 |  |
| **Total liabilities** |  | 139254708 |
| **Net Assets**  |  | $12051021438 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7441782642 |
| Total accumulated earnings (loss) |  | 4609238796 |
| **Net Assets** |  | $12051021438 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($163,858,414 ÷ 2,711,132 shares)(a) |  | $60.44 |
| Maximum offering price per share (100/94.25 of $60.44) |  | $64.13 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($20,509,474 ÷ 343,078 shares)(a) |  | $59.78 |
| Maximum offering price per share (100/96.50 of $59.78) |  | $61.95 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($5,054,701 ÷ 85,879 shares)(a) |  | $58.86 |
| **International Discovery :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,408,317,620 ÷ 72,223,452 shares) |  | $61.04 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($611,519,800 ÷ 10,056,282 shares) |  | $60.81 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,024,381,611 ÷ 16,877,735 shares) |  | $60.69 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,817,379,818 ÷ 95,855,147 shares) |  | $60.69 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $207600597 |
| Foreign Tax Reclaims |  | 12853467 |
| Interest  |  | 13750 |
| Income from Fidelity Central Funds (including $700,403 from security lending)  |  | 11694606 |
| Income before foreign taxes withheld |  | $232162420 |
| Less foreign taxes withheld |  | (20574143) |
| **Total income** |  | 211588277 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $75879578 |  |
| Performance adjustment | (9979626) |  |
| Distribution and service plan fees | 510538 |  |
| Custodian fees and expenses | 570596 |  |
| Independent trustees' fees and expenses | 41145 |  |
| Registration fees | 193258 |  |
| Audit fees | 148145 |  |
| Legal | 9370 |  |
| Miscellaneous | 38834 |  |
| Total expenses before reductions | 67411838 |  |
| Expense reductions | (14082) |  |
| Total expenses after reductions |  | 67397756 |
| **Net Investment income (loss)** |  | 144190521 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $6,064,931)  | 780170445 |  |
| Fidelity Central Funds | 1136 |  |
| Other affiliated issuers | 348533 |  |
| Foreign currency transactions | 102054 |  |
| Total net realized gain (loss) |  | 780622168 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,854,241)  | 1444942005 |  |
| Affiliated issuers  | 54728058 |  |
| Assets and liabilities in foreign currencies | 2249694 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1501919757 |
| **Net gain (loss)** |  | 2282541925 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2426732446 |

---

---

| | | |
|:---|:---|:---|
| **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) | $144190521 | $124753922 |
| &nbsp;&nbsp;Net realized gain (loss) | 780622168<br>| 272609663<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1501919757 | 1734690881<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2426732446<br>| 2132054466<br>|
| Distributions to shareholders | (278640123)<br>| (157784315)<br>|
| Share transactions - net increase (decrease) | 61895340<br>| 731093896<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2209987663<br>| 2705364047<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 9841033775 | 7135669728<br>|
| &nbsp;&nbsp;End of period | $12051021438 | $9841033775 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® International Discovery Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.70 | $39.12 | $36.68 | $58.79 | $45.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .55  | .50  | .49  | .56 C | .18  |
| Net realized and unrealized gain (loss)  | 11.43  | 10.78  | 1.95  | (16.91)  | 14.60  |
| Total from investment operations  | 11.98  | 11.28  | 2.44  | (16.35)  | 14.78  |
| Distributions from net investment income  | (1.24)  | (.70)  | -  | (1.38)  | (.12)  |
| Distributions from net realized gain  | -  | -  | -  | (4.38)  | (1.71)  |
| Total distributions  | (1.24)  | (.70)  | -  | (5.76)  | (1.83)  |
| Net asset value, end of period  | $60.44 | $49.70 | $39.12 | $36.68 | $58.79 |
| **Total Return** D,E | 24.70% <br>| 29.14%  | 6.65%  | (30.57)%  | 32.86%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .95%  | .88%  | 1.00%  | 1.31%  | 1.32%  |
| Expenses net of fee waivers, if any  | .95% <br>| .87%  | .99%  | 1.30%  | 1.32%  |
| Expenses net of all reductions, if any  | .95%  | .87%  | .99%  | 1.30%  | 1.32%  |
| Net investment income (loss)  | 1.03%  | 1.05%  | 1.17%  | 1.27% C | .32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $163858 | $143018 | $122305 | $130702 | $206114 |
| Portfolio turnover rate H | 54% <br>| 44% I | 49% I | 43% I | 41% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .92%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.16 | $38.71 | $36.38 | $58.35 | $45.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .38  | .38  | .45 C | .04  |
| Net realized and unrealized gain (loss)  | 11.32  | 10.67  | 1.95  | (16.81)  | 14.51  |
| Total from investment operations  | 11.73  | 11.05  | 2.33  | (16.36)  | 14.55  |
| Distributions from net investment income  | (1.11)  | (.60)  | -  | (1.23)  | (.02)  |
| Distributions from net realized gain  | -  | -  | -  | (4.38)  | (1.71)  |
| Total distributions  | (1.11)  | (.60)  | -  | (5.61)  | (1.73)  |
| Net asset value, end of period  | $59.78 | $49.16 | $38.71 | $36.38 | $58.35 |
| **Total Return** D,E | 24.39% <br>| 28.81%  | 6.40%  | (30.76)%  | 32.53%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.20%  | 1.13%  | 1.24%  | 1.55%  | 1.57%  |
| Expenses net of fee waivers, if any  | 1.20% <br>| 1.12%  | 1.24%  | 1.55%  | 1.57%  |
| Expenses net of all reductions, if any  | 1.20%  | 1.12%  | 1.23%  | 1.55%  | 1.57%  |
| Net investment income (loss)  | .78%  | .80%  | .93%  | 1.02% C | .07%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $20509 | $17503 | $15275 | $16100 | $25178 |
| Portfolio turnover rate H | 54% <br>| 44% I | 49% I | 43% I | 41% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .67%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.41 | $38.06 | $35.96 | $57.59 | $45.18 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .14  | .16  | .21 C | (.27)  |
| Net realized and unrealized gain (loss)  | 11.16  | 10.54  | 1.94  | (16.66)  | 14.38  |
| Total from investment operations  | 11.31  | 10.68  | 2.10  | (16.45)  | 14.11  |
| Distributions from net investment income  | (.86)  | (.33)  | -  | (.80)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (4.38)  | (1.70)  |
| Total distributions  | (.86)  | (.33)  | -  | (5.18)  | (1.70)  |
| Net asset value, end of period  | $58.86 | $48.41 | $38.06 | $35.96 | $57.59 |
| **Total Return** D,E | 23.77% <br>| 28.20%  | 5.84%  | (31.14)%  | 31.79%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.70%  | 1.62%  | 1.77%  | 2.10%  | 2.14%  |
| Expenses net of fee waivers, if any  | 1.70% <br>| 1.62%  | 1.76%  | 2.10%  | 2.13%  |
| Expenses net of all reductions, if any  | 1.70%  | 1.62%  | 1.76%  | 2.10%  | 2.13%  |
| Net investment income (loss)  | .28%  | .31%  | .40%  | .48% C | (.50)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5055 | $4485 | $4391 | $5429 | $10230 |
| Portfolio turnover rate H | 54% <br>| 44% I | 49% I | 43% I | 41% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® International Discovery Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.17 | $39.51 | $37.04 | $59.31 | $46.20 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .71  | .65  | .63  | .72 C | .36  |
| Net realized and unrealized gain (loss)  | 11.54  | 10.86  | 1.98  | (17.07)  | 14.71  |
| Total from investment operations  | 12.25  | 11.51  | 2.61  | (16.35)  | 15.07  |
| Distributions from net investment income  | (1.38)  | (.85)  | (.14)  | (1.54)  | (.25)  |
| Distributions from net realized gain  | -  | -  | -  | (4.38)  | (1.71)  |
| Total distributions  | (1.38)  | (.85)  | (.14)  | (5.92)  | (1.96)  |
| Net asset value, end of period  | $61.04 | $50.17 | $39.51 | $37.04 | $59.31 |
| **Total Return** D | 25.07% <br>| 29.52%  | 7.04%  | (30.36)%  | 33.29%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .66%  | .58%  | .66%  | .98%  | .99%  |
| Expenses net of fee waivers, if any  | .66% <br>| .58%  | .65%  | .97%  | .99%  |
| Expenses net of all reductions, if any  | .66%  | .58%  | .65%  | .97%  | .99%  |
| Net investment income (loss)  | 1.32%  | 1.35%  | 1.51%  | 1.60% C | .65%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4408318 | $3704910 | $3352940 | $3385800 | $5117474 |
| Portfolio turnover rate G | 54% <br>| 44% H | 49% H | 43% H | 41% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.*

D*Total returns 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.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® International Discovery Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.01 | $39.39 | $36.93 | $59.18 | $46.10 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .74  | .68  | .68  | .78 C | .41  |
| Net realized and unrealized gain (loss)  | 11.50  | 10.83  | 1.96  | (17.02)  | 14.67  |
| Total from investment operations  | 12.24  | 11.51  | 2.64  | (16.24)  | 15.08  |
| Distributions from net investment income  | (1.44)  | (.89)  | (.18)  | (1.62)  | (.29)  |
| Distributions from net realized gain  | -  | -  | -  | (4.38)  | (1.71)  |
| Total distributions  | (1.44)  | (.89)  | (.18)  | (6.01) D | (2.00)  |
| Net asset value, end of period  | $60.81 | $50.01 | $39.39 | $36.93 | $59.18 |
| **Total Return** E | 25.15% <br>| 29.64%  | 7.15%  | (30.28)%  | 33.40%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .59%  | .51%  | .55%  | .87%  | .90%  |
| Expenses net of fee waivers, if any  | .59% <br>| .51%  | .54%  | .87%  | .90%  |
| Expenses net of all reductions, if any  | .59%  | .51%  | .54%  | .87%  | .90%  |
| Net investment income (loss)  | 1.40%  | 1.41%  | 1.62%  | 1.71% C | .74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $611520 | $645612 | $476117 | $602552 | $1371352 |
| Portfolio turnover rate H | 54% <br>| 44% I | 49% I | 43% I | 41% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.96 | $39.35 | $36.90 | $59.15 | $46.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .69  | .62  | .63  | .69 C | .35  |
| Net realized and unrealized gain (loss)  | 11.47  | 10.83  | 1.96  | (16.99)  | 14.67  |
| Total from investment operations  | 12.16  | 11.45  | 2.59  | (16.30)  | 15.02  |
| Distributions from net investment income  | (1.43)  | (.84)  | (.14)  | (1.57)  | (.24)  |
| Distributions from net realized gain  | -  | -  | -  | (4.38)  | (1.71)  |
| Total distributions  | (1.43)  | (.84)  | (.14)  | (5.95)  | (1.95)  |
| Net asset value, end of period  | $60.69 | $49.96 | $39.35 | $36.90 | $59.15 |
| **Total Return** D | 25.01% <br>| 29.49%  | 7.01%  | (30.37)%  | 33.26%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .70%  | .62%  | .67%  | .99%  | 1.02%  |
| Expenses net of fee waivers, if any  | .70% <br>| .62%  | .66%  | .99%  | 1.02%  |
| Expenses net of all reductions, if any  | .70%  | .62%  | .66%  | .99%  | 1.02%  |
| Net investment income (loss)  | 1.28%  | 1.30%  | 1.50%  | 1.59% C | .62%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1024382 | $776727 | $496845 | $509367 | $565667 |
| Portfolio turnover rate G | 54% <br>| 44% H | 49% H | 43% H | 41% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.*

D*Total returns 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.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.93 | $39.33 | $36.88 | $59.14 | $46.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .75  | .68  | .67  | .76 C | .43  |
| Net realized and unrealized gain (loss)  | 11.47  | 10.82  | 1.97  | (16.99)  | 14.64  |
| Total from investment operations  | 12.22  | 11.50  | 2.64  | (16.23)  | 15.07  |
| Distributions from net investment income  | (1.46)  | (.90)  | (.19)  | (1.65)  | (.29)  |
| Distributions from net realized gain  | -  | -  | -  | (4.38)  | (1.71)  |
| Total distributions  | (1.46)  | (.90)  | (.19)  | (6.03)  | (2.00)  |
| Net asset value, end of period  | $60.69 | $49.93 | $39.33 | $36.88 | $59.14 |
| **Total Return** D | 25.17% <br>| 29.65%  | 7.14%  | (30.29)%  | 33.40%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .59%  | .52%  | .55%  | .87%  | .90%  |
| Expenses net of fee waivers, if any  | .59% <br>| .51%  | .54%  | .87%  | .90%  |
| Expenses net of all reductions, if any  | .59%  | .51%  | .54%  | .87%  | .90%  |
| Net investment income (loss)  | 1.40%  | 1.41%  | 1.62%  | 1.71% C | .74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5817380 | $4548779 | $2667797 | $2720340 | $3972323 |
| Portfolio turnover rate G | 54% <br>| 44% H | 49% H | 43% H | 41% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.*

D*Total returns 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.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Consolidated Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Discovery, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. 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 Consolidated 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 consolidated 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 consolidated 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 consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $68654360  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 2.5 - 14.0 / 10.9 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.0 - 20.7 / 19.0 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 70.0% | Increase |
|  |  |  | Discount rate  | 1.9% | Increase |
|  |  |  | Term  | 2.0 | Increase |
| Convertible Preferred Stocks | $80852953  | Market comparable | Enterprise value/Revenue multiple (EV/R)  | 2.0 - 14.0 / 2.6 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 13.0 | Increase |
|  |  | Market approach | Transaction price  | $15.40  | Increase |
|  |  |  | Discount rate  | 10.0% | Decrease |
|  |  | Black scholes  | Volatility | 60.0% | 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, is included at the end of the Fund's Consolidated 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 Consolidated 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 Consolidated Statement of Operations in foreign taxes reclaims. Any receivables for withholding tax reclaims are included in the Consolidated 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 Consolidated Statement of Operations in foreign taxes reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated 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 consolidated 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 Consolidated 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 consolidated 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), deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4043409688 |
| **Gross unrealized depreciation**  | <u>(162651213)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3880758475</u> |
| **Tax Cost**  | <u>$8159499142</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$303402019</u> |
| **Undistributed long-term capital gain**  | <u>$434755089</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3879633822</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $278640123 | $157784315 |

---

**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 Consolidated 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 Consolidated 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 Consolidated 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 International Discovery Fund** | FID FDO 305, LLC | 30782493 | .26 |

---

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 consolidated 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 consolidated financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity International Discovery Fund** | 5628600551 | 5870798820 |

---

**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 Consolidated 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 International Discovery Fund** | 872951 | 9303152 | 36396996 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity International Discovery Fund** | 95277 | 4686699 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .84 |
| **Class M** | .84 |
| **Class C** | .84 |
| **International Discovery** | .78 |
| **Class K** | .68 |
| **Class I** | .80 |
| **Class Z** | .68 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .79 |
| **Class M** | .79 |
| **Class C** | .79 |
| **International Discovery** | .75 |
| **Class K** | .67 |
| **Class I** | .79 |
| **Class Z** | .67 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity International Discovery Fund** | MSCI EAFE Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Discovery. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.09) %.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 372471 | 3338 |
| **Class M** | .25% | .25% | 92668 | 824 |
| **Class C** | .75% | .25% | <u>45399</u> | <u>5310</u> |
|  |  |  | <u>510538</u> | <u>9472</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** | 7811 |
| **Class M** | 1166 |
| **Class C**A | <u>160</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9137</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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Discovery Fund** | 7724 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity International Discovery Fund** | 153352558 | 307836222 | 35172377 |

---

**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 Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Discovery Fund** | 14266 |

---

**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 Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated 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 Consolidated 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 Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity International Discovery Fund** | 75522 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $14,082.

**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 International Discovery Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3553974 | $2140472 |
| Class M | 392108 | 232905 |
| Class C | 79580 | 36776 |
| International Discovery | 101373792 | 70858650 |
| Class K | 17514884 | 9876323 |
| Class I | 22644236 | 10533622 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>133081549</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>64105567</u> |
| Total  | <u>$278640123</u> | <u>$157784315</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 International Discovery Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 169906 | 128704 | $9072981 | $6133183 |
| Reinvestment of distributions | 71602 | 50196 | 3507794 | 2114271 |
| Shares redeemed | <u>(408117)</u> | <u>(427825)</u> | <u>(21413069)</u> | <u>(20180822)</u> |
| Net increase (decrease) | <u>(166609)</u> | <u>(248925)</u> | <u>$(8832294)</u> | <u>$(11933368)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 20223 | 11065 | $1053406 | $514154 |
| Reinvestment of distributions | 8014 | 5531 | 389159 | 230983 |
| Shares redeemed | <u>(41171)</u> | <u>(55236)</u> | <u>(2155619)</u> | <u>(2576685)</u> |
| Net increase (decrease) | <u>(12934)</u> | <u>(38640)</u> | <u>$(713054)</u> | <u>$(1831548)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 15751 | 12469 | $828716 | $581189 |
| Reinvestment of distributions | 1646 | 889 | 78954 | 36710 |
| Shares redeemed | <u>(24156)</u> | <u>(36076)</u> | <u>(1233216)</u> | <u>(1658420)</u> |
| Net increase (decrease) | <u>(6759)</u> | <u>(22718)</u> | <u>$(325546)</u> | <u>$(1040521)</u> |
| **International Discovery** |  |  |  |  |
| Shares sold | 6222698 | 6202249 | $334368072 | $302448143 |
| Reinvestment of distributions | 1875836 | 1538643 | 92572519 | 65253862 |
| Shares redeemed | <u>(9722586)</u> | <u>(18763133)</u> | <u>(517362444)</u> | <u>(912040994)</u> |
| Net increase (decrease) | <u>(1624052)</u> | <u>(11022241)</u> | <u>$(90421853)</u> | <u>$(544338989)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 1876128 | 3777457 | $99335574 | $182664593 |
| Reinvestment of distributions | 356501 | 233814 | 17514884 | 9876323 |
| Shares redeemed | <u>(5086382)</u> | <u>(3189382)</u> | <u>(264162493)</u> | <u>(146659863)</u> |
| Net increase (decrease) | <u>(2853753)</u> | <u>821889</u> | <u>$(147312035)</u> | <u>$45881053</u> |
| **Class I** |  |  |  |  |
| Shares sold | 7557597 | 5546246 | $389724198 | $270048189 |
| Reinvestment of distributions | 103131 | 48017 | 5062699 | 2028708 |
| Shares redeemed | <u>(6328809)</u> | <u>(2674032)</u> | <u>(319443891)</u> | <u>(125179604)</u> |
| Net increase (decrease) | <u>1331919</u> | <u>2920231</u> | <u>$75343006</u> | <u>$146897293</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 5980670 | 22189059 | $306303735 | $1054486022 |
| Reinvestment of distributions | 2691652 | 1513180 | 131971709 | 63825921 |
| Shares redeemed | <u>(3912968)</u> | <u>(433995)</u> | <u>(204118328)</u> | <u>(20851967)</u> |
| Net increase (decrease) | <u>4759354</u> | <u>23268244</u> | <u>$234157116</u> | <u>$1097459976</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** |
| Fidelity International Discovery Fund | 37% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity International Discovery Fund | 48% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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 International Discovery Fund

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity International Discovery Fund and its subsidiary (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated 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 consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated 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 consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 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, $440,999,235, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $10,831,476 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;

Class A designates 58.51%; Class M designates 64.94%; Class C designates 82.77%; International Discovery designates 52.99%; Class K designates 50.93%; Class I designates 51.24% and Class Z designates 50.20% of dividends distributed 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** |
| **Fidelity International Discovery Fund** |  |  |  |
| Class A | 12/16/2024 | $1.2488 | $0.0602 |
| Class M | 12/16/2024 | $1.1252 | $0.0602 |
| Class C | 12/16/2024 | $0.8828 | $0.0602 |
| International Discovery | 12/16/2024 | $1.3791 | $0.0602 |
| Class K | 12/16/2024 | $1.4347 | $0.0602 |
| Class I | 12/16/2024 | $1.4261 | $0.0602 |
| Class Z | 12/16/2024 | $1.4558 | $0.0602 |

---

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 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 International Discovery 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. 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 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. 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.

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.

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.

![](img118391_4.jpg)<br>

1.807258.121 IGI-ANN-1225

**Fidelity® International Capital Appreciation K6 Fund**

**Annual Report**

**October 31, 2025**

![](img118392_1.jpg)

![](img118392_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IVFK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Capital Appreciation K6 Fund](#Sub_Sec_Fund_2953_IVFK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2953_IVFK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IVFK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IVFK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IVFK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IVFK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IVFK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IVFK6-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 1-800-835-5092 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® International Capital Appreciation K6 Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| AUSTRIA - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Erste Group Bank AG  | 292894 | 30299983 |
| BRAZIL - 2.5%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| MercadoLibre Inc (a) | 11210 | 26088585 |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Wheaton Precious Metals Corp  | 282000 | 27233895 |
| TOTAL BRAZIL |  | 53322480 |
| CANADA - 7.0%  |  |  |
| Financials - 1.3% |  |  |
| Capital Markets - 1.3% |  |  |
| Brookfield Asset Management Ltd Class A (United States) (b) | 494996 | 26759484 |
| Industrials - 1.2% |  |  |
| Professional Services - 1.2% |  |  |
| Thomson Reuters Corp  | 163350 | 25021649 |
| Information Technology - 3.6% |  |  |
| IT Services - 1.7% |  |  |
| Shopify Inc Class A (United States) (a) | 212371 | 36922822 |
| Software - 1.9% |  |  |
| Constellation Software Inc/Canada  | 14809 | 38972731 |
| TOTAL INFORMATION TECHNOLOGY |  | 75895553 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Franco-Nevada Corp  | 110100 | 20566182 |
| TOTAL CANADA |  | 148242868 |
| CHINA - 5.2%  |  |  |
| Communication Services - 3.4% |  |  |
| Interactive Media & Services - 3.4% |  |  |
| Tencent Holdings Ltd  | 883475 | 71762698 |
| Consumer Discretionary - 1.8% |  |  |
| Broadline Retail - 1.8% |  |  |
| Prosus NV Class N  | 567809 | 39223288 |
| TOTAL CHINA |  | 110985986 |
| DENMARK - 1.6%  |  |  |
| Industrials - 1.6% |  |  |
| Air Freight & Logistics - 1.6% |  |  |
| DSV A/S  | 164196 | 34846619 |
| FRANCE - 4.8%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Hermes International SCA  | 12659 | 31356911 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Safran SA  | 114400 | 40648438 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Air Liquide SA  | 154766 | 29953244 |
| TOTAL FRANCE |  | 101958593 |
| GERMANY - 11.4%  |  |  |
| Financials - 2.7% |  |  |
| Banks - 1.5% |  |  |
| Commerzbank AG  | 855676 | 31078154 |
| Capital Markets - 1.2% |  |  |
| Deutsche Boerse AG  | 107947 | 27336517 |
| TOTAL FINANCIALS |  | 58414671 |
| Industrials - 4.8% |  |  |
| Aerospace & Defense - 3.1% |  |  |
| MTU Aero Engines AG  | 62500 | 27238560 |
| Rheinmetall AG  | 19325 | 37900847 |
|  |  | 65139407 |
| Electrical Equipment - 1.7% |  |  |
| Siemens Energy AG (a) | 297088 | 37012808 |
| TOTAL INDUSTRIALS |  | 102152215 |
| Information Technology - 2.2% |  |  |
| Software - 2.2% |  |  |
| SAP SE  | 181055 | 47087431 |
| Materials - 1.7% |  |  |
| Construction Materials - 1.7% |  |  |
| Heidelberg Materials AG  | 153125 | 35923689 |
| TOTAL GERMANY |  | 243578006 |
| INDIA - 9.0%  |  |  |
| Communication Services - 1.5% |  |  |
| Wireless Telecommunication Services - 1.5% |  |  |
| Bharti Airtel Ltd  | 1361100 | 31503182 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| MakeMyTrip Ltd (a) | 104766 | 8381280 |
| Financials - 3.1% |  |  |
| Banks - 3.1% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 3110113 | 34592627 |
| ICICI Bank Ltd  | 2103183 | 31871009 |
|  |  | 66463636 |
| Industrials - 4.0% |  |  |
| Construction & Engineering - 1.5% |  |  |
| Larsen & Toubro Ltd  | 706382 | 32077455 |
| Passenger Airlines - 1.2% |  |  |
| InterGlobe Aviation Ltd (c)(d) | 421848 | 26732327 |
| Transportation Infrastructure - 1.3% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 1654060 | 27047463 |
| TOTAL INDUSTRIALS |  | 85857245 |
| TOTAL INDIA |  | 192205343 |
| ISRAEL - 3.8%  |  |  |
| Financials - 2.9% |  |  |
| Banks - 2.9% |  |  |
| Bank Hapoalim BM  | 1510406 | 30732379 |
| Bank Leumi Le-Israel BM  | 1497802 | 30489713 |
|  |  | 61222092 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Next Vision Stabilized Systems Ltd  | 439324 | 19280127 |
| TOTAL ISRAEL |  | 80502219 |
| JAPAN - 7.3%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Nintendo Co Ltd  | 385323 | 32864159 |
| Financials - 1.3% |  |  |
| Insurance - 1.3% |  |  |
| Tokio Marine Holdings Inc  | 769672 | 28703531 |
| Industrials - 4.5% |  |  |
| Industrial Conglomerates - 2.6% |  |  |
| Hitachi Ltd  | 1583110 | 54629673 |
| Machinery - 1.9% |  |  |
| Mitsubishi Heavy Industries Ltd  | 1308531 | 39504139 |
| TOTAL INDUSTRIALS |  | 94133812 |
| TOTAL JAPAN |  | 155701502 |
| NETHERLANDS - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| ASM International NV  | 32177 | 20843916 |
| SINGAPORE - 1.3%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| Sea Ltd Class A ADR (a) | 182907 | 28579219 |
| SPAIN - 3.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| Banco Santander SA  | 3113584 | 31675389 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 2.0% |  |  |
| Iberdrola SA  | 2086002 | 42275430 |
| TOTAL SPAIN |  | 73950819 |
| SWITZERLAND - 1.7%  |  |  |
| Financials - 1.7% |  |  |
| Insurance - 1.7% |  |  |
| Zurich Insurance Group AG  | 52495 | 36508773 |
| TAIWAN - 5.7%  |  |  |
| Information Technology - 5.7% |  |  |
| Semiconductors & Semiconductor Equipment - 5.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 2529958 | 122200892 |
| UNITED KINGDOM - 9.4%  |  |  |
| Consumer Discretionary - 2.5% |  |  |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Compass Group PLC  | 855309 | 28310592 |
| InterContinental Hotels Group PLC  | 210654 | 25410618 |
|  |  | 53721210 |
| Financials - 1.4% |  |  |
| Capital Markets - 1.4% |  |  |
| 3i Group PLC  | 532710 | 30828258 |
| Industrials - 5.5% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| BAE Systems PLC  | 1304300 | 32129458 |
| Rolls-Royce Holdings PLC  | 2921400 | 44956869 |
|  |  | 77086327 |
| Professional Services - 1.8% |  |  |
| RELX PLC  | 849842 | 37559954 |
| TOTAL INDUSTRIALS |  | 114646281 |
| TOTAL UNITED KINGDOM |  | 199195749 |
| UNITED STATES - 22.7%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Spotify Technology SA (a) | 50847 | 33321056 |
| Financials - 6.3% |  |  |
| Capital Markets - 2.6% |  |  |
| Moody's Corp  | 55575 | 26692673 |
| S&P Global Inc  | 56342 | 27450386 |
|  |  | 54143059 |
| Financial Services - 2.5% |  |  |
| Mastercard Inc Class A  | 46463 | 25647111 |
| Visa Inc Class A  | 82827 | 28222472 |
|  |  | 53869583 |
| Insurance - 1.2% |  |  |
| Arthur J Gallagher & Co  | 103245 | 25758595 |
| TOTAL FINANCIALS |  | 133771237 |
| Industrials - 9.3% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| TransDigm Group Inc  | 23171 | 30319485 |
| Building Products - 1.4% |  |  |
| Trane Technologies PLC  | 67008 | 30063139 |
| Commercial Services & Supplies - 1.3% |  |  |
| Waste Connections Inc  | 162597 | 27268950 |
| Construction & Engineering - 1.5% |  |  |
| Ferrovial SE  | 508050 | 31154124 |
| Ferrovial SE rights (a)(e) | 519227 | 285418 |
|  |  | 31439542 |
| Electrical Equipment - 3.7% |  |  |
| Eaton Corp PLC  | 79621 | 30380189 |
| Schneider Electric SE  | 169696 | 48351472 |
|  |  | 78731661 |
| TOTAL INDUSTRIALS |  | 197822777 |
| Information Technology - 2.7% |  |  |
| Software - 2.7% |  |  |
| Cadence Design Systems Inc (a) | 84515 | 28624385 |
| Synopsys Inc (a) | 62047 | 28158170 |
|  |  | 56782555 |
| Materials - 2.9% |  |  |
| Construction Materials - 2.9% |  |  |
| CRH PLC (United Kingdom)  | 268122 | 31644512 |
| Holcim AG  | 337274 | 29984075 |
|  |  | 61628587 |
| TOTAL UNITED STATES |  | 483326212 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,595,682,923) |  | <br> **2116249179** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 21514667 | 21518970 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 7762774 | 7763550 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,282,520) |  |  | **29282520** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $1,624,965,443)<br>| <br>**2145531699** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(15251010)** |
| **NET ASSETS - 100.0%** | **2130280689** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under 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 $26,732,327 or 1.3% 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 $26,732,327 or 1.3% of net assets.

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 | - | 1207600436 | 1186085187 | 961217 | 3721 | - | 21518970 | 21514667 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 28492200 | 318684260 | 339412910 | 51338 | - | - | 7763550 | 7762774 | 0.0% |
| Total | 28492200 | 1526284696 | 1525498097 | 1012555 | 3721 | - | 29282520 |  |  |

---

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 | 169451095 | 64824238 | 104626857 | - |
| Consumer Discretionary | 187350493 | 133629283 | 53721210 | - |
| Financials | 504647054 | 349398966 | 155248088 | - |
| Industrials | 695129036 | 414965898 | 280163138 | - |
| Information Technology | 342090474 | 172802151 | 169288323 | - |
| Materials | 175305597 | 79444589 | 95861008 | - |
| Utilities | 42275430 | - | 42275430 | - |
|  **Money Market Funds** | 29282520 | 29282520 | - | - |
| **Total Investments in Securities:** | 2145531699 | 1244347645 | 901184054 | - |

---

**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 $7,665,708) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,595,682,923) | $2116249179 |  |
| Fidelity Central Funds (cost $29,282,520) | 29282520 |  |
| Total Investment in Securities (cost $1,624,965,443) |  | $2145531699 |
| Foreign currency held at value (cost $1,714,669) |  | 1712693 |
| Receivable for investments sold |  | 22659185 |
| Receivable for fund shares sold |  | 2660903 |
| Dividends receivable |  | 1432341 |
| Reclaims receivable |  | 3175392 |
| Distributions receivable from Fidelity Central Funds |  | 88712 |
| **Total assets** |  | 2177260925 |
| **Liabilities** |  |  |
| Payable to custodian bank | $96027 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 28107602 |  |
| Delayed delivery | 285418 |  |
| Payable for fund shares redeemed | 3329857 |  |
| Accrued management fee | 1173398 |  |
| Deferred taxes | 6195979 |  |
| Other payables and accrued expenses | 28405 |  |
| Collateral on securities loaned | 7763550 |  |
| **Total liabilities** |  | 46980236 |
| **Net Assets**  |  | $2130280689 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1454823512 |
| Total accumulated earnings (loss) |  | 675457177 |
| **Net Assets** |  | $2130280689 |
| **Net Asset Value**, offering price and redemption price per share ($2,130,280,689 ÷ 110,996,479 shares) |  | $19.19 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $26846845 |
| Interest  |  | 7656 |
| Income from Fidelity Central Funds (including $51,338 from security lending)  |  | 1012555 |
| Income before foreign taxes withheld |  | $27867056 |
| Less foreign taxes withheld |  | (1635743) |
| **Total income** |  | 26231313 |
| **Expenses** |  |  |
| Management fee | $12015150 |  |
| Independent trustees' fees and expenses | 6991 |  |
| Interest | 54459 |  |
| Total expenses before reductions | 12076600 |  |
| Expense reductions | (837) |  |
| Total expenses after reductions |  | 12075763 |
| **Net Investment income (loss)** |  | 14155550 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,296,775)  | 157201662 |  |
| Fidelity Central Funds | 3721 |  |
| Foreign currency transactions | (114613) |  |
| Total net realized gain (loss) |  | 157090770 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,068,991)  | 112353307 |  |
| Assets and liabilities in foreign currencies | 185023 |  |
| Total change in net unrealized appreciation (depreciation) |  | 112538330 |
| **Net gain (loss)** |  | 269629100 |
| **Net increase (decrease) in net assets resulting from operations** |  | $283784650 |

---

---

| | | |
|:---|:---|:---|
| **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) | $14155550 | $10703959 |
| &nbsp;&nbsp;Net realized gain (loss) | 157090770<br>| 89865881<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 112538330 | 261153684<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 283784650<br>| 361723524<br>|
| Distributions to shareholders | (45040106)<br>| (5644723)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1020368593 | 853341623 |
| Reinvestment of distributions | 44942135<br>| 5644723<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (794408016) | (686774012) |
| **Net increase (decrease) in net assets resulting from share transactions** | 270902712<br>| 172212334<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 509647256<br>| 528291135<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1620633433 | 1092342298<br>|
| &nbsp;&nbsp;End of period | $2130280689 | $1620633433 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 55957227 | 53488845 |
| Issued in reinvestment of distributions | 2687927<br>| 386361<br>|
| &nbsp;&nbsp;Redeemed | (43951770) | (41290018) |
| &nbsp;&nbsp;Net increase (decrease) | 14693384 | 12585188 |

---

**Financial Highlights** 

**Fidelity® International Capital Appreciation K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.83 | $13.05 | $11.29 | $17.82 | $13.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .11  | .08  | .06  | .05  |
| Net realized and unrealized gain (loss)  | 2.69  | 3.74  | 1.73  | (5.14)  | 3.85  |
| Total from investment operations  | 2.83  | 3.85  | 1.81  | (5.08)  | 3.90  |
| Distributions from net investment income  | (.17)  | (.07)  | (.05)  | (.04)  | (.07)  |
| Distributions from net realized gain  | (.31)  | -  | -  | (1.41)  | -  |
| Total distributions  | (.47) C | (.07)  | (.05)  | (1.45)  | (.07)  |
| Net asset value, end of period  | $19.19 | $16.83 | $13.05 | $11.29 | $17.82 |
| **Total Return** D | 17.26% <br>| 29.54%  | 16.02%  | (30.83)%  | 27.93%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .65%  | .66%  | .65%  | .65%  | .65%  |
| Expenses net of fee waivers, if any  | .65% <br>| .66%  | .65%  | .65%  | .65%  |
| Expenses net of all reductions, if any  | .65%  | .66%  | .65%  | .65%  | .65%  |
| Net investment income (loss)  | .76%  | .66%  | .59%  | .44%  | .29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2130281 | $1620633 | $1092342 | $763118 | $923233 |
| Portfolio turnover rate G | 110% <br>| 84%  | 78%  | 119% H | 149%  |

---

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.* 

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 International Capital Appreciation K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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 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. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes 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**  | $535340368 |
| **Gross unrealized depreciation**  | <u>(35097676)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$500242692</u> |
| **Tax Cost**  | <u>$1645289007</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$28152000</u> |
| **Undistributed long-term capital gain**  | <u>$153126415</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$500374741</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $16058604 | $5644723 |
| **Long-term Capital Gains**  | <u>28981502</u> | <u>-</u> |
| **Total**  | <u>$45040106</u> | <u>$5644723</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity International Capital Appreciation K6 Fund** | 2260696763 | 2013661268 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .65% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Capital Appreciation K6 Fund** | 1458 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity International Capital Appreciation K6 Fund**  | Borrower | 10690425 | 4.58% | 54459 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity International Capital Appreciation K6 Fund** | 141259688 | 134875019 | 9283133 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity International Capital Appreciation K6 Fund** | 5448 | - | - |

---

**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 $837.

**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 International Capital Appreciation K6 Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity International Capital Appreciation K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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"). 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 hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $153,217,974, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $986,420 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 7% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 96.93% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.1917 and $.0423 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 International Capital Appreciation K6 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) 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. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board 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 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 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.

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.

![](img118392_4.jpg)<br>

1.9883991.108 IVFK6-ANN-1225

**Fidelity® Global Equity Income Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118393_1.jpg)

![](img118393_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_GED-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Global Equity Income Fund](#Sub_Sec_Fund_2406_GED-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2406_GED-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GED-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GED-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GED-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GED-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GED-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GED-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 Equity Income Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.0%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| KBC Group NV  | 18598 | 2234806 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 6532 | 1675227 |
| TOTAL BELGIUM |  | 3910033 |
| BRAZIL - 0.5%  |  |  |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Equatorial Energia SA  | 304274 | 2072815 |
| CANADA - 4.2%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Restaurant Brands International Inc  | 26411 | 1734684 |
| Consumer Staples - 1.6% |  |  |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Alimentation Couche-Tard Inc  | 56483 | 2870563 |
| Metro Inc/CN  | 45815 | 3053899 |
|  |  | 5924462 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Canadian Natural Resources Ltd  | 54842 | 1754490 |
| Imperial Oil Ltd  | 24880 | 2200538 |
| PrairieSky Royalty Ltd  | 90806 | 1630241 |
|  |  | 5585269 |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| Constellation Software Inc/Canada  | 1149 | 3023814 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 581 | 0 |
|  |  | 3023814 |
| TOTAL CANADA |  | 16268229 |
| DENMARK - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 29100 | 717288 |
| FRANCE - 3.3%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 2887 | 2040599 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Danone SA  | 14400 | 1271760 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Vallourec SACA  | 80300 | 1494346 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Gaztransport Et Technigaz SA  | 9500 | 1879050 |
| TOTAL ENERGY |  | 3373396 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Amundi SA (c)(d) | 10891 | 807190 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| Airbus SE  | 8818 | 2174265 |
| Thales SA  | 6300 | 1796463 |
|  |  | 3970728 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Capgemini SE  | 8109 | 1247532 |
| TOTAL FRANCE |  | 12711205 |
| GERMANY - 4.4%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Deutsche Telekom AG  | 134009 | 4150954 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius SE & Co KGaA  | 18700 | 1078158 |
| Industrials - 3.1% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Rheinmetall AG  | 4632 | 9084436 |
| Industrial Conglomerates - 0.7% |  |  |
| Siemens AG  | 10288 | 2915592 |
| TOTAL INDUSTRIALS |  | 12000028 |
| TOTAL GERMANY |  | 17229140 |
| HONG KONG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| AIA Group Ltd  | 175286 | 1705662 |
| HUNGARY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Richter Gedeon Nyrt  | 51700 | 1593525 |
| INDIA - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 20158 | 730123 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Redington Ltd  | 71339 | 203935 |
| TOTAL INDIA |  | 934058 |
| IRELAND - 0.5%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Kerry Group PLC Class A  | 9100 | 829689 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| AIB Group PLC  | 111300 | 1024395 |
| TOTAL IRELAND |  | 1854084 |
| ITALY - 1.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Ferrari NV  | 2500 | 1009875 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 40300 | 2392267 |
| Industrials - 0.8% |  |  |
| Electrical Equipment - 0.8% |  |  |
| Prysmian SpA  | 28800 | 2981694 |
| TOTAL ITALY |  | 6383836 |
| JAPAN - 4.8%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.9% |  |  |
| Capcom Co Ltd  | 49836 | 1301373 |
| Nintendo Co Ltd  | 25865 | 2206024 |
|  |  | 3507397 |
| Consumer Discretionary - 1.1% |  |  |
| Household Durables - 1.1% |  |  |
| Sony Group Corp  | 155880 | 4341194 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Sony Financial Group Inc (b) | 155880 | 157184 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Hoya Corp  | 8596 | 1399200 |
| Industrials - 1.8% |  |  |
| Industrial Conglomerates - 1.1% |  |  |
| Hitachi Ltd  | 125323 | 4324623 |
| Machinery - 0.2% |  |  |
| Ebara Corp  | 27896 | 747767 |
| Trading Companies & Distributors - 0.5% |  |  |
| Inaba Denki Sangyo Co Ltd  | 68599 | 2022226 |
| TOTAL INDUSTRIALS |  | 7094616 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Renesas Electronics Corp  | 83679 | 1033400 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Shin-Etsu Chemical Co Ltd  | 34680 | 1042444 |
| TOTAL JAPAN |  | 18575435 |
| KENYA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Safaricom PLC  | 1360546 | 318672 |
| KOREA (SOUTH) - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Technology Hardware, Storage & Peripherals - 1.7% |  |  |
| Samsung Electronics Co Ltd  | 86846 | 6532013 |
| NETHERLANDS - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| NXP Semiconductors NV  | 26445 | 5530178 |
| SOUTH AFRICA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Naspers Ltd Class N  | 17840 | 1253011 |
| SWEDEN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 40600 | 494899 |
| SWITZERLAND - 1.0%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Cie Financiere Richemont SA Series A  | 8776 | 1735942 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Galderma Group AG  | 12384 | 2285212 |
| TOTAL SWITZERLAND |  | 4021154 |
| TAIWAN - 3.8%  |  |  |
| Information Technology - 3.8% |  |  |
| Semiconductors & Semiconductor Equipment - 3.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 304452 | 14705503 |
| UNITED KINGDOM - 8.8%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Compass Group PLC  | 107346 | 3553136 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 5341 | 1117724 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Burberry Group PLC (b) | 89257 | 1451054 |
| TOTAL CONSUMER DISCRETIONARY |  | 6121914 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC  | 27820 | 639909 |
| Food Products - 0.2% |  |  |
| Premier Foods PLC  | 401653 | 962436 |
| Personal Care Products - 0.5% |  |  |
| Unilever PLC  | 32327 | 1939761 |
| Tobacco - 1.1% |  |  |
| British American Tobacco PLC  | 68800 | 3523631 |
| Imperial Brands PLC  | 21601 | 858301 |
|  |  | 4381932 |
| TOTAL CONSUMER STAPLES |  | 7924038 |
| Financials - 1.2% |  |  |
| Banks - 0.4% |  |  |
| Lloyds Banking Group PLC  | 1028879 | 1206350 |
| Starling Bank Ltd (a) | 83600 | 256991 |
|  |  | 1463341 |
| Capital Markets - 0.6% |  |  |
| London Stock Exchange Group PLC  | 19550 | 2436446 |
| Insurance - 0.2% |  |  |
| Hiscox Ltd  | 40809 | 737148 |
| TOTAL FINANCIALS |  | 4636935 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC ADR  | 53237 | 4386729 |
| Industrials - 2.8% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| BAE Systems PLC  | 116374 | 2866697 |
| Rolls-Royce Holdings PLC  | 264237 | 4066293 |
|  |  | 6932990 |
| Professional Services - 0.8% |  |  |
| RELX PLC  | 70741 | 3126497 |
| Trading Companies & Distributors - 0.2% |  |  |
| RS GROUP PLC  | 95777 | 700201 |
| TOTAL INDUSTRIALS |  | 10759688 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 11400 | 531055 |
| TOTAL UNITED KINGDOM |  | 34360359 |
| UNITED STATES - 58.1%  |  |  |
| Communication Services - 6.1% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| AT&T Inc  | 49394 | 1222502 |
| Verizon Communications Inc  | 27382 | 1088160 |
|  |  | 2310662 |
| Entertainment - 0.7% |  |  |
| Walt Disney Co/The  | 26030 | 2931499 |
| Interactive Media & Services - 3.6% |  |  |
| Alphabet Inc Class A  | 49087 | 13802774 |
| Media - 0.2% |  |  |
| Comcast Corp Class A  | 33025 | 919250 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 18177 | 3818079 |
| TOTAL COMMUNICATION SERVICES |  | 23782264 |
| Consumer Discretionary - 3.9% |  |  |
| Diversified Consumer Services - 0.4% |  |  |
| H&R Block Inc  | 34398 | 1710956 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| McDonald's Corp  | 7793 | 2325665 |
| Starbucks Corp  | 12444 | 1006346 |
|  |  | 3332011 |
| Specialty Retail - 1.8% |  |  |
| Lowe's Cos Inc  | 10807 | 2573471 |
| TJX Cos Inc/The  | 31626 | 4432068 |
|  |  | 7005539 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| NIKE Inc Class B  | 10800 | 697572 |
| Tapestry Inc  | 22550 | 2476441 |
|  |  | 3174013 |
| TOTAL CONSUMER DISCRETIONARY |  | 15222519 |
| Consumer Staples - 4.1% |  |  |
| Beverages - 1.1% |  |  |
| Coca-Cola Co/The  | 44667 | 3077556 |
| Keurig Dr Pepper Inc  | 48055 | 1305174 |
|  |  | 4382730 |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| Albertsons Cos Inc Class A  | 27400 | 484706 |
| BJ's Wholesale Club Holdings Inc (b) | 13485 | 1190186 |
| Costco Wholesale Corp  | 1924 | 1753630 |
| Target Corp  | 8845 | 820108 |
| Walmart Inc  | 34244 | 3464809 |
|  |  | 7713439 |
| Food Products - 0.1% |  |  |
| Mondelez International Inc  | 9931 | 570635 |
| Household Products - 0.8% |  |  |
| Procter & Gamble Co/The  | 21290 | 3201377 |
| TOTAL CONSUMER STAPLES |  | 15868181 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Exxon Mobil Corp  | 33204 | 3797209 |
| Shell PLC  | 46997 | 1761891 |
|  |  | 5559100 |
| Financials - 10.7% |  |  |
| Banks - 6.4% |  |  |
| Bank of America Corp  | 81951 | 4380281 |
| JPMorgan Chase & Co  | 25522 | 7940405 |
| M&T Bank Corp  | 15145 | 2784711 |
| PNC Financial Services Group Inc/The  | 17347 | 3166695 |
| US Bancorp  | 41200 | 1923216 |
| Wells Fargo & Co  | 52948 | 4604888 |
|  |  | 24800196 |
| Capital Markets - 1.2% |  |  |
| Blackrock Inc  | 1300 | 1407653 |
| Charles Schwab Corp/The  | 26400 | 2495328 |
| MSCI Inc  | 1589 | 935206 |
|  |  | 4838187 |
| Consumer Finance - 0.6% |  |  |
| Capital One Financial Corp  | 10053 | 2211559 |
| Financial Services - 0.2% |  |  |
| Apollo Global Management Inc  | 7200 | 895032 |
| Insurance - 2.3% |  |  |
| Chubb Ltd  | 8427 | 2333773 |
| Hartford Insurance Group Inc/The  | 30228 | 3753713 |
| Travelers Companies Inc/The  | 11424 | 3068715 |
|  |  | 9156201 |
| TOTAL FINANCIALS |  | 41901175 |
| Health Care - 6.3% |  |  |
| Biotechnology - 2.4% |  |  |
| AbbVie Inc  | 24373 | 5314289 |
| Gilead Sciences Inc  | 32405 | 3881795 |
|  |  | 9196084 |
| Health Care Providers & Services - 0.6% |  |  |
| UnitedHealth Group Inc  | 6496 | 2218774 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Danaher Corp  | 9548 | 2056448 |
| Pharmaceuticals - 2.9% |  |  |
| Eli Lilly & Co  | 5230 | 4512758 |
| GSK PLC  | 112397 | 2631602 |
| Merck & Co Inc  | 30868 | 2654031 |
| Royalty Pharma PLC Class A  | 36012 | 1351890 |
|  |  | 11150281 |
| TOTAL HEALTH CARE |  | 24621587 |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| GE Aerospace  | 16939 | 5233304 |
| General Dynamics Corp  | 3718 | 1282338 |
|  |  | 6515642 |
| Building Products - 0.5% |  |  |
| Johnson Controls International plc  | 16248 | 1858609 |
| Electrical Equipment - 0.8% |  |  |
| GE Vernova Inc  | 5091 | 2978948 |
| Ground Transportation - 0.4% |  |  |
| Norfolk Southern Corp  | 5000 | 1416900 |
| Machinery - 0.2% |  |  |
| Crane Co  | 6314 | 1199660 |
| TOTAL INDUSTRIALS |  | 13969759 |
| Information Technology - 15.9% |  |  |
| Communications Equipment - 1.0% |  |  |
| Cisco Systems Inc  | 53375 | 3902246 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Crane NXT Co  | 8814 | 557486 |
| IT Services - 1.8% |  |  |
| Accenture PLC Class A  | 10387 | 2597789 |
| Amdocs Ltd  | 29626 | 2496287 |
| IBM Corporation  | 6500 | 1998164 |
|  |  | 7092240 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Broadcom Inc  | 22717 | 8396885 |
| Software - 5.6% |  |  |
| Microsoft Corp  | 41276 | 21373126 |
| Technology Hardware, Storage & Peripherals - 5.3% |  |  |
| Apple Inc  | 76659 | 20726294 |
| TOTAL INFORMATION TECHNOLOGY |  | 62048277 |
| Materials - 1.8% |  |  |
| Chemicals - 1.0% |  |  |
| Linde PLC  | 9368 | 3918635 |
| Construction Materials - 0.3% |  |  |
| Holcim AG  | 13060 | 1161050 |
| Containers & Packaging - 0.3% |  |  |
| Ball Corp  | 12898 | 606206 |
| Crown Holdings Inc  | 5400 | 524772 |
|  |  | 1130978 |
| Metals & Mining - 0.2% |  |  |
| Freeport-McMoRan Inc  | 21903 | 913355 |
| TOTAL MATERIALS |  | 7124018 |
| Real Estate - 1.1% |  |  |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 6319 | 1130975 |
| Lamar Advertising Co Class A  | 18863 | 2236963 |
| Public Storage Operating Co  | 3626 | 1010058 |
|  |  | 4377996 |
| Utilities - 3.2% |  |  |
| Electric Utilities - 1.4% |  |  |
| NextEra Energy Inc  | 35637 | 2900852 |
| PG&E Corp  | 34085 | 543996 |
| Southern Co/The  | 19668 | 1849579 |
|  |  | 5294427 |
| Gas Utilities - 0.2% |  |  |
| Southwest Gas Holdings Inc  | 9100 | 723449 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| Vistra Corp  | 19645 | 3699154 |
| Multi-Utilities - 0.7% |  |  |
| Ameren Corp  | 17643 | 1799939 |
| WEC Energy Group Inc  | 9315 | 1040765 |
|  |  | 2840704 |
| TOTAL UTILITIES |  | 12557734 |
| TOTAL UNITED STATES |  | 227032610 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd (b) | 61057 | 1267677 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $250,629,922) |  | <br> **379471386** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $10,046,726)<br>| 4.18 | 10044717 | **10046726** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $260,676,648)<br>| <br>**389518112** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **1515839** |
| **NET ASSETS - 100.0%** | **391033951** |

---

**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 $807,190 or 0.2% 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 $807,190 or 0.2% 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 | 7369184 | 83393508 | 80716158 | 293767 | 192 | - | 10046726 | 10044717 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 15639952 | 15639952 | 1977 | - | - | - | - | 0.0% |
| Total | 7369184 | 99033460 | 96356110 | 295744 | 192 | - | 10046726 |  |  |

---

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 | 31759287 | 24100936 | 7658351 | - |
| Consumer Discretionary | 33459738 | 20535856 | 12923882 | - |
| Consumer Staples | 31818130 | 23584768 | 8233362 | - |
| Energy | 14517765 | 12755874 | 1761891 | - |
| Financials | 53914758 | 48309309 | 5348458 | 256991 |
| Health Care | 39431905 | 36800303 | 2631602 | - |
| Industrials | 50776513 | 33830706 | 16945807 | - |
| Information Technology | 95350606 | 77869272 | 17481334 | - |
| Materials | 9434139 | 7230645 | 2203494 | - |
| Real Estate | 4377996 | 4377996 | - | - |
| Utilities | 14630549 | 14630549 | - | - |
|  **Money Market Funds** | 10046726 | 10046726 | - | - |
| **Total Investments in Securities:** | 389518112 | 314072940 | 75188181 | 256991 |

---

**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 $250,629,922) | $379471386 |  |
| Fidelity Central Funds (cost $10,046,726) | 10046726 |  |
| Total Investment in Securities (cost $260,676,648) |  | $389518112 |
| Cash |  | 15613 |
| Foreign currency held at value (cost $15,339) |  | 15177 |
| Receivable for investments sold |  | 590955 |
| Receivable for fund shares sold |  | 605742 |
| Dividends receivable |  | 405437 |
| Reclaims receivable |  | 367383 |
| Distributions receivable from Fidelity Central Funds |  | 27015 |
| Prepaid expenses |  | 376 |
| Receivable from investment adviser for expense reductions |  | 15596 |
| Other receivables |  | 409 |
| **Total assets** |  | 391561815 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $126133 |  |
| Accrued management fee | 261927 |  |
| Distribution and service plan fees payable | 19626 |  |
| Deferred taxes | 28342 |  |
| Audit fee payable | 89798 |  |
| Other payables and accrued expenses | 2038 |  |
| **Total liabilities** |  | 527864 |
| **Net Assets**  |  | $391033951 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $258421585 |
| Total accumulated earnings (loss) |  | 132612366 |
| **Net Assets** |  | $391033951 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($30,360,033 ÷ 1,232,668 shares)(a) |  | $24.63 |
| Maximum offering price per share (100/94.25 of $24.63) |  | $26.13 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($22,340,534 ÷ 907,503 shares)(a) |  | $24.62 |
| Maximum offering price per share (100/96.50 of $24.62) |  | $25.51 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($4,906,378 ÷ 199,927 shares)(a) |  | $24.54 |
| **Fidelity Global Equity Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($275,822,230 ÷ 11,201,456 shares) |  | $24.62 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($19,275,924 ÷ 782,680 shares) |  | $24.63 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($38,328,852 ÷ 1,555,981 shares) |  | $24.63 |
| *(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  |  | $6358353 |
| Interest  |  | 2280 |
| Income from Fidelity Central Funds (including $1,977 from security lending)  |  | 295744 |
| Income before foreign taxes withheld |  | $6656377 |
| Less foreign taxes withheld |  | (247657) |
| **Total income** |  | 6408720 |
| **Expenses** |  |  |
| Management fee | $2584020 |  |
| Distribution and service plan fees | 210050 |  |
| Custodian fees and expenses | 18692 |  |
| Independent trustees' fees and expenses | 1162 |  |
| Registration fees | 181439 |  |
| Audit fees | 106759 |  |
| Legal | 6593 |  |
| Miscellaneous | 816 |  |
| Total expenses before reductions | 3109531 |  |
| Expense reductions | (94958) |  |
| Total expenses after reductions |  | 3014573 |
| **Net Investment income (loss)** |  | 3394147 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11345708 |  |
| Fidelity Central Funds | 192 |  |
| Foreign currency transactions | (58976) |  |
| Total net realized gain (loss) |  | 11286924 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $5,944)  | 51040468 |  |
| Assets and liabilities in foreign currencies | 6351 |  |
| Total change in net unrealized appreciation (depreciation) |  | 51046819 |
| **Net gain (loss)** |  | 62333743 |
| **Net increase (decrease) in net assets resulting from operations** |  | $65727890 |

---

---

| | | |
|:---|:---|:---|
| **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) | $3394147 | $1828545 |
| &nbsp;&nbsp;Net realized gain (loss) | 11286924<br>| 4323676<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 51046819 | 29455406<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 65727890<br>| 35607627<br>|
| Distributions to shareholders | (4747368)<br>| (1803376)<br>|
| Share transactions - net increase (decrease) | 72355976<br>| 75952778<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 133336498<br>| 109757029<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 257697453 | 147940424<br>|
| &nbsp;&nbsp;End of period | $391033951 | $257697453 |

---

**Financial Highlights** 

**Fidelity Advisor® Global Equity Income Fund Class A**<br>

---

| | | |
|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $20.36 | $21.10 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .19  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.36  | (.73) D |
| Total from investment operations  | 4.55  | (.74)  |
| Distributions from net investment income  | (.16)  | -  |
| Distributions from net realized gain  | (.13)  | -  |
| Total distributions  | (.28) E | -  |
| Net asset value, end of period  | $24.63 | $20.36 |
| **Total Return** F,G,H | 22.58% <br>| (3.51)%  |
| **Ratios to Average Net Assets** B,I,J |  |  |
| Expenses before reductions  | 1.21%  | 1.06% K,L |
| Expenses net of fee waivers, if any  | 1.18% <br>| 1.05% K,L |
| Expenses net of all reductions, if any  | 1.18%  | 1.05% K,L |
| Net investment income (loss)  | .84%  | (.82)% K,L |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $30360 | $24403 |
| Portfolio turnover rate M | 19% <br>| 29% N |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

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*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the sales charges.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Audit fees are not annualized.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class M**<br>

---

| | | |
|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $20.36 | $21.10 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .13  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.37  | (.73) D |
| Total from investment operations  | 4.50  | (.74)  |
| Distributions from net investment income  | (.11)  | -  |
| Distributions from net realized gain  | (.13)  | -  |
| Total distributions  | (.24)  | -  |
| Net asset value, end of period  | $24.62 | $20.36 |
| **Total Return** E,F,G | 22.29% <br>| (3.51)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.46%  | 1.31% J,K |
| Expenses net of fee waivers, if any  | 1.42% <br>| 1.31% J,K |
| Expenses net of all reductions, if any  | 1.42%  | 1.31% J,K |
| Net investment income (loss)  | .60%  | (1.07)% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $22341 | $16568 |
| Portfolio turnover rate L | 19% <br>| 29% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Audit fees are not annualized.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class C**<br>

---

| | | |
|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $20.35 | $21.10 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .02  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.35  | (.74) D |
| Total from investment operations  | 4.37  | (.75)  |
| Distributions from net investment income  | (.06)  | -  |
| Distributions from net realized gain  | (.13)  | -  |
| Total distributions  | (.18) E | -  |
| Net asset value, end of period  | $24.54 | $20.35 |
| **Total Return** F,G,H | 21.64% <br>| (3.55)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |
| Expenses before reductions  | 1.96%  | 1.81% K,L |
| Expenses net of fee waivers, if any  | 1.93% <br>| 1.80% K,L |
| Expenses net of all reductions, if any  | 1.93%  | 1.80% K,L |
| Net investment income (loss)  | .09%  | (1.57)% K,L |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $4906 | $4953 |
| Portfolio turnover rate M | 19% <br>| 29% N |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the contingent deferred sales charge.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Audit fees are not annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Global Equity Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.36 | $16.19 | $15.58 | $19.80 | $15.12 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .22  | .22  | .20  | .15  |
| Net realized and unrealized gain (loss)  | 4.36  | 4.17  | .62  | (2.21)  | 5.07  |
| Total from investment operations  | 4.61  | 4.39  | .84  | (2.01)  | 5.22  |
| Distributions from net investment income  | (.23)  | (.22)  | (.23)  | (.17)  | (.16)  |
| Distributions from net realized gain  | (.13)  | -  | -  | (2.04)  | (.38)  |
| Total distributions  | (.35) C | (.22)  | (.23)  | (2.21)  | (.54)  |
| Net asset value, end of period  | $24.62 | $20.36 | $16.19 | $15.58 | $19.80 |
| **Total Return** D | 22.93% <br>| 27.18%  | 5.36%  | (11.45)%  | 35.09%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .91%  | .93%  | 1.00%  | .98%  | 1.02%  |
| Expenses net of fee waivers, if any  | .89% <br>| .92%  | 1.00%  | .98%  | 1.02%  |
| Expenses net of all reductions, if any  | .89%  | .92%  | 1.00%  | .98%  | 1.02%  |
| Net investment income (loss)  | 1.13%  | 1.15%  | 1.33%  | 1.22%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $275822 | $166803 | $147940 | $139355 | $92918 |
| Portfolio turnover rate G | 19% <br>| 29% H | 30%  | 61%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns 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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class I**<br>

---

| | | |
|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $20.36 | $21.10 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .24  | - D |
| Net realized and unrealized gain (loss)  | 4.37  | (.74) E |
| Total from investment operations  | 4.61  | (.74)  |
| Distributions from net investment income  | (.22)  | -  |
| Distributions from net realized gain  | (.13)  | -  |
| Total distributions  | (.34) F | -  |
| Net asset value, end of period  | $24.63 | $20.36 |
| **Total Return** G,H | 22.92% <br>| (3.51)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |
| Expenses before reductions  | .95%  | .80% K,L |
| Expenses net of fee waivers, if any  | .91% <br>| .80% K,L |
| Expenses net of all reductions, if any  | .91%  | .80% K,L |
| Net investment income (loss)  | 1.11%  | (.57)% K,L |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $19276 | $14026 |
| Portfolio turnover rate M | 19% <br>| 29% N |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Audit fees are not annualized.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $20.36 | $21.10 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .27  | - D |
| Net realized and unrealized gain (loss)  | 4.37  | (.74) E |
| Total from investment operations  | 4.64  | (.74)  |
| Distributions from net investment income  | (.24)  | -  |
| Distributions from net realized gain  | (.13)  | -  |
| Total distributions  | (.37)  | -  |
| Net asset value, end of period  | $24.63 | $20.36 |
| **Total Return** F,G | 23.05% <br>| (3.51)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | .82%  | .64% J,K |
| Expenses net of fee waivers, if any  | .78% <br>| .64% J,K |
| Expenses net of all reductions, if any  | .78%  | .64% J,K |
| Net investment income (loss)  | 1.24%  | (.41)% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $38329 | $30944 |
| Portfolio turnover rate L | 19% <br>| 29% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Audit fees are not annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Equity Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. 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 tax witheld. 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. 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 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**  | $134810083 |
| **Gross unrealized depreciation**  | <u>(7095416)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$127714667</u> |
| **Tax Cost**  | <u>$261803445</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$460953</u> |
| **Undistributed long-term capital gain**  | <u>$4446648</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$127733103</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $3057818 | $1803376 |
| **Long-term Capital Gains**  | <u>1689550</u> | <u>-</u> |
| **Total**  | <u>$4747368</u> | <u>$1803376</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Global Equity Income Fund** | 126076050 | 59255998 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .88 |
| **Class M** | .86 |
| **Class C** | .88 |
| **Fidelity Global Equity Income Fund** | .86 |
| **Class I** | .85 |
| **Class Z** | .72 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Fidelity Global Equity Income Fund** | .82 |
| **Class I** | .85 |
| **Class Z** | .72 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 66142 | 2043 |
| **Class M** | .25% | .25% | 96507 | - |
| **Class C** | .75% | .25% | <u>47401</u> | <u>3638</u> |
|  |  |  | <u>210050</u> | <u>5681</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** | 11973 |
| **Class M** | 2333 |
| **Class C**A | <u>50</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14356</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Global Equity Income Fund** | 329 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Global Equity Income Fund** | 12935456 | 4402173 | 592962 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Global Equity Income Fund** | 402 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Global Equity Income Fund** | 210 | - | - |

---

**8. Expense Reductions.**

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $15,596 and a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 7482 |
| **Class M** | 5105 |
| **Class C** | 1473 |
| **Fidelity Global Equity Income Fund** | 51721 |
| **Class I** | 4941 |
| **Class Z** | 8640 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024A** |
| **Fidelity Global Equity Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $340380 | $- |
| Class M | 200992 | - |
| Class C | 41563 | - |
| Fidelity Global Equity Income Fund | 3393599 | 1803376 |
| Class I | 275658 | - |
| Class Z | <u>495176</u> | <u>-</u> |
| Total  | <u>$4747368</u> | <u>$1803376</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024A** | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024A** |
| **Fidelity Global Equity Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 281020 | 13802 | $6199876 | $287423 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 1194022 | - | 24716232<br>|
| Reinvestment of distributions | 15956 | - | 340107 | - |
| Shares redeemed | <u>(262832)</u> | <u>(9300)</u> | <u>(5665599)</u> | <u>(192220)</u> |
| Net increase (decrease) | <u>34144</u> | <u>1198524</u> | <u>$874384</u> | <u>$24811435</u> |
| **Class M** |  |  |  |  |
| Shares sold | 232499 | 21406 | $5077426 | $444749 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 810080 | - | 16768677<br>|
| Reinvestment of distributions | 9467 | - | 200333 | - |
| Shares redeemed | <u>(148179)</u> | <u>(17770)</u> | <u>(3237846)</u> | <u>(367978)</u> |
| Net increase (decrease) | <u>93787</u> | <u>813716</u> | <u>$2039913</u> | <u>$16845448</u> |
| **Class C** |  |  |  |  |
| Shares sold | 21168 | 4787 | $473525 | $100926 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 238738 | - | 4939487<br>|
| Reinvestment of distributions | 2009 | - | 41563 | - |
| Shares redeemed | <u>(66633)</u> | <u>(142)</u> | <u>(1437294)</u> | <u>(2945)</u> |
| Net increase (decrease) | <u>(43456)</u> | <u>243383</u> | <u>$(922206)</u> | <u>$5037468</u> |
| **Fidelity Global Equity Income Fund** |  |  |  |  |
| Shares sold | 5375651 | 1679995 | $119641589 | $32230191 |
| Reinvestment of distributions | 140510 | 82061 | 3021195 | 1584378 |
| Shares redeemed | <u>(2506593)</u> | <u>(2706097)</u> | <u>(55825474)</u> | <u>(50277215)</u> |
| Net increase (decrease) | <u>3009568</u> | <u>(944041)</u> | <u>$66837310</u> | <u>$(16462646)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 315716 | 4818 | $6755276 | $101465 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 685565 | - | 14191192<br>|
| Reinvestment of distributions | 12484 | - | 266369 | - |
| Shares redeemed | <u>(234372)</u> | <u>(1531)</u> | <u>(5068708)</u> | <u>(31412)</u> |
| Net increase (decrease) | <u>93828</u> | <u>688852</u> | <u>$1952937</u> | <u>$14261245</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 504954 | 11434 | $11596596 | $238032 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 1515595 | - | 31372832<br>|
| Reinvestment of distributions | 21831 | - | 467938 | - |
| Shares redeemed | <u>(490493)</u> | <u>(7340)</u> | <u>(10490896)</u> | <u>(151036)</u> |
| Net increase (decrease) | <u>36292</u> | <u>1519689</u> | <u>$1573638</u> | <u>$31459828</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.

**13. Prior Fiscal Year Reorganization Information.**

On October 25, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Global Equity Income Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Global Equity Income Fund** | 91300657 | 28301146 |  |  |  |
| **Class A** |  |  | 24716232 | 1194022 | 1.0649033816 |
| **Class M** |  |  | 16768677 | 810080 | 1.0640193237 |
| **Class C** |  |  | 4939487 | 238738 | 1.0519091348 |
| **Class I** |  |  | 14191192 | 685565 | 1.0661111111 |
| **Class Z** |  |  | 31372832 | 1515595 | 1.0742801932 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Global Equity Income Fund** | 169611375 | 261599795 |

---

Pro forma results of operations of the combined entity for the entire period ended October 31, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | $2998559 |
| Total net realized gain (loss) | 7713721 |
| Total change in net unrealized appreciation (depreciation) | <u>50804014</u> |
| Net increase (decrease) in net assets resulting from operations | <u>$61516294</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fidelity Global Equity Income Fund accompanying Statement of Operations since October 25, 2024.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Global Equity Income Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Global Equity Income Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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 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, $4,895,062, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.90% 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 $152,681 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 61%, 100%, 100%, and 100%; Class M designates 73%, 0%, 100%, and 100%; Class C designates 100%, 0%, 100%, and 0%; Fidelity Global Equity Income designates 52%, 100%, 100%, and 100%; Class I designates 50%, 100%, 100%, and 100%; and Class Z designates 49%, 100%, 100%, and 100%; of the dividends distributed in December, April, July and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Class A designates 100%, 100%, 100%, and 100%; Class M designates 100%, 0%, 100%, and 100%; Class C designates 100%, 0%, 100%, and 0%; Fidelity Global Equity Income designates 100%, 100%, 100%, and 100%; Class I designates 100%, 100%, 100%, and 100%; and Class Z designates 100%, 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 purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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 Equity Income 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 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 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.

<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 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.

![](img118393_4.jpg)<br>

1.938162.113 GED-ANN-1225

**Fidelity® Emerging Markets Discovery Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118397_1.jpg)

![](img118397_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EMD-TEK-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Markets Discovery Fund](#Sub_Sec_Fund_2374_EMD-TEK-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2374_EMD-TEK-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EMD-TEK-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EMD-TEK-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EMD-TEK-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EMD-TEK-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EMD-TEK-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EMD-TEK-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® Emerging Markets Discovery 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 - 10.2%  |  |  |
| Consumer Discretionary - 2.3% |  |  |
| Diversified Consumer Services - 0.7% |  |  |
| Afya Ltd Class A  | 635459 | 9004454 |
| Specialty Retail - 0.9% |  |  |
| Lojas Renner SA  | 3939174 | 10865778 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Azzas 2154 SA  | 1548300 | 8262473 |
| TOTAL CONSUMER DISCRETIONARY |  | 28132705 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| PRIO SA/Brazil (a) | 1664760 | 11149045 |
| Financials - 0.9% |  |  |
| Insurance - 0.9% |  |  |
| Caixa Seguridade Participacoes S/A  | 3934990 | 10949321 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Hypera SA  | 2753759 | 13226356 |
| Industrials - 3.1% |  |  |
| Commercial Services & Supplies - 1.0% |  |  |
| Orizon Valorizacao de Residuos SA (a) | 1283410 | 13230219 |
| Ground Transportation - 2.1% |  |  |
| Localiza Rent a Car SA  | 1923229 | 14099045 |
| Rumo SA  | 3635896 | 10759108 |
|  |  | 24858153 |
| TOTAL INDUSTRIALS |  | 38088372 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| LOG Commercial Properties e Participacoes SA  | 1839956 | 8105457 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 1.1% |  |  |
| Equatorial Energia SA  | 1935724 | 13186793 |
| Water Utilities - 0.1% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 56300 | 1379571 |
| TOTAL UTILITIES |  | 14566364 |
| TOTAL BRAZIL |  | 124217620 |
| CHILE - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Banco de Chile ADR  | 417079 | 14560228 |
| CHINA - 17.9%  |  |  |
| Communication Services - 1.7% |  |  |
| Entertainment - 1.3% |  |  |
| DouYu International Holdings Ltd ADR  | 575203 | 3951645 |
| Tencent Music Entertainment Group Class A ADR  | 539410 | 12039631 |
|  |  | 15991276 |
| Interactive Media & Services - 0.4% |  |  |
| Tongdao Liepin Group (b) | 11276797 | 4629400 |
| TOTAL COMMUNICATION SERVICES |  | 20620676 |
| Consumer Discretionary - 3.5% |  |  |
| Diversified Consumer Services - 0.8% |  |  |
| TAL Education Group Class A ADR (a) | 780930 | 9574202 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Luckin Coffee Inc ADR (a) | 303230 | 12159523 |
| Household Durables - 0.8% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 2487141 | 9368624 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Li Ning Co Ltd  | 5183690 | 11260553 |
| TOTAL CONSUMER DISCRETIONARY |  | 42362902 |
| Consumer Staples - 1.6% |  |  |
| Beverages - 1.6% |  |  |
| China Resources Beer Holdings Co Ltd  | 3088083 | 10571067 |
| Tsingtao Brewery Co Ltd H Shares  | 1395536 | 9428630 |
|  |  | 19999697 |
| Financials - 1.0% |  |  |
| Financial Services - 1.0% |  |  |
| Far East Horizon Ltd  | 13192244 | 11850109 |
| Health Care - 1.7% |  |  |
| Biotechnology - 0.6% |  |  |
| Zai Lab Ltd (a) | 3121920 | 8146322 |
| Pharmaceuticals - 1.1% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 2805670 | 12868340 |
| TOTAL HEALTH CARE |  | 21014662 |
| Industrials - 7.3% |  |  |
| Construction & Engineering - 1.0% |  |  |
| Sinopec Engineering Group Co Ltd H Shares  | 12728672 | 11990641 |
| Electrical Equipment - 1.0% |  |  |
| Hongfa Technology Co Ltd A Shares (China)  | 2966240 | 12698645 |
| Ground Transportation - 1.0% |  |  |
| Full Truck Alliance Co Ltd ADR  | 964620 | 12540060 |
| Machinery - 3.2% |  |  |
| Airtac International Group  | 388330 | 11494205 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 1378097 | 14910958 |
| Zhejiang Dingli Machinery Co Ltd A Shares (China)  | 1458720 | 10891109 |
|  |  | 37296272 |
| Marine Transportation - 1.1% |  |  |
| SITC International Holdings Co Ltd  | 3617720 | 13324558 |
| TOTAL INDUSTRIALS |  | 87850176 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Daqo New Energy Corp ADR (a) | 393760 | 12860202 |
| TOTAL CHINA |  | 216558424 |
| GEORGIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Lion Finance Group PLC  | 110236 | 11592604 |
| GREECE - 0.8%  |  |  |
| Industrials - 0.8% |  |  |
| Transportation Infrastructure - 0.8% |  |  |
| Athens International Airport SA  | 824930 | 9527573 |
| HUNGARY - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Richter Gedeon Nyrt  | 367685 | 11332984 |
| INDIA - 11.7%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Automobiles - 1.3% |  |  |
| Eicher Motors Ltd  | 195373 | 15422504 |
| Financials - 3.3% |  |  |
| Consumer Finance - 2.4% |  |  |
| Manappuram Finance Ltd  | 4509493 | 13691301 |
| Shriram Finance Ltd  | 1725545 | 14558223 |
|  |  | 28249524 |
| Insurance - 0.9% |  |  |
| HDFC Life Insurance Co Ltd (b)(c) | 1361420 | 11224641 |
| TOTAL FINANCIALS |  | 39474165 |
| Health Care - 1.9% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Max Healthcare Institute Ltd  | 990350 | 12805990 |
| Pharmaceuticals - 0.8% |  |  |
| Torrent Pharmaceuticals Ltd  | 259528 | 10408896 |
| TOTAL HEALTH CARE |  | 23214886 |
| Industrials - 3.8% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Bharat Electronics Ltd  | 2780323 | 13346428 |
| Hindustan Aeronautics Ltd (b) | 216300 | 11403602 |
|  |  | 24750030 |
| Air Freight & Logistics - 0.9% |  |  |
| Delhivery Ltd (a) | 2133810 | 11200910 |
| Professional Services - 0.8% |  |  |
| Computer Age Management Services Ltd  | 230510 | 10234991 |
| TOTAL INDUSTRIALS |  | 46185931 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Deccan Cements Ltd  | 693039 | 8082397 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| Oberoi Realty Ltd  | 453547 | 9086269 |
| TOTAL INDIA |  | 141466152 |
| INDONESIA - 4.0%  |  |  |
| Consumer Staples - 2.2% |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 111269630 | 13448705 |
| Food Products - 1.1% |  |  |
| First Resources Ltd  | 8566741 | 12900132 |
| TOTAL CONSUMER STAPLES |  | 26348837 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| United Tractors Tbk PT  | 7552810 | 12217113 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Syariah Indonesia Tbk PT  | 61667510 | 9455932 |
| TOTAL INDONESIA |  | 48021882 |
| KOREA (SOUTH) - 9.1%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Household Durables - 1.1% |  |  |
| Coway Co Ltd  | 203989 | 12730937 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Misto Holdings Corp  | 337185 | 8681701 |
| TOTAL CONSUMER DISCRETIONARY |  | 21412638 |
| Consumer Staples - 0.9% |  |  |
| Tobacco - 0.9% |  |  |
| KT&G Corp  | 122660 | 11517129 |
| Financials - 3.3% |  |  |
| Banks - 1.3% |  |  |
| Woori Financial Group Inc  | 875890 | 15565821 |
| Insurance - 2.0% |  |  |
| DB Insurance Co Ltd  | 157505 | 13973409 |
| Hyundai Marine & Fire Insurance Co Ltd (a) | 523209 | 9993707 |
|  |  | 23967116 |
| TOTAL FINANCIALS |  | 39532937 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| Korea Aerospace Industries Ltd  | 190129 | 13754907 |
| Materials - 2.0% |  |  |
| Chemicals - 2.0% |  |  |
| Hansol Chemical Co Ltd  | 79188 | 12881638 |
| Soulbrain Co Ltd  | 58867 | 11655935 |
|  |  | 24537573 |
| TOTAL KOREA (SOUTH) |  | 110755184 |
| MEXICO - 5.3%  |  |  |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Grupo Comercial Chedraui SA de CV (d) | 1698773 | 12317556 |
| Food Products - 0.2% |  |  |
| Gruma SAB de CV Series B  | 164928 | 2798942 |
| TOTAL CONSUMER STAPLES |  | 15116498 |
| Financials - 1.9% |  |  |
| Banks - 1.0% |  |  |
| Regional SAB de CV  | 1538422 | 11452978 |
| Insurance - 0.9% |  |  |
| Qualitas Controladora SAB de CV (d) | 1177563 | 10678152 |
| TOTAL FINANCIALS |  | 22131130 |
| Industrials - 0.8% |  |  |
| Transportation Infrastructure - 0.8% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 805560 | 9926792 |
| Real Estate - 1.4% |  |  |
| Diversified REITs - 0.7% |  |  |
| Fibra Uno Administracion SA de CV  | 5990436 | 8692960 |
| Industrial REITs - 0.7% |  |  |
| FIBRA Macquarie Mexico (b)(c) | 5190385 | 8406420 |
| TOTAL REAL ESTATE |  | 17099380 |
| TOTAL MEXICO |  | 64273800 |
| PANAMA - 1.2%  |  |  |
| Industrials - 1.2% |  |  |
| Passenger Airlines - 1.2% |  |  |
| Copa Holdings SA Class A  | 114110 | 14287713 |
| PHILIPPINES - 2.2%  |  |  |
| Industrials - 1.3% |  |  |
| Transportation Infrastructure - 1.3% |  |  |
| International Container Terminal Services Inc  | 1652830 | 14920923 |
| Real Estate - 0.9% |  |  |
| Real Estate Management & Development - 0.9% |  |  |
| Robinsons Land Corp  | 44547479 | 11305792 |
| TOTAL PHILIPPINES |  | 26226715 |
| POLAND - 3.9%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| Allegro.eu SA (a)(b)(c) | 1333260 | 12455314 |
| Consumer Staples - 1.0% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Dino Polska SA (a)(b)(c) | 979600 | 11689946 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 590090 | 12095806 |
| Industrials - 0.9% |  |  |
| Professional Services - 0.9% |  |  |
| Benefit Systems SA (a) | 12607 | 10702124 |
| TOTAL POLAND |  | 46943190 |
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| T-Tekhnologii MKPAO Class A GDR (Russia) (a)(b)(e) | 59253 | 0 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| LSR Group PJSC (a)(e) | 67346 | 0 |
| TOTAL RUSSIA |  | 0 |
| SAUDI ARABIA - 2.2%  |  |  |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 308431 | 13487637 |
| Industrials - 1.1% |  |  |
| Commercial Services & Supplies - 1.1% |  |  |
| Catrion Catering Holding Co  | 508370 | 13108119 |
| TOTAL SAUDI ARABIA |  | 26595756 |
| SOUTH AFRICA - 1.8%  |  |  |
| Financials - 1.0% |  |  |
| Financial Services - 1.0% |  |  |
| FirstRand Ltd  | 2447646 | 11608936 |
| Industrials - 0.8% |  |  |
| Industrial Conglomerates - 0.8% |  |  |
| Bidvest Group Ltd  | 769307 | 9982909 |
| TOTAL SOUTH AFRICA |  | 21591845 |
| TAIWAN - 21.1%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.9% |  |  |
| International Games System Co Ltd  | 443620 | 10377750 |
| Consumer Discretionary - 2.4% |  |  |
| Broadline Retail - 0.8% |  |  |
| Poya International Co Ltd  | 636788 | 9403475 |
| Household Durables - 0.7% |  |  |
| Nien Made Enterprise Co Ltd  | 765900 | 9207323 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Makalot Industrial Co Ltd  | 1191008 | 10409421 |
| TOTAL CONSUMER DISCRETIONARY |  | 29020219 |
| Industrials - 4.0% |  |  |
| Construction & Engineering - 1.3% |  |  |
| Acter Group Corp Ltd  | 652540 | 16325160 |
| Electrical Equipment - 2.7% |  |  |
| Bizlink Holding Inc  | 503481 | 22820067 |
| Voltronic Power Technology Corp  | 244600 | 9616154 |
|  |  | 32436221 |
| TOTAL INDUSTRIALS |  | 48761381 |
| Information Technology - 13.8% |  |  |
| Electronic Equipment, Instruments & Components - 5.9% |  |  |
| Chroma ATE Inc  | 879200 | 23395439 |
| E Ink Holdings Inc  | 1539520 | 10604271 |
| Unimicron Technology Corp  | 2758334 | 14652921 |
| Yageo Corp  | 2775200 | 22451907 |
|  |  | 71104538 |
| Semiconductors & Semiconductor Equipment - 5.7% |  |  |
| ASPEED Technology Inc  | 92410 | 16423507 |
| eMemory Technology Inc  | 171280 | 11074378 |
| King Yuan Electronics Co Ltd  | 2810050 | 19812231 |
| Nanya Technology Corp (a) | 5016150 | 21594641 |
|  |  | 68904757 |
| Technology Hardware, Storage & Peripherals - 2.2% |  |  |
| Advantech Co Ltd  | 972040 | 9901051 |
| Innodisk Corp  | 1279247 | 17913947 |
|  |  | 27814998 |
| TOTAL INFORMATION TECHNOLOGY |  | 167824293 |
| TOTAL TAIWAN |  | 255983643 |
| TURKEY - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Mavi Giyim Sanayi Ve Ticaret AS Class B (b)(c) | 11517794 | 11037407 |
| UNITED ARAB EMIRATES - 1.7%  |  |  |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| ADNOC Drilling Co PJSC  | 6507850 | 9886822 |
| Real Estate - 0.9% |  |  |
| Real Estate Management & Development - 0.9% |  |  |
| Aldar Properties PJSC  | 4196141 | 10281999 |
| TOTAL UNITED ARAB EMIRATES |  | 20168821 |
| UNITED STATES - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Consumer Finance - 1.2% |  |  |
| FirstCash Holdings Inc  | 89740 | 14223790 |
| VIETNAM - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| FPT Corp  | 1598911 | 6313009 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $913,488,457) |  | <br> **1195678340** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 36719401 | 36726745 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 11115338 | 11116449 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $47,843,194) |  |  | **47843194** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.6%**<br> (Cost $961,331,651)<br>| <br>**1243521534** |
| **NET OTHER ASSETS (LIABILITIES) - (2.6)%**  | **(31363826)** |
| **NET ASSETS - 100.0%** | **1212157708** |

---

**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 $83,715,070 or 6.9% 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 $67,682,068 or 5.6% 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 | 15114149 | 394515251 | 372902402 | 832404 | (253) | - | 36726745 | 36719401 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 14200460 | 150827244 | 153911255 | 79591 | - | - | 11116449 | 11115338 | 0.0% |
| Total | 29314609 | 545342495 | 526813657 | 911995 | (253) | - | 47843194 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Deccan Cements Ltd | 5077547 | 300346 | 783890 | 4094 | 117999 | 3370395 | - | - |
| Total | 5077547 | 300346 | 783890 | 4094 | 117999 | 3370395 | - |  |

---

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 | 30998426 | 30998426 | - | - |
| Consumer Discretionary | 159843689 | 159843689 | - | - |
| Consumer Staples | 84672107 | 84672107 | - | - |
| Energy | 33252980 | 33252980 | - | - |
| Financials | 210962595 | 210962595 | - | - |
| Health Care | 68788888 | 60642566 | 8146322 | - |
| Industrials | 317096920 | 317096920 | - | - |
| Information Technology | 186997504 | 186997504 | - | - |
| Materials | 32619970 | 32619970 | - | - |
| Real Estate | 55878897 | 55878897 | - | - |
| Utilities | 14566364 | 14566364 | - | - |
|  **Money Market Funds** | 47843194 | 47843194 | - | - |
| **Total Investments in Securities:** | 1243521534 | 1235375212 | 8146322 | - |

---

**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 $10,056,051) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $913,488,457) | $1195678340 |  |
| Fidelity Central Funds (cost $47,843,194) | 47843194 |  |
| Total Investment in Securities (cost $961,331,651) |  | $1243521534 |
| Foreign currency held at value (cost $97,005) |  | 96451 |
| Receivable for investments sold |  | 4426544 |
| Receivable for fund shares sold |  | 689827 |
| Dividends receivable |  | 966395 |
| Distributions receivable from Fidelity Central Funds |  | 73756 |
| Prepaid expenses |  | 1285 |
| Other receivables |  | 111381 |
| **Total assets** |  | 1249887173 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $16175379 |  |
| Payable for fund shares redeemed | 690349 |  |
| Accrued management fee | 904990 |  |
| Distribution and service plan fees payable | 12262 |  |
| Deferred taxes | 8693258 |  |
| Other payables and accrued expenses | 136778 |  |
| Collateral on securities loaned | 11116449 |  |
| **Total liabilities** |  | 37729465 |
| **Net Assets**  |  | $1212157708 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $908219479 |
| Total accumulated earnings (loss) |  | 303938229 |
| **Net Assets** |  | $1212157708 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($37,386,602 ÷ 1,928,878 shares)(a) |  | $19.38 |
| Maximum offering price per share (100/94.25 of $19.38) |  | $20.56 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($5,640,222 ÷ 291,261 shares)(a) |  | $19.36 |
| Maximum offering price per share (100/96.50 of $19.36) |  | $20.06 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($2,914,024 ÷ 155,232 shares)(a) |  | $18.77 |
| **Emerging Markets Discovery :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($391,209,104 ÷ 20,001,838 shares) |  | $19.56 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($618,100,702 ÷ 31,542,302 shares) |  | $19.60 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($156,907,054 ÷ 8,013,125 shares) |  | $19.58 |
| *(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 (including $4,094 earned from affiliated issuers) |  | $36747036 |
| Special dividends |  | 5712548 |
| Interest  |  | 45 |
| Income from Fidelity Central Funds (including $79,591 from security lending)  |  | 911995 |
| Income before foreign taxes withheld |  | $43371624 |
| Less foreign taxes withheld |  | (3657011) |
| **Total income** |  | 39714613 |
| **Expenses** |  |  |
| Management fee | $10304567 |  |
| Distribution and service plan fees | 131087 |  |
| Custodian fees and expenses | 358283 |  |
| Independent trustees' fees and expenses | 4462 |  |
| Registration fees | 157753 |  |
| Audit fees | 100517 |  |
| Legal | 1912 |  |
| Interest | 39496 |  |
| Miscellaneous | 13252 |  |
| **Total expenses** |  | 11111329 |
| **Net Investment income (loss)** |  | 28603284 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $3,418,138)  | 43500530 |  |
| Fidelity Central Funds | (253) |  |
| Other affiliated issuers | 117999 |  |
| Foreign currency transactions | (260225) |  |
| Total net realized gain (loss) |  | 43358051 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $261,572)  | 153204608 |  |
| Affiliated issuers  | 3370395 |  |
| Assets and liabilities in foreign currencies | 58829 |  |
| Total change in net unrealized appreciation (depreciation) |  | 156633832 |
| **Net gain (loss)** |  | 199991883 |
| **Net increase (decrease) in net assets resulting from operations** |  | $228595167 |

---

---

| | | |
|:---|:---|:---|
| **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) | $28603284 | $32737820 |
| &nbsp;&nbsp;Net realized gain (loss) | 43358051<br>| 2744550<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 156633832 | 109422927<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 228595167<br>| 144905297<br>|
| Distributions to shareholders | (42386248)<br>| (23040155)<br>|
| Share transactions - net increase (decrease) | (157288820)<br>| 132171089<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 28920099<br>| 254036231<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1183237609 | 929201378<br>|
| &nbsp;&nbsp;End of period | $1212157708 | $1183237609 |

---

**Financial Highlights** 

**Fidelity Advisor® Emerging Markets Discovery Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.44 | $14.69 | $12.89 | $18.36 | $13.93 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38 C | .40 D | .31  | .31  | .11  |
| Net realized and unrealized gain (loss)  | 3.13  | 1.65  | 1.69  | (3.92)  | 4.37  |
| Total from investment operations  | 3.51  | 2.05  | 2.00  | (3.61)  | 4.48  |
| Distributions from net investment income  | (.57)  | (.30)  | (.20)  | (.37)  | (.05)  |
| Distributions from net realized gain  | -  | -  | -  | (1.49)  | -  |
| Total distributions  | (.57)  | (.30)  | (.20)  | (1.86)  | (.05)  |
| Net asset value, end of period  | $19.38 | $16.44 | $14.69 | $12.89 | $18.36 |
| **Total Return** E,F | 22.20% <br>| 14.09%  | 15.56%  | (21.58)%  | 32.23%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.26%  | 1.30%  | 1.43%  | 1.49%  | 1.49%  |
| Expenses net of fee waivers, if any  | 1.26% <br>| 1.29%  | 1.42%  | 1.49%  | 1.49%  |
| Expenses net of all reductions, if any  | 1.26%  | 1.29%  | 1.42%  | 1.49%  | 1.49%  |
| Net investment income (loss)  | 2.28% C | 2.45% D | 2.07%  | 2.11%  | .60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $37387 | $30907 | $23373 | $16063 | $18900 |
| Portfolio turnover rate I | 38% <br>| 29%  | 30%  | 33%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.77%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.99%.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Emerging Markets Discovery Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.39 | $14.65 | $12.85 | $18.30 | $13.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34 C | .36 D | .27  | .27  | .06  |
| Net realized and unrealized gain (loss)  | 3.13  | 1.65  | 1.68  | (3.91)  | 4.36  |
| Total from investment operations  | 3.47  | 2.01  | 1.95  | (3.64)  | 4.42  |
| Distributions from net investment income  | (.50)  | (.27)  | (.15)  | (.32)  | (.01)  |
| Distributions from net realized gain  | -  | -  | -  | (1.49)  | -  |
| Total distributions  | (.50)  | (.27)  | (.15)  | (1.81)  | (.01)  |
| Net asset value, end of period  | $19.36 | $16.39 | $14.65 | $12.85 | $18.30 |
| **Total Return** E,F | 21.88% <br>| 13.80%  | 15.25%  | (21.77)%  | 31.82%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.51%  | 1.50%  | 1.69%  | 1.75%  | 1.76%  |
| Expenses net of fee waivers, if any  | 1.51% <br>| 1.50%  | 1.69%  | 1.75%  | 1.76%  |
| Expenses net of all reductions, if any  | 1.51%  | 1.50%  | 1.68%  | 1.75%  | 1.76%  |
| Net investment income (loss)  | 2.03% C | 2.25% D | 1.80%  | 1.85%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5640 | $5103 | $6560 | $4355 | $6095 |
| Portfolio turnover rate I | 38% <br>| 29%  | 30%  | 33%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.52%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.78%.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Emerging Markets Discovery Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.92 | $14.23 | $12.47 | $17.78 | $13.55 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .25 C | .27 D | .19  | .19  | (.03)  |
| Net realized and unrealized gain (loss)  | 3.05  | 1.59  | 1.65  | (3.81)  | 4.26  |
| Total from investment operations  | 3.30  | 1.86  | 1.84  | (3.62)  | 4.23  |
| Distributions from net investment income  | (.45)  | (.17)  | (.08)  | (.20)  | -  |
| Distributions from net realized gain  | -  | -  | -  | (1.49)  | -  |
| Total distributions  | (.45)  | (.17)  | (.08)  | (1.69)  | -  |
| Net asset value, end of period  | $18.77 | $15.92 | $14.23 | $12.47 | $17.78 |
| **Total Return** E,F | 21.34% <br>| 13.16%  | 14.76%  | (22.21)%  | 31.22%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 2.01%  | 2.02%  | 2.20%  | 2.25%  | 2.25%  |
| Expenses net of fee waivers, if any  | 2.01% <br>| 2.02%  | 2.19%  | 2.25%  | 2.25%  |
| Expenses net of all reductions, if any  | 2.01%  | 2.02%  | 2.19%  | 2.25%  | 2.25%  |
| Net investment income (loss)  | 1.53% C | 1.73% D | 1.29%  | 1.35%  | (.16)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2914 | $3146 | $3300 | $3079 | $4995 |
| Portfolio turnover rate I | 38% <br>| 29%  | 30%  | 33%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.26%.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Emerging Markets Discovery Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.57 | $14.80 | $12.98 | $18.48 | $14.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .44 C | .45 D | .35  | .36  | .16  |
| Net realized and unrealized gain (loss)  | 3.16  | 1.66  | 1.71  | (3.95)  | 4.40  |
| Total from investment operations  | 3.60  | 2.11  | 2.06  | (3.59)  | 4.56  |
| Distributions from net investment income  | (.61)  | (.34)  | (.24)  | (.42)  | (.10)  |
| Distributions from net realized gain  | -  | -  | -  | (1.49)  | -  |
| Total distributions  | (.61)  | (.34)  | (.24)  | (1.91)  | (.10)  |
| Net asset value, end of period  | $19.56 | $16.57 | $14.80 | $12.98 | $18.48 |
| **Total Return** E | 22.59% <br>| 14.38%  | 15.94%  | (21.37)%  | 32.63%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .97%  | 1.01%  | 1.15%  | 1.19%  | 1.19%  |
| Expenses net of fee waivers, if any  | .97% <br>| 1.00%  | 1.15%  | 1.19%  | 1.18%  |
| Expenses net of all reductions, if any  | .97%  | 1.00%  | 1.15%  | 1.19%  | 1.18%  |
| Net investment income (loss)  | 2.58% C | 2.74% D | 2.34%  | 2.41%  | .90%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $391209 | $411220 | $368811 | $248805 | $283133 |
| Portfolio turnover rate H | 38% <br>| 29%  | 30%  | 33%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.07%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.28%.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Emerging Markets Discovery Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.61 | $14.85 | $13.03 | $18.54 | $14.06 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43 C | .45 D | .36  | .34  | .16  |
| Net realized and unrealized gain (loss)  | 3.17  | 1.66  | 1.71  | (3.95)  | 4.41  |
| Total from investment operations  | 3.60  | 2.11  | 2.07  | (3.61)  | 4.57  |
| Distributions from net investment income  | (.61)  | (.35)  | (.25)  | (.41)  | (.09)  |
| Distributions from net realized gain  | -  | -  | -  | (1.49)  | -  |
| Total distributions  | (.61)  | (.35)  | (.25)  | (1.90)  | (.09)  |
| Net asset value, end of period  | $19.60 | $16.61 | $14.85 | $13.03 | $18.54 |
| **Total Return** E | 22.58% <br>| 14.34%  | 15.99%  | (21.37)%  | 32.62%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.01%  | 1.04%  | 1.12%  | 1.17%  | 1.19%  |
| Expenses net of fee waivers, if any  | 1.01% <br>| 1.04%  | 1.11%  | 1.16%  | 1.19%  |
| Expenses net of all reductions, if any  | 1.01%  | 1.04%  | 1.11%  | 1.16%  | 1.19%  |
| Net investment income (loss)  | 2.53% C | 2.71% D | 2.37%  | 2.44%  | .90%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $618101 | $553444 | $404844 | $129250 | $27397 |
| Portfolio turnover rate H | 38% <br>| 29%  | 30%  | 33%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.02%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.24%.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Emerging Markets Discovery Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.59 | $14.82 | $13.00 | $18.51 | $14.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45 C | .46 D | .38  | .37  | .19  |
| Net realized and unrealized gain (loss)  | 3.16  | 1.67  | 1.70  | (3.95)  | 4.40  |
| Total from investment operations  | 3.61  | 2.13  | 2.08  | (3.58)  | 4.59  |
| Distributions from net investment income  | (.62)  | (.36)  | (.26)  | (.44)  | (.12)  |
| Distributions from net realized gain  | -  | -  | -  | (1.49)  | -  |
| Total distributions  | (.62)  | (.36)  | (.26)  | (1.93)  | (.12)  |
| Net asset value, end of period  | $19.58 | $16.59 | $14.82 | $13.00 | $18.51 |
| **Total Return** E | 22.66% <br>| 14.54%  | 16.10%  | (21.27)%  | 32.82%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | .89%  | .93%  | .99%  | 1.03%  | 1.05%  |
| Expenses net of fee waivers, if any  | .89% <br>| .92%  | .98%  | 1.03%  | 1.05%  |
| Expenses net of all reductions, if any  | .89%  | .92%  | .98%  | 1.03%  | 1.05%  |
| Net investment income (loss)  | 2.65% C | 2.82% D | 2.50%  | 2.57%  | 1.04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $156907 | $179418 | $122312 | $29546 | $16365 |
| Portfolio turnover rate H | 38% <br>| 29%  | 30%  | 33%  | 64%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.14%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.35%.*

E*Total returns 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*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 Emerging Markets Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets Discovery, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**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 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**  | $319724197 |
| **Gross unrealized depreciation**  | <u>(59465783)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$260258414</u> |
| **Tax Cost**  | <u>$983263120</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$32904177</u> |
| **Undistributed long-term capital gain**  | <u>$19510490</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$260216820</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $42386248 | $23040155 |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Emerging Markets Discovery Fund** | 425210592 | 610204335 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | 1.02 |
| **Class M** | 1.02 |
| **Class C** | 1.02 |
| **Emerging Markets Discovery** | 1.00 |
| **Class I** | 1.01 |
| **Class Z** | .88 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .95 |
| **Class M** | .95 |
| **Class C** | .95 |
| **Emerging Markets Discovery** | .91 |
| **Class I** | .95 |
| **Class Z** | .83 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 78438 | 4268 |
| **Class M** | .25% | .25% | 24106 | 8 |
| **Class C** | .75% | .25% | <u>28543</u> | <u>5193</u> |
|  |  |  | <u>131087</u> | <u>9469</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** | 10657 |
| **Class M** | 736 |
| **Class C**A | <u>123</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11516</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Emerging Markets Discovery Fund** | 1743 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Emerging Markets Discovery Fund**  | Borrower | 6161980 | 4.61% | 38691 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Emerging Markets Discovery Fund** | 3821508 | 22011149 | 6648411 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Emerging Markets Discovery Fund** | 1518 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Emerging Markets Discovery Fund** | 8554 | 238 | - |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Emerging Markets Discovery Fund** | 858286 | 4.83% | 805 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Emerging Markets Discovery Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1053053 | $509536 |
| Class M | 149825 | 117571 |
| Class C | 88170 | 40122 |
| Emerging Markets Discovery | 14364018 | 8637465 |
| Class I | 20784903 | 10634852 |
| Class Z | <u>5946279</u> | <u>3100609</u> |
| Total  | <u>$42386248</u> | <u>$23040155</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Emerging Markets Discovery Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 494809 | 589656 | $8554982 | $9506630 |
| Reinvestment of distributions | 67073 | 32877 | 1051706 | 509269 |
| Shares redeemed | <u>(513147)</u> | <u>(333376)</u> | <u>(8620404)</u> | <u>(5440815)</u> |
| Net increase (decrease) | <u>48735</u> | <u>289157</u> | <u>$986284</u> | <u>$4575084</u> |
| **Class M** |  |  |  |  |
| Shares sold | 50826 | 32443 | $889120 | $528491 |
| Reinvestment of distributions | 9543 | 7600 | 149825 | 117571 |
| Shares redeemed | <u>(80500)</u> | <u>(176394)</u> | <u>(1312811)</u> | <u>(2861973)</u> |
| Net increase (decrease) | <u>(20131)</u> | <u>(136351)</u> | <u>$(273866)</u> | <u>$(2215911)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 43111 | 39779 | $704743 | $631296 |
| Reinvestment of distributions | 5770 | 2657 | 88170 | 40122 |
| Shares redeemed | <u>(91183)</u> | <u>(76848)</u> | <u>(1476342)</u> | <u>(1216417)</u> |
| Net increase (decrease) | <u>(42302)</u> | <u>(34412)</u> | <u>$(683429)</u> | <u>$(544999)</u> |
| **Emerging Markets Discovery** |  |  |  |  |
| Shares sold | 9528326 | 8550200 | $166306083 | $138799157 |
| Reinvestment of distributions | 813454 | 500754 | 12836304 | 7796740 |
| Shares redeemed | <u>(15157698)</u> | <u>(9155683)</u> | <u>(268423880)</u> | <u>(150486850)</u> |
| Net increase (decrease) | <u>(4815918)</u> | <u>(104729)</u> | <u>$(89281493)</u> | <u>$(3890953)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 16832146 | 21327643 | $282957961 | $346080275 |
| Reinvestment of distributions | 1255207 | 647193 | 19844830 | 10102677 |
| Shares redeemed | <u>(19859892)</u> | <u>(15930728)</u> | <u>(326981696)</u> | <u>(262986812)</u> |
| Net increase (decrease) | <u>(1772539)</u> | <u>6044108</u> | <u>$(24178905)</u> | <u>$93196140</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 2649090 | 6301582 | $43915046 | $103483546 |
| Reinvestment of distributions | 327837 | 169011 | 5176545 | 2631506 |
| Shares redeemed | <u>(5779539)</u> | <u>(3907594)</u> | <u>(92949002)</u> | <u>(65063324)</u> |
| Net increase (decrease) | <u>(2802612)</u> | <u>2562999</u> | <u>$(43857411)</u> | <u>$41051728</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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 Emerging Markets Discovery Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Emerging Markets Discovery 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 hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $28,436,906, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $1,041,369 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 36.48%; Class M designates 40.69%; Class C designates 44.52%; Fidelity Emerging Markets Discovery Fund designates 34.82%; Class I designates 34.59%; and Class Z designates 34.22%; of the dividend 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** |
| **Fidelity Emerging Markets Discovery Fund** |  |  |  |
| Class A | 12/16/2024 | $0.6306 | $0.1402 |
| Class M | 12/16/2024 | $0.5653 | $0.1402 |
| Class C | 12/16/2024 | $0.5167 | $0.1402 |
| Fidelity Emerging Markets Discovery Fund | 12/16/2024 | $0.6606 | $0.1402 |
| Class I | 12/16/2024 | $0.6650 | $0.1402 |
| Class Z | 12/16/2024 | $0.6721 | $0.1402 |

---

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 Emerging Markets Discovery 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 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. 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 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.

<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 1.55%, 1.80%, 2.30%, 1.30%, 1.15%, and 1.30% through February 28, 2026.

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.

![](img118397_4.jpg)<br>

1.931237.113 EMD-TEK-ANN-1225

**Fidelity® Diversified International K6 Fund**

**Annual Report**

**October 31, 2025**

![](img118398_1.jpg)

![](img118398_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_DIFK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Diversified International K6 Fund](#Sub_Sec_Fund_2947_DIFK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2947_DIFK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_DIFK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_DIFK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DIFK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DIFK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DIFK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DIFK6-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 1-800-835-5092 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Diversified International K6 Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.9%** | &nbsp;&nbsp;**Common Stocks - 96.9%** | &nbsp;&nbsp;**Common Stocks - 96.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 701285 | 29068197 |
| BELGIUM - 1.8%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| KBC Group NV  | 472328 | 56756710 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 118503 | 30391827 |
| TOTAL BELGIUM |  | 87148537 |
| BRAZIL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (a) | 2316 | 5389934 |
| CANADA - 4.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Dollarama Inc  | 182700 | 23748199 |
| Energy - 1.9% |  |  |
| Oil, Gas & Consumable Fuels - 1.9% |  |  |
| Cameco Corp  | 110605 | 11303783 |
| Canadian Natural Resources Ltd  | 1123115 | 35930391 |
| Imperial Oil Ltd  | 419494 | 37102585 |
| MEG Energy Corp  | 381214 | 8067043 |
|  |  | 92403802 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Celestica Inc (United States) (a) | 37279 | 12841870 |
| Software - 0.5% |  |  |
| Constellation Software Inc/Canada  | 8662 | 22795718 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 23796 | 2 |
|  |  | 22795720 |
| TOTAL INFORMATION TECHNOLOGY |  | 35637590 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Franco-Nevada Corp  | 222977 | 41651096 |
| TOTAL CANADA |  | 193440687 |
| CHILE - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Antofagasta PLC  | 919406 | 33698280 |
| CHINA - 1.4%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 1.4% |  |  |
| Prosus NV Class N  | 923877 | 63819867 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Airtac International Group  | 67000 | 1983137 |
| TOTAL CHINA |  | 65803004 |
| DENMARK - 1.9%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Novo Nordisk A/S Series B  | 400179 | 19701498 |
| Industrials - 1.4% |  |  |
| Air Freight & Logistics - 1.4% |  |  |
| DSV A/S  | 306269 | 64998167 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 150000 | 8964416 |
| TOTAL DENMARK |  | 93664081 |
| FRANCE - 7.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Orange SA  | 897500 | 14356748 |
| Consumer Discretionary - 1.2% |  |  |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 82040 | 57987775 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Danone SA  | 211898 | 18714120 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.2% |  |  |
| Amundi SA (c)(d) | 168751 | 12507047 |
| Insurance - 0.7% |  |  |
| AXA SA  | 735296 | 31903326 |
| TOTAL FINANCIALS |  | 44410373 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| EssilorLuxottica SA  | 130346 | 47672205 |
| Industrials - 3.0% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Airbus SE  | 62400 | 15386041 |
| Safran SA  | 167290 | 59441234 |
| Thales SA  | 97063 | 27677797 |
|  |  | 102505072 |
| Electrical Equipment - 0.8% |  |  |
| Legrand SA  | 220620 | 38098361 |
| TOTAL INDUSTRIALS |  | 140603433 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 46646 | 7176274 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Air Liquide SA  | 254230 | 49203399 |
| TOTAL FRANCE |  | 380124327 |
| GERMANY - 12.4%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Deutsche Telekom AG  | 853311 | 26431466 |
| Financials - 5.0% |  |  |
| Banks - 0.5% |  |  |
| Commerzbank AG  | 691394 | 25111431 |
| Capital Markets - 1.0% |  |  |
| Deutsche Boerse AG  | 181574 | 45981832 |
| Insurance - 3.5% |  |  |
| Allianz SE  | 209597 | 84224848 |
| Hannover Rueck SE  | 116474 | 33214379 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 77317 | 47835558 |
|  |  | 165274785 |
| TOTAL FINANCIALS |  | 236368048 |
| Health Care - 1.1% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Fresenius SE & Co KGaA  | 941935 | 54307784 |
| Industrials - 2.8% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Rheinmetall AG  | 16396 | 32156392 |
| Electrical Equipment - 0.9% |  |  |
| Siemens Energy AG (a) | 350516 | 43669153 |
| Industrial Conglomerates - 1.2% |  |  |
| Siemens AG  | 194497 | 55119931 |
| TOTAL INDUSTRIALS |  | 130945476 |
| Information Technology - 2.0% |  |  |
| Software - 2.0% |  |  |
| SAP SE  | 378391 | 98409103 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Heidelberg Materials AG  | 204701 | 48023608 |
| TOTAL GERMANY |  | 594485485 |
| HONG KONG - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| AIA Group Ltd  | 4548105 | 44256412 |
| Prudential PLC  | 2289200 | 31838401 |
| TOTAL HONG KONG |  | 76094813 |
| INDIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 2185802 | 24311861 |
| Capital Markets - 0.1% |  |  |
| Fairfax India Holdings Corp Subordinate Voting Shares (a)(c)(d) | 282987 | 4810779 |
| TOTAL INDIA |  | 29122640 |
| INDONESIA - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Central Asia Tbk PT  | 16129018 | 8257929 |
| IRELAND - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Building Products - 0.6% |  |  |
| Kingspan Group PLC  | 382846 | 28639555 |
| ITALY - 4.2%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Lottomatica Group Spa  | 728719 | 17958301 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola HBC AG  | 607621 | 27570923 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| FinecoBank Banca Fineco SpA  | 1313316 | 29988253 |
| Intesa Sanpaolo SpA  | 1496300 | 9644170 |
| UniCredit SpA  | 1008864 | 74703043 |
|  |  | 114335466 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 155445 | 9227445 |
| Industrials - 0.7% |  |  |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 190254 | 9802543 |
| Passenger Airlines - 0.5% |  |  |
| Ryanair Holdings PLC ADR  | 393207 | 24567574 |
| TOTAL INDUSTRIALS |  | 34370117 |
| TOTAL ITALY |  | 203462252 |
| JAPAN - 18.9%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 1.3% |  |  |
| Capcom Co Ltd  | 435970 | 11384536 |
| Nintendo Co Ltd  | 611503 | 52155028 |
|  |  | 63539564 |
| Media - 0.1% |  |  |
| CyberAgent Inc  | 536100 | 5346737 |
| TOTAL COMMUNICATION SERVICES |  | 68886301 |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Fast Retailing Co Ltd  | 62566 | 22969229 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 342337 | 9714098 |
| Kotobuki Spirits Co Ltd  | 58200 | 698090 |
|  |  | 10412188 |
| Financials - 2.8% |  |  |
| Banks - 1.1% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 1963789 | 53167248 |
| Financial Services - 0.5% |  |  |
| ORIX Corp  | 1134847 | 27760682 |
| Insurance - 1.2% |  |  |
| Tokio Marine Holdings Inc  | 1485909 | 55414300 |
| TOTAL FINANCIALS |  | 136342230 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Hoya Corp  | 395789 | 64423899 |
| Industrials - 8.1% |  |  |
| Industrial Conglomerates - 3.0% |  |  |
| Hitachi Ltd  | 4082312 | 140871684 |
| Machinery - 3.4% |  |  |
| Ebara Corp  | 1067088 | 28603858 |
| Hoshizaki Corp  | 67500 | 2378334 |
| Japan Steel Works Ltd/The  | 283731 | 18668693 |
| Kawasaki Heavy Industries Ltd  | 252161 | 20289380 |
| Mitsubishi Heavy Industries Ltd  | 2753976 | 83141669 |
| SMC Corp  | 14000 | 4792515 |
|  |  | 157874449 |
| Professional Services - 0.3% |  |  |
| BayCurrent Inc  | 357863 | 16405827 |
| Trading Companies & Distributors - 1.4% |  |  |
| ITOCHU Corp  | 1092842 | 63332502 |
| Marubeni Corp  | 190300 | 4692363 |
|  |  | 68024865 |
| TOTAL INDUSTRIALS |  | 383176825 |
| Information Technology - 3.6% |  |  |
| IT Services - 0.8% |  |  |
| Fujitsu Ltd  | 1518084 | 39561961 |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| Advantest Corp  | 523198 | 78346717 |
| Renesas Electronics Corp  | 3331854 | 41146976 |
|  |  | 119493693 |
| Software - 0.0% |  |  |
| Money Forward Inc (a) | 42000 | 1226396 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| FUJIFILM Holdings Corp  | 606055 | 14046350 |
| TOTAL INFORMATION TECHNOLOGY |  | 174328400 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Nippon Paint Holdings Co Ltd  | 1067189 | 6803667 |
| Nissan Chemical Corp  | 289531 | 9801332 |
| Shin-Etsu Chemical Co Ltd  | 1119111 | 33639294 |
|  |  | 50244293 |
| TOTAL JAPAN |  | 910783365 |
| KOREA (SOUTH) - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| SK Hynix Inc  | 148700 | 58158278 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Samsung Electronics Co Ltd  | 423080 | 31821432 |
| TOTAL KOREA (SOUTH) |  | 89979710 |
| LUXEMBOURG - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| CVC Capital Partners PLC (c)(d) | 438266 | 7319874 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV ADR  | 560720 | 5691308 |
| NETHERLANDS - 3.4%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Heineken NV  | 58000 | 4491073 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE (a) | 18049 | 14772519 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| Wolters Kluwer NV  | 185808 | 22755732 |
| Information Technology - 2.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| ASM International NV  | 29613 | 19182985 |
| ASML Holding NV depository receipt  | 81157 | 85963929 |
| BE Semiconductor Industries NV  | 97225 | 16541000 |
|  |  | 121687914 |
| TOTAL NETHERLANDS |  | 163707238 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Jeronimo Martins SGPS SA  | 187600 | 4830738 |
| SINGAPORE - 1.1%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Sea Ltd Class A ADR (a) | 91200 | 14250000 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| DBS Group Holdings Ltd  | 983967 | 40769315 |
| TOTAL SINGAPORE |  | 55019315 |
| SPAIN - 3.9%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA (e) | 244503 | 13499484 |
| Financials - 3.6% |  |  |
| Banks - 3.6% |  |  |
| Banco Santander SA  | 9690986 | 98589201 |
| CaixaBank SA  | 6945464 | 73411804 |
|  |  | 172001005 |
| TOTAL SPAIN |  | 185500489 |
| SWEDEN - 2.7%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 1534517 | 50645805 |
| Industrials - 0.9% |  |  |
| Machinery - 0.9% |  |  |
| Atlas Copco AB A Shares  | 1368300 | 22927324 |
| Epiroc AB A Shares  | 472464 | 10006027 |
| Indutrade AB  | 376233 | 10059018 |
|  |  | 42992369 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Hexagon AB B Shares  | 2729640 | 33273275 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(f) | 30819 | 647238 |
| TOTAL INFORMATION TECHNOLOGY |  | 33920513 |
| TOTAL SWEDEN |  | 127558687 |
| SWITZERLAND - 1.3%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Cie Financiere Richemont SA Series A  | 222829 | 44076849 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.2% |  |  |
| Partners Group Holding AG  | 7235 | 8832139 |
| Insurance - 0.2% |  |  |
| Zurich Insurance Group AG  | 13150 | 9145449 |
| TOTAL FINANCIALS |  | 17977588 |
| TOTAL SWITZERLAND |  | 62054437 |
| TAIWAN - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 350147 | 105194663 |
| UNITED KINGDOM - 15.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Zegona Communications plc (a) | 278657 | 4502681 |
| Consumer Discretionary - 1.9% |  |  |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Compass Group PLC  | 1256580 | 41592598 |
| InterContinental Hotels Group PLC  | 296539 | 35770692 |
|  |  | 77363290 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 60257 | 12610128 |
| TOTAL CONSUMER DISCRETIONARY |  | 89973418 |
| Consumer Staples - 1.0% |  |  |
| Tobacco - 1.0% |  |  |
| British American Tobacco PLC  | 976600 | 50017105 |
| Financials - 6.1% |  |  |
| Banks - 3.9% |  |  |
| HSBC Holdings PLC  | 954044 | 13356093 |
| Lloyds Banking Group PLC  | 71380296 | 83692651 |
| NatWest Group PLC  | 10251104 | 78918299 |
| Starling Bank Ltd (b) | 2406800 | 7398643 |
|  |  | 183365686 |
| Capital Markets - 1.9% |  |  |
| 3i Group PLC  | 1055575 | 61086780 |
| London Stock Exchange Group PLC  | 241443 | 30090164 |
|  |  | 91176944 |
| Insurance - 0.3% |  |  |
| Admiral Group PLC  | 214700 | 9240004 |
| Aviva PLC  | 794400 | 6977531 |
|  |  | 16217535 |
| TOTAL FINANCIALS |  | 290760165 |
| Health Care - 1.6% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Convatec Group PLC (c)(d) | 7793708 | 25002647 |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC  | 327129 | 53959489 |
| TOTAL HEALTH CARE |  | 78962136 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| BAE Systems PLC  | 1689009 | 41606182 |
| Rolls-Royce Holdings PLC  | 6800308 | 104648647 |
|  |  | 146254829 |
| Professional Services - 1.1% |  |  |
| Intertek Group PLC  | 183168 | 12187798 |
| RELX PLC (Netherlands)  | 910103 | 40093935 |
|  |  | 52281733 |
| Trading Companies & Distributors - 0.3% |  |  |
| RS GROUP PLC  | 1814727 | 13266998 |
| TOTAL INDUSTRIALS |  | 211803560 |
| TOTAL UNITED KINGDOM |  | 726019065 |
| UNITED STATES - 8.0%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (a) | 25249 | 16546175 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Shell PLC  | 1650212 | 61865500 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Mastercard Inc Class A  | 28113 | 15518094 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Alcon AG  | 325011 | 24151175 |
| Industrials - 2.3% |  |  |
| Electrical Equipment - 1.6% |  |  |
| Schneider Electric SE  | 264645 | 75405285 |
| Professional Services - 0.3% |  |  |
| Experian PLC  | 322952 | 15064160 |
| Trading Companies & Distributors - 0.4% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 83010 | 20436014 |
| TOTAL INDUSTRIALS |  | 110905459 |
| Materials - 3.3% |  |  |
| Chemicals - 0.7% |  |  |
| Linde PLC  | 80403 | 33632575 |
| Construction Materials - 2.6% |  |  |
| Amrize Ltd  | 284050 | 14641061 |
| CRH PLC (United Kingdom)  | 520942 | 61483038 |
| Holcim AG  | 485662 | 43175952 |
| James Hardie Industries PLC depository receipt (a) | 137512 | 2898065 |
|  |  | 122198116 |
| TOTAL MATERIALS |  | 155830691 |
| TOTAL UNITED STATES |  | 384817094 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,005,984,806) |  | <br> **4656875704** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Valsoft Corp Series A-1.2 (b)(f) | 231 | 2566600 |
| Valsoft Corp Series A-1.3 (b)(f) | 82 | 911087 |
| Valsoft Corp Series A-1.4 (b)(f) | 105 | 1166636 |
| TOTAL CANADA |  | 4644323 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(b)(f) | 21668 | 4821544 |
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Wasabi Holdings Inc Series C (a)(b)(f) | 743562 | 10491660 |
| Wasabi Holdings Inc Series D (a)(b)(f) | 304085 | 6294559 |
| TOTAL UNITED STATES |  | 16786219 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $22,929,583) |  | <br> **26252086** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 4.18 | 81422365 | 81438649 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 10070806 | 10071813 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $91,509,840) |  |  | **91510462** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $3,120,424,229)<br>| <br>**4774638252** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **32538870** |
| **NET ASSETS - 100.0%** | **4807177122** |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $49,640,347 or 1.0% 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 $49,640,347 or 1.0% 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 $26,899,324 or 0.6% of net assets.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/3/2022 | 5629271 |
| Kry International Ab | 5/14/2021 - 10/30/2024 | 2038126 |
| Valsoft Corp Series A-1.2 | 3/14/2025 | 2705867 |
| Valsoft Corp Series A-1.3 | 3/17/2025 | 814003 |
| Valsoft Corp Series A-1.4 | 3/17/2025 | 1381955 |
| Wasabi Holdings Inc Series C | 3/31/2021 | 8078504 |
| Wasabi Holdings Inc Series D | 9/9/2022 | 4319983 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 148198288 | 1013914203 | 1080673796 | 6309175 | (44) | (2) | 81438649 | 81422365 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 61625062 | 474241126 | 525794375 | 120891 | - | - | 10071813 | 10070806 | 0.0% |
| Total | 209823350 | 1488155329 | 1606468171 | 6430066 | (44) | (2) | 91510462 |  |  |

---

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 | 130723371 | 26395593 | 104327778 | - |
| Consumer Discretionary | 382741253 | 180344110 | 202397143 | - |
| Consumer Staples | 116036147 | 42813849 | 73222298 | - |
| Energy | 154269302 | 92403802 | 61865500 | - |
| Financials | 1296680055 | 424592423 | 864688989 | 7398643 |
| Health Care | 343610488 | 255176982 | 88433506 | - |
| Industrials | 1173173830 | 586195531 | 586978299 | - |
| Information Technology | 666334167 | 353726271 | 311960656 | 647240 |
| Materials | 393307091 | 219264838 | 174042253 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 26252086 | - | - | 26252086 |
|  **Money Market Funds** | 91510462 | 91510462 | - | - |
| **Total Investments in Securities:** | 4774638252 | 2272423861 | 2467916422 | 34297969 |

---

**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 $9,575,787) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,028,914,389) | $4683127790 |  |
| Fidelity Central Funds (cost $91,509,840) | 91510462 |  |
| Total Investment in Securities (cost $3,120,424,229) |  | $4774638252 |
| Foreign currency held at value (cost $541,357) |  | 541357 |
| Receivable for investments sold |  | 33167067 |
| Receivable for fund shares sold |  | 3100212 |
| Dividends receivable |  | 7687801 |
| Reclaims receivable |  | 12692272 |
| Distributions receivable from Fidelity Central Funds |  | 436417 |
| Other receivables |  | 249321 |
| **Total assets** |  | 4832512699 |
| **Liabilities** |  |  |
| Payable to custodian bank | $479863 |  |
| Payable for investments purchased  | 3255268 |  |
| Payable for fund shares redeemed | 3473498 |  |
| Accrued management fee | 2388770 |  |
| Deferred taxes | 5666365 |  |
| Collateral on securities loaned | 10071813 |  |
| **Total liabilities** |  | 25335577 |
| **Net Assets**  |  | $4807177122 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3115225660 |
| Total accumulated earnings (loss) |  | 1691951462 |
| **Net Assets** |  | $4807177122 |
| **Net Asset Value**, offering price and redemption price per share ($4,807,177,122 ÷ 271,792,432 shares) |  | $17.69 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $93023981 |
| Interest  |  | 1599 |
| Income from Fidelity Central Funds (including $120,891 from security lending)  |  | 6430066 |
| Income before foreign taxes withheld |  | $99455646 |
| Less foreign taxes withheld |  | (5815322) |
| **Total income** |  | 93640324 |
| **Expenses** |  |  |
| Management fee | $27874405 |  |
| Independent trustees' fees and expenses | 18532 |  |
| Total expenses before reductions | 27892937 |  |
| Expense reductions | (1942) |  |
| Total expenses after reductions |  | 27890995 |
| **Net Investment income (loss)** |  | 65749329 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,609,059)  | 341193469 |  |
| Redemptions in-kind | 198398126 |  |
| Fidelity Central Funds | (44) |  |
| Foreign currency transactions | (518206) |  |
| Total net realized gain (loss) |  | 539073345 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $3,108,282)  | 302335702 |  |
| Fidelity Central Funds  | (2) |  |
| Assets and liabilities in foreign currencies | 846415 |  |
| Total change in net unrealized appreciation (depreciation) |  | 303182115 |
| **Net gain (loss)** |  | 842255460 |
| **Net increase (decrease) in net assets resulting from operations** |  | $908004789 |

---

---

| | | |
|:---|:---|:---|
| **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) | $65749329 | $65605795 |
| &nbsp;&nbsp;Net realized gain (loss) | 539073345<br>| 61216255<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 303182115 | 845566646<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 908004789<br>| 972388696<br>|
| Distributions to shareholders | (98522166)<br>| (69972907)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 856276214 | 1024639725 |
| Reinvestment of distributions | 98517898<br>| 69972898<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1789042675) | (1156692903) |
| **Net increase (decrease) in net assets resulting from share transactions** | (834248563)<br>| (62080280)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (24765940)<br>| 840335509<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4831943062 | 3991607553<br>|
| &nbsp;&nbsp;End of period | $4807177122 | $4831943062 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 54606412 | 71524447 |
| Issued in reinvestment of distributions | 6724771<br>| 5378392<br>|
| &nbsp;&nbsp;Redeemed | (114694506) | (81461022) |
| &nbsp;&nbsp;Net increase (decrease) | (53363323) | (4558183) |

---

**Financial Highlights** 

**Fidelity® Diversified International K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.86 | $12.11 | $10.89 | $15.45 | $11.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .20  | .20  | .15  | .10  |
| Net realized and unrealized gain (loss)  | 2.92  | 2.76  | 1.12  | (4.56)  | 3.47  |
| Total from investment operations  | 3.14  | 2.96  | 1.32  | (4.41)  | 3.57  |
| Distributions from net investment income  | (.31)  | (.21)  | (.10)  | (.15)  | (.08)  |
| Total distributions  | (.31)  | (.21)  | (.10)  | (.15)  | (.08)  |
| Net asset value, end of period  | $17.69 | $14.86 | $12.11 | $10.89 | $15.45 |
| **Total Return** C | 21.60% <br>| 24.70%  | 12.12%  | (28.81)%  | 30.00%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .60% <br>| .60%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .60%  | .60%  | .60%  | .60%  | .60%  |
| Net investment income (loss)  | 1.41%  | 1.40%  | 1.57%  | 1.21%  | .73%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4807177 | $4831943 | $3991608 | $3483417 | $3961936 |
| Portfolio turnover rate F,G | 45% <br>| 37%  | 25%  | 31%  | 30%  |

---

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 Diversified International K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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. 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. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1652708649 |
| **Gross unrealized depreciation**  | <u>(52790151)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1599918498</u> |
| **Tax Cost**  | <u>$3174719754</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$83501417</u> |
| **Undistributed long-term capital gain**  | <u>$13592478</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1600523934</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $98522166 | $69972907 |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Diversified International K6 Fund** | 2001138684 | 2350875775 |

---

**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. 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 Diversified International K6 Fund** | 32167307 | - | 198398126 | 198398126 | 487697412 |

---

**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 Diversified International K6 Fund** | 11523901 | 57811254 | 155413531 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Diversified International K6 Fund** | 6128438 | 83046527 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Diversified International K6 Fund** | 3630 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Diversified International K6 Fund** | 53615606 | 106034920 | 18402431 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Diversified International K6 Fund** | 12814 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,942.

**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 Diversified International K6 Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 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, $13,592,478, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $6,451,748 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 78.17% 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 $0.3134 and $0.0272 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 Diversified International K6 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) 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. The 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.

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. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board 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 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 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.

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.

![](img118398_4.jpg)<br>

1.9883987.108 DIFK6-ANN-1225

**Fidelity's Broadly Diversified International Equity Funds**

**Fidelity® Diversified International Fund**

**Fidelity® Overseas Fund**

**Fidelity® Worldwide Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118401_1.jpg)

![](img118401_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IBD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Diversified International Fund](#Sub_Sec_Fund_325_IBD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Overseas Fund](#Sub_Sec_Fund_94_IBD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Worldwide Fund](#Sub_Sec_Fund_318_IBD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IBD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IBD-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IBD-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IBD-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IBD-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IBD-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IBD-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 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® Diversified International Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.2%** | &nbsp;&nbsp;**Common Stocks - 96.2%** | &nbsp;&nbsp;**Common Stocks - 96.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 1947164 | 80709763 |
| BELGIUM - 1.8%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| KBC Group NV  | 1286900 | 154638747 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 328520 | 84253759 |
| TOTAL BELGIUM |  | 238892506 |
| BRAZIL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (a) | 6400 | 14894464 |
| CANADA - 4.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Dollarama Inc  | 507100 | 65915226 |
| Energy - 2.0% |  |  |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Cameco Corp  | 307081 | 31383545 |
| Canadian Natural Resources Ltd  | 3092051 | 98920059 |
| Imperial Oil Ltd  | 1160614 | 102651718 |
| MEG Energy Corp  | 1007609 | 21322473 |
|  |  | 254277795 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Celestica Inc (United States) (a) | 98300 | 33862384 |
| Software - 0.5% |  |  |
| Constellation Software Inc/Canada  | 24056 | 63307989 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 50399 | 4 |
|  |  | 63307993 |
| TOTAL INFORMATION TECHNOLOGY |  | 97170377 |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Franco-Nevada Corp  | 604751 | 112964753 |
| TOTAL CANADA |  | 530328151 |
| CHILE - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Antofagasta PLC  | 2542200 | 93177299 |
| CHINA - 1.4%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 1.4% |  |  |
| Prosus NV Class N  | 2557150 | 176643613 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Airtac International Group  | 184000 | 5446227 |
| TOTAL CHINA |  | 182089840 |
| DENMARK - 1.9%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Novo Nordisk A/S Series B  | 1110948 | 54693875 |
| Industrials - 1.3% |  |  |
| Air Freight & Logistics - 1.3% |  |  |
| DSV A/S  | 849003 | 180180295 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Novonesis Novozymes B Series B  | 407100 | 24329424 |
| TOTAL DENMARK |  | 259203594 |
| FRANCE - 7.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Orange SA  | 2490700 | 39842176 |
| Consumer Discretionary - 1.2% |  |  |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 226755 | 160275693 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Danone SA  | 571156 | 50442580 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.2% |  |  |
| Amundi SA (c)(d) | 442822 | 32819927 |
| Insurance - 0.7% |  |  |
| AXA SA  | 2031722 | 88153191 |
| TOTAL FINANCIALS |  | 120973118 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| EssilorLuxottica SA  | 361780 | 132315915 |
| Industrials - 3.0% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Airbus SE  | 172400 | 42508869 |
| Safran SA  | 470591 | 167209694 |
| Thales SA  | 269417 | 76825043 |
|  |  | 286543606 |
| Electrical Equipment - 0.8% |  |  |
| Legrand SA  | 612366 | 105748078 |
| TOTAL INDUSTRIALS |  | 392291684 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 123930 | 19066065 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Air Liquide SA  | 705954 | 136629573 |
| TOTAL FRANCE |  | 1051836804 |
| GERMANY - 12.2%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Deutsche Telekom AG  | 2354800 | 72940367 |
| Financials - 4.9% |  |  |
| Banks - 0.5% |  |  |
| Commerzbank AG  | 1819300 | 66076978 |
| Capital Markets - 0.9% |  |  |
| Deutsche Boerse AG  | 476349 | 120630705 |
| Insurance - 3.5% |  |  |
| Allianz SE  | 579817 | 232994742 |
| Hannover Rueck SE  | 313221 | 89319858 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 207242 | 128219365 |
|  |  | 450533965 |
| TOTAL FINANCIALS |  | 637241648 |
| Health Care - 1.1% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Fresenius SE & Co KGaA  | 2610695 | 150521065 |
| Industrials - 2.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Rheinmetall AG  | 45421 | 89081208 |
| Electrical Equipment - 0.9% |  |  |
| Siemens Energy AG (a) | 968293 | 120635107 |
| Industrial Conglomerates - 1.1% |  |  |
| Siemens AG  | 537424 | 152304527 |
| TOTAL INDUSTRIALS |  | 362020842 |
| Information Technology - 2.1% |  |  |
| Software - 2.1% |  |  |
| SAP SE  | 1083185 | 281706658 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.9% |  |  |
| Heidelberg Materials AG  | 540095 | 126708276 |
| TOTAL GERMANY |  | 1631138856 |
| HONG KONG - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| AIA Group Ltd  | 12566639 | 122282655 |
| Prudential PLC  | 6325200 | 87971454 |
| TOTAL HONG KONG |  | 210254109 |
| INDIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 6039408 | 67174083 |
| Capital Markets - 0.1% |  |  |
| Fairfax India Holdings Corp Subordinate Voting Shares (a)(c)(d) | 903468 | 15358956 |
| TOTAL INDIA |  | 82533039 |
| INDONESIA - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Central Asia Tbk PT  | 44644256 | 22857503 |
| IRELAND - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Building Products - 0.6% |  |  |
| Kingspan Group PLC  | 1063211 | 79535610 |
| ITALY - 4.2%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Lottomatica Group Spa  | 2004000 | 49385889 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola HBC AG  | 1684750 | 76445865 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| FinecoBank Banca Fineco SpA  | 3615036 | 82545720 |
| Intesa Sanpaolo SpA  | 4147100 | 26729492 |
| UniCredit SpA  | 2801115 | 207413302 |
|  |  | 316688514 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 409200 | 24290716 |
| Industrials - 0.7% |  |  |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 497023 | 25608342 |
| Passenger Airlines - 0.5% |  |  |
| Ryanair Holdings PLC ADR  | 1085094 | 67796673 |
| TOTAL INDUSTRIALS |  | 93405015 |
| TOTAL ITALY |  | 560215999 |
| JAPAN - 18.8%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 1.3% |  |  |
| Capcom Co Ltd  | 1282383 | 33487018 |
| Nintendo Co Ltd  | 1691297 | 144250546 |
|  |  | 177737564 |
| Media - 0.1% |  |  |
| CyberAgent Inc  | 1486600 | 14826450 |
| TOTAL COMMUNICATION SERVICES |  | 192564014 |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Fast Retailing Co Ltd  | 173262 | 63607945 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 950000 | 26957044 |
| Kotobuki Spirits Co Ltd  | 161400 | 1935940 |
|  |  | 28892984 |
| Financials - 2.8% |  |  |
| Banks - 1.1% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 5443427 | 147374302 |
| Financial Services - 0.5% |  |  |
| ORIX Corp  | 2976027 | 72799717 |
| Insurance - 1.2% |  |  |
| Tokio Marine Holdings Inc  | 4106167 | 153132101 |
| TOTAL FINANCIALS |  | 373306120 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Hoya Corp  | 1083072 | 176295251 |
| Industrials - 8.0% |  |  |
| Industrial Conglomerates - 2.9% |  |  |
| Hitachi Ltd  | 11299691 | 389927693 |
| Machinery - 3.4% |  |  |
| Ebara Corp  | 2948201 | 79028086 |
| Hoshizaki Corp  | 187100 | 6592389 |
| Japan Steel Works Ltd/The  | 786800 | 51769204 |
| Kawasaki Heavy Industries Ltd  | 699249 | 56262978 |
| Mitsubishi Heavy Industries Ltd  | 7622938 | 230134098 |
| SMC Corp  | 38900 | 13316346 |
|  |  | 437103101 |
| Professional Services - 0.3% |  |  |
| BayCurrent Inc  | 970793 | 44504916 |
| Trading Companies & Distributors - 1.4% |  |  |
| ITOCHU Corp  | 3019504 | 174986634 |
| Marubeni Corp  | 526800 | 12989683 |
|  |  | 187976317 |
| TOTAL INDUSTRIALS |  | 1059512027 |
| Information Technology - 3.6% |  |  |
| IT Services - 0.8% |  |  |
| Fujitsu Ltd  | 4042808 | 105357418 |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| Advantest Corp  | 1452200 | 217460887 |
| Renesas Electronics Corp  | 9235605 | 114055784 |
|  |  | 331516671 |
| Software - 0.0% |  |  |
| Money Forward Inc (a) | 110700 | 3232431 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| FUJIFILM Holdings Corp  | 1682445 | 38993509 |
| TOTAL INFORMATION TECHNOLOGY |  | 479100029 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Nippon Paint Holdings Co Ltd  | 2841700 | 18116736 |
| Nissan Chemical Corp  | 770100 | 26069766 |
| Shin-Etsu Chemical Co Ltd  | 3095400 | 93044453 |
|  |  | 137230955 |
| TOTAL JAPAN |  | 2510509325 |
| KOREA (SOUTH) - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| SK Hynix Inc  | 412180 | 161208332 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Samsung Electronics Co Ltd  | 1174480 | 88337041 |
| TOTAL KOREA (SOUTH) |  | 249545373 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| CVC Capital Partners PLC (c)(d) | 1167333 | 19496677 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV ADR  | 1493515 | 15159177 |
| NETHERLANDS - 3.4%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Heineken NV  | 161100 | 12474343 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE (a) | 47004 | 38471244 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| Wolters Kluwer NV  | 514913 | 63060913 |
| Information Technology - 2.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| ASM International NV  | 82100 | 53183502 |
| ASML Holding NV depository receipt  | 223380 | 236610797 |
| BE Semiconductor Industries NV  | 269894 | 45917374 |
|  |  | 335711673 |
| TOTAL NETHERLANDS |  | 449718173 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Jeronimo Martins SGPS SA  | 516500 | 13299979 |
| SINGAPORE - 1.1%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Sea Ltd Class A ADR (a) | 253100 | 39546875 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| DBS Group Holdings Ltd  | 2668900 | 110582189 |
| TOTAL SINGAPORE |  | 150129064 |
| SPAIN - 3.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Industria de Diseno Textil SA (e) | 654771 | 36151174 |
| Financials - 3.6% |  |  |
| Banks - 3.6% |  |  |
| Banco Santander SA  | 26907786 | 273740682 |
| CaixaBank SA  | 19177602 | 202702421 |
|  |  | 476443103 |
| TOTAL SPAIN |  | 512594277 |
| SWEDEN - 2.7%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 4278859 | 141221151 |
| Industrials - 0.9% |  |  |
| Machinery - 0.9% |  |  |
| Atlas Copco AB A Shares  | 3796800 | 63619429 |
| Epiroc AB A Shares  | 1324300 | 28046542 |
| Indutrade AB  | 1020582 | 27286422 |
|  |  | 118952393 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Hexagon AB B Shares  | 7555600 | 92099896 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(f) | 123307 | 2589605 |
| TOTAL INFORMATION TECHNOLOGY |  | 94689501 |
| TOTAL SWEDEN |  | 354863045 |
| SWITZERLAND - 1.3%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Cie Financiere Richemont SA Series A  | 613362 | 121326507 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.2% |  |  |
| Partners Group Holding AG  | 19989 | 24401607 |
| Insurance - 0.2% |  |  |
| Zurich Insurance Group AG  | 36450 | 25349934 |
| TOTAL FINANCIALS |  | 49751541 |
| TOTAL SWITZERLAND |  | 171078048 |
| TAIWAN - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 963897 | 289583576 |
| UNITED KINGDOM - 15.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Zegona Communications plc (a) | 760777 | 12293022 |
| Consumer Discretionary - 1.8% |  |  |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Compass Group PLC  | 3482603 | 115273604 |
| InterContinental Hotels Group PLC  | 811025 | 97831739 |
|  |  | 213105343 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 161825 | 33865508 |
| TOTAL CONSUMER DISCRETIONARY |  | 246970851 |
| Consumer Staples - 1.0% |  |  |
| Tobacco - 1.0% |  |  |
| British American Tobacco PLC  | 2708100 | 138696828 |
| Financials - 6.1% |  |  |
| Banks - 3.9% |  |  |
| HSBC Holdings PLC  | 2516818 | 35234072 |
| Lloyds Banking Group PLC  | 198191966 | 232378008 |
| NatWest Group PLC  | 28168832 | 216858234 |
| Starling Bank Ltd (b) | 8636400 | 26548795 |
|  |  | 511019109 |
| Capital Markets - 1.9% |  |  |
| 3i Group PLC  | 2919662 | 168962650 |
| London Stock Exchange Group PLC  | 669278 | 83409686 |
|  |  | 252372336 |
| Insurance - 0.3% |  |  |
| Admiral Group PLC  | 596100 | 25654244 |
| Aviva PLC  | 2155600 | 18933493 |
|  |  | 44587737 |
| TOTAL FINANCIALS |  | 807979182 |
| Health Care - 1.6% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Convatec Group PLC (c)(d) | 21749602 | 69773928 |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC  | 894211 | 147498902 |
| TOTAL HEALTH CARE |  | 217272830 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| BAE Systems PLC  | 4688432 | 115492431 |
| Rolls-Royce Holdings PLC  | 18876664 | 290489392 |
|  |  | 405981823 |
| Professional Services - 1.1% |  |  |
| Intertek Group PLC  | 485100 | 32278023 |
| RELX PLC (Netherlands)  | 2468654 | 108754782 |
|  |  | 141032805 |
| Trading Companies & Distributors - 0.3% |  |  |
| RS GROUP PLC  | 4865760 | 35572309 |
| TOTAL INDUSTRIALS |  | 582586937 |
| TOTAL UNITED KINGDOM |  | 2005799650 |
| UNITED STATES - 7.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (a) | 70039 | 45897957 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Shell PLC  | 4573522 | 171458712 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Mastercard Inc Class A  | 75510 | 41680765 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Alcon AG  | 900772 | 66935279 |
| Industrials - 2.3% |  |  |
| Electrical Equipment - 1.6% |  |  |
| Schneider Electric SE  | 732501 | 208711465 |
| Professional Services - 0.3% |  |  |
| Experian PLC  | 889773 | 41503639 |
| Trading Companies & Distributors - 0.4% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 229428 | 56482278 |
| TOTAL INDUSTRIALS |  | 306697382 |
| Materials - 3.2% |  |  |
| Chemicals - 0.7% |  |  |
| Linde PLC  | 223192 | 93361214 |
| Construction Materials - 2.5% |  |  |
| Amrize Ltd  | 748859 | 38599157 |
| CRH PLC (United Kingdom)  | 1431045 | 168895949 |
| Holcim AG  | 1336849 | 118847527 |
| James Hardie Industries PLC depository receipt (a) | 358664 | 7558845 |
|  |  | 333901478 |
| TOTAL MATERIALS |  | 427262692 |
| TOTAL UNITED STATES |  | 1059932787 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,066,240,193) |  | <br> **12839376688** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Valsoft Corp Series A-1.2 (b)(f) | 537 | 5966510 |
| Valsoft Corp Series A-1.3 (b)(f) | 190 | 2111056 |
| Valsoft Corp Series A-1.4 (b)(f) | 246 | 2733262 |
| TOTAL CANADA |  | 10810828 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(b)(f) | 79275 | 17640200 |
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Wasabi Holdings Inc Series C (a)(b)(f) | 2976172 | 41993787 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $64,344,376) |  | <br> **70444815** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 4.18 | 324915172 | 324980155 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 29072093 | 29075000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $354,054,198) |  |  | **354055155** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $8,484,638,767)<br>| <br>**13263876658** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **87838454** |
| **NET ASSETS - 100.0%** | **13351715112** |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $137,449,488 or 1.0% 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 $137,449,488 or 1.0% 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 $73,034,420 or 0.5% of net assets.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/3/2022 | 20595368 |
| Kry International Ab | 5/14/2021 - 10/30/2024 | 8153900 |
| Valsoft Corp Series A-1.2 | 3/14/2025 | 6290262 |
| Valsoft Corp Series A-1.3 | 3/17/2025 | 1886106 |
| Valsoft Corp Series A-1.4 | 3/17/2025 | 3237722 |
| Wasabi Holdings Inc Series C | 3/31/2021 | 32334918 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 433786100 | 2123317768 | 2232123882 | 18422804 | 169 | - | 324980155 | 324915172 | 0.6% |
| Fidelity Securities Lending Cash Central Fund | 81050500 | 1190642485 | 1242617985 | 274289 | - | - | 29075000 | 29072093 | 0.1% |
| Total | 514836600 | 3313960253 | 3474741867 | 18697093 | 169 | - | 354055155 |  |  |

---

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 | 363537536 | 73017429 | 290520107 | - |
| Consumer Discretionary | 1055428000 | 497112512 | 558315488 | - |
| Consumer Staples | 320252579 | 118638828 | 201613751 | - |
| Energy | 425736507 | 254277795 | 171458712 | - |
| Financials | 3565647406 | 1163645077 | 2375453534 | 26548795 |
| Health Care | 945049934 | 704385913 | 240664021 | - |
| Industrials | 3243689325 | 1615191207 | 1628498118 | - |
| Information Technology | 1846573252 | 975243426 | 868740217 | 2589609 |
| Materials | 1073462149 | 598232320 | 475229829 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 70444815 | - | - | 70444815 |
|  **Money Market Funds** | 354055155 | 354055155 | - | - |
| **Total Investments in Securities:** | 13263876658 | 6353799662 | 6810493777 | 99583219 |

---

**Fidelity® Diversified International 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 $27,643,089) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,130,584,569) | $12909821503 |  |
| Fidelity Central Funds (cost $354,054,198) | 354055155 |  |
| Total Investment in Securities (cost $8,484,638,767) |  | $13263876658 |
| Foreign currency held at value (cost $10,009,243) |  | 10009867 |
| Receivable for investments sold |  | 87635827 |
| Receivable for fund shares sold |  | 3963449 |
| Dividends receivable |  | 20958210 |
| Reclaims receivable |  | 27765889 |
| Distributions receivable from Fidelity Central Funds |  | 1584047 |
| Prepaid expenses |  | 13699 |
| Other receivables |  | 609650 |
| **Total assets** |  | 13416417296 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1770 |  |
| Payable for investments purchased  | 9121108 |  |
| Payable for fund shares redeemed | 4294469 |  |
| Accrued management fee | 7193489 |  |
| Deferred taxes | 14636668 |  |
| Other payables and accrued expenses | 379680 |  |
| Collateral on securities loaned | 29075000 |  |
| **Total liabilities** |  | 64702184 |
| **Net Assets**  |  | $13351715112 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7457640654 |
| Total accumulated earnings (loss) |  | 5894074458 |
| **Net Assets** |  | $13351715112 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Diversified International :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($12,056,103,906 ÷ 229,081,726 shares) |  | $52.63 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,295,611,206 ÷ 24,659,095 shares) |  | $52.54 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $242587903 |
| Income from Fidelity Central Funds (including $274,289 from security lending)  |  | 18697093 |
| Income before foreign taxes withheld |  | $261284996 |
| Less foreign taxes withheld |  | (15500547) |
| **Total income** |  | 245784449 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $88982420 |  |
| Performance adjustment | (11404566) |  |
| Custodian fees and expenses | 612872 |  |
| Independent trustees' fees and expenses | 46483 |  |
| Registration fees | 153188 |  |
| Audit fees | 123936 |  |
| Legal | 315256 |  |
| Miscellaneous | 42254 |  |
| **Total expenses** |  | 78871843 |
| **Net Investment income (loss)** |  | 166912606 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $4,522,429)  | 1141343214 |  |
| Fidelity Central Funds | 169 |  |
| Foreign currency transactions | (575244) |  |
| Total net realized gain (loss) |  | 1140768139 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $5,790,848)  | 1061729834 |  |
| Assets and liabilities in foreign currencies | 1671632 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1063401466 |
| **Net gain (loss)** |  | 2204169605 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2371082211 |

---

---

| | | |
|:---|:---|:---|
| **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) | $166912606 | $152336940 |
| &nbsp;&nbsp;Net realized gain (loss) | 1140768139<br>| 292206267<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1063401466 | 1669974321<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2371082211<br>| 2114517528<br>|
| Distributions to shareholders | (413712408)<br>| (399892110)<br>|
| Share transactions - net increase (decrease) | 376182904<br>| 833287676<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2333552707<br>| 2547913094<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11018162405 | 8470249311<br>|
| &nbsp;&nbsp;End of period | $13351715112 | $11018162405 |

---

**Financial Highlights** 

**Fidelity® Diversified International Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $44.97 | $37.63 | $33.99 | $53.38 | $41.61 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .65  | .63  | .57  | .33  | .16  |
| Net realized and unrealized gain (loss)  | 8.67  | 8.47  | 3.56  | (14.58)  | 12.07  |
| Total from investment operations  | 9.32  | 9.10  | 4.13  | (14.25)  | 12.23  |
| Distributions from net investment income  | (.87)  | (.70)  | (.14)  | (.57)  | (.02)  |
| Distributions from net realized gain  | (.79)  | (1.06)  | (.35)  | (4.57)  | (.45)  |
| Total distributions  | (1.66)  | (1.76)  | (.49)  | (5.14)  | (.46) C |
| Net asset value, end of period  | $52.63 | $44.97 | $37.63 | $33.99 | $53.38 |
| **Total Return** D | 21.48% <br>| 24.85%  | 12.15%  | (29.36)%  | 29.58%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .66%  | .61%  | .65%  | .99%  | 1.01%  |
| Expenses net of fee waivers, if any  | .66% <br>| .60%  | .65%  | .99%  | 1.01%  |
| Expenses net of all reductions, if any  | .66%  | .60%  | .65%  | .99%  | 1.01%  |
| Net investment income (loss)  | 1.38%  | 1.45%  | 1.45%  | .80%  | .32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12056104 | $9913806 | $7407098 | $7230515 | $11529722 |
| Portfolio turnover rate G,H | 47% <br>| 35%  | 22%  | 20%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Portfolio turnover rate excludes securities received or delivered in-kind.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Diversified International Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $44.89 | $37.57 | $33.94 | $53.32 | $41.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .69  | .68  | .61  | .38  | .21  |
| Net realized and unrealized gain (loss)  | 8.64  | 8.44  | 3.56  | (14.58)  | 12.06  |
| Total from investment operations  | 9.33  | 9.12  | 4.17  | (14.20)  | 12.27  |
| Distributions from net investment income  | (.89)  | (.75)  | (.19)  | (.62)  | (.06)  |
| Distributions from net realized gain  | (.79)  | (1.06)  | (.35)  | (4.57)  | (.45)  |
| Total distributions  | (1.68)  | (1.80) C | (.54)  | (5.18) C | (.51)  |
| Net asset value, end of period  | $52.54 | $44.89 | $37.57 | $33.94 | $53.32 |
| **Total Return** D | 21.57% <br>| 24.97%  | 12.29%  | (29.31)%  | 29.71%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .59%  | .50%  | .54%  | .88%  | .91%  |
| Expenses net of fee waivers, if any  | .59% <br>| .50%  | .54%  | .88%  | .91%  |
| Expenses net of all reductions, if any  | .59%  | .50%  | .54%  | .88%  | .91%  |
| Net investment income (loss)  | 1.46%  | 1.56%  | 1.56%  | .91%  | .42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1295611 | $1104357 | $1063151 | $1396859 | $3306774 |
| Portfolio turnover rate G,H | 47% <br>| 35%  | 22%  | 20%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Portfolio turnover rate excludes securities received or delivered in-kind.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** 

For the period ended October 31, 2025

**1. Organization.**

Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Diversified International Fund** | $123338 |

---

**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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred Trustee compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4753726643 |
| **Gross unrealized depreciation**  | <u>(142697631)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$4611029012</u> |
| **Tax Cost**  | <u>$8652847646</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$213640316</u> |
| **Undistributed long-term capital gain**  | <u>$1083118915</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$4611951894</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $216280544 | $160121285 |
| **Long-term Capital Gains**  | <u>197431864</u> | <u>239770825</u> |
| **Total**  | <u>$413712408</u> | <u>$399892110</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Diversified International Fund** | 5551866064 | 5440972990 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Diversified International Fund** | 1513290 | 67940579 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** 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 Diversified International Fund** | 2676493 | 43852349 | 110362436 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Diversified International Fund** | 1187445 | 55311198 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Diversified International** | .79 |
| **Class K** | .68 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Diversified International** | .75 |
| **Class K** | .67 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Diversified International Fund** | MSCI EAFE Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Diversified International. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.09)%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Diversified International Fund** | 9226 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Diversified International Fund** | 168543890 | 164620476 | 59088420 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Diversified International Fund** | 16136 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Diversified International Fund** | 29553 | - | - |

---

**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 Diversified International Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Diversified International | $371565810 | $350399026 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; <u>42146598</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>49493084</u> |
| Total  | <u>$413712408</u> | <u>$399892110</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Diversified International Fund** |  |  |  |  |
| **Diversified International** |  |  |  |  |
| Shares sold | 27137511 | 34479828 | $1248651885 | $1495985575 |
| Reinvestment of distributions | 7395536 | 7644991 | 322593265 | 300983288 |
| Shares redeemed | <u>(25891520)</u> | <u>(18521934)</u> | <u>(1198706545)</u> | <u>(803075098)</u> |
| Net increase (decrease) | <u>8641527</u> | <u>23602885</u> | <u>$372538605</u> | <u>$993893765</u> |
| **Class K** |  |  |  |  |
| Shares sold | 6661040 | 4533810 | $311883775 | $196601168 |
| Reinvestment of distributions | 967876 | 1259505 | 42121949 | 49460747 |
| Shares redeemed | <u>(7568852)</u> | <u>(9489207)</u> | <u>(350361425)</u> | <u>(406668004)</u> |
| Net increase (decrease) | <u>60064</u> | <u>(3695892)</u> | <u>$3644299</u> | <u>$(160606089)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** |
| Fidelity Diversified International Fund | 31% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity Diversified International Fund | 36% |

---

**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.

**Fidelity® Overseas Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| JTC PLC (a)(b) | 1730500 | 29644586 |
| BELGIUM - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| KBC Group NV  | 740190 | 88944016 |
| CANADA - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| Constellation Software Inc/Canada  | 23100 | 60792092 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(d) | 62100 | 4 |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 181022 | 4323722 |
| TOTAL CANADA |  | 65115818 |
| CHINA - 1.5%  |  |  |
| Communication Services - 1.5% |  |  |
| Interactive Media & Services - 1.5% |  |  |
| Tencent Holdings Ltd  | 1394300 | 113255869 |
| DENMARK - 2.4%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Series B  | 368300 | 18132040 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 1.7% |  |  |
| DSV A/S  | 570300 | 121032343 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Novonesis Novozymes B Series B  | 602536 | 36009221 |
| TOTAL DENMARK |  | 175173604 |
| FRANCE - 9.9%  |  |  |
| Consumer Discretionary - 2.3% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Accor SA  | 967100 | 49215233 |
| Textiles, Apparel & Luxury Goods - 1.7% |  |  |
| Hermes International SCA  | 33254 | 82371650 |
| LVMH Moet Hennessy Louis Vuitton SE  | 57900 | 40925063 |
|  |  | 123296713 |
| TOTAL CONSUMER DISCRETIONARY |  | 172511946 |
| Consumer Staples - 1.0% |  |  |
| Food Products - 1.0% |  |  |
| Danone SA  | 869600 | 76800152 |
| Industrials - 4.3% |  |  |
| Aerospace & Defense - 4.3% |  |  |
| Safran SA  | 561300 | 199440281 |
| Thales SA  | 420500 | 119906801 |
|  |  | 319347082 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 318856 | 26259973 |
| Materials - 1.9% |  |  |
| Chemicals - 1.9% |  |  |
| Air Liquide SA  | 720051 | 139357891 |
| TOTAL FRANCE |  | 734277044 |
| GERMANY - 11.2%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Deutsche Telekom AG  | 2665500 | 82564357 |
| Financials - 5.0% |  |  |
| Capital Markets - 1.6% |  |  |
| Deutsche Boerse AG  | 458591 | 116133665 |
| Insurance - 3.4% |  |  |
| Allianz SE  | 343001 | 137832161 |
| Hannover Rueck SE  | 394564 | 112516084 |
|  |  | 250348245 |
| TOTAL FINANCIALS |  | 366481910 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Fresenius SE & Co KGaA  | 940300 | 54213516 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| MTU Aero Engines AG  | 161500 | 70384439 |
| Information Technology - 2.5% |  |  |
| Software - 2.5% |  |  |
| SAP SE  | 705170 | 183395343 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Heidelberg Materials AG  | 307100 | 72046791 |
| TOTAL GERMANY |  | 829086356 |
| INDIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 5872500 | 65317628 |
| INDONESIA - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Bank Central Asia Tbk PT  | 120374600 | 61630835 |
| IRELAND - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Building Products - 0.9% |  |  |
| Kingspan Group PLC  | 863900 | 64625755 |
| ITALY - 4.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Lottomatica Group Spa  | 1143200 | 28172629 |
| Financials - 3.4% |  |  |
| Banks - 3.4% |  |  |
| FinecoBank Banca Fineco SpA  | 2656600 | 60660795 |
| Intesa Sanpaolo SpA  | 13278500 | 85584519 |
| UniCredit SpA  | 1369500 | 101406946 |
|  |  | 247652260 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| GVS SpA (a)(b)(c) | 299900 | 1486423 |
| Pharmaceuticals - 0.8% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA (e) | 1025030 | 60847293 |
| TOTAL HEALTH CARE |  | 62333716 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 293100 | 15101525 |
| TOTAL ITALY |  | 353260130 |
| JAPAN - 17.2%  |  |  |
| Communication Services - 2.4% |  |  |
| Entertainment - 2.4% |  |  |
| Capcom Co Ltd  | 1746700 | 45611783 |
| Nintendo Co Ltd  | 1515200 | 129231251 |
|  |  | 174843034 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Food & Life Cos Ltd  | 168900 | 8236218 |
| Consumer Staples - 1.7% |  |  |
| Food Products - 1.7% |  |  |
| Ajinomoto Co Inc  | 4449400 | 126255442 |
| Financials - 1.9% |  |  |
| Insurance - 1.9% |  |  |
| Tokio Marine Holdings Inc  | 3740900 | 139510126 |
| Health Care - 2.1% |  |  |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Hoya Corp  | 973400 | 158443573 |
| Industrials - 6.3% |  |  |
| Industrial Conglomerates - 3.1% |  |  |
| Hitachi Ltd  | 6690850 | 230886642 |
| Machinery - 2.6% |  |  |
| Ebara Corp  | 1696800 | 45483621 |
| Mitsubishi Heavy Industries Ltd  | 4861000 | 146752059 |
|  |  | 192235680 |
| Professional Services - 0.6% |  |  |
| BayCurrent Inc  | 1018200 | 46678236 |
| TOTAL INDUSTRIALS |  | 469800558 |
| Information Technology - 2.8% |  |  |
| IT Services - 0.3% |  |  |
| TIS Inc  | 673500 | 23227905 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Advantest Corp  | 759700 | 113761904 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| FUJIFILM Holdings Corp  | 2918700 | 67645809 |
| TOTAL INFORMATION TECHNOLOGY |  | 204635618 |
| TOTAL JAPAN |  | 1281724569 |
| NETHERLANDS - 3.3%  |  |  |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| IMCD NV  | 159124 | 16503617 |
| Information Technology - 3.1% |  |  |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| ASM International NV  | 111578 | 72279035 |
| ASML Holding NV  | 146261 | 154780406 |
|  |  | 227059441 |
| TOTAL NETHERLANDS |  | 243563058 |
| SINGAPORE - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Sea Ltd Class A ADR (c) | 365000 | 57031250 |
| SPAIN - 6.8%  |  |  |
| Financials - 4.9% |  |  |
| Banks - 4.9% |  |  |
| Banco Santander SA  | 19953300 | 202990686 |
| CaixaBank SA  | 14724000 | 155628970 |
|  |  | 358619656 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.9% |  |  |
| Iberdrola SA  | 7110000 | 144093009 |
| TOTAL SPAIN |  | 502712665 |
| SWEDEN - 1.8%  |  |  |
| Health Care - 0.5% |  |  |
| Life Sciences Tools & Services - 0.5% |  |  |
| AddLife AB B Shares  | 1577972 | 34116518 |
| Industrials - 1.3% |  |  |
| Building Products - 0.3% |  |  |
| Assa Abloy AB B Shares  | 575400 | 21683700 |
| Machinery - 1.0% |  |  |
| Indutrade AB  | 2855816 | 76353492 |
| TOTAL INDUSTRIALS |  | 98037192 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (c)(d)(f) | 129627 | 2722333 |
| TOTAL SWEDEN |  | 134876043 |
| SWITZERLAND - 2.6%  |  |  |
| Financials - 2.3% |  |  |
| Capital Markets - 0.6% |  |  |
| Partners Group Holding AG  | 38970 | 47572697 |
| Insurance - 1.7% |  |  |
| Zurich Insurance Group AG  | 170091 | 118293432 |
| TOTAL FINANCIALS |  | 165866129 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Galderma Group AG  | 133870 | 24702945 |
| TOTAL SWITZERLAND |  | 190569074 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 3160000 | 152632897 |
| UNITED KINGDOM - 15.3%  |  |  |
| Consumer Discretionary - 3.0% |  |  |
| Hotels, Restaurants & Leisure - 3.0% |  |  |
| Compass Group PLC  | 4055898 | 134249577 |
| InterContinental Hotels Group PLC  | 759763 | 91648144 |
|  |  | 225897721 |
| Consumer Staples - 1.2% |  |  |
| Tobacco - 1.2% |  |  |
| British American Tobacco PLC  | 1700000 | 87066433 |
| Financials - 3.9% |  |  |
| Banks - 2.0% |  |  |
| NatWest Group PLC  | 18824200 | 144918425 |
| Capital Markets - 1.9% |  |  |
| 3i Group PLC  | 2445100 | 141499453 |
| TOTAL FINANCIALS |  | 286417878 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| BAE Systems PLC  | 3126400 | 77014135 |
| Rolls-Royce Holdings PLC  | 12457500 | 191706099 |
|  |  | 268720234 |
| Professional Services - 1.5% |  |  |
| Intertek Group PLC  | 693300 | 46131423 |
| RELX PLC  | 1558800 | 68893343 |
|  |  | 115024766 |
| Trading Companies & Distributors - 0.9% |  |  |
| Diploma PLC  | 884895 | 65215496 |
| TOTAL INDUSTRIALS |  | 448960496 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Halma PLC  | 1828682 | 85186960 |
| TOTAL UNITED KINGDOM |  | 1133529488 |
| UNITED STATES - 13.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Spotify Technology SA (c) | 35000 | 22936199 |
| Financials - 2.4% |  |  |
| Capital Markets - 0.2% |  |  |
| S&P Global Inc  | 36880 | 17968305 |
| Financial Services - 0.9% |  |  |
| Visa Inc Class A  | 191000 | 65081340 |
| Insurance - 1.3% |  |  |
| Marsh & McLennan Cos Inc  | 516700 | 92050105 |
| TOTAL FINANCIALS |  | 175099750 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Alcon AG  | 605910 | 45024440 |
| Industrials - 5.6% |  |  |
| Building Products - 0.5% |  |  |
| Trane Technologies PLC  | 78259 | 35110900 |
| Commercial Services & Supplies - 1.4% |  |  |
| Waste Connections Inc  | 628300 | 105371449 |
| Electrical Equipment - 2.6% |  |  |
| Schneider Electric SE  | 674000 | 192042779 |
| Professional Services - 1.1% |  |  |
| Experian PLC  | 1746500 | 81465841 |
| TOTAL INDUSTRIALS |  | 413990969 |
| Materials - 4.7% |  |  |
| Chemicals - 1.3% |  |  |
| Linde PLC  | 238300 | 99680890 |
| Construction Materials - 3.4% |  |  |
| Amrize Ltd  | 726520 | 37447716 |
| CRH PLC  | 905900 | 107892691 |
| Holcim AG  | 1132130 | 100647755 |
|  |  | 245988162 |
| TOTAL MATERIALS |  | 345669052 |
| TOTAL UNITED STATES |  | 1002720410 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,170,850,166) |  | <br> **7279691095** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 87406814 | 87424296 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 3755624 | 3756000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $91,180,296) |  |  | **91180296** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $5,262,030,462)<br>| <br>**7370871391** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **60265656** |
| **NET ASSETS - 100.0%** | **7431137047** |

---

**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 $35,454,731 or 0.5% of net assets.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $31,131,009 or 0.4% of net assets.

(c) Non-income producing.

(d) Level 3 security.

(e) Security or a portion of the security is on loan at period end.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,722,333 or 0.0% of net assets.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 8571872 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 150014624 | 1531234104 | 1593825247 | 5128482 | 815 | - | 87424296 | 87406814 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 13619083 | 220376279 | 230239362 | 146316 | - | - | 3756000 | 3755624 | 0.0% |
| Total | 163633707 | 1751610383 | 1824064609 | 5274798 | 815 | - | 91180296 |  |  |

---

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 | 393599459 | 22936199 | 370663260 | - |
| Consumer Discretionary | 491849764 | 225026980 | 266822784 | - |
| Consumer Staples | 290122027 | 126255442 | 163866585 | - |
| Financials | 1985184774 | 782746242 | 1202438532 | - |
| Health Care | 396966748 | 378834708 | 18132040 | - |
| Industrials | 2037783976 | 938878938 | 1098905038 | - |
| Information Technology | 947008383 | 426850093 | 517435953 | 2722337 |
| Materials | 593082955 | 281030518 | 312052437 | - |
| Utilities | 144093009 | - | 144093009 | - |
|  **Money Market Funds** | 91180296 | 91180296 | - | - |
| **Total Investments in Securities:** | 7370871391 | 3273739416 | 4094409638 | 2722337 |

---

**Fidelity® Overseas 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 $3,566,478) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,170,850,166) | $7279691095 |  |
| Fidelity Central Funds (cost $91,180,296) | 91180296 |  |
| Total Investment in Securities (cost $5,262,030,462) |  | $7370871391 |
| Foreign currency held at value (cost $3,040,284) |  | 3040284 |
| Receivable for investments sold |  | 35480068 |
| Receivable for fund shares sold |  | 17352660 |
| Dividends receivable |  | 11232200 |
| Reclaims receivable |  | 35387528 |
| Distributions receivable from Fidelity Central Funds |  | 393621 |
| Prepaid expenses |  | 7845 |
| Receivable from investment adviser for expense reductions |  | 4700 |
| Other receivables |  | 47086 |
| **Total assets** |  | 7473817383 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $24009769 |  |
| Payable for fund shares redeemed | 4714848 |  |
| Accrued management fee | 3606832 |  |
| Deferred taxes | 6460571 |  |
| Other payables and accrued expenses | 132316 |  |
| Collateral on securities loaned | 3756000 |  |
| **Total liabilities** |  | 42680336 |
| **Net Assets**  |  | $7431137047 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5065473600 |
| Total accumulated earnings (loss) |  | 2365663447 |
| **Net Assets** |  | $7431137047 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Overseas :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,964,916,321 ÷ 78,701,295 shares) |  | $75.79 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,466,220,726 ÷ 19,448,334 shares) |  | $75.39 |

---

---

| | | |
|:---|:---|:---|
| **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  |  | $125449878 |
| Foreign Tax Reclaims |  | 9142325 |
| Income from Fidelity Central Funds (including $146,316 from security lending)  |  | 5274798 |
| Income before foreign taxes withheld |  | $139867001 |
| Less foreign taxes withheld |  | (12057042) |
| **Total income** |  | 127809959 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $50286224 |  |
| Performance adjustment | (6609608) |  |
| Custodian fees and expenses | 241975 |  |
| Independent trustees' fees and expenses | 26766 |  |
| Registration fees | 155273 |  |
| Audit fees | 147483 |  |
| Legal | 171385 |  |
| Miscellaneous | 29327 |  |
| Total expenses before reductions | 44448825 |  |
| Expense reductions | (6771) |  |
| Total expenses after reductions |  | 44442054 |
| **Net Investment income (loss)** |  | 83367905 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 235865065 |  |
| Fidelity Central Funds | 815 |  |
| Foreign currency transactions | (21654) |  |
| Total net realized gain (loss) |  | 235844226 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $5,907,229)  | 804332146 |  |
| Assets and liabilities in foreign currencies | 2369875 |  |
| Total change in net unrealized appreciation (depreciation) |  | 806702021 |
| **Net gain (loss)** |  | 1042546247 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1125914152 |

---

---

| | | |
|:---|:---|:---|
| **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) | $83367905 | $116959291 |
| &nbsp;&nbsp;Net realized gain (loss) | 235844226<br>| 2169142661<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 806702021 | (70668549)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1125914152<br>| 2215433403<br>|
| Distributions to shareholders | (89012888)<br>| (91103428)<br>|
| Share transactions - net increase (decrease) | 100403309<br>| (3207644234)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1137304573<br>| (1083314259)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6293832474 | 7377146733<br>|
| &nbsp;&nbsp;End of period | $7431137047 | $6293832474 |

---

**Financial Highlights** 

**Fidelity® Overseas Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $65.03 | $52.19 | $46.55 | $69.79 | $50.91 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .85  | .85  | .67  | .47  | .21  |
| Net realized and unrealized gain (loss)  | 10.78  | 12.61  | 5.36  | (20.64)  | 18.98  |
| Total from investment operations  | 11.63  | 13.46  | 6.03  | (20.17)  | 19.19  |
| Distributions from net investment income  | (.87)  | (.62)  | (.39)  | (.20)  | (.11)  |
| Distributions from net realized gain  | -  | -  | -  | (2.87)  | (.21)  |
| Total distributions  | (.87)  | (.62)  | (.39)  | (3.07)  | (.31) C |
| Net asset value, end of period  | $75.79 | $65.03 | $52.19 | $46.55 | $69.79 |
| **Total Return** D | 18.10% <br>| 25.94%  | 12.95%  | (30.12)%  | 37.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .67%  | .69%  | .73%  | .95%  | .99%  |
| Expenses net of fee waivers, if any  | .67% <br>| .69%  | .72%  | .95%  | .98%  |
| Expenses net of all reductions, if any  | .67%  | .69%  | .72%  | .94%  | .98%  |
| Net investment income (loss)  | 1.21%  | 1.34%  | 1.23%  | .84%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5964916 | $4962649 | $6684862 | $6175776 | $8981609 |
| Portfolio turnover rate G | 50% <br>| 35% H | 34%  | 25%  | 30% H |

---

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.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Overseas Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.91 | $52.11 | $46.48 | $69.68 | $50.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .89  | .89  | .73  | .54  | .27  |
| Net realized and unrealized gain (loss)  | 10.73  | 12.59  | 5.34  | (20.60)  | 18.95  |
| Total from investment operations  | 11.62  | 13.48  | 6.07  | (20.06)  | 19.22  |
| Distributions from net investment income  | (1.14)  | (.68)  | (.44)  | (.26)  | (.16)  |
| Distributions from net realized gain  | -  | -  | -  | (2.87)  | (.21)  |
| Total distributions  | (1.14)  | (.68)  | (.44)  | (3.14) C | (.37)  |
| Net asset value, end of period  | $75.39 | $64.91 | $52.11 | $46.48 | $69.68 |
| **Total Return** D | 18.20% <br>| 26.04%  | 13.06%  | (30.04)%  | 37.97%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .59%  | .64%  | .62%  | .84%  | .89%  |
| Expenses net of fee waivers, if any  | .59% <br>| .63%  | .61%  | .84%  | .88%  |
| Expenses net of all reductions, if any  | .59%  | .63%  | .61%  | .84%  | .88%  |
| Net investment income (loss)  | 1.28%  | 1.40%  | 1.34%  | .94%  | .43%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1466221 | $1331184 | $692284 | $620003 | $1591397 |
| Portfolio turnover rate G | 50% <br>| 35% H | 34%  | 25%  | 30% H |

---

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.*

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 Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas and Class K shares, each of which has equal rights as to assets and voting privileges.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Overseas Fund** | $20682 |

---

**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 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**  | $2164082667 |
| **Gross unrealized depreciation**  | <u>(128451784)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2035630883</u> |
| **Tax Cost**  | <u>$5335240508</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$118116030</u> |
| **Undistributed long-term capital gain**  | <u>$216117303</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2037889261</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $89012888 | $91103428 |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Overseas Fund** | 3434633711 | 3318933476 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Overseas** | .78 |
| **Class K** | .68 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Overseas** | .75 |
| **Class K** | .68 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Overseas Fund** | MSCI EAFE Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Overseas. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.10)%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Overseas Fund** | 498 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Overseas Fund** | 144776052 | 71364294 | 3718935 |

---

**Prior Fiscal Year Affiliated Redemptions In-Kind.** Affiliated shareholders redeemed shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Overseas Fund** | 73699426 | 1994718961 | 5011560692 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Overseas Fund** | 9224 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Overseas Fund** | 15405 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,071.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,700.

**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 Overseas Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Overseas | $65840551 | $80812559 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; <u>23172337</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>10290869</u> |
| Total  | <u>$89012888</u> | <u>$91103428</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Overseas Fund** |  |  |  |  |
| **Overseas** |  |  |  |  |
| Shares sold | 15497372 | 33392063 | $1082733783 | $2093817387 |
| Reinvestment of distributions | 761890 | 1223215 | 49385702 | 70139126 |
| Shares redeemed | <u>(13874173)</u> | <u>(86383538)</u> | <u>(955092537)</u> | <u>(5822142918)</u> |
| Net increase (decrease) | <u>2385089</u> | <u>(51768260)</u> | <u>$177026948</u> | <u>$(3658186405)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 4921715 | 10389470 | $342144644 | $652824553 |
| Reinvestment of distributions | 359651 | 179942 | 23172337 | 10290869 |
| Shares redeemed | <u>(6340679)</u> | <u>(3346586)</u> | <u>(441940620)</u> | <u>(212573251)</u> |
| Net increase (decrease) | <u>(1059313)</u> | <u>7222826</u> | <u>$(76623639)</u> | <u>$450542171</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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.

**13. Reorganization.**

The Board of Trustees of Fidelity Advisor Overseas Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Overseas Fund and Fidelity Overseas Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 13, 2025. The Agreement provided for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Overseas Fund in exchange for corresponding shares of Fidelity Overseas Fund equal in value to the net assets of the Fund on the day the reorganization was effective.

The Fund's shareholders approved the reorganization that became effective on November 21, 2025. The reorganization qualified as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Fidelity® Worldwide Fund**

**Schedule of Investments 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>|
| AUSTRALIA - 1.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Lovisa Holdings Ltd  | 310528 | 7363188 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Pinnacle Investment Management Group Ltd  | 587420 | 7594734 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| DroneShield Ltd (a)(b) | 2775930 | 6956395 |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 420019 | 6831986 |
| TOTAL INDUSTRIALS |  | 13788381 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Deterra Royalties Ltd  | 2088759 | 5576034 |
| TOTAL AUSTRALIA |  | 34322337 |
| AUSTRIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Wienerberger AG  | 277300 | 8227272 |
| BAILIWICK OF JERSEY - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| JTC PLC (b)(c) | 334500 | 5730202 |
| BELGIUM - 0.8%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| KBC Group NV  | 95200 | 11439590 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 63000 | 16157272 |
| TOTAL BELGIUM |  | 27596862 |
| CANADA - 3.5%  |  |  |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| PrairieSky Royalty Ltd  | 3099700 | 55648958 |
| Information Technology - 1.6% |  |  |
| IT Services - 1.3% |  |  |
| Shopify Inc Class A (United States) (a) | 265000 | 46072900 |
| Software - 0.3% |  |  |
| Constellation Software Inc/Canada  | 2100 | 5526554 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(d) | 3700 | 0 |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 185450 | 4429486 |
|  |  | 9956040 |
| TOTAL INFORMATION TECHNOLOGY |  | 56028940 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Franco-Nevada Corp  | 66500 | 12421899 |
| TOTAL CANADA |  | 124099797 |
| CHINA - 1.8%  |  |  |
| Communication Services - 0.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| Tencent Holdings Ltd  | 262800 | 21346656 |
| Tencent Holdings Ltd ADR  | 31000 | 2522470 |
|  |  | 23869126 |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.2% |  |  |
| BYD Co Ltd H Shares  | 649500 | 8408633 |
| Broadline Retail - 0.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 29000 | 4942470 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Luckin Coffee Inc ADR (a) | 57661 | 2312206 |
| TOTAL CONSUMER DISCRETIONARY |  | 15663309 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 27700 | 5565413 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 178100 | 9728263 |
| Ground Transportation - 0.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 686400 | 8923200 |
| TOTAL INDUSTRIALS |  | 18651463 |
| TOTAL CHINA |  | 63749311 |
| DENMARK - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| DSV A/S  | 61646 | 13082868 |
| FINLAND - 0.2%  |  |  |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj ADR  | 500000 | 3455000 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| UPM-Kymmene Oyj  | 152400 | 4089455 |
| TOTAL FINLAND |  | 7544455 |
| FRANCE - 1.0%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 7200 | 5089127 |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| Danone SA  | 159200 | 14060009 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Amundi SA (b)(c) | 67800 | 5025024 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| EssilorLuxottica SA  | 32700 | 11959562 |
| TOTAL FRANCE |  | 36133722 |
| GERMANY - 1.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (a) | 134600 | 4722665 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Fresenius SE & Co KGaA  | 160000 | 9224889 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| Deutsche Post AG  | 315511 | 14496588 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| SAP SE  | 46000 | 11963336 |
| TOTAL GERMANY |  | 40407478 |
| HONG KONG - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.2% |  |  |
| Futu Holdings Ltd Class A ADR  | 44800 | 8916992 |
| Insurance - 0.7% |  |  |
| Prudential PLC  | 1550586 | 21565690 |
| TOTAL HONG KONG |  | 30482682 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Ltd/India (d)(e) | 661069 | 1645877 |
| INDONESIA - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Bank Central Asia Tbk PT  | 49813300 | 25504012 |
| Bank Syariah Indonesia Tbk PT  | 2632104 | 403600 |
| TOTAL INDONESIA |  | 25907612 |
| IRELAND - 0.8%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| AIB Group PLC  | 2258000 | 20782430 |
| Industrials - 0.2% |  |  |
| Building Products - 0.2% |  |  |
| Kingspan Group PLC  | 112700 | 8430747 |
| TOTAL IRELAND |  | 29213177 |
| ITALY - 1.9%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 275429 | 6787578 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Prada Spa  | 1860500 | 10999398 |
| TOTAL CONSUMER DISCRETIONARY |  | 17786976 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| BFF Bank SpA (a)(b)(c) | 1435530 | 17307782 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 186060 | 11044796 |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 127300 | 13179499 |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 160100 | 8248905 |
| TOTAL INDUSTRIALS |  | 21428404 |
| TOTAL ITALY |  | 67567958 |
| JAPAN - 3.4%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.5% |  |  |
| Nintendo Co Ltd  | 215300 | 18362915 |
| Media - 0.2% |  |  |
| CyberAgent Inc  | 616500 | 6148598 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SoftBank Group Corp  | 5000 | 877343 |
| TOTAL COMMUNICATION SERVICES |  | 25388856 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.2% |  |  |
| Pan Pacific International Holdings Corp  | 1137500 | 6766542 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Metaplanet Inc (a) | 329400 | 1049480 |
| Specialty Retail - 0.3% |  |  |
| USS Co Ltd  | 1043900 | 11528894 |
| TOTAL CONSUMER DISCRETIONARY |  | 19344916 |
| Industrials - 1.1% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Japan Elevator Service Holdings Co Ltd  | 626800 | 7392181 |
| Machinery - 0.2% |  |  |
| Ebara Corp  | 304500 | 8162283 |
| Professional Services - 0.2% |  |  |
| Timee Inc (a)(f) | 909200 | 8814125 |
| Trading Companies & Distributors - 0.5% |  |  |
| ITOCHU Corp  | 217100 | 12581404 |
| TOTAL INDUSTRIALS |  | 36949993 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Renesas Electronics Corp  | 509231 | 6288786 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| FUJIFILM Holdings Corp  | 608400 | 14100699 |
| TOTAL INFORMATION TECHNOLOGY |  | 20389485 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| NOF Corp  | 546685 | 9744622 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Katitas Co Ltd  | 538000 | 8758951 |
| TOTAL JAPAN |  | 120576823 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Novem Group SA (a) | 232076 | 853332 |
| NETHERLANDS - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| ASM International NV  | 15100 | 9781618 |
| BE Semiconductor Industries NV  | 84400 | 14359069 |
| TOTAL NETHERLANDS |  | 24140687 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| TGS ASA  | 1137149 | 9834317 |
| SPAIN - 1.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Neinor Homes SA (b)(c) | 506968 | 10085996 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Bankinter SA  | 1402400 | 21127346 |
| CaixaBank SA  | 2094200 | 22135166 |
|  |  | 43262512 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Aedas Homes SL (b)(c) | 295400 | 7252497 |
| TOTAL SPAIN |  | 60601005 |
| SWEDEN - 2.3%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Household Durables - 0.2% |  |  |
| JM AB  | 452900 | 6469149 |
| Specialty Retail - 0.3% |  |  |
| Haypp Group AB (a) | 607852 | 9866138 |
| TOTAL CONSUMER DISCRETIONARY |  | 16335287 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Noba (a) | 595900 | 6002750 |
| Swedbank AB A1 Shares  | 721550 | 21949733 |
|  |  | 27952483 |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.6% |  |  |
| AddLife AB B Shares  | 1042024 | 22529063 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Epiroc AB A Shares  | 245900 | 5207766 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Dustin Group AB (a)(b)(c)(f) | 8145810 | 1759449 |
| Hexagon AB B Shares  | 592500 | 7222350 |
|  |  | 8981799 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(d)(e) | 22735 | 477464 |
| TOTAL INFORMATION TECHNOLOGY |  | 9459263 |
| TOTAL SWEDEN |  | 81483862 |
| SWITZERLAND - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| TE Connectivity PLC  | 316000 | 78055160 |
| TAIWAN - 4.2%  |  |  |
| Information Technology - 4.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| E Ink Holdings Inc  | 1806000 | 12439795 |
| Semiconductors & Semiconductor Equipment - 3.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 315000 | 15214988 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 408000 | 122575440 |
|  |  | 137790428 |
| TOTAL TAIWAN |  | 150230223 |
| UNITED KINGDOM - 5.2%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Zegona Communications plc (a) | 778000 | 12571321 |
| Interactive Media & Services - 0.0% |  |  |
| Baltic Classifieds Group PLC  | 337231 | 1306910 |
| TOTAL COMMUNICATION SERVICES |  | 13878231 |
| Consumer Discretionary - 1.2% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Flutter Entertainment PLC (United Kingdom) (a) | 92100 | 21215907 |
| Household Durables - 0.1% |  |  |
| Beauty Tech Group PLC/The  | 882600 | 3072600 |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 89836 | 18800196 |
| TOTAL CONSUMER DISCRETIONARY |  | 43088703 |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC  | 391173 | 8997665 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC  | 384500 | 19692379 |
| TOTAL CONSUMER STAPLES |  | 28690044 |
| Financials - 2.1% |  |  |
| Banks - 0.3% |  |  |
| NatWest Group PLC  | 1602400 | 12336104 |
| Capital Markets - 0.3% |  |  |
| London Stock Exchange Group PLC  | 86328 | 10758745 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (d)(e) | 3936 | 5268415 |
| Insurance - 1.4% |  |  |
| Admiral Group PLC  | 242800 | 10449338 |
| Beazley PLC  | 726200 | 8877053 |
| Hiscox Ltd  | 795547 | 14370264 |
| Sabre Insurance Group PLC (b)(c) | 7362608 | 12960826 |
|  |  | 46657481 |
| TOTAL FINANCIALS |  | 75020745 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.2% |  |  |
| Intertek Group PLC  | 100000 | 6653890 |
| Trading Companies & Distributors - 0.2% |  |  |
| RS GROUP PLC  | 1071095 | 7830498 |
| TOTAL INDUSTRIALS |  | 14484388 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Softcat PLC  | 325792 | 6839327 |
| Real Estate - 0.1% |  |  |
| Specialized REITs - 0.1% |  |  |
| Big Yellow Group PLC (The)  | 364800 | 5329124 |
| TOTAL UNITED KINGDOM |  | 187330562 |
| UNITED STATES - 64.2%  |  |  |
| Communication Services - 10.0% |  |  |
| Entertainment - 0.9% |  |  |
| Netflix Inc (a) | 19000 | 21258340 |
| Spotify Technology SA (a) | 15400 | 10091928 |
|  |  | 31350268 |
| Interactive Media & Services - 9.1% |  |  |
| Alphabet Inc Class A  | 599000 | 168432810 |
| Meta Platforms Inc Class A  | 239000 | 154955650 |
|  |  | 323388460 |
| Media - 0.0% |  |  |
| EchoStar Corp Class A (a) | 52000 | 3893240 |
| TOTAL COMMUNICATION SERVICES |  | 358631968 |
| Consumer Discretionary - 8.4% |  |  |
| Automobiles - 1.8% |  |  |
| Rivian Automotive Inc Class A (a) | 100 | 1357 |
| Tesla Inc (a) | 141100 | 64420616 |
|  |  | 64421973 |
| Broadline Retail - 4.1% |  |  |
| Amazon.com Inc (a) | 599000 | 146287780 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| DraftKings Inc Class A (a) | 738000 | 22575420 |
| Sharplink Gaming Inc (a) | 100000 | 1384000 |
|  |  | 23959420 |
| Household Durables - 1.6% |  |  |
| Somnigroup International Inc  | 734000 | 58235560 |
| Specialty Retail - 0.2% |  |  |
| Lithia Motors Inc Class A  | 23000 | 7223840 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Ralph Lauren Corp Class A  | 4000 | 1278640 |
| TOTAL CONSUMER DISCRETIONARY |  | 301407213 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Dollar Tree Inc (a) | 266000 | 26365920 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 49000 | 7072170 |
| TOTAL CONSUMER STAPLES |  | 33438090 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Solaris Energy Infrastructure Inc Class A  | 67000 | 3566410 |
| Financials - 5.8% |  |  |
| Banks - 0.4% |  |  |
| Coastal Financial Corp/WA Class A (a) | 102000 | 10863000 |
| Wells Fargo & Co  | 66000 | 5740020 |
|  |  | 16603020 |
| Capital Markets - 5.4% |  |  |
| Bank of New York Mellon Corp/The  | 816000 | 88070880 |
| Coinbase Global Inc Class A (a) | 54000 | 18564120 |
| Galaxy Digital Inc Class A (f) | 256000 | 8962560 |
| Interactive Brokers Group Inc Class A  | 149000 | 10483640 |
| Morgan Stanley  | 228000 | 37392000 |
| Northern Trust Corp  | 37100 | 4773657 |
| Robinhood Markets Inc Class A (a) | 149000 | 21870220 |
| Strive Inc Class A (a) | 750000 | 997500 |
|  |  | 191114577 |
| TOTAL FINANCIALS |  | 207717597 |
| Health Care - 4.2% |  |  |
| Biotechnology - 0.8% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 65000 | 29642600 |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Alcon AG  | 123790 | 9198685 |
| Intuitive Surgical Inc (a) | 15000 | 8014200 |
|  |  | 17212885 |
| Health Care Providers & Services - 0.3% |  |  |
| Cardinal Health Inc  | 12000 | 2289240 |
| Cencora Inc  | 7000 | 2364670 |
| HCA Healthcare Inc  | 16000 | 7354880 |
|  |  | 12008790 |
| Health Care Technology - 0.0% |  |  |
| Veeva Systems Inc Class A (a) | 4000 | 1164800 |
| Pharmaceuticals - 2.6% |  |  |
| Eli Lilly & Co  | 103000 | 88874580 |
| TOTAL HEALTH CARE |  | 148903655 |
| Industrials - 5.6% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Boeing Co (a) | 46000 | 9246920 |
| GE Aerospace  | 61000 | 18845950 |
|  |  | 28092870 |
| Electrical Equipment - 2.1% |  |  |
| Eaton Corp PLC  | 183000 | 69825480 |
| GE Vernova Inc  | 4000 | 2340560 |
| Vertiv Holdings Co Class A  | 8000 | 1542880 |
|  |  | 73708920 |
| Ground Transportation - 0.1% |  |  |
| JB Hunt Transport Services Inc  | 9000 | 1519740 |
| Old Dominion Freight Line Inc  | 14000 | 1965880 |
|  |  | 3485620 |
| Machinery - 2.2% |  |  |
| Caterpillar Inc  | 56000 | 32326560 |
| Cummins Inc  | 56000 | 24510080 |
| PACCAR Inc  | 219000 | 21549600 |
|  |  | 78386240 |
| Passenger Airlines - 0.3% |  |  |
| United Airlines Holdings Inc (a) | 113000 | 10626520 |
| Trading Companies & Distributors - 0.1% |  |  |
| Herc Holdings Inc  | 2000 | 284100 |
| United Rentals Inc  | 4000 | 3484720 |
|  |  | 3768820 |
| TOTAL INDUSTRIALS |  | 198068990 |
| Information Technology - 26.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Arista Networks Inc  | 9000 | 1419210 |
| Lumentum Holdings Inc (a) | 20000 | 4031200 |
|  |  | 5450410 |
| Electronic Equipment, Instruments & Components - 2.9% |  |  |
| Amphenol Corp Class A  | 447000 | 62284980 |
| Corning Inc  | 150000 | 13362000 |
| Teledyne Technologies Inc (a) | 55000 | 28975100 |
|  |  | 104622080 |
| IT Services - 0.4% |  |  |
| IBM Corporation  | 43000 | 13218630 |
| Semiconductors & Semiconductor Equipment - 11.4% |  |  |
| Advanced Micro Devices Inc (a) | 98000 | 25099760 |
| Broadcom Inc  | 221000 | 81688230 |
| Lam Research Corp  | 40000 | 6298400 |
| MACOM Technology Solutions Holdings Inc (a) | 9000 | 1333170 |
| Micron Technology Inc  | 110000 | 24614700 |
| NVIDIA Corp  | 1240000 | 251087601 |
| Teradyne Inc  | 93000 | 16903680 |
|  |  | 407025541 |
| Software - 8.2% |  |  |
| Circle Internet Group Inc (g) | 22230 | 2822765 |
| Microsoft Corp  | 441000 | 228354210 |
| Palantir Technologies Inc Class A (a) | 210000 | 42098700 |
| Pegasystems Inc  | 25000 | 1591250 |
| Strategy Inc Class A (a) | 69000 | 18596190 |
| Stripe Inc Class B (a)(d)(e) | 10000 | 385200 |
|  |  | 293848315 |
| Technology Hardware, Storage & Peripherals - 3.1% |  |  |
| Apple Inc  | 107000 | 28929590 |
| Pure Storage Inc Class A (a) | 260000 | 25662000 |
| Sandisk Corp/DE  | 69330 | 13819549 |
| Western Digital Corp  | 283000 | 42509430 |
|  |  | 110920569 |
| TOTAL INFORMATION TECHNOLOGY |  | 935085545 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Steel Dynamics Inc  | 37000 | 5801600 |
| Utilities - 2.8% |  |  |
| Electric Utilities - 1.6% |  |  |
| NextEra Energy Inc  | 19000 | 1546600 |
| NRG Energy Inc  | 322000 | 55338920 |
|  |  | 56885520 |
| Independent Power and Renewable Electricity Producers - 1.2% |  |  |
| Talen Energy Corp (a) | 108000 | 43176240 |
| TOTAL UTILITIES |  | 100061760 |
| TOTAL UNITED STATES |  | 2292682828 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,425,085,739) |  | <br> **3521500409** |

---

---

| | | |
|:---|:---|:---|
| &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 - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (a)(d)(e) | 14425 | 3730305 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(d)(e) | 120600 | 963594 |
| TOTAL CHINA |  | 4693899 |
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Anthropic PBC Series F (d)(e) | 24300 | 3425572 |
| Databricks Inc Series K (d)(e) | 2500 | 375000 |
| OpenAI Group Pbc Series A-3 (d)(e) | 4152 | 1804210 |
| Stripe Inc Series H (a)(d)(e) | 29122 | 1121779 |
| TOTAL UNITED STATES |  | 6726561 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $9,536,740) |  | <br> **11420460** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Strategy Inc 9% (h) | 5000 | 497100 |
| Strategy Inc Series A, 10%  | 5000 | 545000 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,047,928) |  | <br> **1042100** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.18 | 25564749 | 25569862 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.18 | 17817435 | 17819217 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $43,388,561) |  |  | **43389079** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $2,479,058,968)<br>| <br>**3577352048** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(8603775)** |
| **NET ASSETS - 100.0%** | **3568748273** |

---

**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 $71,507,657 or 2.0% 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 $60,121,776 or 1.7% of net assets.

(d) Level 3 security.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,197,416 or 0.5% of net assets.

(f) Security or a portion of the security is on loan at period end.

(g) 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 $2,822,765 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(j) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anthropic PBC Series F | 8/18/2025 | 3425513 |
| Bytedance Ltd Series E1 | 11/18/2020 | 1580607 |
| Databricks Inc Series K | 9/8/2025 | 375000 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 1712900 |
| Kry International Ab | 5/14/2021 - 10/30/2024 | 1503523 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 1274200 |
| Pine Labs Ltd/India | 6/30/2021 | 1940057 |
| Revolut Group Holdings Ltd | 12/27/2024 | 3423355 |
| Stripe Inc Class B | 5/18/2021 | 401283 |
| Stripe Inc Series H | 3/15/2021 - 5/25/2023 | 1168520 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Circle Internet Group Inc | 12/2/2025 |

---

**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 | 11621157 | 1359465392 | 1345516568 | 1423201 | (119) | - | 25569862 | 25564749 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 5136327 | 268473109 | 255790219 | 169327 | - | - | 17819217 | 17817435 | 0.1% |
| Total | 16757484 | 1627938501 | 1601306787 | 1592528 | (119) | - | 43389079 |  |  |

---

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 | 421768181 | 381181267 | 40586914 | - |
| Consumer Discretionary | 441740712 | 429885043 | 11855669 | - |
| Consumer Staples | 81753556 | 39003503 | 42750053 | - |
| Energy | 69049685 | 69049685 | - | - |
| Financials | 478223393 | 380655261 | 92299717 | 5268415 |
| Health Care | 219819237 | 219819237 | - | - |
| Industrials | 344589588 | 330093000 | 14496588 | - |
| Information Technology | 1297292843 | 1239994143 | 54790159 | 2508541 |
| Materials | 45860882 | 45860882 | - | - |
| Real Estate | 21340572 | 21340572 | - | - |
| Utilities | 100061760 | 100061760 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 3730305 | - | - | 3730305 |
| Health Care | 963594 | - | - | 963594 |
| Information Technology | 6726561 | - | - | 6726561 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 1042100 | 1042100 | - | - |
|  **Money Market Funds** | 43389079 | 43389079 | - | - |
| **Total Investments in Securities:** | 3577352048 | 3301375532 | 256779100 | 19197416 |

---

**Fidelity® Worldwide 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 $17,369,865) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,435,670,407) | $3533962969 |  |
| Fidelity Central Funds (cost $43,388,561) | 43389079 |  |
| Total Investment in Securities (cost $2,479,058,968) |  | $3577352048 |
| Cash |  | 136729 |
| Foreign currency held at value (cost $61,207) |  | 61138 |
| Receivable for investments sold |  | 44905280 |
| Receivable for fund shares sold |  | 852011 |
| Dividends receivable |  | 2655419 |
| Reclaims receivable |  | 4095917 |
| Distributions receivable from Fidelity Central Funds |  | 114159 |
| Prepaid expenses |  | 3575 |
| Other receivables |  | 32171 |
| **Total assets** |  | 3630208447 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $39381897 |  |
| Payable for fund shares redeemed | 1485790 |  |
| Accrued management fee | 2558515 |  |
| Distribution and service plan fees payable | 48526 |  |
| Other payables and accrued expenses | 166229 |  |
| Collateral on securities loaned | 17819217 |  |
| **Total liabilities** |  | 61460174 |
| **Net Assets**  |  | $3568748273 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2128301121 |
| Total accumulated earnings (loss) |  | 1440447152 |
| **Net Assets** |  | $3568748273 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($139,457,113 ÷ 3,508,213 shares)(a) |  | $39.75 |
| Maximum offering price per share (100/94.25 of $39.75) |  | $42.18 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($25,119,586 ÷ 640,295 shares)(a) |  | $39.23 |
| Maximum offering price per share (100/96.50 of $39.23) |  | $40.65 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($11,684,719 ÷ 316,455 shares)(a) |  | $36.92 |
| **Worldwide :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,105,446,798 ÷ 76,322,881 shares) |  | $40.69 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($167,533,023 ÷ 4,157,648 shares) |  | $40.30 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($119,507,034 ÷ 2,921,669 shares) |  | $40.90 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $44099117 |
| Income from Fidelity Central Funds (including $169,327 from security lending)  |  | 1592528 |
| Income before foreign taxes withheld |  | $45691645 |
| Less foreign taxes withheld |  | (1340163) |
| **Total income** |  | 44351482 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $24963104 |  |
| Performance adjustment | (102522) |  |
| Distribution and service plan fees | 530802 |  |
| Custodian fees and expenses | 98737 |  |
| Independent trustees' fees and expenses | 12896 |  |
| Registration fees | 158598 |  |
| Audit fees | 94977 |  |
| Legal | 11597 |  |
| Miscellaneous | 13047 |  |
| **Total expenses** |  | 25781236 |
| **Net Investment income (loss)** |  | 18570246 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 378715518 |  |
| Fidelity Central Funds | (119) |  |
| Foreign currency transactions | 479626 |  |
| Total net realized gain (loss) |  | 379195025 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $93,469)  | 171160403 |  |
| Assets and liabilities in foreign currencies | 248126 |  |
| Total change in net unrealized appreciation (depreciation) |  | 171408529 |
| **Net gain (loss)** |  | 550603554 |
| **Net increase (decrease) in net assets resulting from operations** |  | $569173800 |

---

---

| | | |
|:---|:---|:---|
| **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) | $18570246 | $16523067 |
| &nbsp;&nbsp;Net realized gain (loss) | 379195025<br>| 447005881<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 171408529 | 562833369<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 569173800<br>| 1026362317<br>|
| Distributions to shareholders | (409305948)<br>| (24710933)<br>|
| Share transactions - net increase (decrease) | 265210358<br>| (96724546)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 425078210<br>| 904926838<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3143670063 | 2238743225<br>|
| &nbsp;&nbsp;End of period | $3568748273 | $3143670063 |

---

**Financial Highlights** 

**Fidelity Advisor® Worldwide Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.23 | $26.90 | $25.75 | $40.06 | $31.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .09  | .11  | .09  | (.13)  |
| Net realized and unrealized gain (loss)  | 6.42  | 11.44  | 2.52  | (9.90)  | 11.40  |
| Total from investment operations  | 6.53  | 11.53  | 2.63  | (9.81)  | 11.27  |
| Distributions from net investment income  | (.21)  | (.20)  | (.11)  | (.07)  | -  |
| Distributions from net realized gain  | (4.80)  | -  | (1.37)  | (4.43)  | (2.70)  |
| Total distributions  | (5.01)  | (.20)  | (1.48)  | (4.50)  | (2.70)  |
| Net asset value, end of period  | $39.75 | $38.23 | $26.90 | $25.75 | $40.06 |
| **Total Return** C,D | 18.67% <br>| 43.09%  | 10.62%  | (27.31)%  | 37.72%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.06%  | .99%  | .96%  | 1.21%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.06% <br>| .99%  | .95%  | 1.21%  | 1.28%  |
| Expenses net of all reductions, if any  | 1.06%  | .99%  | .95%  | 1.21%  | 1.28%  |
| Net investment income (loss)  | .30%  | .25%  | .41%  | .28%  | (.34)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $139457 | $112959 | $73935 | $68608 | $99731 |
| Portfolio turnover rate G | 144% <br>| 108%  | 114%  | 137%  | 96%  |

---

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® Worldwide Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.79 | $26.60 | $25.44 | $39.62 | $31.19 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | - C | .04  | .01  | (.22)  |
| Net realized and unrealized gain (loss)  | 6.34  | 11.32  | 2.51  | (9.81)  | 11.29  |
| Total from investment operations  | 6.36  | 11.32  | 2.55  | (9.80)  | 11.07  |
| Distributions from net investment income  | (.13)  | (.13)  | (.02)  | -  | -  |
| Distributions from net realized gain  | (4.80)  | -  | (1.37)  | (4.38)  | (2.64)  |
| Total distributions  | (4.92) D | (.13)  | (1.39)  | (4.38)  | (2.64)  |
| Net asset value, end of period  | $39.23 | $37.79 | $26.60 | $25.44 | $39.62 |
| **Total Return** E,F | 18.38% <br>| 42.69%  | 10.39%  | (27.53)%  | 37.37%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.32%  | 1.24%  | 1.21%  | 1.47%  | 1.55%  |
| Expenses net of fee waivers, if any  | 1.32% <br>| 1.24%  | 1.21%  | 1.47%  | 1.55%  |
| Expenses net of all reductions, if any  | 1.32%  | 1.24%  | 1.20%  | 1.47%  | 1.55%  |
| Net investment income (loss)  | .05%  | -%  | .15%  | .02%  | (.61)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25120 | $23275 | $16051 | $15275 | $22771 |
| Portfolio turnover rate I | 144% <br>| 108%  | 114%  | 137%  | 96%  |

---

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*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Worldwide Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.85 | $25.25 | $24.33 | $38.05 | $30.14 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.15)  | (.17)  | (.10)  | (.15)  | (.39)  |
| Net realized and unrealized gain (loss)  | 5.98  | 10.77  | 2.39  | (9.39)  | 10.88  |
| Total from investment operations  | 5.83  | 10.60  | 2.29  | (9.54)  | 10.49  |
| Distributions from net realized gain  | (4.76)  | -  | (1.37)  | (4.18)  | (2.58)  |
| Total distributions  | (4.76)  | -  | (1.37)  | (4.18)  | (2.58)  |
| Net asset value, end of period  | $36.92 | $35.85 | $25.25 | $24.33 | $38.05 |
| **Total Return** C,D | 17.78% <br>| 41.98%  | 9.76%  | (27.89)%  | 36.63%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.82%  | 1.74%  | 1.76%  | 2.00%  | 2.08%  |
| Expenses net of fee waivers, if any  | 1.82% <br>| 1.74%  | 1.75%  | 2.00%  | 2.08%  |
| Expenses net of all reductions, if any  | 1.82%  | 1.74%  | 1.75%  | 2.00%  | 2.08%  |
| Net investment income (loss)  | (.45)%  | (.51)%  | (.39)%  | (.51)%  | (1.14)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11685 | $10681 | $7292 | $8517 | $13602 |
| Portfolio turnover rate G | 144% <br>| 108%  | 114%  | 137%  | 96%  |

---

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® Worldwide Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.00 | $27.44 | $26.26 | $40.76 | $31.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .19  | .19  | .18  | (.02)  |
| Net realized and unrealized gain (loss)  | 6.58  | 11.66  | 2.57  | (10.09)  | 11.58  |
| Total from investment operations  | 6.79  | 11.85  | 2.76  | (9.91)  | 11.56  |
| Distributions from net investment income  | (.30)  | (.29)  | (.21)  | (.16)  | (.02)  |
| Distributions from net realized gain  | (4.80)  | -  | (1.37)  | (4.43)  | (2.75)  |
| Total distributions  | (5.10)  | (.29)  | (1.58)  | (4.59)  | (2.77)  |
| Net asset value, end of period  | $40.69 | $39.00 | $27.44 | $26.26 | $40.76 |
| **Total Return** C | 19.02% <br>| 43.51%  | 10.95%  | (27.12)%  | 38.11%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .77%  | .70%  | .67%  | .92%  | 1.00%  |
| Expenses net of fee waivers, if any  | .77% <br>| .70%  | .66%  | .92%  | 1.00%  |
| Expenses net of all reductions, if any  | .77%  | .70%  | .66%  | .92%  | 1.00%  |
| Net investment income (loss)  | .59%  | .54%  | .70%  | .57%  | (.06)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3105447 | $2836498 | $1982943 | $1899788 | $2896684 |
| Portfolio turnover rate F | 144% <br>| 108%  | 114%  | 137%  | 96%  |

---

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® Worldwide Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.69 | $27.23 | $26.04 | $40.46 | $31.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .18  | .19  | .17  | (.03)  |
| Net realized and unrealized gain (loss)  | 6.51  | 11.57  | 2.56  | (10.01)  | 11.49  |
| Total from investment operations  | 6.71  | 11.75  | 2.75  | (9.84)  | 11.46  |
| Distributions from net investment income  | (.31)  | (.29)  | (.19)  | (.16)  | (.02)  |
| Distributions from net realized gain  | (4.80)  | -  | (1.37)  | (4.43)  | (2.75)  |
| Total distributions  | (5.10) C | (.29)  | (1.56)  | (4.58) C | (2.77)  |
| Net asset value, end of period  | $40.30 | $38.69 | $27.23 | $26.04 | $40.46 |
| **Total Return** D | 18.98% <br>| 43.45%  | 10.97%  | (27.13)%  | 38.06%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .81%  | .73%  | .67%  | .94%  | 1.02%  |
| Expenses net of fee waivers, if any  | .81% <br>| .72%  | .67%  | .93%  | 1.02%  |
| Expenses net of all reductions, if any  | .81%  | .72%  | .67%  | .93%  | 1.02%  |
| Net investment income (loss)  | .55%  | .51%  | .69%  | .56%  | (.08)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $167533 | $65286 | $41289 | $33226 | $86852 |
| Portfolio turnover rate G | 144% <br>| 108%  | 114%  | 137%  | 96%  |

---

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 Advisor® Worldwide Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.63 | $27.20 | $26.05 | $40.48 | $31.76 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .22  | .22  | .21  | .02  |
| Net realized and unrealized gain (loss)  | 6.57  | 11.55  | 2.55  | (10.01)  | 11.50  |
| Total from investment operations  | 6.82  | 11.77  | 2.77  | (9.80)  | 11.52  |
| Distributions from net investment income  | -  | (.34)  | (.25)  | (.20)  | (.05)  |
| Distributions from net realized gain  | (4.55)  | -  | (1.37)  | (4.43)  | (2.75)  |
| Total distributions  | (4.55)  | (.34)  | (1.62)  | (4.63)  | (2.80)  |
| Net asset value, end of period  | $40.90 | $38.63 | $27.20 | $26.05 | $40.48 |
| **Total Return** C | 19.12% <br>| 43.63%  | 11.10%  | (27.05)%  | 38.27%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .69%  | .62%  | .55%  | .81%  | .90%  |
| Expenses net of fee waivers, if any  | .69% <br>| .61%  | .55%  | .81%  | .90%  |
| Expenses net of all reductions, if any  | .69%  | .61%  | .55%  | .81%  | .90%  |
| Net investment income (loss)  | .67%  | .62%  | .81%  | .68%  | .04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $119507 | $94971 | $117232 | $76829 | $115963 |
| Portfolio turnover rate F | 144% <br>| 108%  | 114%  | 137%  | 96%  |

---

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 Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Worldwide, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of 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 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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**  | $1150230200 |
| **Gross unrealized depreciation**  | <u>(72994918)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1077235282</u> |
| **Tax Cost**  | <u>$2500116766</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$17698686</u> |
| **Undistributed long-term capital gain**  | <u>$345484408</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1077357532</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $93349455 | $24710933 |
| **Long-term Capital Gains**  | <u>315956493</u> | <u>-</u> |
| **Total** | <u>$409305948</u> | <u>$24710933</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 Worldwide Fund** | 4641473188 | 4778707018 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .83 |
| **Class M** | .84 |
| **Class C** | .84 |
| **Worldwide** | .79 |
| **Class I** | .81 |
| **Class Z** | .69 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .81 |
| **Class M** | .81 |
| **Class C** | .81 |
| **Worldwide** | .77 |
| **Class I** | .80 |
| **Class Z** | .68 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Worldwide Fund** | MSCI World Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Worldwide. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was less than .005%.

**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% | 306416 | 9295 |
| **Class M** | .25% | .25% | 116510 | 91 |
| **Class C** | .75% | .25% | <u>107876</u> | <u>17319</u> |
|  |  |  | <u>530802</u> | <u>26705</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** | 70278 |
| **Class M** | 1653 |
| **Class C**A | <u>229</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>72160</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Worldwide Fund** | 65562 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Worldwide Fund** | 275180627 | 358811214 | 16368500 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Worldwide Fund** | 4411 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Worldwide Fund** | 17873 | - | - |

---

**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 Worldwide Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $15054941 | $552793 |
| Class M | 3022125 | 75550 |
| Class C | 1421317 | - |
| Worldwide | 370044974 | 21114973 |
| Class I | 8710115 | 439298 |
| Class Z | <u>11052476</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2528319</u> |
| Total  | <u>$409305948</u> | <u>$24710933</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **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 Worldwide Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 660436 | 581446 | $23210461 | $20483863 |
| Reinvestment of distributions | 421629 | 18512 | 14950974 | 547575 |
| Shares redeemed | <u>(528604)</u> | <u>(393376)</u> | <u>(18660279)</u> | <u>(13545664)</u> |
| Net increase (decrease) | <u>553461</u> | <u>206582</u> | <u>$19501156</u> | <u>$7485774</u> |
| **Class M** |  |  |  |  |
| Shares sold | 73613 | 123303 | $2522447 | $4403391 |
| Reinvestment of distributions | 85853 | 2570 | 3010850 | 75321 |
| Shares redeemed | <u>(135006)</u> | <u>(113480)</u> | <u>(4664442)</u> | <u>(3886219)</u> |
| Net increase (decrease) | <u>24460</u> | <u>12393</u> | <u>$868855</u> | <u>$592493</u> |
| **Class C** |  |  |  |  |
| Shares sold | 53108 | 74442 | $1728482 | $2408430 |
| Reinvestment of distributions | 42052 | - | 1394017 | - |
| Shares redeemed | <u>(76633)</u> | <u>(65335)</u> | <u>(2520638)</u> | <u>(2097615)</u> |
| Net increase (decrease) | <u>18527</u> | <u>9107</u> | <u>$601861</u> | <u>$310815</u> |
| **Worldwide** |  |  |  |  |
| Shares sold | 11125071 | 13320525 | $406856229 | $469690538 |
| Reinvestment of distributions | 9586818 | 660086 | 347042795 | 19906749 |
| Shares redeemed | <u>(17123914)</u> | <u>(13501211)</u> | <u>(612724839)</u> | <u>(478120242)</u> |
| Net increase (decrease) | <u>3587975</u> | <u>479400</u> | <u>$141174185</u> | <u>$11477045</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3083198 | 625867 | $107745451 | $22688518 |
| Reinvestment of distributions | 240155 | 14127 | 8611970 | 422756 |
| Shares redeemed | <u>(853180)</u> | <u>(468852)</u> | <u>(29566477)</u> | <u>(16856657)</u> |
| Net increase (decrease) | <u>2470173</u> | <u>171142</u> | <u>$86790944</u> | <u>$6254617</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1171013 | 9206355 | $42221273 | $308697406 |
| Reinvestment of distributions | 287410 | 83334 | 10453118 | 2489237 |
| Shares redeemed | <u>(995033)</u> | <u>(11140674)</u> | <u>(36401034)</u> | <u>(434031933)</u> |
| Net increase (decrease) | <u>463390</u> | <u>(1850985)</u> | <u>$16273357</u> | <u>$(122845290)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as 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 Diversified International Fund and Fidelity Worldwide Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Diversified International Fund and Fidelity Worldwide 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"). 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 15, 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 Overseas Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Overseas Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 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 15, 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 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 Diversified International Fund** | $1139093813 |
| **Fidelity Overseas Fund** | $228198009 |
| **Fidelity Worldwide Fund** | $346713708 |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
|  | **December, 2024** |
| **Fidelity Worldwide Fund** | 100% |

---

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 Diversified International Fund** | $17237208 |
| **Fidelity Overseas Fund** | $5521095 |
| **Fidelity Worldwide Fund**  | $888664 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail Class** | **Class I** | **Class Z** | **Class K** |
| **Fidelity Diversified International Fund** |  |  |  |  |  |  |  |
| December, 2024 | - | - | - | 2% | - | - | 2% |
| **Fidelity Overseas Fund** |  |  |  |  |  |  |  |
| December, 2024 | - | - | - | 5% | - | - | 4% |
| **Fidelity Worldwide Fund** |  |  |  |  |  |  |  |
| December, 2024 | 13% | 14% | 17% | 12% | 12% | 23% | - |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail Class**  | **Class I** | **Class Z** | **Class K** |
| **Fidelity Diversified International Fund** |  |  |  |  |  |  |  |
| December, 2024 | - | - | - | 79.87% | - | - | 77.70% |
| **Fidelity Overseas Fund** |  |  |  |  |  |  |  |
| December, 2024 | - | - | - | 100% | - | - | 100% |
| **Fidelity Worldwide Fund** |  |  |  |  |  |  |  |
| December, 2024 | 30.87% | 33.57% | 39.87% | 28.64% | 28.45% | 53.43% | - |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail Class**  | **Class I** | **Class Z** | **Class K** |
| **Fidelity Worldwide Fund** |  |  |  |  |  |  |  |
| December, 2024 | 0.03% | 0.03% | 0.03% | 0.02% | 0.02% | 0.04% | - |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity Diversified International Fund** |  |  |  |
| Diversified International | 12/16/2024 | $0.8476 | $0.0657 |
| Class K | 12/16/2024 | $0.8712 | $0.0657 |
| **Fidelity Overseas Fund** |  |  |  |
| Overseas | 12/16/2024 | $0.9184 | $0.1066 |
| Class K | 12/16/2024 | $1.1791 | $0.1066 |

---

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 Diversified International Fund**

**Fidelity Overseas Fund**

**Fidelity Worldwide 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 certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, 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. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and 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 each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that 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 each 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 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. 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, 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 separate agreements.

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 each 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. For Fidelity Diversified International Fund, the 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.

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 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 was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, each 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 each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expense ratio for the retail class of each fund, the Board considered the effective management fee rate for the retail class of each fund from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and fund paid 12b-1 fees (for Fidelity Overseas Fund and Fidelity Worldwide Fund). The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. The Board also considered information about the impact of each 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 each fund's performance adjustment) of the retail class of each fund relative to funs and classes in the total peer group; (ii) gross management fee comparisons of the retail class of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of each 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 retail class of each fund relative to 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 each fund's management fee rate 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 information provided to the Board indicated that the total expense ratio of the retail class of each 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 each 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, each 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.

The Board also considered that each fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, each fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.

In connection with its consideration of each 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.

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 each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the total expense ratio of each class 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 revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each 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 each fund and was satisfied that the profitability was not excessive.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for 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 each 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 Fidelity 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 each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118401_4.jpg)<br>

1.754543.125 IBD-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](ex99.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.](ex99.906.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>