# EDGAR Filing Document

**Accession Number:** 0000744822
**File Stem:** 0000744822-25-000124
**Filing Date:** 2025-6
**Character Count:** 1202720
**Document Hash:** 9da016a3bbd3d16edb4c6dc5a48210eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000744822-25-000124.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000744822-25-000124

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 140

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04008
- **FILM NUMBER:** 251059746

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

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

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

## Series and Classes Contracts Data

### Fidelity Series Emerging Markets Opportunities Fund (Series ID: S000023605)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Fidelity Enduring Opportunities Fund (Series ID: S000066806)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000215142 | Fidelity Enduring Opportunities Fund | FEOPX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Investment Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| Date of fiscal year end: | October 31 |
| Date of reporting period: | April 30, 2025 |

---

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

Item 1.

<u>Reports to Stockholders</u>

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $66  | 1.30% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $12982861<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Industrials | 19.3 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.3 |
| Information Technology | 9.4 |
| Materials | 6.0 |
| Consumer Staples | 5.5 |
| Utilities | 3.5 |
| Communication Services | 3.2 |
| Real Estate | 0.9 |
| Energy | 0.8 |

---

Common Stocks 97.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.2 <br>

---

| | |
|:---|:---|
| Japan | 19.7 |
| France | 12.5 |
| United Kingdom | 11.7 |
| United States | 10.3 |
| Germany | 8.9 |
| Netherlands | 8.0 |
| Italy | 4.4 |
| Australia | 3.6 |
| Sweden | 2.6 |
| Others | 18.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Sweden - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Hitachi Ltd | 4.2<br>|
| Sony Group Corp | 3.8<br>|
| ITOCHU Corp | 3.5<br>|
| AXA SA | 3.2<br>|
| UniCredit SpA | 2.9<br>|
| SAP SE | 2.9<br>|
| CRH PLC (United Kingdom) | 2.7<br>|
| Koninklijke KPN NV | 2.5<br>|
| Danone SA | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
|  | 30.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6462_20250430_1.jpg)<br>| ![](img109097_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915820.100 6463-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $92  | 1.90% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $833980346<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 33.6 |
| Metals & Mining | 30.2 |
| Food Products | 10.7 |
| Chemicals | 8.5 |
| Paper & Forest Products | 7.9 |
| Energy Equipment & Services | 4.7 |
| Containers & Packaging | 1.5 |
| Machinery | 1.4 |
| Construction Materials | 0.7 |
| Others | 0.3 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 50.6 |
| Canada | 24.2 |
| Brazil | 7.2 |
| South Africa | 4.8 |
| Finland | 3.6 |
| Zambia | 3.0 |
| Australia | 2.1 |
| India | 1.7 |
| Sweden | 1.7 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 50.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 24.2&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 - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Zambia - 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;Australia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wheaton Precious Metals Corp | 6.0<br>|
| Exxon Mobil Corp | 6.0<br>|
| Shell PLC | 5.6<br>|
| Archer-Daniels-Midland Co | 4.5<br>|
| Corteva Inc | 4.3<br>|
| Energy Transfer LP | 3.2<br>|
| Teck Resources Ltd Class B | 3.2<br>|
| South Bow Corp | 3.2<br>|
| Kodiak Gas Services Inc | 3.1<br>|
| JBS S/A | 3.0<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20250430_1.jpg)<br>| ![](img109192_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915758.100 2123-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Global Commodity Stock Fund<br> **Fidelity® Global Commodity Stock Fund : FFGCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Global Commodity Stock Fund  | $42  | 0.86% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $833980346<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 33.6 |
| Metals & Mining | 30.2 |
| Food Products | 10.7 |
| Chemicals | 8.5 |
| Paper & Forest Products | 7.9 |
| Energy Equipment & Services | 4.7 |
| Containers & Packaging | 1.5 |
| Machinery | 1.4 |
| Construction Materials | 0.7 |
| Others | 0.3 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 50.6 |
| Canada | 24.2 |
| Brazil | 7.2 |
| South Africa | 4.8 |
| Finland | 3.6 |
| Zambia | 3.0 |
| Australia | 2.1 |
| India | 1.7 |
| Sweden | 1.7 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 50.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 24.2&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 - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Zambia - 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;Australia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wheaton Precious Metals Corp | 6.0<br>|
| Exxon Mobil Corp | 6.0<br>|
| Shell PLC | 5.6<br>|
| Archer-Daniels-Midland Co | 4.5<br>|
| Corteva Inc | 4.3<br>|
| Energy Transfer LP | 3.2<br>|
| Teck Resources Ltd Class B | 3.2<br>|
| South Bow Corp | 3.2<br>|
| Kodiak Gas Services Inc | 3.1<br>|
| JBS S/A | 3.0<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20250430_1.jpg)<br>| ![](img109188_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915756.100 2120-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $68  | 1.40% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $833980346<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 33.6 |
| Metals & Mining | 30.2 |
| Food Products | 10.7 |
| Chemicals | 8.5 |
| Paper & Forest Products | 7.9 |
| Energy Equipment & Services | 4.7 |
| Containers & Packaging | 1.5 |
| Machinery | 1.4 |
| Construction Materials | 0.7 |
| Others | 0.3 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 50.6 |
| Canada | 24.2 |
| Brazil | 7.2 |
| South Africa | 4.8 |
| Finland | 3.6 |
| Zambia | 3.0 |
| Australia | 2.1 |
| India | 1.7 |
| Sweden | 1.7 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 50.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 24.2&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 - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Zambia - 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;Australia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wheaton Precious Metals Corp | 6.0<br>|
| Exxon Mobil Corp | 6.0<br>|
| Shell PLC | 5.6<br>|
| Archer-Daniels-Midland Co | 4.5<br>|
| Corteva Inc | 4.3<br>|
| Energy Transfer LP | 3.2<br>|
| Teck Resources Ltd Class B | 3.2<br>|
| South Bow Corp | 3.2<br>|
| Kodiak Gas Services Inc | 3.1<br>|
| JBS S/A | 3.0<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20250430_1.jpg)<br>| ![](img109190_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915759.100 2124-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $62  | 1.25% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6831469<br>|
| Number of Holdings | 120<br>|
| Portfolio Turnover | 85%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.1 |
| Information Technology | 23.0 |
| Consumer Discretionary | 16.5 |
| Communication Services | 11.9 |
| Industrials | 6.5 |
| Health Care | 4.5 |
| Energy | 3.2 |
| Materials | 2.3 |
| Real Estate | 2.0 |
| Consumer Staples | 1.3 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 16.1 |
| India | 15.2 |
| Korea (South) | 9.1 |
| Brazil | 5.9 |
| Mexico | 4.1 |
| South Africa | 4.0 |
| Indonesia | 2.7 |
| United States | 2.6 |
| Others | 11.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 15.2&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;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;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 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;South Africa - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 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 - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 7.1<br>|
| Alibaba Group Holding Ltd | 4.2<br>|
| Samsung Electronics Co Ltd | 3.9<br>|
| Reliance Industries Ltd | 2.5<br>|
| BYD Co Ltd H Shares | 2.3<br>|
| China Construction Bank Corp H Shares | 2.3<br>|
| Bharti Airtel Ltd | 2.0<br>|
| HDFC Bank Ltd | 1.7<br>|
| Grupo Financiero Banorte SAB de CV | 1.6<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20250430_1.jpg)<br>| ![](img109101_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915829.100 6472-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Enduring Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enduring Opportunities Fund  | $47  | 0.95% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13256829<br>|
| Number of Holdings | 236<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.9 |
| Consumer Discretionary | 17.2 |
| Industrials | 14.8 |
| Financials | 13.9 |
| Health Care | 9.1 |
| Communication Services | 6.5 |
| Consumer Staples | 5.2 |
| Real Estate | 3.9 |
| Materials | 3.1 |
| Energy | 1.8 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5031_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 66.4 |
| Japan | 4.1 |
| China | 3.1 |
| Canada | 2.7 |
| Sweden | 2.7 |
| United Kingdom | 2.4 |
| Italy | 2.3 |
| Netherlands | 1.8 |
| India | 1.7 |
| Others | 12.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5031_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 66.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;China - 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;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 4.6<br>|
| NVIDIA Corp | 4.2<br>|
| Amazon.com Inc | 2.9<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Eli Lilly & Co | 1.6<br>|
| JPMorgan Chase & Co | 1.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Tesla Inc | 1.4<br>|
| Visa Inc Class A | 1.3<br>|
| Netflix Inc | 1.3<br>|
|  | 22.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5031_20250430_1.jpg)<br>| ![](img109202_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915813.100 5031-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable Emerging Markets Equity Fund  | $62  | 1.25% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6831469<br>|
| Number of Holdings | 120<br>|
| Portfolio Turnover | 85%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.1 |
| Information Technology | 23.0 |
| Consumer Discretionary | 16.5 |
| Communication Services | 11.9 |
| Industrials | 6.5 |
| Health Care | 4.5 |
| Energy | 3.2 |
| Materials | 2.3 |
| Real Estate | 2.0 |
| Consumer Staples | 1.3 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 16.1 |
| India | 15.2 |
| Korea (South) | 9.1 |
| Brazil | 5.9 |
| Mexico | 4.1 |
| South Africa | 4.0 |
| Indonesia | 2.7 |
| United States | 2.6 |
| Others | 11.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 15.2&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;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;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 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;South Africa - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 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 - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 7.1<br>|
| Alibaba Group Holding Ltd | 4.2<br>|
| Samsung Electronics Co Ltd | 3.9<br>|
| Reliance Industries Ltd | 2.5<br>|
| BYD Co Ltd H Shares | 2.3<br>|
| China Construction Bank Corp H Shares | 2.3<br>|
| Bharti Airtel Ltd | 2.0<br>|
| HDFC Bank Ltd | 1.7<br>|
| Grupo Financiero Banorte SAB de CV | 1.6<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20250430_1.jpg)<br>| ![](img109098_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915825.100 6468-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series Emerging Markets Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $21302078306<br>|
| Number of Holdings | 263<br>|
| Portfolio Turnover | 41%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.9 |
| Information Technology | 21.1 |
| Consumer Discretionary | 15.6 |
| Communication Services | 9.8 |
| Industrials | 5.8 |
| Materials | 5.7 |
| Consumer Staples | 5.0 |
| Energy | 4.2 |
| Health Care | 3.4 |
| Utilities | 2.6 |
| Real Estate | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Preferred Stocks | 1.1 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2117_20250430_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 - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| China | 29.8 |
| India | 18.6 |
| Taiwan | 15.1 |
| Korea (South) | 8.3 |
| Brazil | 6.9 |
| South Africa | 4.0 |
| Saudi Arabia | 3.6 |
| Mexico | 2.3 |
| Indonesia | 1.8 |
| Others | 9.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2117_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Korea (South) - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.2<br>|
| Tencent Holdings Ltd | 6.1<br>|
| Alibaba Group Holding Ltd | 3.1<br>|
| Samsung Electronics Co Ltd | 3.0<br>|
| HDFC Bank Ltd | 2.5<br>|
| China Construction Bank Corp H Shares | 2.4<br>|
| Reliance Industries Ltd | 1.7<br>|
| PDD Holdings Inc Class A ADR | 1.5<br>|
| ICICI Bank Ltd | 1.5<br>|
| Xiaomi Corp B Shares | 1.4<br>|
|  | 33.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2117_20250430_1.jpg)<br>| ![](img109119_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915755.100 2117-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series Canada Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5640289116<br>|
| Number of Holdings | 69<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.9 |
| Energy | 15.6 |
| Materials | 11.8 |
| Industrials | 11.5 |
| Information Technology | 11.1 |
| Consumer Staples | 8.7 |
| Consumer Discretionary | 7.2 |
| Communication Services | 1.7 |
| Health Care | 0.8 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.1 |
| Preferred Stocks | 0.3 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3036_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| Canada | 92.9 |
| United States | 3.5 |
| Brazil | 2.9 |
| Chile | 0.6 |
| Zambia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3036_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 92.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.6&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;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Constellation Software Inc/Canada | 5.2<br>|
| Bank of Montreal | 5.2<br>|
| Royal Bank of Canada | 5.0<br>|
| Toronto Dominion Bank | 4.9<br>|
| Canadian Pacific Kansas City Ltd | 4.8<br>|
| Alimentation Couche-Tard Inc | 4.7<br>|
| Franco-Nevada Corp | 4.6<br>|
| Shopify Inc Class A | 4.3<br>|
| Canadian Natural Resources Ltd | 4.0<br>|
| Dollarama Inc | 3.5<br>|
|  | 46.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3036_20250430_1.jpg)<br>| ![](img109121_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915796.100 3036-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Infrastructure Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Infrastructure Fund  | $49  | 0.95% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62097045<br>|
| Number of Holdings | 47<br>|
| Portfolio Turnover | 146%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Utilities | 49.8 |
| Industrials | 21.8 |
| Real Estate | 7.3 |
| Energy | 6.7 |
| Communication Services | 5.3 |
| Information Technology | 2.6 |

---

Common Stocks 93.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 6.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3488_20250430_AA.jpg) <br>|

---

Common Stocks - 93.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 6.5 <br>

---

| | |
|:---|:---|
| United States | 69.9 |
| Spain | 10.0 |
| United Kingdom | 8.3 |
| Mexico | 4.2 |
| Germany | 3.7 |
| Italy | 1.0 |
| France | 0.9 |
| Canada | 0.9 |
| Taiwan | 0.6 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3488_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 69.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 3.7&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;Italy - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 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;Canada - 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;Taiwan - 0.6&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| National Grid PLC | 5.8<br>|
| Duke Energy Corp | 5.7<br>|
| Exelon Corp | 4.7<br>|
| Aena SME SA | 4.1<br>|
| E.ON SE | 3.7<br>|
| Sempra | 3.6<br>|
| Iberdrola SA | 3.6<br>|
| GFL Environmental Inc Subordinate Voting Shares (United States) | 3.4<br>|
| Cheniere Energy Inc | 3.3<br>|
| Waste Connections Inc (United States) | 2.8<br>|
|  | 40.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3488_20250430_1.jpg)<br>| ![](img109185_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915812.100 3488-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $56  | 1.15% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $833980346<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 33.6 |
| Metals & Mining | 30.2 |
| Food Products | 10.7 |
| Chemicals | 8.5 |
| Paper & Forest Products | 7.9 |
| Energy Equipment & Services | 4.7 |
| Containers & Packaging | 1.5 |
| Machinery | 1.4 |
| Construction Materials | 0.7 |
| Others | 0.3 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 50.6 |
| Canada | 24.2 |
| Brazil | 7.2 |
| South Africa | 4.8 |
| Finland | 3.6 |
| Zambia | 3.0 |
| Australia | 2.1 |
| India | 1.7 |
| Sweden | 1.7 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 50.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 24.2&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 - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Zambia - 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;Australia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wheaton Precious Metals Corp | 6.0<br>|
| Exxon Mobil Corp | 6.0<br>|
| Shell PLC | 5.6<br>|
| Archer-Daniels-Midland Co | 4.5<br>|
| Corteva Inc | 4.3<br>|
| Energy Transfer LP | 3.2<br>|
| Teck Resources Ltd Class B | 3.2<br>|
| South Bow Corp | 3.2<br>|
| Kodiak Gas Services Inc | 3.1<br>|
| JBS S/A | 3.0<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20250430_1.jpg)<br>| ![](img109193_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915757.100 2121-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® SAI Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable Emerging Markets Equity Fund  | $47  | 0.95% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $53632791<br>|
| Number of Holdings | 128<br>|
| Portfolio Turnover | 86%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.2 |
| Information Technology | 22.3 |
| Consumer Discretionary | 15.5 |
| Communication Services | 11.6 |
| Industrials | 6.1 |
| Health Care | 3.9 |
| Energy | 3.0 |
| Materials | 2.1 |
| Real Estate | 1.6 |
| Consumer Staples | 1.3 |
| Utilities | 0.2 |

---

Common Stocks 92.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6548_20250430_AA.jpg) <br>|

---

Common Stocks - 92.8&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) - 7.2 <br>

---

| | |
|:---|:---|
| China | 28.3 |
| Taiwan | 15.3 |
| India | 14.7 |
| Korea (South) | 9.2 |
| United States | 7.2 |
| Brazil | 5.4 |
| South Africa | 3.7 |
| Mexico | 3.3 |
| Indonesia | 2.7 |
| Others | 10.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6548_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 28.3&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 - 15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 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;Indonesia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 7.0<br>|
| Alibaba Group Holding Ltd | 4.1<br>|
| Samsung Electronics Co Ltd | 3.9<br>|
| BYD Co Ltd H Shares | 2.3<br>|
| China Construction Bank Corp H Shares | 2.2<br>|
| Reliance Industries Ltd | 2.0<br>|
| Bharti Airtel Ltd | 1.9<br>|
| HDFC Bank Ltd | 1.8<br>|
| MediaTek Inc | 1.5<br>|
|  | 36.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6548_20250430_1.jpg)<br>| ![](img109124_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915831.100 6548-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $44  | 0.89% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $833980346<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 33.6 |
| Metals & Mining | 30.2 |
| Food Products | 10.7 |
| Chemicals | 8.5 |
| Paper & Forest Products | 7.9 |
| Energy Equipment & Services | 4.7 |
| Containers & Packaging | 1.5 |
| Machinery | 1.4 |
| Construction Materials | 0.7 |
| Others | 0.3 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 50.6 |
| Canada | 24.2 |
| Brazil | 7.2 |
| South Africa | 4.8 |
| Finland | 3.6 |
| Zambia | 3.0 |
| Australia | 2.1 |
| India | 1.7 |
| Sweden | 1.7 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 50.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 24.2&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 - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Zambia - 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;Australia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wheaton Precious Metals Corp | 6.0<br>|
| Exxon Mobil Corp | 6.0<br>|
| Shell PLC | 5.6<br>|
| Archer-Daniels-Midland Co | 4.5<br>|
| Corteva Inc | 4.3<br>|
| Energy Transfer LP | 3.2<br>|
| Teck Resources Ltd Class B | 3.2<br>|
| South Bow Corp | 3.2<br>|
| Kodiak Gas Services Inc | 3.1<br>|
| JBS S/A | 3.0<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20250430_1.jpg)<br>| ![](img109191_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915760.100 2125-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® SAI Sustainable International Equity Fund<br> **Fidelity® SAI Sustainable International Equity Fund : FSSEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Sustainable International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable International Equity Fund  | $38  | 0.75% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $77761889<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.5 |
| Industrials | 19.2 |
| Health Care | 10.8 |
| Consumer Discretionary | 10.4 |
| Information Technology | 9.4 |
| Materials | 6.0 |
| Consumer Staples | 5.4 |
| Utilities | 3.5 |
| Communication Services | 3.1 |
| Real Estate | 0.9 |
| Energy | 0.8 |

---

Common Stocks 97.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6549_20250430_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>

---

| | |
|:---|:---|
| Japan | 19.8 |
| France | 12.3 |
| United Kingdom | 11.5 |
| United States | 11.0 |
| Germany | 8.8 |
| Netherlands | 7.9 |
| Italy | 4.3 |
| Australia | 3.6 |
| Sweden | 2.6 |
| Others | 18.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6549_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.8&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 - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Sweden - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.2&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** **(% of Fund's net assets)**<br>|  |
| Hitachi Ltd | 4.2<br>|
| Sony Group Corp | 3.8<br>|
| ITOCHU Corp | 3.4<br>|
| AXA SA | 3.1<br>|
| UniCredit SpA | 2.9<br>|
| SAP SE | 2.8<br>|
| CRH PLC (United Kingdom) | 2.7<br>|
| Koninklijke KPN NV | 2.4<br>|
| Schneider Electric SE | 2.3<br>|
| Danone SA | 2.2<br>|
|  | 29.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6549_20250430_1.jpg)<br>| ![](img109123_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915832.100 6549-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5306421656<br>|
| Number of Holdings | 149<br>|
| Portfolio Turnover | 93%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.6 |
| Financials | 22.4 |
| Consumer Discretionary | 14.2 |
| Communication Services | 10.8 |
| Industrials | 7.3 |
| Materials | 4.6 |
| Energy | 4.1 |
| Health Care | 4.0 |
| Consumer Staples | 2.9 |
| Real Estate | 1.4 |
| Utilities | 1.1 |

---

Common Stocks 95.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3225_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.6 <br>

---

| | |
|:---|:---|
| China | 26.6 |
| India | 16.9 |
| Taiwan | 15.0 |
| Korea (South) | 10.5 |
| Brazil | 6.8 |
| United States | 4.6 |
| Mexico | 4.0 |
| South Africa | 3.4 |
| Hungary | 1.9 |
| Others | 10.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3225_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 26.6&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;India - 16.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;  |
| &nbsp;&nbsp;Korea (South) - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;United States - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hungary - 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;Others - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.7<br>|
| Tencent Holdings Ltd | 6.1<br>|
| Samsung Electronics Co Ltd | 3.4<br>|
| Alibaba Group Holding Ltd | 3.0<br>|
| HDFC Bank Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.2<br>|
| ICICI Bank Ltd | 2.1<br>|
| BYD Co Ltd H Shares | 1.9<br>|
| Bharti Airtel Ltd | 1.7<br>|
| SK Hynix Inc | 1.6<br>|
|  | 35.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3225_20250430_1.jpg)<br>| ![](img109120_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915800.100 3225-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $53  | 1.05% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $12982861<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Industrials | 19.3 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.3 |
| Information Technology | 9.4 |
| Materials | 6.0 |
| Consumer Staples | 5.5 |
| Utilities | 3.5 |
| Communication Services | 3.2 |
| Real Estate | 0.9 |
| Energy | 0.8 |

---

Common Stocks 97.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.2 <br>

---

| | |
|:---|:---|
| Japan | 19.7 |
| France | 12.5 |
| United Kingdom | 11.7 |
| United States | 10.3 |
| Germany | 8.9 |
| Netherlands | 8.0 |
| Italy | 4.4 |
| Australia | 3.6 |
| Sweden | 2.6 |
| Others | 18.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Sweden - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Hitachi Ltd | 4.2<br>|
| Sony Group Corp | 3.8<br>|
| ITOCHU Corp | 3.5<br>|
| AXA SA | 3.2<br>|
| UniCredit SpA | 2.9<br>|
| SAP SE | 2.9<br>|
| CRH PLC (United Kingdom) | 2.7<br>|
| Koninklijke KPN NV | 2.5<br>|
| Danone SA | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
|  | 30.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6462_20250430_1.jpg)<br>| ![](img109095_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915823.100 6466-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Series Sustainable Non-U.S. Developed Markets Fund<br> **Fidelity® Series Sustainable Non-U.S. Developed Markets Fund : FNDMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Sustainable Non-U.S. Developed Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $20253463<br>|
| Number of Holdings | 407<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 28.8 |
| Industrials | 23.5 |
| Information Technology | 12.1 |
| Materials | 7.8 |
| Consumer Discretionary | 6.9 |
| Health Care | 5.4 |
| Energy | 3.9 |
| Consumer Staples | 3.8 |
| Communication Services | 3.2 |
| Real Estate | 0.6 |
| Utilities | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7318_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United Kingdom | 15.4 |
| Japan | 14.6 |
| United States | 14.3 |
| Canada | 11.5 |
| Germany | 8.7 |
| France | 8.5 |
| Sweden | 3.8 |
| Switzerland | 3.7 |
| Netherlands | 3.6 |
| Others | 15.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7318_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 8.7&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;France - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 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 - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 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 - 15.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.1<br>|
| BAE Systems PLC | 1.8<br>|
| ASML Holding NV | 1.8<br>|
| CRH PLC | 1.7<br>|
| RELX PLC | 1.6<br>|
| London Stock Exchange Group PLC | 1.5<br>|
| Deutsche Boerse AG | 1.4<br>|
| Linde PLC | 1.3<br>|
| Compass Group PLC | 1.2<br>|
| Banco Santander SA | 1.2<br>|
|  | 16.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7318_20250430_1.jpg)<br>| ![](img109110_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915835.100 7318-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series International Growth Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Growth Fund  | $0 A | 0.01% |

---

A Amount represents less than $.50

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14759590235<br>|
| Number of Holdings | 71<br>|
| Portfolio Turnover | 26%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 34.3 |
| Financials | 18.1 |
| Information Technology | 17.4 |
| Consumer Discretionary | 10.1 |
| Materials | 9.5 |
| Health Care | 4.0 |
| Communication Services | 2.3 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

Common Stocks 96.2 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2282_20250430_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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| United States | 28.1 |
| United Kingdom | 14.5 |
| France | 12.7 |
| Germany | 9.3 |
| Japan | 8.7 |
| Sweden | 7.8 |
| Netherlands | 4.7 |
| Switzerland | 3.1 |
| Canada | 2.4 |
| Others | 8.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2282_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 28.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 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;  |
| &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;Japan - 8.7&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 - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 8.7&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 7.0<br>|
| Safran SA | 4.7<br>|
| CRH PLC | 3.8<br>|
| Linde PLC | 3.5<br>|
| ASML Holding NV | 3.4<br>|
| Atlas Copco AB A Shares | 3.3<br>|
| Compass Group PLC | 3.1<br>|
| Recruit Holdings Co Ltd | 2.7<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 2.6<br>|
| Experian PLC | 2.5<br>|
|  | 36.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2282_20250430_1.jpg)<br>| ![](img109117_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915763.100 2282-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series Select International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $212113757<br>|
| Number of Holdings | 179<br>|
| Portfolio Turnover | 2%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.6 |
| Financials | 13.6 |
| Consumer Discretionary | 12.8 |
| Materials | 9.6 |
| Real Estate | 8.6 |
| Health Care | 7.1 |
| Information Technology | 7.0 |
| Consumer Staples | 5.5 |
| Communication Services | 5.1 |
| Energy | 2.7 |
| Utilities | 1.8 |

---

Common Stocks 94.9 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6955_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |

---

---

| | |
|:---|:---|
| Japan | 37.7 |
| United Kingdom | 12.9 |
| Australia | 7.2 |
| United States | 4.6 |
| France | 4.4 |
| Sweden | 3.6 |
| Germany | 3.5 |
| Spain | 3.4 |
| Italy | 2.9 |
| Others | 19.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6955_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 37.7&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 - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 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;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Spain - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 19.8&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** **(% of Fund's net assets)**<br>|  |
| Mitie Group PLC | 1.0<br>|
| Bankinter SA | 1.0<br>|
| Banca Generali SpA | 0.9<br>|
| VZ Holding AG | 0.9<br>|
| Hokuhoku Financial Group Inc | 0.9<br>|
| Cosmos Pharmaceutical Corp | 0.8<br>|
| SpareBank 1 SMN | 0.8<br>|
| JET2 PLC | 0.8<br>|
| Food & Life Cos Ltd | 0.8<br>|
| Sanwa Holdings Corp | 0.8<br>|
|  | 8.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6955_20250430_1.jpg)<br>| ![](img109112_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915833.100 6955-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Small Cap Fund  | $0 A | 0.01% |

---

A Amount represents less than $.50

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3675889376<br>|
| Number of Holdings | 286<br>|
| Portfolio Turnover | 36%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 32.3 |
| Information Technology | 18.8 |
| Consumer Discretionary | 12.5 |
| Financials | 7.2 |
| Communication Services | 6.6 |
| Materials | 5.8 |
| Consumer Staples | 4.6 |
| Health Care | 4.3 |
| Real Estate | 3.7 |
| Energy | 2.0 |
| Utilities | 0.3 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2284_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| Japan | 29.9 |
| United Kingdom | 17.4 |
| Sweden | 12.3 |
| Germany | 5.4 |
| Netherlands | 5.3 |
| Canada | 4.4 |
| United States | 3.8 |
| France | 3.6 |
| Italy | 2.6 |
| Others | 15.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2284_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 29.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;Netherlands - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 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;Italy - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Lagercrantz Group AB B Shares | 3.7<br>|
| AddTech AB B Shares | 3.2<br>|
| Azbil Corp | 3.0<br>|
| CTS Eventim AG & Co KGaA | 2.1<br>|
| Aalberts NV | 2.0<br>|
| Spectris PLC | 1.9<br>|
| Interpump Group SpA | 1.8<br>|
| Games Workshop Group PLC | 1.7<br>|
| Howden Joinery Group PLC | 1.6<br>|
| KBC Ancora | 1.4<br>|
|  | 22.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2284_20250430_1.jpg)<br>| ![](img109115_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915765.100 2284-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series Overseas Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Overseas Fund  | $0 A | 0.01% |

---

A Amount represents less than $.50

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14723169641<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 47%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.2 |
| Industrials | 27.1 |
| Information Technology | 12.9 |
| Health Care | 7.8 |
| Materials | 6.9 |
| Communication Services | 6.6 |
| Consumer Discretionary | 5.9 |
| Consumer Staples | 1.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3468_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 17.8 |
| United Kingdom | 17.0 |
| Japan | 14.0 |
| Germany | 12.3 |
| France | 11.5 |
| Netherlands | 6.5 |
| Italy | 4.1 |
| Spain | 3.3 |
| Denmark | 2.9 |
| Others | 10.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3468_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.0&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;Germany - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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 - 3.3&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;Denmark - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.4<br>|
| Allianz SE | 2.3<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.2<br>|
| Wolters Kluwer NV | 2.2<br>|
| Deutsche Boerse AG | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 23.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3468_20250430_1.jpg)<br>| ![](img109113_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915811.100 3468-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series Sustainable Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10156370<br>|
| Number of Holdings | 177<br>|
| Portfolio Turnover | 76%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.4 |
| Information Technology | 21.5 |
| Consumer Discretionary | 13.7 |
| Communication Services | 9.0 |
| Consumer Staples | 4.6 |
| Industrials | 4.5 |
| Energy | 4.0 |
| Materials | 3.3 |
| Health Care | 3.0 |
| Utilities | 2.9 |
| Real Estate | 1.9 |

---

Common Stocks 97.6 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7317_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&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) - 2.2 |

---

---

| | |
|:---|:---|
| China | 29.3 |
| Taiwan | 16.5 |
| India | 13.8 |
| Korea (South) | 9.7 |
| Brazil | 6.4 |
| South Africa | 5.0 |
| Saudi Arabia | 3.0 |
| United States | 2.6 |
| Mexico | 2.5 |
| Others | 11.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7317_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.3&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 - 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;  |
| &nbsp;&nbsp;India - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.8<br>|
| Tencent Holdings Ltd | 6.0<br>|
| Reliance Industries Ltd GDR | 3.6<br>|
| Samsung Electronics Co Ltd | 3.2<br>|
| China Construction Bank Corp H Shares | 3.1<br>|
| ICICI Bank Ltd ADR | 2.7<br>|
| HDFC Bank Ltd ADR | 2.2<br>|
| Axis Bank Ltd GDR | 1.9<br>|
| Al Rajhi Bank | 1.9<br>|
| Infosys Ltd ADR | 1.7<br>|
|  | 37.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7317_20250430_1.jpg)<br>| ![](img109111_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915834.100 7317-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable International Equity Fund  | $53  | 1.05% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $12982861<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Industrials | 19.3 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.3 |
| Information Technology | 9.4 |
| Materials | 6.0 |
| Consumer Staples | 5.5 |
| Utilities | 3.5 |
| Communication Services | 3.2 |
| Real Estate | 0.9 |
| Energy | 0.8 |

---

Common Stocks 97.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.2 <br>

---

| | |
|:---|:---|
| Japan | 19.7 |
| France | 12.5 |
| United Kingdom | 11.7 |
| United States | 10.3 |
| Germany | 8.9 |
| Netherlands | 8.0 |
| Italy | 4.4 |
| Australia | 3.6 |
| Sweden | 2.6 |
| Others | 18.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Sweden - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Hitachi Ltd | 4.2<br>|
| Sony Group Corp | 3.8<br>|
| ITOCHU Corp | 3.5<br>|
| AXA SA | 3.2<br>|
| UniCredit SpA | 2.9<br>|
| SAP SE | 2.9<br>|
| CRH PLC (United Kingdom) | 2.7<br>|
| Koninklijke KPN NV | 2.5<br>|
| Danone SA | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
|  | 30.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6462_20250430_1.jpg)<br>| ![](img109092_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915819.100 6462-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® SAI International SMA Completion Fund<br> **Fidelity® SAI International SMA Completion Fund : FISZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI International SMA Completion Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1038889866<br>|
| Number of Holdings | 47<br>|
| Portfolio Turnover | 54%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 37.7 |
| Financials | 21.4 |
| Health Care | 8.8 |
| Consumer Discretionary | 7.8 |
| Information Technology | 7.4 |
| Materials | 6.1 |
| Consumer Staples | 1.9 |
| Communication Services | 1.8 |
| Energy | 0.6 |

---

Common Stocks 93.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 6.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3358_20250430_AA.jpg) <br>|

---

Common Stocks - 93.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 6.5 <br>

---

| | |
|:---|:---|
| Japan | 24.2 |
| Germany | 12.5 |
| Sweden | 10.0 |
| France | 8.1 |
| Canada | 7.3 |
| United States | 7.3 |
| United Kingdom | 6.0 |
| Spain | 4.1 |
| Switzerland | 2.4 |
| Others | 18.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3358_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 24.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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;  |
| &nbsp;&nbsp;France - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;United States - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 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;Switzerland - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Mitsubishi Heavy Industries Ltd | 6.2<br>|
| Thales SA | 5.9<br>|
| Investor AB B Shares | 4.9<br>|
| Constellation Software Inc/Canada | 4.8<br>|
| Fresenius SE & Co KGaA | 4.6<br>|
| Heidelberg Materials AG | 4.1<br>|
| CaixaBank SA | 4.1<br>|
| Indutrade AB | 3.9<br>|
| ITOCHU Corp | 3.9<br>|
| Hannover Rueck SE | 3.8<br>|
|  | 46.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3358_20250430_1.jpg)<br>| ![](img109128_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915809.100 3358-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $104  | 2.05% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $12982861<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Industrials | 19.3 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.3 |
| Information Technology | 9.4 |
| Materials | 6.0 |
| Consumer Staples | 5.5 |
| Utilities | 3.5 |
| Communication Services | 3.2 |
| Real Estate | 0.9 |
| Energy | 0.8 |

---

Common Stocks 97.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.2 <br>

---

| | |
|:---|:---|
| Japan | 19.7 |
| France | 12.5 |
| United Kingdom | 11.7 |
| United States | 10.3 |
| Germany | 8.9 |
| Netherlands | 8.0 |
| Italy | 4.4 |
| Australia | 3.6 |
| Sweden | 2.6 |
| Others | 18.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Sweden - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Hitachi Ltd | 4.2<br>|
| Sony Group Corp | 3.8<br>|
| ITOCHU Corp | 3.5<br>|
| AXA SA | 3.2<br>|
| UniCredit SpA | 2.9<br>|
| SAP SE | 2.9<br>|
| CRH PLC (United Kingdom) | 2.7<br>|
| Koninklijke KPN NV | 2.5<br>|
| Danone SA | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
|  | 30.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6462_20250430_1.jpg)<br>| ![](img109096_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915821.100 6464-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $78  | 1.55% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $12982861<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Industrials | 19.3 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.3 |
| Information Technology | 9.4 |
| Materials | 6.0 |
| Consumer Staples | 5.5 |
| Utilities | 3.5 |
| Communication Services | 3.2 |
| Real Estate | 0.9 |
| Energy | 0.8 |

---

Common Stocks 97.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.2 <br>

---

| | |
|:---|:---|
| Japan | 19.7 |
| France | 12.5 |
| United Kingdom | 11.7 |
| United States | 10.3 |
| Germany | 8.9 |
| Netherlands | 8.0 |
| Italy | 4.4 |
| Australia | 3.6 |
| Sweden | 2.6 |
| Others | 18.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Sweden - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Hitachi Ltd | 4.2<br>|
| Sony Group Corp | 3.8<br>|
| ITOCHU Corp | 3.5<br>|
| AXA SA | 3.2<br>|
| UniCredit SpA | 2.9<br>|
| SAP SE | 2.9<br>|
| CRH PLC (United Kingdom) | 2.7<br>|
| Koninklijke KPN NV | 2.5<br>|
| Danone SA | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
|  | 30.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6462_20250430_1.jpg)<br>| ![](img109094_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915822.100 6465-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $87  | 1.75% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6831469<br>|
| Number of Holdings | 120<br>|
| Portfolio Turnover | 85%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.1 |
| Information Technology | 23.0 |
| Consumer Discretionary | 16.5 |
| Communication Services | 11.9 |
| Industrials | 6.5 |
| Health Care | 4.5 |
| Energy | 3.2 |
| Materials | 2.3 |
| Real Estate | 2.0 |
| Consumer Staples | 1.3 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 16.1 |
| India | 15.2 |
| Korea (South) | 9.1 |
| Brazil | 5.9 |
| Mexico | 4.1 |
| South Africa | 4.0 |
| Indonesia | 2.7 |
| United States | 2.6 |
| Others | 11.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 15.2&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;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;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 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;South Africa - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 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 - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 7.1<br>|
| Alibaba Group Holding Ltd | 4.2<br>|
| Samsung Electronics Co Ltd | 3.9<br>|
| Reliance Industries Ltd | 2.5<br>|
| BYD Co Ltd H Shares | 2.3<br>|
| China Construction Bank Corp H Shares | 2.3<br>|
| Bharti Airtel Ltd | 2.0<br>|
| HDFC Bank Ltd | 1.7<br>|
| Grupo Financiero Banorte SAB de CV | 1.6<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20250430_1.jpg)<br>| ![](img109100_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915828.100 6471-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $46  | 0.90% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $12982861<br>|
| Number of Holdings | 83<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Industrials | 19.3 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.3 |
| Information Technology | 9.4 |
| Materials | 6.0 |
| Consumer Staples | 5.5 |
| Utilities | 3.5 |
| Communication Services | 3.2 |
| Real Estate | 0.9 |
| Energy | 0.8 |

---

Common Stocks 97.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.2 <br>

---

| | |
|:---|:---|
| Japan | 19.7 |
| France | 12.5 |
| United Kingdom | 11.7 |
| United States | 10.3 |
| Germany | 8.9 |
| Netherlands | 8.0 |
| Italy | 4.4 |
| Australia | 3.6 |
| Sweden | 2.6 |
| Others | 18.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Sweden - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Hitachi Ltd | 4.2<br>|
| Sony Group Corp | 3.8<br>|
| ITOCHU Corp | 3.5<br>|
| AXA SA | 3.2<br>|
| UniCredit SpA | 2.9<br>|
| SAP SE | 2.9<br>|
| CRH PLC (United Kingdom) | 2.7<br>|
| Koninklijke KPN NV | 2.5<br>|
| Danone SA | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
|  | 30.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6462_20250430_1.jpg)<br>| ![](img109093_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915824.100 6467-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $75  | 1.50% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6831469<br>|
| Number of Holdings | 120<br>|
| Portfolio Turnover | 85%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.1 |
| Information Technology | 23.0 |
| Consumer Discretionary | 16.5 |
| Communication Services | 11.9 |
| Industrials | 6.5 |
| Health Care | 4.5 |
| Energy | 3.2 |
| Materials | 2.3 |
| Real Estate | 2.0 |
| Consumer Staples | 1.3 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 16.1 |
| India | 15.2 |
| Korea (South) | 9.1 |
| Brazil | 5.9 |
| Mexico | 4.1 |
| South Africa | 4.0 |
| Indonesia | 2.7 |
| United States | 2.6 |
| Others | 11.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 15.2&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;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;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 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;South Africa - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 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 - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 7.1<br>|
| Alibaba Group Holding Ltd | 4.2<br>|
| Samsung Electronics Co Ltd | 3.9<br>|
| Reliance Industries Ltd | 2.5<br>|
| BYD Co Ltd H Shares | 2.3<br>|
| China Construction Bank Corp H Shares | 2.3<br>|
| Bharti Airtel Ltd | 2.0<br>|
| HDFC Bank Ltd | 1.7<br>|
| Grupo Financiero Banorte SAB de CV | 1.6<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20250430_1.jpg)<br>| ![](img109103_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915826.100 6469-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $55  | 1.10% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6831469<br>|
| Number of Holdings | 120<br>|
| Portfolio Turnover | 85%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.1 |
| Information Technology | 23.0 |
| Consumer Discretionary | 16.5 |
| Communication Services | 11.9 |
| Industrials | 6.5 |
| Health Care | 4.5 |
| Energy | 3.2 |
| Materials | 2.3 |
| Real Estate | 2.0 |
| Consumer Staples | 1.3 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 16.1 |
| India | 15.2 |
| Korea (South) | 9.1 |
| Brazil | 5.9 |
| Mexico | 4.1 |
| South Africa | 4.0 |
| Indonesia | 2.7 |
| United States | 2.6 |
| Others | 11.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 15.2&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;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;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 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;South Africa - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 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 - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 7.1<br>|
| Alibaba Group Holding Ltd | 4.2<br>|
| Samsung Electronics Co Ltd | 3.9<br>|
| Reliance Industries Ltd | 2.5<br>|
| BYD Co Ltd H Shares | 2.3<br>|
| China Construction Bank Corp H Shares | 2.3<br>|
| Bharti Airtel Ltd | 2.0<br>|
| HDFC Bank Ltd | 1.7<br>|
| Grupo Financiero Banorte SAB de CV | 1.6<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20250430_1.jpg)<br>| ![](img109099_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915830.100 6473-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $112  | 2.25% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6831469<br>|
| Number of Holdings | 120<br>|
| Portfolio Turnover | 85%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.1 |
| Information Technology | 23.0 |
| Consumer Discretionary | 16.5 |
| Communication Services | 11.9 |
| Industrials | 6.5 |
| Health Care | 4.5 |
| Energy | 3.2 |
| Materials | 2.3 |
| Real Estate | 2.0 |
| Consumer Staples | 1.3 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 16.1 |
| India | 15.2 |
| Korea (South) | 9.1 |
| Brazil | 5.9 |
| Mexico | 4.1 |
| South Africa | 4.0 |
| Indonesia | 2.7 |
| United States | 2.6 |
| Others | 11.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 15.2&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;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;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 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;South Africa - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 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 - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 7.1<br>|
| Alibaba Group Holding Ltd | 4.2<br>|
| Samsung Electronics Co Ltd | 3.9<br>|
| Reliance Industries Ltd | 2.5<br>|
| BYD Co Ltd H Shares | 2.3<br>|
| China Construction Bank Corp H Shares | 2.3<br>|
| Bharti Airtel Ltd | 2.0<br>|
| HDFC Bank Ltd | 1.7<br>|
| Grupo Financiero Banorte SAB de CV | 1.6<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20250430_1.jpg)<br>| ![](img109102_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915827.100 6470-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $37  | 0.76% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $833980346<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 33.6 |
| Metals & Mining | 30.2 |
| Food Products | 10.7 |
| Chemicals | 8.5 |
| Paper & Forest Products | 7.9 |
| Energy Equipment & Services | 4.7 |
| Containers & Packaging | 1.5 |
| Machinery | 1.4 |
| Construction Materials | 0.7 |
| Others | 0.3 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20250430_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 50.6 |
| Canada | 24.2 |
| Brazil | 7.2 |
| South Africa | 4.8 |
| Finland | 3.6 |
| Zambia | 3.0 |
| Australia | 2.1 |
| India | 1.7 |
| Sweden | 1.7 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 50.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 24.2&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 - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;Zambia - 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;Australia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wheaton Precious Metals Corp | 6.0<br>|
| Exxon Mobil Corp | 6.0<br>|
| Shell PLC | 5.6<br>|
| Archer-Daniels-Midland Co | 4.5<br>|
| Corteva Inc | 4.3<br>|
| Energy Transfer LP | 3.2<br>|
| Teck Resources Ltd Class B | 3.2<br>|
| South Bow Corp | 3.2<br>|
| Kodiak Gas Services Inc | 3.1<br>|
| JBS S/A | 3.0<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20250430_1.jpg)<br>| ![](img109189_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915761.100 3276-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity® Series International Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Value Fund  | $0 A | 0.01% |

---

A Amount represents less than $.50

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $15024454122<br>|
| Number of Holdings | 108<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 41.3 |
| Industrials | 16.7 |
| Materials | 10.9 |
| Health Care | 6.5 |
| Energy | 6.4 |
| Consumer Discretionary | 5.3 |
| Consumer Staples | 4.0 |
| Communication Services | 3.5 |
| Information Technology | 3.0 |
| Utilities | 0.7 |
| Real Estate | 0.6 |

---

Common Stocks 98.7 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2283_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 14.6 |
| Germany | 14.4 |
| United States | 11.4 |
| France | 10.4 |
| Italy | 5.1 |
| Switzerland | 3.9 |
| Australia | 3.6 |
| Spain | 3.5 |
| Others | 11.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2283_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 14.4&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 - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.1&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;Switzerland - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Spain - 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 - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 3.1<br>|
| Banco Santander SA | 2.9<br>|
| AXA SA | 2.8<br>|
| Rheinmetall AG | 2.7<br>|
| Zurich Insurance Group AG | 2.3<br>|
| Mitsubishi UFJ Financial Group Inc | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.2<br>|
| Roche Holding AG | 2.2<br>|
| BAE Systems PLC | 2.2<br>|
| Hitachi Ltd | 2.2<br>|
|  | 24.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2283_20250430_1.jpg)<br>| ![](img109114_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915764.100 2283-TSRS-0625 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Series Select International Small Cap Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109486_1.jpg)

![](img109486_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SSI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Select International Small Cap Fund](#Sub_Sec_Fund_6955_SSI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6955_SSI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SSI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SSI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SSI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SSI-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Select International Small Cap Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 7.2%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| CAR Group Ltd  | 44788 | 955968 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Amotiv Ltd  | 176313 | 874271 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Beach Energy Ltd  | 907295 | 682947 |
| Whitehaven Coal Ltd  | 240166 | 768228 |
|  |  | 1451175 |
| Financials - 1.4% |  |  |
| Insurance - 1.4% |  |  |
| nib holdings Ltd/Australia  | 294606 | 1285261 |
| Steadfast Group Ltd  | 433321 | 1628362 |
|  |  | 2913623 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Ansell Ltd  | 59283 | 1150064 |
| Industrials - 1.1% |  |  |
| Construction & Engineering - 0.4% |  |  |
| Ventia Services Group Pty Ltd  | 327819 | 887565 |
| Professional Services - 0.7% |  |  |
| ALS Ltd  | 139630 | 1532085 |
| TOTAL INDUSTRIALS |  | 2419650 |
| Materials - 2.0% |  |  |
| Chemicals - 0.4% |  |  |
| Dyno Nobel Ltd  | 637945 | 926042 |
| Metals & Mining - 1.6% |  |  |
| Evolution Mining Ltd  | 236759 | 1187352 |
| Imdex Ltd  | 563272 | 1065595 |
| Sandfire Resources Ltd (a) | 140348 | 893861 |
|  |  | 3146808 |
| TOTAL MATERIALS |  | 4072850 |
| Real Estate - 0.6% |  |  |
| Specialized REITs - 0.6% |  |  |
| National Storage REIT unit  | 914480 | 1344665 |
| TOTAL AUSTRALIA |  | 15182266 |
| AUSTRIA - 1.1%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Schoeller-Bleckmann Oilfield Equipment AG  | 24418 | 867202 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| AT&S Austria Technologie & Systemtechnik AG (a) | 30327 | 489229 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Wienerberger AG  | 30562 | 1069132 |
| TOTAL AUSTRIA |  | 2425563 |
| BAILIWICK OF JERSEY - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| JTC PLC (b)(c) | 122082 | 1356907 |
| BELGIUM - 2.8%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Kinepolis Group NV  | 23086 | 795050 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| KBC Ancora  | 22429 | 1463542 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Fagron  | 61065 | 1418138 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Barco NV  | 72666 | 991129 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.6% |  |  |
| Warehouses De Pauw CVA (a) | 47039 | 1197917 |
| TOTAL BELGIUM |  | 5865776 |
| FINLAND - 2.8%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Puuilo Oyj  | 79571 | 1130381 |
| Industrials - 0.6% |  |  |
| Machinery - 0.6% |  |  |
| Konecranes Oyj A Shares  | 18837 | 1254762 |
| Materials - 1.0% |  |  |
| Chemicals - 0.5% |  |  |
| Kemira Oyj  | 47711 | 980997 |
| Containers & Packaging - 0.5% |  |  |
| Huhtamaki Oyj  | 29178 | 1071620 |
| TOTAL MATERIALS |  | 2052617 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Fortum Oyj  | 90175 | 1506272 |
| TOTAL FINLAND |  | 5944032 |
| FRANCE - 4.4%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.3% |  |  |
| Vivendi SE  | 240478 | 744811 |
| Media - 0.5% |  |  |
| IPSOS SA  | 22052 | 1038736 |
| TOTAL COMMUNICATION SERVICES |  | 1783547 |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| SEB SA  | 6630 | 621142 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Vallourec SACA (a) | 88611 | 1636744 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Euroapi SA (a) | 101810 | 316481 |
| Virbac SACA  | 3569 | 1253980 |
|  |  | 1570461 |
| Industrials - 1.3% |  |  |
| Commercial Services & Supplies - 0.7% |  |  |
| Elis SA  | 56155 | 1435159 |
| Trading Companies & Distributors - 0.6% |  |  |
| Rexel SA  | 45793 | 1265270 |
| TOTAL INDUSTRIALS |  | 2700429 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Vicat SACA  | 17224 | 960001 |
| TOTAL FRANCE |  | 9272324 |
| GERMANY - 3.0%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.7% |  |  |
| SAF-Holland SE  | 77789 | 1402922 |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Gerresheimer AG  | 12058 | 811398 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Hensoldt AG  | 13928 | 1076083 |
| Machinery - 0.2% |  |  |
| Stabilus SE  | 13105 | 360758 |
| TOTAL INDUSTRIALS |  | 1436841 |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| Mensch und Maschine Software SE  | 17569 | 1134473 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| LANXESS AG  | 23618 | 701533 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Patrizia SE  | 104325 | 868657 |
| TOTAL GERMANY |  | 6355824 |
| HONG KONG - 1.3%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Luk Fook Holdings International Ltd  | 471635 | 1028943 |
| Industrials - 0.2% |  |  |
| Marine Transportation - 0.2% |  |  |
| Pacific Basin Shipping Ltd  | 1807235 | 405460 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASMPT Ltd  | 101425 | 682653 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Hysan Development Co Ltd  | 395383 | 645411 |
| TOTAL HONG KONG |  | 2762467 |
| IRELAND - 1.3%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.8% |  |  |
| C&C Group PLC  | 828146 | 1518651 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank of Ireland Group PLC  | 98296 | 1149736 |
| TOTAL IRELAND |  | 2668387 |
| ISRAEL - 2.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 1042759 | 1581740 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd  | 20273 | 1550398 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Nova Ltd (Israel) (a) | 6262 | 1201103 |
| TOTAL ISRAEL |  | 4333241 |
| ITALY - 2.9%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| RAI Way SpA (b)(c) | 180932 | 1238012 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| Brembo NV  | 127054 | 1183130 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Banca Generali SpA  | 31641 | 1867499 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 18367 | 1078846 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| GVS SpA (a)(b)(c) | 166176 | 804779 |
| TOTAL ITALY |  | 6172266 |
| JAPAN - 37.7%  |  |  |
| Communication Services - 1.2% |  |  |
| Entertainment - 0.6% |  |  |
| Daiichikosho Co Ltd  | 104631 | 1221354 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Okinawa Cellular Telephone Co  | 42728 | 1265583 |
| TOTAL COMMUNICATION SERVICES |  | 2486937 |
| Consumer Discretionary - 6.2% |  |  |
| Automobile Components - 1.0% |  |  |
| Shoei Co Ltd  | 94692 | 1107323 |
| Stanley Electric Co Ltd  | 58474 | 1094803 |
|  |  | 2202126 |
| Distributors - 0.6% |  |  |
| PALTAC Corp  | 42752 | 1182272 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Food & Life Cos Ltd  | 47211 | 1731862 |
| Kyoritsu Maintenance Co Ltd  | 52758 | 1113977 |
|  |  | 2845839 |
| Household Durables - 1.7% |  |  |
| Haseko Corp  | 105448 | 1506074 |
| Nikon Corp  | 108543 | 1043690 |
| Rinnai Corp  | 43209 | 967957 |
|  |  | 3517721 |
| Leisure Products - 0.6% |  |  |
| Sega Sammy Holdings Inc  | 56583 | 1184254 |
| Specialty Retail - 1.0% |  |  |
| Nextage Co Ltd  | 98401 | 1228464 |
| Workman Co Ltd  | 29609 | 936024 |
|  |  | 2164488 |
| TOTAL CONSUMER DISCRETIONARY |  | 13096700 |
| Consumer Staples - 3.1% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Cosmos Pharmaceutical Corp  | 27447 | 1767028 |
| Food Products - 1.9% |  |  |
| Kotobuki Spirits Co Ltd  | 81109 | 1204325 |
| Morinaga & Co Ltd/Japan  | 68616 | 1221584 |
| Toyo Suisan Kaisha Ltd  | 22224 | 1433104 |
|  |  | 3859013 |
| Personal Care Products - 0.4% |  |  |
| Milbon Co Ltd  | 47254 | 894316 |
| TOTAL CONSUMER STAPLES |  | 6520357 |
| Financials - 3.6% |  |  |
| Banks - 2.3% |  |  |
| Hokuhoku Financial Group Inc  | 96687 | 1720999 |
| Kyoto Financial Group Inc  | 80288 | 1370702 |
| Suruga Bank Ltd  | 193096 | 1698942 |
|  |  | 4790643 |
| Financial Services - 1.3% |  |  |
| Fuyo General Lease Co Ltd  | 48259 | 1343340 |
| Zenkoku Hosho Co Ltd  | 74372 | 1607805 |
|  |  | 2951145 |
| TOTAL FINANCIALS |  | 7741788 |
| Health Care - 2.7% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Nagaileben Co Ltd  | 55779 | 821197 |
| Health Care Providers & Services - 1.2% |  |  |
| As One Corp  | 74904 | 1184749 |
| H.U. Group Holdings Inc  | 69016 | 1351551 |
|  |  | 2536300 |
| Pharmaceuticals - 1.1% |  |  |
| Kissei Pharmaceutical Co Ltd  | 36688 | 960950 |
| Sawai Group Holdings Co Ltd  | 92977 | 1332748 |
|  |  | 2293698 |
| TOTAL HEALTH CARE |  | 5651195 |
| Industrials - 10.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| AZ-COM MARUWA Holdings Inc  | 14800 | 136634 |
| Building Products - 0.8% |  |  |
| Sanwa Holdings Corp  | 52570 | 1722919 |
| Commercial Services & Supplies - 1.0% |  |  |
| Daiei Kankyo Co Ltd  | 59207 | 1208738 |
| Park24 Co Ltd  | 67875 | 960589 |
|  |  | 2169327 |
| Construction & Engineering - 1.3% |  |  |
| Penta-Ocean Construction Co Ltd  | 239101 | 1371261 |
| Sumitomo Mitsui Construction Co Ltd  | 373976 | 1323485 |
|  |  | 2694746 |
| Electrical Equipment - 0.7% |  |  |
| SWCC Corp  | 31761 | 1439441 |
| Ground Transportation - 0.6% |  |  |
| Kyushu Railway Co  | 51112 | 1313726 |
| Machinery - 3.5% |  |  |
| Daihatsu Diesel Manufacturing Co Ltd  | 80445 | 1012736 |
| Galilei Co Ltd  | 55309 | 1107882 |
| Hosokawa Micron Corp  | 38394 | 1066052 |
| IHI Corp  | 19276 | 1509932 |
| Meidensha Corp  | 37561 | 1029788 |
| Miura Co Ltd  | 36335 | 773815 |
| Takeuchi Manufacturing Co Ltd  | 26773 | 834199 |
|  |  | 7334404 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 30760 | 1657460 |
| Trading Companies & Distributors - 0.7% |  |  |
| Inaba Denki Sangyo Co Ltd  | 52734 | 1386029 |
| Transportation Infrastructure - 0.6% |  |  |
| Kamigumi Co Ltd  | 53510 | 1307623 |
| TOTAL INDUSTRIALS |  | 21162309 |
| Information Technology - 4.1% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Anritsu Corp  | 92697 | 926127 |
| Daiwabo Holdings Co Ltd  | 74473 | 1259707 |
| Dexerials Corp  | 62391 | 730470 |
| Maruwa Co Ltd/Aichi  | 4535 | 921717 |
| Riken Keiki Co Ltd  | 42059 | 784819 |
|  |  | 4622840 |
| IT Services - 1.5% |  |  |
| Digital Garage Inc  | 30363 | 954551 |
| NSD Co Ltd  | 50747 | 1192189 |
| Zuken Inc  | 30363 | 1095769 |
|  |  | 3242509 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| SUMCO Corp  | 129324 | 891830 |
| TOTAL INFORMATION TECHNOLOGY |  | 8757179 |
| Materials - 3.7% |  |  |
| Chemicals - 1.3% |  |  |
| Kaneka Corp  | 44418 | 1082957 |
| Kuraray Co Ltd  | 74933 | 875329 |
| Resonac Holdings Corp  | 45812 | 833227 |
|  |  | 2791513 |
| Construction Materials - 0.5% |  |  |
| Maeda Kosen Co Ltd  | 82030 | 1172103 |
| Containers & Packaging - 0.6% |  |  |
| FP Corp  | 55309 | 1191437 |
| Metals & Mining - 1.3% |  |  |
| Dowa Holdings Co Ltd  | 29729 | 953843 |
| Toho Titanium Co Ltd  | 106600 | 757488 |
| UACJ Corp  | 29454 | 991894 |
|  |  | 2703225 |
| TOTAL MATERIALS |  | 7858278 |
| Real Estate - 2.7% |  |  |
| Diversified REITs - 0.4% |  |  |
| Daiwa House REIT Investment Corp  | 474 | 793315 |
| Industrial REITs - 0.6% |  |  |
| SOSiLA Logistics REIT Inc  | 1571 | 1214124 |
| Real Estate Management & Development - 1.2% |  |  |
| Relo Group Inc  | 83237 | 1095040 |
| Tokyo Tatemono Co Ltd  | 85007 | 1524034 |
|  |  | 2619074 |
| Residential REITs - 0.5% |  |  |
| Daiwa Securities Living Investment Corporation  | 1760 | 1110309 |
| TOTAL REAL ESTATE |  | 5736822 |
| Utilities - 0.4% |  |  |
| Gas Utilities - 0.4% |  |  |
| Nippon Gas Co Ltd  | 56479 | 1039082 |
| TOTAL JAPAN |  | 80050647 |
| JORDAN - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Hikma Pharmaceuticals PLC  | 22524 | 595851 |
| NETHERLANDS - 1.3%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| TKH Group NV depository receipt  | 20778 | 816781 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| OCI NV  | 71258 | 589290 |
| Real Estate - 0.6% |  |  |
| Retail REITs - 0.6% |  |  |
| Eurocommercial Properties NV  | 46666 | 1345429 |
| TOTAL NETHERLANDS |  | 2751500 |
| NEW ZEALAND - 1.2%  |  |  |
| Industrials - 0.5% |  |  |
| Building Products - 0.5% |  |  |
| Fletcher Building Ltd (a) | 567380 | 1033049 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Contact Energy Ltd  | 289575 | 1525477 |
| TOTAL NEW ZEALAND |  | 2558526 |
| NORWAY - 1.6%  |  |  |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| DOF Group ASA A Shares (a) | 141121 | 1096722 |
| TGS ASA  | 72982 | 539820 |
|  |  | 1636542 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| SpareBank 1 SMN  | 97528 | 1763742 |
| TOTAL NORWAY |  | 3400284 |
| SINGAPORE - 1.0%  |  |  |
| Real Estate - 1.0% |  |  |
| Hotel & Resort REITs - 0.4% |  |  |
| CDL Hospitality Trusts unit  | 1385839 | 843859 |
| Industrial REITs - 0.6% |  |  |
| Mapletree Industrial Trust  | 811707 | 1255614 |
| TOTAL SINGAPORE |  | 2099473 |
| SPAIN - 3.4%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.5% |  |  |
| CIE Automotive SA  | 41362 | 1089424 |
| Financials - 1.5% |  |  |
| Banks - 1.0% |  |  |
| Bankinter SA  | 160335 | 1859948 |
| Insurance - 0.5% |  |  |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros  | 788750 | 1143725 |
| TOTAL FINANCIALS |  | 3003673 |
| Industrials - 1.0% |  |  |
| Air Freight & Logistics - 0.8% |  |  |
| Logista Integral SA  | 46927 | 1601217 |
| Machinery - 0.2% |  |  |
| Fluidra SA  | 24595 | 566165 |
| TOTAL INDUSTRIALS |  | 2167382 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Acerinox SA  | 79732 | 897373 |
| TOTAL SPAIN |  | 7157852 |
| SWEDEN - 3.6%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| AAK AB  | 41315 | 1078879 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| Avanza Bank Holding AB  | 44486 | 1484324 |
| Health Care - 0.7% |  |  |
| Life Sciences Tools & Services - 0.7% |  |  |
| AddLife AB B Shares  | 79090 | 1497436 |
| Industrials - 1.2% |  |  |
| Commercial Services & Supplies - 0.6% |  |  |
| Loomis AB  | 30771 | 1286171 |
| Trading Companies & Distributors - 0.6% |  |  |
| AddTech AB B Shares  | 35951 | 1207355 |
| TOTAL INDUSTRIALS |  | 2493526 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Atea ASA  | 84963 | 1159693 |
| TOTAL SWEDEN |  | 7713858 |
| SWITZERLAND - 2.5%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Barry Callebaut AG  | 833 | 747868 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| VZ Holding AG  | 8837 | 1818044 |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Bucher Industries AG  | 2480 | 1066699 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| PSP Swiss Property AG  | 8789 | 1564311 |
| TOTAL SWITZERLAND |  | 5196922 |
| UNITED KINGDOM - 12.9%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Zegona Communications plc (a) | 133739 | 1204862 |
| Interactive Media & Services - 0.4% |  |  |
| Trustpilot Group PLC (a)(b)(c) | 336288 | 1003006 |
| TOTAL COMMUNICATION SERVICES |  | 2207868 |
| Consumer Discretionary - 3.1% |  |  |
| Broadline Retail - 0.6% |  |  |
| B&M European Value Retail SA  | 290936 | 1304325 |
| Distributors - 0.6% |  |  |
| Inchcape PLC  | 136522 | 1221746 |
| Diversified Consumer Services - 0.5% |  |  |
| ME Group International PLC  | 429266 | 1152747 |
| Household Durables - 0.6% |  |  |
| Vistry Group PLC (a) | 162330 | 1361194 |
| Leisure Products - 0.6% |  |  |
| Games Workshop Group PLC  | 5801 | 1191346 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Burberry Group PLC  | 33507 | 326317 |
| TOTAL CONSUMER DISCRETIONARY |  | 6557675 |
| Financials - 2.0% |  |  |
| Capital Markets - 0.6% |  |  |
| Intermediate Capital Group PLC  | 48544 | 1213670 |
| Insurance - 1.4% |  |  |
| Lancashire Holdings Ltd  | 210813 | 1581752 |
| Sabre Insurance Group PLC (b)(c) | 847957 | 1421631 |
|  |  | 3003383 |
| TOTAL FINANCIALS |  | 4217053 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| ConvaTec Group PLC (b)(c) | 348200 | 1205592 |
| Industrials - 3.3% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Senior PLC  | 586534 | 1083400 |
| Commercial Services & Supplies - 1.0% |  |  |
| Mitie Group PLC  | 985483 | 1893855 |
| Industrial Conglomerates - 0.6% |  |  |
| DCC PLC  | 20370 | 1326407 |
| Machinery - 0.4% |  |  |
| IMI PLC  | 38503 | 907213 |
| Passenger Airlines - 0.8% |  |  |
| JET2 PLC  | 83205 | 1755346 |
| TOTAL INDUSTRIALS |  | 6966221 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Spectris PLC  | 30880 | 823076 |
| Materials - 0.9% |  |  |
| Chemicals - 0.4% |  |  |
| Elementis PLC  | 490526 | 818462 |
| Metals & Mining - 0.5% |  |  |
| Hill & Smith PLC  | 45044 | 1074540 |
| TOTAL MATERIALS |  | 1893002 |
| Real Estate - 1.7% |  |  |
| Real Estate Management & Development - 1.1% |  |  |
| Grainger PLC  | 331921 | 951055 |
| Savills PLC  | 112710 | 1392434 |
|  |  | 2343489 |
| Residential REITs - 0.6% |  |  |
| UNITE Group PLC/The  | 104442 | 1197728 |
| TOTAL REAL ESTATE |  | 3541217 |
| TOTAL UNITED KINGDOM |  | 27411704 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $194,105,673) |  | <br> **201275670** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Jungheinrich AG <br>(Cost $934,739)<br>| 27339 | **986116** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $9,425,292)<br>| 4.33 | 9423407 | **9425292** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $204,465,704)<br>| <br>**211687078** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **426679** |
| **NET ASSETS - 100.0%** | **212113757** |

---

**Legend**

(a) Non-income producing

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,029,927 or 3.3% 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 $7,029,927 or 3.3% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 | - | 197182946 | 187757654 | 78396 | - | - | 9425292 | 9423407 | 0.0% |
| Total | - | 197182946 | 187757654 | 78396 | - | - | 9425292 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 11049122 | 10093154 | 955968 | - |
| Consumer Discretionary | 26984588 | 23234236 | 3750352 | - |
| Consumer Staples | 11416153 | 11416153 | - | - |
| Energy | 5591663 | 4140488 | 1451175 | - |
| Financials | 28779931 | 25866308 | 2913623 | - |
| Health Care | 14978981 | 13828917 | 1150064 | - |
| Industrials | 44727888 | 38107797 | 6620091 | - |
| Information Technology | 15238535 | 14346705 | 891830 | - |
| Materials | 20094076 | 13358827 | 6735249 | - |
| Real Estate | 18343902 | 13375730 | 4968172 | - |
| Utilities | 4070831 | 2545354 | 1525477 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 986116 | 986116 | - | - |
|  **Money Market Funds** | 9425292 | 9425292 | - | - |
| **Total Investments in Securities:** | 211687078 | 180725077 | 30962001 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $195,040,412) | $202261786 |  |
| Fidelity Central Funds (cost $9,425,292) | 9425292 |  |
| Total Investment in Securities (cost $204,465,704) |  | $211687078 |
| Foreign currency held at value (cost $61,509) |  | 61510 |
| Receivable for investments sold |  | 116776 |
| Receivable for fund shares sold |  | 1260343 |
| Dividends receivable |  | 500159 |
| Distributions receivable from Fidelity Central Funds |  | 78048 |
| Receivable from investment adviser for expense reductions |  | 4734 |
| **Total assets** |  | 213708648 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1588617 |  |
| Accrued management fee | 1254 |  |
| Other payables and accrued expenses | 5020 |  |
| **Total liabilities** |  | 1594891 |
| **Net Assets**  |  | $212113757 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $204321988 |
| Total accumulated earnings (loss) |  | 7791769 |
| **Net Assets** |  | $212113757 |
| **Net Asset Value**, offering price and redemption price per share ($212,113,757 ÷ 17,505,359 shares) |  | $12.12 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $437927 |
| Special dividends |  | 175205 |
| Income from Fidelity Central Funds  |  | 78396 |
| Income before foreign taxes withheld |  | $691528 |
| Less foreign taxes withheld |  | (23521) |
| **Total income** |  | 668007 |
| **Expenses** |  |  |
| Custodian fees and expenses | $6434 |  |
| Independent trustees' fees and expenses | 3 |  |
| Total expenses before reductions | 6437 |  |
| Expense reductions | (5846) |  |
| Total expenses after reductions |  | 591 |
| **Net Investment income (loss)** |  | 667416 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3473 |  |
| Foreign currency transactions | (90576) |  |
| Total net realized gain (loss) |  | (87103) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7081768 |  |
| Assets and liabilities in foreign currencies | 8969 |  |
| Total change in net unrealized appreciation (depreciation) |  | 7090737 |
| **Net gain (loss)** |  | 7003634 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7671050 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $667416 | $40016 |
| &nbsp;&nbsp;Net realized gain (loss) | (87103)<br>| 40650<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7090737 | 119572<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7671050<br>| 200238<br>|
| Distributions to shareholders | (88511)<br>| (68011)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 203800919 | - |
| Reinvestment of distributions | 88511<br>| 68011<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (638847) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 203250583<br>| 68011<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 210833122<br>| 200238<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1280635 | 1080397<br>|
| &nbsp;&nbsp;End of period | $212113757 | $1280635 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 17447658 | - |
| Issued in reinvestment of distributions | 7889<br>| 6072<br>|
| &nbsp;&nbsp;Redeemed | (56571) | - |
| &nbsp;&nbsp;Net increase (decrease) | 17398976 | 6072 |

---

**Financial Highlights** 

**Fidelity® Series Select International Small Cap Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $12.04 | $10.77 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .31 D | .38  | .31  |
| Net realized and unrealized gain (loss)  | .60  | 1.57  | .49  |
| Total from investment operations  | .91  | 1.95  | .80  |
| Distributions from net investment income  | (.46)  | (.43)  | (.03)  |
| Distributions from net realized gain  | (.37)  | (.25)  | -  |
| Total distributions  | (.83)  | (.68)  | (.03)  |
| Net asset value, end of period  | $12.12 | $12.04 | $10.77 |
| **Total Return** E,F | 8.13% <br>| 18.56%  | 8.03%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .05% I | .22%  | .23% I |
| Expenses net of fee waivers, if any  | .01% I<br>| .01%  | .01% I |
| Expenses net of all reductions, if any  | .01% I | .01%  | .01% I |
| Net investment income (loss)  | 4.95% D,I | 3.14%  | 2.69% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $212114 | $1281 | $1080 |
| Portfolio turnover rate J | 2% I<br>| 18%  | 23% I |

---

A*For the period November 4, 2022 (commencement of operations) through October 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 4.20%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Series Select International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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 and passive foreign investment companies (PFIC).

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** | $9434798 |
| **Gross unrealized depreciation** | <u>(2228603)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$7206195</u> |
| **Tax cost** | <u>$204480883</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.

**3. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Select International Small Cap Fund** | 194337162 | 407291 |

---

**4. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Select International Small Cap Fund** | 2493684 | 15556 | (674) |

---

**5. 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.

**6. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $5,013.

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 $833.

**7. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**8. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109486_4.jpg)<br>

1.9906199.102 SSI-SANN-0625

**Fidelity® Series Emerging Markets Fund**

**Fidelity® Series Emerging Markets Opportunities Fund**

**Fidelity® Series International Growth Fund**

**Fidelity® Series International Small Cap Fund**

**Fidelity® Series International Value Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109438_1.jpg)

![](img109438_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_GSV-S-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Emerging Markets Fund](#Sub_Sec_Fund_3225_GSV-S-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Emerging Markets Opportunities Fund](#Sub_Sec_Fund_2117_GSV-S-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Growth Fund](#Sub_Sec_Fund_2282_GSV-S-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Small Cap Fund](#Sub_Sec_Fund_2284_GSV-S-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Value Fund](#Sub_Sec_Fund_2283_GSV-S-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3225_GSV-S-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GSV-S-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GSV-S-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GSV-S-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GSV-S-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 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 (Semi-Annual Report)**

**Fidelity® Series Emerging Markets Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

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>|
| BRAZIL - 6.8%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Petroleo Brasileiro SA  | 1976000 | 11159318 |
| Petroleo Brasileiro SA ADR  | 762315 | 8606536 |
| PRIO SA/Brazil (b) | 5796459 | 34430567 |
|  |  | 54196421 |
| Financials - 1.6% |  |  |
| Banks - 1.0% |  |  |
| Itau Unibanco Holding SA  | 3567721 | 22367605 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 2386693 | 29666594 |
|  |  | 52034199 |
| Capital Markets - 0.6% |  |  |
| Banco BTG Pactual SA unit  | 4611532 | 30967549 |
| TOTAL FINANCIALS |  | 83001748 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(c)(d) | 86351949 | 35300656 |
| Industrials - 1.8% |  |  |
| Electrical Equipment - 0.8% |  |  |
| WEG SA  | 5600343 | 44051577 |
| Ground Transportation - 1.0% |  |  |
| Localiza Rent a Car SA  | 7134868 | 54009838 |
| TOTAL INDUSTRIALS |  | 98061415 |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| Gerdau SA ADR  | 8747260 | 22830349 |
| Vale SA  | 967379 | 9010450 |
| Vale SA ADR  | 6116007 | 56940025 |
|  |  | 88780824 |
| TOTAL BRAZIL |  | 359341064 |
| CHINA - 26.6%  |  |  |
| Communication Services - 6.6% |  |  |
| Entertainment - 0.5% |  |  |
| Netease Inc ADR  | 158912 | 17013119 |
| Tencent Music Entertainment Group Class A ADR  | 751726 | 10088162 |
|  |  | 27101281 |
| Interactive Media & Services - 6.1% |  |  |
| Tencent Holdings Ltd  | 5255634 | 321912599 |
| TOTAL COMMUNICATION SERVICES |  | 349013880 |
| Consumer Discretionary - 9.7% |  |  |
| Automobile Components - 0.1% |  |  |
| Fuyao Glass Industry Group Co Ltd A Shares (China)  | 1034649 | 8268090 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China) (b) | 803500 | 3729610 |
|  |  | 11997700 |
| Automobiles - 2.0% |  |  |
| BYD Co Ltd H Shares  | 2054577 | 97584694 |
| Li Auto Inc ADR (b)(e) | 297879 | 7265269 |
|  |  | 104849963 |
| Broadline Retail - 5.3% |  |  |
| Alibaba Group Holding Ltd  | 10594769 | 158180233 |
| Alibaba Group Holding Ltd ADR  | 354500 | 42337935 |
| JD.com Inc ADR  | 709321 | 23138051 |
| PDD Holdings Inc Class A ADR (b) | 548418 | 57896488 |
|  |  | 281552707 |
| Diversified Consumer Services - 0.3% |  |  |
| TAL Education Group Class A ADR (b) | 1674485 | 14651744 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Meituan B Shares (b)(c)(d) | 1580025 | 26161166 |
| Trip.com Group Ltd ADR  | 504292 | 29748185 |
| Yum China Holdings Inc  | 406463 | 17603912 |
|  |  | 73513263 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| ANTA Sports Products Ltd  | 2563883 | 30397267 |
| TOTAL CONSUMER DISCRETIONARY |  | 516962644 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.7% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 186625 | 39713796 |
| Financials - 4.1% |  |  |
| Banks - 2.7% |  |  |
| China Construction Bank Corp H Shares  | 75345780 | 61981804 |
| China Merchants Bank Co Ltd H Shares  | 9711045 | 53153058 |
| Industrial & Commercial Bank of China Ltd H Shares  | 40041079 | 27466417 |
|  |  | 142601279 |
| Insurance - 1.4% |  |  |
| China Life Insurance Co Ltd H Shares  | 7787968 | 14259264 |
| PICC Property & Casualty Co Ltd H Shares  | 5368447 | 9898497 |
| Ping An Insurance Group Co of China Ltd H Shares  | 8712945 | 52147297 |
|  |  | 76305058 |
| TOTAL FINANCIALS |  | 218906337 |
| Health Care - 1.4% |  |  |
| Biotechnology - 0.5% |  |  |
| Zai Lab Ltd (b) | 2276726 | 7252288 |
| Zai Lab Ltd ADR (b) | 615804 | 19514829 |
|  |  | 26767117 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 593020 | 17914150 |
| Pharmaceuticals - 0.6% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 9564125 | 29719869 |
| TOTAL HEALTH CARE |  | 74401136 |
| Industrials - 0.8% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 588286 | 18787513 |
| Ground Transportation - 0.1% |  |  |
| Full Truck Alliance Co Ltd ADR  | 601128 | 6828814 |
| Machinery - 0.3% |  |  |
| Airtac International Group  | 241236 | 6612612 |
| Zhejiang Dingli Machinery Co Ltd A Shares (China)  | 1791900 | 10710480 |
|  |  | 17323092 |
| TOTAL INDUSTRIALS |  | 42939419 |
| Information Technology - 1.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 3912800 | 16635488 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)  | 397800 | 10116748 |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 10426330 | 66751497 |
| TOTAL INFORMATION TECHNOLOGY |  | 93503733 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 21465169 | 46995535 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| KE Holdings Inc ADR (e) | 985584 | 20007355 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| ENN Energy Holdings Ltd  | 1023275 | 8078121 |
| TOTAL CHINA |  | 1410521956 |
| GREECE - 0.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| OPAP SA  | 456665 | 10124206 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 7632581 | 21661458 |
| TOTAL GREECE |  | 31785664 |
| HUNGARY - 1.9%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| OTP Bank Nyrt  | 890115 | 65524827 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Richter Gedeon Nyrt  | 1087333 | 32894305 |
| TOTAL HUNGARY |  | 98419132 |
| INDIA - 16.9%  |  |  |
| Communication Services - 1.7% |  |  |
| Wireless Telecommunication Services - 1.7% |  |  |
| Bharti Airtel Ltd  | 4174648 | 91960532 |
| Consumer Discretionary - 1.8% |  |  |
| Automobiles - 0.1% |  |  |
| Hyundai Motor India Ltd  | 156198 | 3148248 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Eternal Ltd (b) | 24532813 | 67054901 |
| MakeMyTrip Ltd (b)(e) | 243934 | 25569162 |
|  |  | 92624063 |
| TOTAL CONSUMER DISCRETIONARY |  | 95772311 |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| ITC Ltd  | 1256540 | 6318094 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Reliance Industries Ltd  | 7195041 | 119306743 |
| Financials - 5.8% |  |  |
| Banks - 5.4% |  |  |
| Axis Bank Ltd  | 3130836 | 43857019 |
| HDFC Bank Ltd  | 5599222 | 127007970 |
| ICICI Bank Ltd  | 6666334 | 111904304 |
|  |  | 282769293 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 2266752 | 19901989 |
| TOTAL FINANCIALS |  | 302671282 |
| Health Care - 1.0% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| Max Healthcare Institute Ltd  | 3061951 | 39672653 |
| Pharmaceuticals - 0.2% |  |  |
| Mankind Pharma Ltd (b) | 417172 | 12144286 |
| TOTAL HEALTH CARE |  | 51816939 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| Hindustan Aeronautics Ltd (d) | 1354392 | 71724009 |
| Construction & Engineering - 0.5% |  |  |
| Larsen & Toubro Ltd  | 657244 | 25980149 |
| Professional Services - 0.3% |  |  |
| Computer Age Management Services Ltd  | 370208 | 17047818 |
| TOTAL INDUSTRIALS |  | 114751976 |
| Information Technology - 1.1% |  |  |
| IT Services - 1.1% |  |  |
| Infosys Ltd  | 1834684 | 32389431 |
| Tata Consultancy Services Ltd  | 591484 | 24111573 |
|  |  | 56501004 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Tata Steel Ltd  | 4456196 | 7407189 |
| Utilities - 0.9% |  |  |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| NTPC Ltd  | 11636792 | 48686145 |
| TOTAL INDIA |  | 895192215 |
| INDONESIA - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Bank Central Asia Tbk PT  | 129722248 | 68972102 |
| Bank Mandiri Persero Tbk PT  | 17859959 | 5274181 |
| Bank Negara Indonesia Persero Tbk PT  | 10478146 | 2640485 |
| Bank Rakyat Indonesia Persero Tbk PT  | 42374206 | 9814281 |
| TOTAL INDONESIA |  | 86701049 |
| KOREA (SOUTH) - 10.5%  |  |  |
| Communication Services - 1.5% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| KT Corp  | 1231240 | 44900691 |
| Interactive Media & Services - 0.6% |  |  |
| Kakao Corp  | 316675 | 8489956 |
| NAVER Corp  | 177980 | 24991448 |
|  |  | 33481404 |
| TOTAL COMMUNICATION SERVICES |  | 78382095 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| Hyundai Motor Co  | 240032 | 32098248 |
| Kia Corp  | 316041 | 20044276 |
|  |  | 52142524 |
| Consumer Staples - 0.7% |  |  |
| Tobacco - 0.7% |  |  |
| KT&G Corp  | 442179 | 35617000 |
| Financials - 0.9% |  |  |
| Banks - 0.5% |  |  |
| Hana Financial Group Inc  | 81095 | 3670129 |
| KB Financial Group Inc  | 340458 | 21472413 |
|  |  | 25142542 |
| Insurance - 0.4% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 82919 | 21831484 |
| TOTAL FINANCIALS |  | 46974026 |
| Health Care - 0.3% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 30107 | 22235586 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Hanwha Aerospace Co Ltd  | 16872 | 9462695 |
| Korea Aerospace Industries Ltd  | 482849 | 28203530 |
|  |  | 37666225 |
| Machinery - 0.4% |  |  |
| Samsung Heavy Industries Co Ltd (b) | 2065442 | 21118334 |
| TOTAL INDUSTRIALS |  | 58784559 |
| Information Technology - 5.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| SK Hynix Inc  | 661996 | 82429966 |
| Technology Hardware, Storage & Peripherals - 3.4% |  |  |
| Samsung Electronics Co Ltd  | 4651537 | 181119475 |
| TOTAL INFORMATION TECHNOLOGY |  | 263549441 |
| TOTAL KOREA (SOUTH) |  | 557685231 |
| MALAYSIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| CIMB Group Holdings Bhd  | 20847544 | 34438156 |
| MEXICO - 4.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| America Movil SAB de CV Series B  | 11396583 | 9833007 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.1% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 78738 | 8291899 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 2980625 | 9446258 |
| Food Products - 0.8% |  |  |
| Gruma SAB de CV Series B  | 2194133 | 41930256 |
| TOTAL CONSUMER STAPLES |  | 59668413 |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Grupo Financiero Banorte SAB de CV  | 8485814 | 72921618 |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 386246 | 7842110 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 328527 | 10406887 |
|  |  | 18248997 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.4% |  |  |
| Cemex SAB de CV ADR  | 2633100 | 16246227 |
| Metals & Mining - 0.2% |  |  |
| Grupo Mexico SAB de CV Series B  | 2492367 | 12950827 |
| TOTAL MATERIALS |  | 29197054 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 865632 | 23735629 |
| TOTAL MEXICO |  | 213604718 |
| PERU - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Credicorp Ltd  | 148985 | 30123277 |
| PHILIPPINES - 0.7%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| International Container Terminal Services Inc  | 4398093 | 26929918 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Ayala Land Inc  | 18584977 | 8346624 |
| TOTAL PHILIPPINES |  | 35276542 |
| POLAND - 1.1%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Allegro.eu SA (b)(c)(d) | 1538617 | 13418657 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b) | 21400 | 1231398 |
| TOTAL CONSUMER DISCRETIONARY |  | 14650055 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 2213985 | 42395395 |
| TOTAL POLAND |  | 57045450 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| LUKOIL PJSC (b)(f) | 568462 | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(f) | 5098115 | 1 |
| TOTAL RUSSIA |  | 1 |
| SAUDI ARABIA - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Al Rajhi Bank  | 2142955 | 55645588 |
| Alinma Bank  | 1507625 | 11656014 |
| Saudi National Bank/The  | 1890190 | 17990051 |
| TOTAL SAUDI ARABIA |  | 85291653 |
| SINGAPORE - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Sea Ltd Class A ADR (b) | 206000 | 27614300 |
| SOUTH AFRICA - 3.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| MTN Group Ltd  | 1949666 | 12861689 |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 0.8% |  |  |
| Naspers Ltd Class N  | 135173 | 35551671 |
| Specialty Retail - 0.4% |  |  |
| Pepkor Holdings Ltd (c)(d) | 15923129 | 22958582 |
| TOTAL CONSUMER DISCRETIONARY |  | 58510253 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Shoprite Holdings Ltd  | 1129090 | 17331581 |
| Financials - 1.1% |  |  |
| Banks - 0.9% |  |  |
| Absa Group Ltd  | 896582 | 8230166 |
| Capitec Bank Holdings Ltd  | 145700 | 26960913 |
| Standard Bank Group Ltd  | 664804 | 8281257 |
|  |  | 43472336 |
| Financial Services - 0.2% |  |  |
| FirstRand Ltd  | 3048692 | 11903851 |
| TOTAL FINANCIALS |  | 55376187 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Impala Platinum Holdings Ltd (b) | 5698051 | 33887035 |
| TOTAL SOUTH AFRICA |  | 177966745 |
| TAIWAN - 15.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| International Games System Co Ltd  | 282452 | 7308202 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Hiwin Technologies Corp  | 1911000 | 13164987 |
| Information Technology - 14.7% |  |  |
| Communications Equipment - 0.4% |  |  |
| Accton Technology Corp  | 1140000 | 21191617 |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Chroma ATE Inc  | 1584075 | 14451493 |
| E Ink Holdings Inc  | 1402779 | 9779667 |
| Hon Hai Precision Industry Co Ltd  | 9056458 | 40268635 |
|  |  | 64499795 |
| Semiconductors & Semiconductor Equipment - 13.1% |  |  |
| Alchip Technologies Ltd  | 79477 | 5300502 |
| ASE Technology Holding Co Ltd  | 8374943 | 35616036 |
| eMemory Technology Inc  | 409861 | 32936719 |
| MediaTek Inc  | 1289409 | 54681567 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 19835835 | 560917109 |
|  |  | 689451933 |
| TOTAL INFORMATION TECHNOLOGY |  | 775143345 |
| TOTAL TAIWAN |  | 795616534 |
| THAILAND - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| SCB X PCL  | 3677335 | 13105342 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bumrungrad Hospital Pcl  | 860470 | 4240064 |
| TOTAL THAILAND |  | 17345406 |
| TURKEY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 7922586 | 20683857 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Oyak Cimento Fabrikalari AS  | 3607378 | 2196583 |
| TOTAL TURKEY |  | 22880440 |
| UNITED ARAB EMIRATES - 1.7%  |  |  |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| ADNOC Drilling Co PJSC  | 35956597 | 47967582 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 5915258 | 18745620 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Emaar Properties PJSC  | 6342900 | 22622069 |
| TOTAL UNITED ARAB EMIRATES |  | 89335271 |
| UNITED KINGDOM - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Anglogold Ashanti Plc  | 857148 | 36137360 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,025,612,488) |  | <br> **5062322164** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025  | 4.24 | 1700000 | 1694420 |
| US Treasury Bills 0% 6/12/2025  | 4.24 to 4.25 | 120000 | 119408 |
| US Treasury Bills 0% 6/5/2025  | 4.25 | 100000 | 99589 |
| US Treasury Bills 0% 7/10/2025  | 4.25 to 4.26 | 3260000 | 3233407 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,146,763) |  |  | **5146824** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 156358426 | 156389698 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 21956469 | 21958664 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $178,348,362) |  |  | **178348362** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%**<br> (Cost $4,209,107,613)<br>| <br>**5245817350** |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **60604306** |
| **NET ASSETS - 100.0%** | **5306421656** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 1444 | Jun 2025 | 80142000 | (46851) | (46851) |
| The notional amount of futures purchased as a percentage of Net Assets is 1.5% | The notional amount of futures purchased as a percentage of Net Assets is 1.5% | The notional amount of futures purchased as a percentage of Net Assets is 1.5% | The notional amount of futures purchased as a percentage of Net Assets is 1.5% | The notional amount of futures purchased as a percentage of Net Assets is 1.5% | The notional amount of futures purchased as a percentage of Net Assets is 1.5% |

---

**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 $236,448,002 or 4.5% of net assets.

(d) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $308,172,011 or 5.8% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Level 3 security

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(i) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 345627746 | 917452293 | 1106690341 | 5076602 | - | - | 156389698 | 156358426 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 61570305 | 406439750 | 446051391 | 165940 | - | - | 21958664 | 21956469 | 0.1% |
| Total | 407198051 | 1323892043 | 1552741732 | 5242542 | - | - | 178348362 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 576973705 | 77410277 | 499563428 | - |
| Consumer Discretionary | 748161993 | 331892527 | 416269466 | - |
| Consumer Staples | 158648884 | 76999994 | 81648890 | - |
| Energy | 221470746 | 102164003 | 119306743 | - |
| Financials | 1177837976 | 620139365 | 557698610 | 1 |
| Health Care | 220888686 | 117429659 | 103459027 | - |
| Industrials | 393565128 | 143823083 | 249742045 | - |
| Information Technology | 1188697523 | - | 1188697523 | - |
| Materials | 244601580 | 203307356 | 41294224 | - |
| Real Estate | 74711677 | 66365053 | 8346624 | - |
| Utilities | 56764266 | - | 56764266 | - |
|  **U.S. Treasury Obligations** | 5146824 | - | 5146824 | - |
|  **Money Market Funds** | 178348362 | 178348362 | - | - |
| **Total Investments in Securities:** | 5245817350 | 1917879679 | 3327937670 | 1 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (46851) | (46851) | - | - |
| Total Liabilities | (46851) | (46851) | - | - |
| **Total Derivative Instruments:** | (46851) | (46851) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 0 | (46851) |
| **Total Equity Risk**  | 0 | (46851) |
| **Total Value of Derivatives** | 0 | (46851) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Series Emerging Markets Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $21,477,999) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,030,759,251) | $5067468988 |  |
| Fidelity Central Funds (cost $178,348,362) | 178348362 |  |
| Total Investment in Securities (cost $4,209,107,613) |  | $5245817350 |
| Foreign currency held at value (cost $701,193) |  | 678925 |
| Receivable for investments sold |  | 170013996 |
| Receivable for fund shares sold |  | 133722 |
| Dividends receivable |  | 5701840 |
| Distributions receivable from Fidelity Central Funds |  | 753193 |
| Receivable from investment adviser for expense reductions |  | 47765 |
| Other receivables |  | 7272 |
| **Total assets** |  | 5423154063 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $18479328 |  |
| Payable for fund shares redeemed | 55837523 |  |
| Payable for daily variation margin on futures contracts | 46851 |  |
| Deferred taxes | 20221673 |  |
| Other payables and accrued expenses | 188367 |  |
| Collateral on securities loaned | 21958665 |  |
| **Total liabilities** |  | 116732407 |
| **Net Assets**  |  | $5306421656 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4873122693 |
| Total accumulated earnings (loss) |  | 433298963 |
| **Net Assets** |  | $5306421656 |
| **Net Asset Value**, offering price and redemption price per share ($5,306,421,656 ÷ 580,371,826 shares) |  | $9.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $57461523 |
| Interest  |  | 119025 |
| Income from Fidelity Central Funds (including $165,940 from security lending)  |  | 5242542 |
| Income before foreign taxes withheld |  | $62823090 |
| Less foreign taxes withheld |  | (6817487) |
| **Total income** |  | 56005603 |
| **Expenses** |  |  |
| Custodian fees and expenses | $636347 |  |
| Independent trustees' fees and expenses | 12318 |  |
| Total expenses before reductions | 648665 |  |
| Expense reductions | (288306) |  |
| Total expenses after reductions |  | 360359 |
| **Net Investment income (loss)** |  | 55645244 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $5,786,021)  | (58867644) |  |
| Foreign currency transactions | (2018133) |  |
| Futures contracts | 212306 |  |
| Total net realized gain (loss) |  | (60673471) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $10,498,437)  | (2427668) |  |
| Assets and liabilities in foreign currencies | 186056 |  |
| Futures contracts | 2254425 |  |
| Total change in net unrealized appreciation (depreciation) |  | 12813 |
| **Net gain (loss)** |  | (60660658) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(5015414) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $55645244 | $145290562 |
| &nbsp;&nbsp;Net realized gain (loss) | (60673471)<br>| 104194096<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 12813 | 969916391<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (5015414)<br>| 1219401049<br>|
| Distributions to shareholders | (147929266)<br>| (133767184)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 414713109 | 960571633 |
| Reinvestment of distributions | 147929266<br>| 133767184<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1048460852) | (1139645880) |
| **Net increase (decrease) in net assets resulting from share transactions** | (485818477)<br>| (45307063)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (638763157)<br>| 1040326802<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5945184813 | 4904858011<br>|
| &nbsp;&nbsp;End of period | $5306421656 | $5945184813 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 46458529 | 108896488 |
| Issued in reinvestment of distributions | 16418342<br>| 16596425<br>|
| &nbsp;&nbsp;Redeemed | (116196377) | (127545724) |
| &nbsp;&nbsp;Net increase (decrease) | (53319506) | (2052811) |

---

**Financial Highlights** 

**Fidelity® Series Emerging Markets Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.38 | $7.72 | $6.94 | $11.31 | $9.65 | $9.48 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .22  | .24  | .23  | .20  | .17  |
| Net realized and unrealized gain (loss)  | (.08)  | 1.65  | .74  | (4.24)  | 1.62  | .22  |
| Total from investment operations  | .01  | 1.87  | .98  | (4.01)  | 1.82  | .39  |
| Distributions from net investment income  | (.25)  | (.21)  | (.20)  | (.30)  | (.16)  | (.22)  |
| Distributions from net realized gain  | -  | -  | -  | (.07)  | -  | -  |
| Total distributions  | (.25)  | (.21)  | (.20)  | (.36) C | (.16)  | (.22)  |
| Net asset value, end of period  | $9.14 | $9.38 | $7.72 | $6.94 | $11.31 | $9.65 |
| **Total Return** D,E | .12% <br>| 24.61%  | 14.04%  | (36.53)%  | 18.88%  | 4.16%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .02% H | .03%  | .03%  | .04%  | .04%  | .05%  |
| Expenses net of fee waivers, if any  | .01% H<br>| .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01% H | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 2.03% H | 2.52%  | 2.96%  | 2.61%  | 1.70%  | 1.86%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5306422 | $5945185 | $4904858 | $2436744 | $3239693 | $2995875 |
| Portfolio turnover rate I | 93% H<br>| 91%  | 90%  | 65%  | 78%  | 117% 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*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Series Emerging Markets Opportunities Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

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>|
| BRAZIL - 6.7%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.2% |  |  |
| MercadoLibre Inc (b) | 19801 | 46153161 |
| Household Durables - 0.1% |  |  |
| Cury Construtora e Incorporadora SA  | 4110600 | 19954896 |
| Specialty Retail - 0.1% |  |  |
| Lojas Renner SA  | 10634000 | 27375971 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Azzas 2154 SA  | 6435400 | 36105325 |
| TOTAL CONSUMER DISCRETIONARY |  | 129589353 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Raia Drogasil SA  | 29367892 | 102668472 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Petroleo Brasileiro SA ADR  | 4326400 | 45686784 |
| Petroleo Brasileiro SA ADR  | 3710035 | 41886295 |
| PRIO SA/Brazil (b) | 11539200 | 68542053 |
|  |  | 156115132 |
| Financials - 1.8% |  |  |
| Banks - 1.2% |  |  |
| Itau Unibanco Holding SA ADR (c) | 38262350 | 241435429 |
| Capital Markets - 0.6% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 49979400 | 118802517 |
| XP Inc Class A  | 398193 | 6410907 |
|  |  | 125213424 |
| TOTAL FINANCIALS |  | 366648853 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(d)(e) | 25583210 | 10458410 |
| Pharmaceuticals - 0.0% |  |  |
| Hypera SA  | 2240155 | 9520901 |
| TOTAL HEALTH CARE |  | 19979311 |
| Industrials - 0.8% |  |  |
| Ground Transportation - 0.8% |  |  |
| Localiza Rent a Car SA  | 12968040 | 98166039 |
| Rumo SA  | 21889600 | 74827668 |
|  |  | 172993707 |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.2% |  |  |
| Metalurgica Gerdau SA  | 32589322 | 48294088 |
| Vale SA ADR  | 21671770 | 201764179 |
|  |  | 250058267 |
| Paper & Forest Products - 0.1% |  |  |
| Dexco SA  | 27548011 | 26843432 |
| TOTAL MATERIALS |  | 276901699 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| LOG Commercial Properties e Participacoes SA  | 2789051 | 10320445 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.7% |  |  |
| Equatorial Energia SA  | 13194095 | 85579173 |
| Isa Energia Brasil sa  | 6120700 | 25873429 |
| Transmissora Alianca de Energia Eletrica S/A unit  | 4601700 | 29125761 |
|  |  | 140578363 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Engie Brasil Energia SA  | 4689900 | 34353126 |
| Water Utilities - 0.0% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 997700 | 20022035 |
| TOTAL UTILITIES |  | 194953524 |
| TOTAL BRAZIL |  | 1430170496 |
| CANADA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Barrick Gold Corp (United States)  | 1850800 | 35239232 |
| CHILE - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Antofagasta PLC  | 4495144 | 97827778 |
| CHINA - 29.4%  |  |  |
| Communication Services - 6.5% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| China Tower Corp Ltd H Shares (d)(e) | 7310228 | 10594533 |
| Entertainment - 0.2% |  |  |
| Beijing Enlight Media Co Ltd A Shares (China)  | 2178676 | 5781295 |
| Netease Inc ADR  | 422471 | 45229745 |
|  |  | 51011040 |
| Interactive Media & Services - 6.3% |  |  |
| Bilibili Inc ADR (b)(c) | 806058 | 14106015 |
| Kanzhun Ltd ADR (b) | 694966 | 10632980 |
| Kuaishou Technology B Shares (b)(d)(e) | 2448822 | 16292642 |
| Tencent Holdings Ltd  | 20776272 | 1272566490 |
| Tongdao Liepin Group (d) | 4397592 | 2069628 |
|  |  | 1315667755 |
| TOTAL COMMUNICATION SERVICES |  | 1377273328 |
| Consumer Discretionary - 9.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Hesai Group ADR (b)(c) | 331456 | 6234687 |
| Automobiles - 1.2% |  |  |
| BYD Co Ltd A Shares (China)  | 1086471 | 52814821 |
| BYD Co Ltd H Shares  | 3614274 | 171664446 |
| Li Auto Inc A Shares (b) | 2025121 | 24675442 |
| XPeng Inc A Shares (b) | 1214100 | 11302077 |
|  |  | 260456786 |
| Broadline Retail - 5.7% |  |  |
| Alibaba Group Holding Ltd  | 44458478 | 663766466 |
| Alibaba Group Holding Ltd ADR  | 516400 | 61673652 |
| JD.com Inc A Shares  | 6858248 | 111662070 |
| JD.com Inc ADR  | 1924293 | 62770438 |
| PDD Holdings Inc Class A ADR (b) | 3029381 | 319811752 |
|  |  | 1219684378 |
| Diversified Consumer Services - 0.1% |  |  |
| New Oriental Education & Technology Group Inc ADR (c) | 254376 | 12426268 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Meituan B Shares (b)(d)(e) | 11209669 | 185603398 |
| Trip.com Group Ltd  | 423462 | 25509695 |
| Trip.com Group Ltd ADR  | 2240551 | 132170104 |
| Yum China Holdings Inc  | 176904 | 7661712 |
| Yum China Holdings Inc (Hong Kong)  | 320000 | 14961060 |
|  |  | 365905969 |
| Household Durables - 0.4% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 4571800 | 15608474 |
| Haier Smart Home Co Ltd H Shares  | 22294616 | 64699657 |
|  |  | 80308131 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| ANTA Sports Products Ltd  | 4688800 | 55590175 |
| TOTAL CONSUMER DISCRETIONARY |  | 2000606394 |
| Consumer Staples - 1.7% |  |  |
| Beverages - 1.0% |  |  |
| China Resources Beer Holdings Co Ltd  | 10009166 | 35361693 |
| Kweichow Moutai Co Ltd A Shares (China)  | 445226 | 94744084 |
| Tsingtao Brewery Co Ltd H Shares  | 11533084 | 81639888 |
|  |  | 211745665 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Yifeng Pharmacy Chain Co Ltd A Shares (China)  | 4574760 | 17817843 |
| Food Products - 0.2% |  |  |
| Uni-President China Holdings Ltd  | 30738000 | 36858966 |
| Household Products - 0.1% |  |  |
| C&S Paper Co Ltd A Shares (China)  | 22786600 | 20685371 |
| Personal Care Products - 0.4% |  |  |
| Proya Cosmetics Co Ltd A Shares (China)  | 6017318 | 78972505 |
| TOTAL CONSUMER STAPLES |  | 366080350 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| China Petroleum & Chemical Corp H Shares  | 158642000 | 81206965 |
| Financials - 5.0% |  |  |
| Banks - 3.4% |  |  |
| China Construction Bank Corp H Shares  | 630163257 | 518392076 |
| China Merchants Bank Co Ltd H Shares  | 37236761 | 203814083 |
|  |  | 722206159 |
| Insurance - 1.6% |  |  |
| China Life Insurance Co Ltd H Shares  | 54722193 | 100192782 |
| Ping An Insurance Group Co of China Ltd H Shares  | 40441880 | 242046141 |
|  |  | 342238923 |
| TOTAL FINANCIALS |  | 1064445082 |
| Health Care - 1.4% |  |  |
| Biotechnology - 0.9% |  |  |
| Akeso Inc (b)(d)(e) | 2939865 | 32694228 |
| Beigene Ltd ADR (b) | 187238 | 48646306 |
| Beijing Tiantan Biological Products Corp Ltd A Shares (China)  | 1060500 | 2783197 |
| Innovent Biologics Inc (b)(d)(e) | 5132858 | 35573149 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b) | 342007 | 14675838 |
| Zai Lab Ltd (b) | 9750141 | 31058120 |
| Zai Lab Ltd ADR (b) | 295972 | 9379353 |
|  |  | 174810191 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 1077039 | 32535563 |
| Health Care Providers & Services - 0.1% |  |  |
| Aier Eye Hospital Group Co Ltd A Shares (China)  | 3670700 | 6558786 |
| Sinopharm Group Co Ltd H Shares  | 10171494 | 24052968 |
|  |  | 30611754 |
| Health Care Technology - 0.0% |  |  |
| Medlive Technology Co Ltd (d)(e) | 2399574 | 3743726 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Wuxi Apptec Co Ltd H Shares (d)(e) | 2436000 | 18892852 |
| Pharmaceuticals - 0.1% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (d)(e) | 8969357 | 27871667 |
| TOTAL HEALTH CARE |  | 288465753 |
| Industrials - 1.4% |  |  |
| Construction & Engineering - 0.2% |  |  |
| China Communications Services Corp Ltd H Shares  | 12620000 | 6590206 |
| Sinopec Engineering Group Co Ltd H Shares  | 49991887 | 35645873 |
|  |  | 42236079 |
| Ground Transportation - 0.3% |  |  |
| Full Truck Alliance Co Ltd ADR  | 5049700 | 57364592 |
| Machinery - 0.8% |  |  |
| Airtac International Group  | 2184000 | 59866456 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 6862400 | 67469084 |
| Yangzijiang Shipbuildling (Holdings) Ltd (b) | 22344300 | 38274968 |
|  |  | 165610508 |
| Marine Transportation - 0.1% |  |  |
| SITC International Holdings Co Ltd  | 11365600 | 31434334 |
| TOTAL INDUSTRIALS |  | 296645513 |
| Information Technology - 2.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 2045111 | 53023245 |
| Cambricon Technologies Corp Ltd A Shares (China) (b) | 73000 | 7078094 |
| NAURA Technology Group Co Ltd A Shares (China)  | 608778 | 37813497 |
| Silergy Corp  | 411000 | 5170841 |
| Will Semiconductor Co Ltd Shanghai A Shares (China)  | 265300 | 4813263 |
|  |  | 107898940 |
| Software - 0.1% |  |  |
| Glodon Co Ltd A Shares (China)  | 3742300 | 7625620 |
| Horizon Robotics Inc A Shares (b) | 6718200 | 5673862 |
| Pony AI Inc ADR (c) | 1553308 | 14119570 |
|  |  | 27419052 |
| Technology Hardware, Storage & Peripherals - 1.6% |  |  |
| Lenovo Group Ltd  | 32543195 | 37638723 |
| Xiaomi Corp B Shares (b)(d)(e) | 45893705 | 293820886 |
|  |  | 331459609 |
| TOTAL INFORMATION TECHNOLOGY |  | 466777601 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| China Jushi Co Ltd A Shares (China)  | 49071200 | 79105900 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| China Overseas Land & Investment Ltd  | 5279900 | 9408456 |
| China Resources Land Ltd  | 11840720 | 40076706 |
| ESR Group Ltd (d)(e) | 3655400 | 5825564 |
| KE Holdings Inc ADR  | 1872100 | 38003630 |
| Longfor Group Holdings Ltd (c)(d)(e) | 4305500 | 5795737 |
|  |  | 99110093 |
| Utilities - 0.7% |  |  |
| Gas Utilities - 0.5% |  |  |
| China Gas Holdings Ltd  | 8714374 | 7887837 |
| ENN Energy Holdings Ltd  | 7104200 | 56083251 |
| Kunlun Energy Co Ltd  | 54458000 | 51961060 |
|  |  | 115932148 |
| Water Utilities - 0.2% |  |  |
| Guangdong Investment Ltd  | 44614000 | 36125628 |
| TOTAL UTILITIES |  | 152057776 |
| TOTAL CHINA |  | 6271774755 |
| GREECE - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Alpha Services and Holdings SA  | 41682182 | 101630786 |
| Piraeus Financial Holdings SA  | 5859973 | 32909796 |
| TOTAL GREECE |  | 134540582 |
| HONG KONG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Huanxi Media Group Ltd (b) | 129191425 | 6163395 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Kerry Properties Ltd  | 5303000 | 12458180 |
| TOTAL HONG KONG |  | 18621575 |
| HUNGARY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Richter Gedeon Nyrt  | 958200 | 28987738 |
| INDIA - 18.2%  |  |  |
| Communication Services - 1.2% |  |  |
| Wireless Telecommunication Services - 1.2% |  |  |
| Bharti Airtel Ltd  | 11964152 | 263550311 |
| Consumer Discretionary - 2.1% |  |  |
| Automobiles - 0.7% |  |  |
| Eicher Motors Ltd  | 301400 | 19820704 |
| Mahindra & Mahindra Ltd  | 3449135 | 119340821 |
|  |  | 139161525 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Eternal Ltd (b) | 68386182 | 186918178 |
| MakeMyTrip Ltd (b)(c) | 451100 | 47284302 |
| Swiggy Ltd (b) | 4066063 | 15114651 |
|  |  | 249317131 |
| Household Durables - 0.2% |  |  |
| Dixon Technologies India Ltd (d) | 287200 | 55912359 |
| TOTAL CONSUMER DISCRETIONARY |  | 444391015 |
| Consumer Staples - 0.4% |  |  |
| Tobacco - 0.4% |  |  |
| ITC Ltd  | 17727654 | 89137633 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Coal India Ltd  | 16256800 | 73970091 |
| Petronet LNG Ltd  | 8735580 | 32387860 |
| Reliance Industries Ltd  | 21987284 | 364588784 |
|  |  | 470946735 |
| Financials - 6.3% |  |  |
| Banks - 4.0% |  |  |
| HDFC Bank Ltd  | 23143253 | 524961785 |
| ICICI Bank Ltd  | 18632165 | 312768525 |
|  |  | 837730310 |
| Consumer Finance - 1.5% |  |  |
| Bajaj Finance Ltd  | 1895189 | 193116280 |
| Shriram Finance Ltd  | 18868494 | 136549024 |
|  |  | 329665304 |
| Insurance - 0.8% |  |  |
| HDFC Life Insurance Co Ltd (d)(e) | 18703379 | 164214896 |
| TOTAL FINANCIALS |  | 1331610510 |
| Health Care - 1.0% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Apollo Hospitals Enterprise Ltd  | 133672 | 11033535 |
| Max Healthcare Institute Ltd  | 1826849 | 23669858 |
|  |  | 34703393 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Divi's Laboratories Ltd  | 615069 | 44337753 |
| SAI Life Sciences Ltd (d)(e) | 596208 | 4904342 |
|  |  | 49242095 |
| Pharmaceuticals - 0.6% |  |  |
| Mankind Pharma Ltd (b) | 673842 | 19616201 |
| Sun Pharmaceutical Industries Ltd  | 3186929 | 69026122 |
| Torrent Pharmaceuticals Ltd  | 795244 | 31232301 |
|  |  | 119874624 |
| TOTAL HEALTH CARE |  | 203820112 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Bharat Electronics Ltd  | 33552400 | 124629728 |
| Hindustan Aeronautics Ltd (d) | 2420100 | 128160292 |
|  |  | 252790020 |
| Construction & Engineering - 0.6% |  |  |
| Larsen & Toubro Ltd  | 3509016 | 138707630 |
| TOTAL INDUSTRIALS |  | 391497650 |
| Information Technology - 1.5% |  |  |
| IT Services - 1.5% |  |  |
| Infosys Ltd  | 8127291 | 143478840 |
| Infosys Ltd ADR (c) | 1308692 | 23032979 |
| Tata Consultancy Services Ltd  | 3484545 | 142045873 |
|  |  | 308557692 |
| Software - 0.0% |  |  |
| Pine Labs Pvt Ltd (b)(f)(g) | 9606 | 4446713 |
| TOTAL INFORMATION TECHNOLOGY |  | 313004405 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.4% |  |  |
| JK Cement Ltd  | 1401521 | 84397581 |
| Metals & Mining - 0.2% |  |  |
| Tata Steel Ltd  | 28676700 | 47667058 |
| TOTAL MATERIALS |  | 132064639 |
| Real Estate - 0.1% |  |  |
| Office REITs - 0.0% |  |  |
| Embassy Office Parks REIT  | 2053120 | 9262985 |
| Real Estate Management & Development - 0.1% |  |  |
| Godrej Properties Ltd (b) | 674878 | 17217698 |
| Sunteck Realty Ltd  | 1280900 | 6074643 |
|  |  | 23292341 |
| TOTAL REAL ESTATE |  | 32555326 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 0.5% |  |  |
| Power Grid Corp of India Ltd  | 29339072 | 106413219 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| NTPC Ltd  | 25245645 | 105623021 |
| TOTAL UTILITIES |  | 212036240 |
| TOTAL INDIA |  | 3884614576 |
| INDONESIA - 1.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom Indonesia Persero Tbk PT  | 45023400 | 7096531 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 449121600 | 58140882 |
| Food Products - 0.2% |  |  |
| First Resources Ltd  | 44949346 | 52005625 |
| TOTAL CONSUMER STAPLES |  | 110146507 |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Bank Central Asia Tbk PT  | 329163968 | 175013394 |
| Bank Rakyat Indonesia Persero Tbk PT  | 425242709 | 98490372 |
|  |  | 273503766 |
| TOTAL INDONESIA |  | 390746804 |
| KOREA (SOUTH) - 8.0%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Kakao Corp  | 2489410 | 66740287 |
| NAVER Corp  | 353831 | 49683948 |
|  |  | 116424235 |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.5% |  |  |
| Hyundai Motor Co  | 61056 | 8164705 |
| Kia Corp  | 1400962 | 88853246 |
|  |  | 97017951 |
| Household Durables - 0.3% |  |  |
| Coway Co Ltd  | 1059610 | 65106934 |
| TOTAL CONSUMER DISCRETIONARY |  | 162124885 |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Amorepacific Corp  | 523560 | 45822970 |
| Financials - 1.0% |  |  |
| Banks - 0.7% |  |  |
| KB Financial Group Inc  | 2199937 | 138748261 |
| Financial Services - 0.0% |  |  |
| Kakao Pay Corp (b) | 214596 | 4768382 |
| Insurance - 0.3% |  |  |
| Samsung Life Insurance Co Ltd  | 991125 | 60055422 |
| TOTAL FINANCIALS |  | 203572065 |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.2% |  |  |
| Celltrion Inc  | 285655 | 32328818 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (b) | 138950 | 5529687 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Samsung Biologics Co Ltd (b)(d)(e) | 93305 | 68910599 |
| TOTAL HEALTH CARE |  | 106769104 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Korea Aerospace Industries Ltd  | 1535000 | 89660366 |
| Electrical Equipment - 0.3% |  |  |
| LS Electric Co Ltd  | 381360 | 54967768 |
| Industrial Conglomerates - 0.2% |  |  |
| LG Corp  | 1015458 | 47455346 |
| TOTAL INDUSTRIALS |  | 192083480 |
| Information Technology - 4.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| SK Hynix Inc  | 1940283 | 241598835 |
| Technology Hardware, Storage & Peripherals - 3.0% |  |  |
| Samsung Electronics Co Ltd  | 16217356 | 631464180 |
| TOTAL INFORMATION TECHNOLOGY |  | 873063015 |
| TOTAL KOREA (SOUTH) |  | 1699859754 |
| KUWAIT - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Kuwait Finance House KSCP  | 42382332 | 99975289 |
| MAURITIUS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Jumo World Holding Limited (b)(f)(g) | 2024724 | 2692882 |
| MEXICO - 2.3%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 37037400 | 117379690 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 26774078 | 230079173 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Cemex SAB de CV ADR  | 16719800 | 103161166 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| Fibra Uno Administracion SA de CV  | 15754900 | 20317760 |
| Real Estate Management & Development - 0.0% |  |  |
| Corp Inmobiliaria Vesta SAB de CV (c) | 5330284 | 14530837 |
| TOTAL REAL ESTATE |  | 34848597 |
| TOTAL MEXICO |  | 485468626 |
| NETHERLANDS - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CTP NV (d)(e) | 561077 | 10500378 |
| CTP NV rights (b)(c)(h) | 561077 | 190684 |
| TOTAL NETHERLANDS |  | 10691062 |
| PANAMA - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Passenger Airlines - 0.3% |  |  |
| Copa Holdings SA Class A  | 696580 | 63918181 |
| PERU - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Credicorp Ltd  | 704975 | 142538895 |
| PHILIPPINES - 0.3%  |  |  |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| SM Investments Corp  | 2337000 | 36419913 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Ayala Land Inc  | 49274924 | 22129663 |
| SM Prime Holdings Inc  | 34525200 | 15088224 |
|  |  | 37217887 |
| TOTAL PHILIPPINES |  | 73637800 |
| POLAND - 0.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| CD Projekt SA  | 499087 | 30751845 |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.4% |  |  |
| Allegro.eu SA (b)(d)(e) | 6941820 | 60541318 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| LPP SA (c) | 9345 | 38073733 |
| TOTAL CONSUMER DISCRETIONARY |  | 98615051 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Dino Polska SA (b)(d)(e) | 370600 | 51846840 |
| TOTAL POLAND |  | 181213736 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (b) | 1526034 | 8393187 |
| ROMANIA - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA  | 459000 | 12335958 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC ADR (b)(g) | 10986900 | 110 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(g) | 12899053 | 1 |
| Sberbank of Russia PJSC ADR (b)(g) | 19633994 | 196 |
|  |  | 197 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Severstal PAO GDR (b)(d)(g) | 6035400 | 60 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| LSR Group PJSC (b)(g) | 98230 | 0 |
| TOTAL RUSSIA |  | 367 |
| SAUDI ARABIA - 3.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Aldrees Petroleum and Transport Services Co  | 562700 | 20672112 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Saudi Arabian Oil Co (d)(e) | 17949900 | 121310592 |
| Financials - 2.8% |  |  |
| Banks - 2.5% |  |  |
| Al Rajhi Bank  | 9570007 | 248502029 |
| Alinma Bank  | 14196638 | 109759528 |
| Saudi National Bank/The  | 18133307 | 172585361 |
|  |  | 530846918 |
| Insurance - 0.3% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 1399692 | 62690320 |
| TOTAL FINANCIALS |  | 593537238 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| SABIC Agri-Nutrients Co  | 1031200 | 27134310 |
| TOTAL SAUDI ARABIA |  | 762654252 |
| SINGAPORE - 1.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| Sea Ltd Class A ADR (b) | 1670803 | 223971142 |
| SOUTH AFRICA - 4.0%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 1.4% |  |  |
| Naspers Ltd Class N  | 1085692 | 285546408 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Pick n Pay Stores Ltd (b) | 30934587 | 46515175 |
| Shoprite Holdings Ltd  | 5218576 | 80105370 |
|  |  | 126620545 |
| Financials - 1.3% |  |  |
| Banks - 0.7% |  |  |
| Capitec Bank Holdings Ltd  | 812724 | 150389713 |
| Financial Services - 0.6% |  |  |
| FirstRand Ltd  | 33331305 | 130144623 |
| TOTAL FINANCIALS |  | 280534336 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Bidvest Group Ltd  | 2876400 | 36331439 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Impala Platinum Holdings Ltd (b) | 18906802 | 112441158 |
| TOTAL SOUTH AFRICA |  | 841473886 |
| TAIWAN - 15.1%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Uni-President Enterprises Corp  | 27072000 | 64928505 |
| Financials - 1.2% |  |  |
| Banks - 0.6% |  |  |
| CTBC Financial Holding Co Ltd  | 112250457 | 138043255 |
| Insurance - 0.6% |  |  |
| Cathay Financial Holding Co Ltd  | 67538309 | 124191570 |
| TOTAL FINANCIALS |  | 262234825 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| PharmaEssentia Corp (b) | 1008104 | 16541057 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Bizlink Holding Inc  | 4118327 | 69576595 |
| Information Technology - 13.2% |  |  |
| Communications Equipment - 0.0% |  |  |
| Accton Technology Corp  | 403000 | 7491423 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Chroma ATE Inc  | 999000 | 9113862 |
| Delta Electronics Inc  | 4317375 | 45147998 |
| E Ink Holdings Inc  | 4324057 | 30145758 |
| Hon Hai Precision Industry Co Ltd  | 23736472 | 105541851 |
| Yageo Corp  | 637000 | 9115185 |
|  |  | 199064654 |
| Semiconductors & Semiconductor Equipment - 11.8% |  |  |
| Alchip Technologies Ltd  | 402000 | 26810298 |
| ASE Technology Holding Co Ltd  | 16233835 | 69037467 |
| eMemory Technology Inc  | 725455 | 58298075 |
| MediaTek Inc  | 4521698 | 191757256 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 75929610 | 2147135087 |
|  |  | 2493038183 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Asustek Computer Inc  | 862000 | 15731834 |
| Quanta Computer Inc (b) | 6631431 | 49720399 |
| Wiwynn Corp  | 572390 | 34378397 |
|  |  | 99830630 |
| TOTAL INFORMATION TECHNOLOGY |  | 2799424890 |
| TOTAL TAIWAN |  | 3212705872 |
| TANZANIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Helios Towers PLC (b) | 4757300 | 6796538 |
| THAILAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| PTT Global Chemical PCL  | 77745800 | 40249002 |
| TURKEY - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Oyak Cimento Fabrikalari AS  | 88850000 | 54102027 |
| UNITED ARAB EMIRATES - 1.7%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| ADNOC Drilling Co PJSC  | 39463641 | 52646123 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 24726747 | 78359765 |
| Abu Dhabi Islamic Bank PJSC  | 16924814 | 84323409 |
| Dubai Islamic Bank PJSC  | 24127400 | 49659858 |
|  |  | 212343032 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Aldar Properties PJSC  | 6438600 | 14479203 |
| Emaar Properties PJSC  | 22525335 | 80337019 |
|  |  | 94816222 |
| TOTAL UNITED ARAB EMIRATES |  | 359805377 |
| UNITED KINGDOM - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 1880000 | 78439245 |
| UNITED STATES - 1.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Tenaris SA ADR  | 1370100 | 45610629 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Legend Biotech Corp ADR (b) | 934699 | 32667730 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Titan Cement International SA  | 3618104 | 166819903 |
| TOTAL UNITED STATES |  | 245098262 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $15,335,366,497) |  | <br> **20898544876** |

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---

| | | |
|:---|:---|:---|
| &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>|
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Creditas Financial Solutions Ltd 5% 7/28/2027 (f)(g)<br>(Cost $33,309,389)<br>| 33309389 | **32593237** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Interactive Media & Services - 0.4% |  |  |
| ByteDance Ltd Series E1 (b)(f)(g) | 399541 | 84818559 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(f)(g) | 668281 | 5359614 |
| TOTAL CHINA |  | 90178173 |
| INDIA - 0.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Meesho Series D2 (f)(g) | 141313 | 10720004 |
| Meesho Series E (f)(g) | 23538 | 1785593 |
| Meesho Series E1 (b)(f)(g) | 31950 | 2423727 |
| Meesho Series F (b)(f)(g) | 453122 | 35062580 |
|  |  | 49991904 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pine Labs Pvt Ltd Series 1 (b)(f)(g) | 22959 | 10627951 |
| Pine Labs Pvt Ltd Series A (b)(f)(g) | 5737 | 2655715 |
| Pine Labs Pvt Ltd Series B (b)(f)(g) | 6242 | 2889484 |
| Pine Labs Pvt Ltd Series B2 (b)(f)(g) | 5049 | 2337233 |
| Pine Labs Pvt Ltd Series C (b)(f)(g) | 9391 | 4347188 |
| Pine Labs Pvt Ltd Series C1 (b)(f)(g) | 1978 | 915635 |
| Pine Labs Pvt Ltd Series D (b)(f)(g) | 2116 | 979518 |
|  |  | 24752724 |
| TOTAL INDIA |  | 74744628 |
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Gupshup Inc (b)(f)(g) | 566129 | 3798725 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $131,467,393) |  | <br> **168721526** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Hyundai Motor Co Series 2 <br>(Cost $36,614,366)<br>| 624685 | **66922120** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.33 | 376460181 | 376535473 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.33 | 226852912 | 226875597 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $603,408,204) |  |  | **603411070** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/15/2025 (l) | 4.26 | 3000000 | 2995082 |
| US Treasury Bills 0% 5/22/2025 (l) | 4.25 | 630000 | 628441 |
| US Treasury Bills 0% 6/20/2025 (l) | 4.23 | 260000 | 258477 |
| US Treasury Bills 0% 7/10/2025 (l) | 4.26 | 150000 | 148776 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $4,030,791) |  |  | **4030776** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $16,144,196,640)<br>| <br>**21774223605** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(472145299)** |
| **NET ASSETS - 100.0%** | **21302078306** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

(c) Security or a portion of the security is on loan at period end.

(d) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,315,538,096 or 6.2% 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 $1,129,395,757 or 5.3% of net assets.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $208,454,358 or 1.0% of net assets.

(g) Level 3 security

(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(i) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 are available on the SEC's website or upon request.

(k) Investment made with cash collateral received from securities on loan.

(l) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,746,407.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 43779377 |
| Creditas Financial Solutions Ltd 5% 7/28/2027 | 1/28/22 - 7/28/23 | 33309389 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 9491694 |
| Gupshup Inc | 6/08/21 | 12944653 |
| Jumo World Holding Limited | 9/06/23 | 17214014 |
| Meesho Series D2 | 7/15/24 | 7913528 |
| Meesho Series E | 7/15/24 | 1318128 |
| Meesho Series E1 | 4/18/24 | 1789200 |
| Meesho Series F | 9/21/21 - 7/15/24 | 34290258 |
| Pine Labs Pvt Ltd | 6/30/21 | 3582120 |
| Pine Labs Pvt Ltd Series 1 | 6/30/21 | 8560919 |
| Pine Labs Pvt Ltd Series A | 6/30/21 | 2139524 |
| Pine Labs Pvt Ltd Series B | 6/30/21 | 2327819 |
| Pine Labs Pvt Ltd Series B2 | 6/30/21 | 1882997 |
| Pine Labs Pvt Ltd Series C | 6/30/21 | 3501955 |
| Pine Labs Pvt Ltd Series C1 | 6/30/21 | 737944 |
| Pine Labs Pvt Ltd Series D | 6/30/21 | 789398 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 418942894 | 4328595826 | 4371003247 | 6091736 | - | - | 376535473 | 376460181 | 0.6% |
| Fidelity Securities Lending Cash Central Fund | 296832122 | 1389544834 | 1459501359 | 612014 | - | - | 226875597 | 226852912 | 0.8% |
| Total | 715775016 | 5718140660 | 5830504606 | 6703750 | - | - | 603411070 |  |  |

---

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  |
| Titan Cement International SA | 157508017 | - | 37439405 | - | 18481290 | 28270001 | - | - |
| Total | 157508017 | - | 37439405 | - | 18481290 | 28270001 | - |  |

---

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2040420512 | 375001650 | 1665418862 | - |
| Consumer Discretionary | 3141545218 | 1255007074 | 1886538144 | - |
| Consumer Staples | 1074631512 | 552376094 | 522255418 | - |
| Energy | 927836286 | 456889441 | 470946735 | 110 |
| Financials | 5198256725 | 2748055757 | 2447507889 | 2693079 |
| Health Care | 697230805 | 297164866 | 400065939 | - |
| Industrials | 1259466478 | 404278332 | 855188146 | - |
| Information Technology | 4452269911 | 42826411 | 4404996787 | 4446713 |
| Materials | 1203486119 | 839625360 | 363860699 | 60 |
| Real Estate | 332017812 | 262244599 | 69773213 | - |
| Utilities | 571383498 | 303264007 | 268119491 | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 32593237 | - | - | 32593237 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 84818559 | - | - | 84818559 |
| Consumer Discretionary | 49991904 | - | - | 49991904 |
| Health Care | 5359614 | - | - | 5359614 |
| Information Technology | 28551449 | - | - | 28551449 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 66922120 | - | 66922120 | - |
|  **U.S. Treasury Obligations** | 4030776 | - | 4030776 | - |
|  **Money Market Funds** | 603411070 | 603411070 | - | - |
| **Total Investments in Securities:** | 21774223605 | 8140144661 | 13425624219 | 208454725 |

---

**Fidelity® Series Emerging Markets Opportunities Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $219,131,177) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $15,540,788,436) | $21170812535 |  |
| Fidelity Central Funds (cost $603,408,204) | 603411070 |  |
| Total Investment in Securities (cost $16,144,196,640) |  | $21774223605 |
| Cash |  | 3303499 |
| Foreign currency held at value (cost $12,365,254) |  | 12365853 |
| Receivable for investments sold |  | 43072371 |
| Receivable for fund shares sold |  | 700583 |
| Dividends receivable |  | 29836589 |
| Interest receivable |  | 2929401 |
| Distributions receivable from Fidelity Central Funds |  | 1037011 |
| Receivable for daily variation margin on futures contracts |  | 139559 |
| Receivable from investment adviser for expense reductions |  | 4890 |
| Other receivables |  | 3981681 |
| **Total assets** |  | 21871595042 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $5647358 |  |
| Delayed delivery | 190685 |  |
| Payable for fund shares redeemed | 143538074 |  |
| Deferred taxes | 183357914 |  |
| Other payables and accrued expenses | 9907108 |  |
| Collateral on securities loaned | 226875597 |  |
| **Total liabilities** |  | 569516736 |
| **Net Assets**  |  | $21302078306 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $17850296935 |
| Total accumulated earnings (loss) |  | 3451781371 |
| **Net Assets** |  | $21302078306 |
| **Net Asset Value**, offering price and redemption price per share ($21,302,078,306 ÷ 1,114,864,333 shares) |  | $19.11 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $253685714 |
| Interest  |  | 1086664 |
| Income from Fidelity Central Funds (including $612,014 from security lending)  |  | 6703750 |
| Income before foreign taxes withheld |  | $261476128 |
| Less foreign taxes withheld |  | (27476714) |
| **Total income** |  | 233999414 |
| **Expenses** |  |  |
| Custodian fees and expenses | $2828999 |  |
| Independent trustees' fees and expenses | 49580 |  |
| Interest | 12866 |  |
| Miscellaneous | 45 |  |
| Total expenses before reductions | 2891490 |  |
| Expense reductions | (1398426) |  |
| Total expenses after reductions |  | 1493064 |
| **Net Investment income (loss)** |  | 232506350 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $30,981,101)  | 252347620 |  |
| Affiliated issuers | 18481290 |  |
| Foreign currency transactions | (5939757) |  |
| Futures contracts | (11986187) |  |
| Total net realized gain (loss) |  | 252902966 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $38,185,207)  | (433433267) |  |
| Affiliated issuers  | 28270001 |  |
| Assets and liabilities in foreign currencies | 830493 |  |
| Futures contracts | 2519757 |  |
| Total change in net unrealized appreciation (depreciation) |  | (401813016) |
| **Net gain (loss)** |  | (148910050) |
| **Net increase (decrease) in net assets resulting from operations** |  | $83596300 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $232506350 | $539024949 |
| &nbsp;&nbsp;Net realized gain (loss) | 252902966<br>| (223415784)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (401813016) | 4873294424<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 83596300<br>| 5188903589<br>|
| Distributions to shareholders | (440747266)<br>| (625661951)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1578500375 | 3520958422 |
| Reinvestment of distributions | 440747266<br>| 625661951<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4168588654) | (5067004063) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2149341013)<br>| (920383690)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (2506491979)<br>| 3642857948<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 23808570285 | 20165712337<br>|
| &nbsp;&nbsp;End of period | $21302078306 | $23808570285 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 84212786 | 194453520 |
| Issued in reinvestment of distributions | 23295310<br>| 37987975<br>|
| &nbsp;&nbsp;Redeemed | (221435129) | (276531924) |
| &nbsp;&nbsp;Net increase (decrease) | (113927033) | (44090429) |

---

**Financial Highlights** 

**Fidelity® Series Emerging Markets Opportunities Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.38 | $15.84 | $14.17 | $24.69 | $21.49 | $19.39 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .42  | .46  | .48  | .47  | .35  |
| Net realized and unrealized gain (loss)  | (.09)  | 3.61  | 1.58  | (8.30)  | 3.48  | 2.26  |
| Total from investment operations  | .11  | 4.03  | 2.04  | (7.82)  | 3.95  | 2.61  |
| Distributions from net investment income  | (.38)  | (.49)  | (.37)  | (.68)  | (.33)  | (.50)  |
| Distributions from net realized gain  | -  | -  | -  | (2.01)  | (.41)  | (.02)  |
| Total distributions  | (.38)  | (.49)  | (.37)  | (2.70) C | (.75) C | (.51) C |
| Net asset value, end of period  | $19.11 | $19.38 | $15.84 | $14.17 | $24.69 | $21.49 |
| **Total Return** D,E | .59% <br>| 25.97%  | 14.40%  | (35.33)%  | 18.44%  | 13.66%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .03% H | .03%  | .03%  | .03%  | .03%  | .04%  |
| Expenses net of fee waivers, if any  | .01% H<br>| .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01% H | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 2.11% H | 2.32%  | 2.82%  | 2.64%  | 1.82%  | 1.78%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21302078 | $23808570 | $20165712 | $22330277 | $29188538 | $26829783 |
| Portfolio turnover rate I | 41% H<br>| 49%  | 41%  | 37%  | 69%  | 42% 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*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Series International Growth Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

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>|
| BELGIUM - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Trading Companies & Distributors - 0.3% |  |  |
| Azelis Group NV  | 2488010 | 38444915 |
| CANADA - 2.4%  |  |  |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| CAE Inc (a) | 1105000 | 27645038 |
| Ground Transportation - 1.1% |  |  |
| Canadian Pacific Kansas City Ltd  | 2135040 | 155071490 |
| TOTAL INDUSTRIALS |  | 182716528 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Franco-Nevada Corp  | 997328 | 171389073 |
| TOTAL CANADA |  | 354105601 |
| CHINA - 0.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Tencent Holdings Ltd  | 1916700 | 117399704 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Trip.com Group Ltd ADR  | 86350 | 5093787 |
| TOTAL CHINA |  | 122493491 |
| DENMARK - 1.7%  |  |  |
| Health Care - 1.7% |  |  |
| Pharmaceuticals - 1.7% |  |  |
| Novo Nordisk A/S Series B  | 3841800 | 256868757 |
| FINLAND - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Machinery - 1.1% |  |  |
| Kone Oyj B Shares  | 2599389 | 160487122 |
| FRANCE - 12.7%  |  |  |
| Consumer Discretionary - 2.6% |  |  |
| Textiles, Apparel & Luxury Goods - 2.6% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 690223 | 382334700 |
| Health Care - 1.5% |  |  |
| Health Care Equipment & Supplies - 1.5% |  |  |
| EssilorLuxottica SA  | 759324 | 217372589 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 6.7% |  |  |
| Airbus SE  | 1790200 | 303780008 |
| Safran SA  | 2593000 | 690048075 |
|  |  | 993828083 |
| Electrical Equipment - 1.7% |  |  |
| Legrand SA  | 2278744 | 250433578 |
| TOTAL INDUSTRIALS |  | 1244261661 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Lectra  | 935984 | 24122495 |
| TOTAL FRANCE |  | 1868091445 |
| GERMANY - 9.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 384647 | 45230575 |
| Financials - 2.0% |  |  |
| Capital Markets - 2.0% |  |  |
| Deutsche Boerse AG  | 934045 | 300850195 |
| Information Technology - 7.0% |  |  |
| Software - 7.0% |  |  |
| SAP SE  | 3517000 | 1029034243 |
| TOTAL GERMANY |  | 1375115013 |
| INDIA - 1.0%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Reliance Industries Ltd  | 3795600 | 62937886 |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| HDFC Bank Ltd  | 3353496 | 76067839 |
| Financial Services - 0.1% |  |  |
| Jio Financial Services Ltd (a) | 2607200 | 8041452 |
| TOTAL FINANCIALS |  | 84109291 |
| TOTAL INDIA |  | 147047177 |
| ITALY - 0.9%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Prada Spa (a) | 12361400 | 77302581 |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Interpump Group SpA  | 1622920 | 55302830 |
| TOTAL ITALY |  | 132605411 |
| JAPAN - 8.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.7% |  |  |
| Nintendo Co Ltd  | 1326000 | 110084530 |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| USS Co Ltd  | 7137358 | 71333645 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Hoya Corp  | 1045800 | 123055300 |
| Industrials - 3.8% |  |  |
| Construction & Engineering - 0.4% |  |  |
| SHO-BOND Holdings Co Ltd  | 1833800 | 65679744 |
| Machinery - 0.7% |  |  |
| Komatsu Ltd  | 2918900 | 84413334 |
| Professional Services - 2.7% |  |  |
| Recruit Holdings Co Ltd  | 7020905 | 389065495 |
| TOTAL INDUSTRIALS |  | 539158573 |
| Information Technology - 2.9% |  |  |
| Electronic Equipment, Instruments & Components - 2.9% |  |  |
| Azbil Corp  | 17648920 | 152073502 |
| Keyence Corp  | 676143 | 282689732 |
|  |  | 434763234 |
| TOTAL JAPAN |  | 1278395282 |
| NETHERLANDS - 4.7%  |  |  |
| Industrials - 0.8% |  |  |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 669946 | 22115754 |
| Aalberts NV rights (a)(b) | 671146 | 859148 |
|  |  | 22974902 |
| Trading Companies & Distributors - 0.7% |  |  |
| IMCD NV  | 727654 | 96322123 |
| TOTAL INDUSTRIALS |  | 119297025 |
| Information Technology - 3.9% |  |  |
| Semiconductors & Semiconductor Equipment - 3.9% |  |  |
| ASML Holding NV  | 758859 | 500759766 |
| BE Semiconductor Industries NV (c) | 673935 | 71949155 |
|  |  | 572708921 |
| TOTAL NETHERLANDS |  | 692005946 |
| SPAIN - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Amadeus IT Group SA Class A  | 1602864 | 125617354 |
| SWEDEN - 7.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Autoliv Inc  | 685234 | 63884366 |
| Industrials - 6.9% |  |  |
| Building Products - 1.6% |  |  |
| Assa Abloy AB B Shares  | 7728737 | 234597980 |
| Machinery - 4.8% |  |  |
| Atlas Copco AB A Shares  | 31065844 | 481632273 |
| Epiroc AB A Shares  | 10143817 | 219132894 |
|  |  | 700765167 |
| Trading Companies & Distributors - 0.5% |  |  |
| AddTech AB B Shares  | 2232300 | 74968142 |
| TOTAL INDUSTRIALS |  | 1010331289 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Lagercrantz Group AB B Shares  | 3394000 | 76971165 |
| TOTAL SWEDEN |  | 1151186820 |
| SWITZERLAND - 3.1%  |  |  |
| Financials - 2.0% |  |  |
| Capital Markets - 2.0% |  |  |
| UBS Group AG  | 9842515 | 296819772 |
| Industrials - 1.1% |  |  |
| Machinery - 1.1% |  |  |
| Schindler Holding AG  | 302891 | 110389063 |
| Schindler Holding AG  | 140482 | 49701028 |
|  |  | 160090091 |
| TOTAL SWITZERLAND |  | 456909863 |
| TAIWAN - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 9246885 | 261483119 |
| UNITED KINGDOM - 14.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| Rightmove PLC  | 4535476 | 44595796 |
| Consumer Discretionary - 5.2% |  |  |
| Hotels, Restaurants & Leisure - 5.0% |  |  |
| Compass Group PLC  | 13609400 | 458838523 |
| InterContinental Hotels Group PLC ADR (c) | 2618830 | 282545569 |
|  |  | 741384092 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 159400 | 32735830 |
| TOTAL CONSUMER DISCRETIONARY |  | 774119922 |
| Financials - 3.2% |  |  |
| Capital Markets - 3.2% |  |  |
| 3i Group PLC  | 2001800 | 113484123 |
| London Stock Exchange Group PLC  | 2312690 | 360112490 |
|  |  | 473596613 |
| Industrials - 4.7% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| BAE Systems PLC  | 14514650 | 336487848 |
| Professional Services - 2.4% |  |  |
| RELX PLC  | 6481800 | 353745207 |
| TOTAL INDUSTRIALS |  | 690233055 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Spectris PLC  | 2679115 | 71409131 |
| Software - 0.6% |  |  |
| Sage Group PLC/The  | 5190396 | 85600854 |
| TOTAL INFORMATION TECHNOLOGY |  | 157009985 |
| TOTAL UNITED KINGDOM |  | 2139555371 |
| UNITED STATES - 24.5%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| PriceSmart Inc  | 431406 | 43783394 |
| Financials - 10.3% |  |  |
| Capital Markets - 4.5% |  |  |
| Moody's Corp  | 768659 | 348294766 |
| S&P Global Inc  | 616980 | 308520849 |
|  |  | 656815615 |
| Financial Services - 3.5% |  |  |
| Mastercard Inc Class A  | 457131 | 250535216 |
| Visa Inc Class A  | 788370 | 272381835 |
|  |  | 522917051 |
| Insurance - 2.3% |  |  |
| Marsh & McLennan Cos Inc  | 1526115 | 344093149 |
| TOTAL FINANCIALS |  | 1523825815 |
| Industrials - 5.6% |  |  |
| Electrical Equipment - 2.3% |  |  |
| GE Vernova Inc  | 923300 | 342378106 |
| Machinery - 0.8% |  |  |
| Otis Worldwide Corp  | 1185700 | 114147339 |
| Professional Services - 2.5% |  |  |
| Experian PLC  | 7475689 | 371923277 |
| TOTAL INDUSTRIALS |  | 828448722 |
| Materials - 8.3% |  |  |
| Chemicals - 4.5% |  |  |
| Linde PLC  | 1143401 | 518223635 |
| Sherwin-Williams Co/The  | 432081 | 152490027 |
|  |  | 670713662 |
| Construction Materials - 3.8% |  |  |
| CRH PLC  | 5819540 | 555300507 |
| TOTAL MATERIALS |  | 1226014169 |
| TOTAL UNITED STATES |  | 3622072100 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,433,563,578) |  | <br> **14182484787** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| ByteDance Ltd Series E1 (a)(d)(e)<br>(Cost $18,859,141)<br>| 172113 | **36537868** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (f) | 4.33 | 569644387 | 569758316 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 39306962 | 39310892 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $609,069,208) |  |  | **609069208** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $9,061,491,927)<br>| <br>**14828091863** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(68501628)** |
| **NET ASSETS - 100.0%** | **14759590235** |

---

**Legend**

(a) Non-income producing

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(c) Security or a portion of the security is on loan at period end.

(d) 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 $36,537,868 or 0.2% of net assets.

(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 are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 18859141 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 224016378 | 1676622650 | 1330880712 | 5286768 | - | - | 569758316 | 569644387 | 1.0% |
| Fidelity Securities Lending Cash Central Fund | 13132161 | 62016192 | 35837461 | 138219 | - | - | 39310892 | 39306962 | 0.1% |
| Total | 237148539 | 1738638842 | 1366718173 | 5424987 | - | - | 609069208 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 317310605 | 89826371 | 227484234 | - |
| Consumer Discretionary | 1499686355 | 658513132 | 841173223 | - |
| Consumer Staples | 43783394 | 43783394 | - | - |
| Energy | 62937886 | - | 62937886 | - |
| Financials | 2679201686 | 1820645587 | 858556099 | - |
| Health Care | 597296646 | 217372589 | 379924057 | - |
| Industrials | 5028771811 | 2014277009 | 3014494802 | - |
| Information Technology | 2556093162 | 982886068 | 1573207094 | - |
| Materials | 1397403242 | 1397403242 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 36537868 | - | - | 36537868 |
|  **Money Market Funds** | 609069208 | 609069208 | - | - |
| **Total Investments in Securities:** | 14828091863 | 7833776600 | 6957777395 | 36537868 |

---

**Fidelity® Series International Growth Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $37,314,993) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,452,422,719) | $14219022655 |  |
| Fidelity Central Funds (cost $609,069,208) | 609069208 |  |
| Total Investment in Securities (cost $9,061,491,927) |  | $14828091863 |
| Foreign currency held at value (cost $2,822,787) |  | 2822919 |
| Receivable for investments sold |  | 20708848 |
| Receivable for fund shares sold |  | 349724220 |
| Dividends receivable |  | 28074850 |
| Reclaims receivable |  | 47885553 |
| Interest receivable |  | 462 |
| Distributions receivable from Fidelity Central Funds |  | 1791572 |
| Other receivables |  | 106729 |
| **Total assets** |  | 15279207016 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $464772524 |  |
| Delayed delivery | 859148 |  |
| Payable for fund shares redeemed | 7422375 |  |
| Other payables and accrued expenses | 7251842 |  |
| Collateral on securities loaned | 39310892 |  |
| **Total liabilities** |  | 519616781 |
| **Net Assets**  |  | $14759590235 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8314702834 |
| Total accumulated earnings (loss) |  | 6444887401 |
| **Net Assets** |  | $14759590235 |
| **Net Asset Value**, offering price and redemption price per share ($14,759,590,235 ÷ 802,939,949 shares) |  | $18.38 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $102149120 |
| Foreign Tax Reclaims |  | 19847327 |
| Interest  |  | 801 |
| Income from Fidelity Central Funds (including $138,219 from security lending)  |  | 5424987 |
| Income before foreign taxes withheld |  | $127422235 |
| Less foreign taxes withheld |  | (9251942) |
| **Total income** |  | 118170293 |
| **Expenses** |  |  |
| Custodian fees and expenses | $347450 |  |
| Independent trustees' fees and expenses | 32095 |  |
| Interest | 10869 |  |
| Total expenses before reductions | 390414 |  |
| Expense reductions | (300) |  |
| Total expenses after reductions |  | 390114 |
| **Net Investment income (loss)** |  | 117780179 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 443442687 |  |
| Redemptions in-kind | 182426073 |  |
| Foreign currency transactions | (1101756) |  |
| Total net realized gain (loss) |  | 624767004 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $3,700,869)  | (185924055) |  |
| Assets and liabilities in foreign currencies | 2314519 |  |
| Total change in net unrealized appreciation (depreciation) |  | (183609536) |
| **Net gain (loss)** |  | 441157468 |
| **Net increase (decrease) in net assets resulting from operations** |  | $558937647 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $117780179 | $217289494 |
| &nbsp;&nbsp;Net realized gain (loss) | 624767004<br>| 997612291<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (183609536) | 2107097767<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 558937647<br>| 3321999552<br>|
| Distributions to shareholders | (578924668)<br>| (186414240)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1436069999 | 2548527172 |
| Reinvestment of distributions | 578924668<br>| 186414240<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2209362710) | (3744668063) |
| **Net increase (decrease) in net assets resulting from share transactions** | (194368043)<br>| (1009726651)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (214355064)<br>| 2125858661<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14973945299 | 12848086638<br>|
| &nbsp;&nbsp;End of period | $14759590235 | $14973945299 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 78786621 | 141532404 |
| Issued in reinvestment of distributions | 31931863<br>| 11408460<br>|
| &nbsp;&nbsp;Redeemed | (119813343) | (208810528) |
| &nbsp;&nbsp;Net increase (decrease) | (9094859) | (55869664) |

---

**Financial Highlights** 

**Fidelity® Series International Growth Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.44 | $14.80 | $13.75 | $20.51 | $18.01 | $17.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .26  | .22  | .21  | .20  | .20  |
| Net realized and unrealized gain (loss)  | .54  | 3.60  | 1.33  | (5.38)  | 5.19  | 1.38  |
| Total from investment operations  | .69  | 3.86  | 1.55  | (5.17)  | 5.39  | 1.58  |
| Distributions from net investment income  | (.28)  | (.22)  | (.20)  | (.28)  | (.24)  | (.37)  |
| Distributions from net realized gain  | (.47)  | -  | (.30)  | (1.31)  | (2.65)  | (.27)  |
| Total distributions  | (.75)  | (.22)  | (.50)  | (1.59)  | (2.89)  | (.64)  |
| Net asset value, end of period  | $18.38 | $18.44 | $14.80 | $13.75 | $20.51 | $18.01 |
| **Total Return** C,D | 3.79% <br>| 26.26%  | 11.31%  | (27.31)%  | 33.10%  | 9.39%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .01% G | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | .01% G<br>| .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01% G | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 1.64% G | 1.44%  | 1.42%  | 1.32%  | 1.06%  | 1.18%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14759590 | $14973945 | $12848087 | $12392171 | $15467124 | $11557995 |
| Portfolio turnover rate H | 26% G,I<br>| 26% I | 19% I | 22% I | 24%  | 16% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Series International Small Cap Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.5%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Whitehaven Coal Ltd  | 2425000 | 7756935 |
| Financials - 1.3% |  |  |
| Financial Services - 0.1% |  |  |
| Cuscal Ltd (a) | 1550000 | 2567067 |
| Insurance - 1.2% |  |  |
| nib holdings Ltd/Australia  | 1204263 | 5253772 |
| Steadfast Group Ltd  | 10359645 | 38930143 |
|  |  | 44183915 |
| TOTAL FINANCIALS |  | 46750982 |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Imdex Ltd  | 15040232 | 28453037 |
| Real Estate - 0.3% |  |  |
| Specialized REITs - 0.3% |  |  |
| National Storage REIT unit  | 6250000 | 9190092 |
| TOTAL AUSTRALIA |  | 92151046 |
| AUSTRIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| AT&S Austria Technologie & Systemtechnik AG (a)(b) | 150000 | 2419768 |
| BAILIWICK OF JERSEY - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| JTC PLC (c)(d) | 2170000 | 24118938 |
| BELGIUM - 2.2%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| KBC Ancora  | 808579 | 52761527 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ion Beam Applications  | 170000 | 2010582 |
| Health Care Providers & Services - 0.2% |  |  |
| Fagron  | 257500 | 5980032 |
| TOTAL HEALTH CARE |  | 7990614 |
| Industrials - 0.5% |  |  |
| Trading Companies & Distributors - 0.5% |  |  |
| Azelis Group NV  | 1156754 | 17874248 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.1% |  |  |
| Warehouses De Pauw CVA (a) | 138500 | 3527106 |
| TOTAL BELGIUM |  | 82153495 |
| BRAZIL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Automob Participacoes SA  | 1 | 0 |
| CANADA - 4.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Mty Food Group Inc  | 117800 | 3705923 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| McCoy Global Inc  | 125550 | 308729 |
| Pason Systems Inc  | 1136500 | 9051770 |
| TerraVest Industries Inc (b) | 44400 | 4627764 |
|  |  | 13988263 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Parkland Corp  | 181500 | 4572389 |
| South Bow Corp (b) | 500000 | 12349485 |
|  |  | 16921874 |
| TOTAL ENERGY |  | 30910137 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| ECN Capital Corp  | 533950 | 1080604 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| CAE Inc (a) | 217200 | 5433939 |
| Trading Companies & Distributors - 1.2% |  |  |
| Richelieu Hardware Ltd  | 1753920 | 41487982 |
| TOTAL INDUSTRIALS |  | 46921921 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 750000 | 24247425 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Osisko Gold Royalties Ltd  | 1514700 | 36301820 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Real Matters Inc (a)(b) | 950000 | 4141520 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Capital Power Corp  | 50000 | 1898302 |
| TransAlta Corp  | 450000 | 4011679 |
|  |  | 5909981 |
| TOTAL CANADA |  | 153219331 |
| CHINA - 0.4%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Chlitina Holding Ltd  | 2306670 | 8206107 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Zai Lab Ltd (a) | 850000 | 2707591 |
| Pharmaceuticals - 0.1% |  |  |
| Consun Pharmaceutical Group Ltd  | 3000000 | 3581928 |
| TOTAL HEALTH CARE |  | 6289519 |
| TOTAL CHINA |  | 14495626 |
| DENMARK - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Royal Unibrew A/S  | 38600 | 3066793 |
| EGYPT - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Integrated Diagnostics Holdings PLC (a)(c)(d) | 15331734 | 5304780 |
| FINLAND - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Nanoform Finland Plc (a) | 470233 | 528442 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.1% |  |  |
| Huhtamaki Oyj  | 122089 | 4483962 |
| TOTAL FINLAND |  | 5012404 |
| FRANCE - 3.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Maisons du Monde SA (b)(c)(d) | 259100 | 805716 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Laurent-Perrier  | 97649 | 10730302 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Vallourec SACA (a) | 789300 | 14579254 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Vetoquinol SA  | 263180 | 22181874 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| LISI SA  | 491088 | 15382498 |
| Commercial Services & Supplies - 0.3% |  |  |
| Elis SA  | 420000 | 10733980 |
| Ground Transportation - 0.3% |  |  |
| Stef SA  | 75000 | 10790396 |
| Machinery - 0.3% |  |  |
| Exail Technologies SA (a) | 205000 | 10996292 |
| Trading Companies & Distributors - 0.2% |  |  |
| Thermador Groupe  | 82100 | 6147762 |
| TOTAL INDUSTRIALS |  | 54050928 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Lectra  | 877924 | 22626154 |
| Real Estate - 0.2% |  |  |
| Industrial REITs - 0.2% |  |  |
| ARGAN SA  | 92488 | 6380799 |
| TOTAL FRANCE |  | 131355027 |
| GERMANY - 5.4%  |  |  |
| Communication Services - 2.9% |  |  |
| Entertainment - 2.1% |  |  |
| CTS Eventim AG & Co KGaA  | 631834 | 74297253 |
| Interactive Media & Services - 0.8% |  |  |
| Scout24 SE (c)(d) | 260500 | 30897747 |
| TOTAL COMMUNICATION SERVICES |  | 105195000 |
| Consumer Discretionary - 0.9% |  |  |
| Specialty Retail - 0.9% |  |  |
| Auto1 Group SE (a)(c)(d) | 1247100 | 29753089 |
| Fielmann Group AG  | 55300 | 3132330 |
|  |  | 32885419 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Montana Aerospace Ag (a)(c)(d) | 100000 | 1999152 |
| Rheinmetall AG  | 24100 | 41043569 |
|  |  | 43042721 |
| Machinery - 0.4% |  |  |
| Norma Group SE  | 107000 | 1330940 |
| Stabilus SE  | 574612 | 15818066 |
|  |  | 17149006 |
| TOTAL INDUSTRIALS |  | 60191727 |
| TOTAL GERMANY |  | 198272146 |
| GREECE - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Athens International Airport SA  | 872400 | 9033047 |
| HUNGARY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Richter Gedeon Nyrt  | 151700 | 4589271 |
| INDONESIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Selamat Sempurna Tbk PT  | 50000000 | 5368588 |
| IRELAND - 1.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Cairn Homes PLC  | 5041234 | 11072010 |
| Industrials - 0.9% |  |  |
| Machinery - 0.0% |  |  |
| Mincon Group Plc  | 3809284 | 1605309 |
| Trading Companies & Distributors - 0.9% |  |  |
| AerCap Holdings NV  | 271000 | 28726000 |
| TOTAL INDUSTRIALS |  | 30331309 |
| Real Estate - 0.3% |  |  |
| Residential REITs - 0.3% |  |  |
| Irish Residential Properties Reit PLC  | 10949300 | 12651993 |
| TOTAL IRELAND |  | 54055312 |
| ISRAEL - 1.5%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Energean PLC (b) | 400000 | 4701766 |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Tel Aviv Stock Exchange Ltd  | 1599457 | 19633625 |
| Information Technology - 0.9% |  |  |
| Communications Equipment - 0.9% |  |  |
| Ituran Location and Control Ltd  | 853735 | 30683236 |
| TOTAL ISRAEL |  | 55018627 |
| ITALY - 2.6%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV  | 378900 | 2542509 |
| Personal Care Products - 0.1% |  |  |
| Intercos SpA  | 310900 | 4684301 |
| TOTAL CONSUMER STAPLES |  | 7226810 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.1% |  |  |
| Banca Generali SpA  | 72400 | 4273155 |
| Financial Services - 0.3% |  |  |
| BFF Bank SpA (a)(c)(d) | 529000 | 4991983 |
| Generalfinance Spa  | 245000 | 4107714 |
|  |  | 9099697 |
| TOTAL FINANCIALS |  | 13372852 |
| Industrials - 2.0% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| doValue SpA (a)(b)(c)(d) | 2973714 | 6107583 |
| Machinery - 1.8% |  |  |
| Interpump Group SpA  | 1954137 | 66589423 |
| Passenger Airlines - 0.0% |  |  |
| Wizz Air Holdings Plc (a)(c)(d) | 100000 | 2166970 |
| TOTAL INDUSTRIALS |  | 74863976 |
| TOTAL ITALY |  | 95463638 |
| JAPAN - 29.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Daiichikosho Co Ltd  | 556928 | 6500999 |
| Consumer Discretionary - 5.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Shoei Co Ltd  | 430500 | 5034243 |
| Broadline Retail - 0.0% |  |  |
| ASKUL Corp  | 156500 | 1662634 |
| Distributors - 0.2% |  |  |
| Central Automotive Products Ltd  | 692337 | 8202678 |
| Diversified Consumer Services - 0.4% |  |  |
| Aucnet Inc  | 1454320 | 12571965 |
| Inforich Inc (a)(b) | 80000 | 2084207 |
|  |  | 14656172 |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Curves Holdings Co Ltd (e) | 5499859 | 26387630 |
| Gift Holdings Inc (b) | 645900 | 16262694 |
| Koshidaka Holdings Co Ltd (e) | 5252659 | 37214600 |
| Kyoritsu Maintenance Co Ltd  | 237600 | 5016886 |
| Monogatari Corp/The  | 925488 | 24079000 |
|  |  | 108960810 |
| Leisure Products - 0.2% |  |  |
| Yonex Co Ltd  | 420000 | 6856064 |
| Specialty Retail - 1.1% |  |  |
| Intermestic Inc  | 300000 | 3480906 |
| JINS Holdings Inc  | 78100 | 4894223 |
| USS Co Ltd  | 3232400 | 32305915 |
|  |  | 40681044 |
| TOTAL CONSUMER DISCRETIONARY |  | 186053645 |
| Consumer Staples - 2.5% |  |  |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| Belc Co Ltd  | 130000 | 6437264 |
| Daikokutenbussan Co Ltd  | 319300 | 16972164 |
| Kato Sangyo Co Ltd  | 110000 | 3846692 |
| Kobe Bussan Co Ltd  | 82300 | 2524603 |
| Kusuri no Aoki Holdings Co Ltd  | 698874 | 16667788 |
| Qol Holdings Co Ltd  | 510000 | 8196811 |
| YAKUODO Holdings Co Ltd  | 918800 | 13012799 |
| Yaoko Co Ltd  | 80500 | 5380742 |
|  |  | 73038863 |
| Food Products - 0.2% |  |  |
| Iwatsuka Confectionery Co Ltd  | 211600 | 4972556 |
| Kotobuki Spirits Co Ltd  | 312900 | 4646011 |
|  |  | 9618567 |
| Personal Care Products - 0.3% |  |  |
| Artnature Inc  | 1174900 | 6549135 |
| Rohto Pharmaceutical Co Ltd  | 257200 | 4290264 |
|  |  | 10839399 |
| TOTAL CONSUMER STAPLES |  | 93496829 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Iwatani Corp  | 620000 | 5914673 |
| San-Ai Obbli Co Ltd  | 1158872 | 13592309 |
|  |  | 19506982 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Chiba Bank Ltd/The  | 401900 | 3573486 |
| Hokuhoku Financial Group Inc  | 722800 | 12865618 |
| Kyoto Financial Group Inc  | 241812 | 4128291 |
|  |  | 20567395 |
| Financial Services - 0.0% |  |  |
| Fuyo General Lease Co Ltd  | 86400 | 2405036 |
| TOTAL FINANCIALS |  | 22972431 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Asahi Intecc Co Ltd  | 257600 | 3950119 |
| Medikit Co Ltd  | 658800 | 11385472 |
| Nagaileben Co Ltd  | 1528000 | 22495734 |
| Paramount Bed Holdings Co Ltd  | 536612 | 8628277 |
| Techno Medica Co Ltd  | 283000 | 3582528 |
|  |  | 50042130 |
| Health Care Providers & Services - 0.1% |  |  |
| As One Corp  | 299500 | 4737161 |
| Health Care Technology - 0.5% |  |  |
| M3 Inc  | 200000 | 2506518 |
| Software Service Inc  | 178500 | 15742657 |
|  |  | 18249175 |
| TOTAL HEALTH CARE |  | 73028466 |
| Industrials - 7.4% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| AZ-COM MARUWA Holdings Inc (b) | 425000 | 3923626 |
| Commercial Services & Supplies - 1.9% |  |  |
| CTS Co Ltd  | 400000 | 2240873 |
| Daiei Kankyo Co Ltd  | 796100 | 16252734 |
| Japan Elevator Service Holdings Co Ltd  | 1274800 | 27505651 |
| Park24 Co Ltd  | 300000 | 4245699 |
| Prestige International Inc  | 1100000 | 5162260 |
| Pronexus Inc  | 1122177 | 9559460 |
|  |  | 64966677 |
| Construction & Engineering - 1.1% |  |  |
| Hibiya Engineering Ltd  | 48500 | 1185533 |
| SHO-BOND Holdings Co Ltd  | 1108800 | 39713000 |
|  |  | 40898533 |
| Electrical Equipment - 0.3% |  |  |
| Fuji Electric Co Ltd  | 140000 | 6225346 |
| SWCC Corp  | 132100 | 5986907 |
|  |  | 12212253 |
| Machinery - 2.5% |  |  |
| CKD Corp  | 267000 | 3889782 |
| DMG Mori Co Ltd  | 174900 | 3025703 |
| Ebara Corp  | 300000 | 4506539 |
| Fujitec Co Ltd  | 690300 | 27036509 |
| IHI Corp  | 92000 | 7206560 |
| Kawasaki Heavy Industries Ltd  | 63600 | 3793848 |
| Mitsuboshi Belting Ltd  | 272952 | 6824755 |
| Moriya Transportation Engineering & Manufacturing Co Ltd  | 293600 | 5729081 |
| NS Tool Co Ltd (e) | 1444000 | 7150315 |
| Takeuchi Manufacturing Co Ltd  | 120400 | 3751447 |
| Tocalo Co Ltd  | 1479649 | 16992472 |
|  |  | 89907011 |
| Marine Transportation - 0.0% |  |  |
| Nippon Concept Corp  | 137200 | 1661024 |
| Professional Services - 1.2% |  |  |
| BayCurrent Inc  | 224100 | 12075316 |
| Funai Soken Holdings Inc  | 455457 | 7262848 |
| MEITEC Group Holdings Inc  | 201000 | 4121076 |
| Timee Inc (a) | 898400 | 10782308 |
| Visional Inc (a) | 193500 | 11703651 |
|  |  | 45945199 |
| Trading Companies & Distributors - 0.3% |  |  |
| Inaba Denki Sangyo Co Ltd  | 207500 | 5453805 |
| Mitani Corp  | 337300 | 4446849 |
|  |  | 9900654 |
| TOTAL INDUSTRIALS |  | 269414977 |
| Information Technology - 8.2% |  |  |
| Electronic Equipment, Instruments & Components - 3.7% |  |  |
| Ai Holdings Corp  | 416292 | 6152084 |
| Azbil Corp  | 12421360 | 107029763 |
| Dexerials Corp  | 306900 | 3593164 |
| Hamamatsu Photonics KK (b) | 250000 | 2308889 |
| Ibiden Co Ltd  | 159100 | 4397561 |
| Maruwa Co Ltd/Aichi  | 20700 | 4207176 |
| Rigaku Holdings Corp (b) | 750000 | 4621276 |
|  |  | 132309913 |
| IT Services - 2.3% |  |  |
| Digital Hearts Holdings Co Ltd  | 434650 | 3009536 |
| NSD Co Ltd  | 1704580 | 40045351 |
| Obic Co Ltd  | 398000 | 13892978 |
| Softcreate Holdings Corp  | 200000 | 2736047 |
| TIS Inc  | 779836 | 22531141 |
|  |  | 82215053 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Shibaura Mechatronics Corp  | 120000 | 5606379 |
| SUMCO Corp  | 600000 | 4137652 |
| Tokyo Seimitsu Co Ltd  | 50000 | 2787103 |
|  |  | 12531134 |
| Software - 1.7% |  |  |
| Broadleaf Co Ltd  | 3555173 | 17206461 |
| Justsystems Corp  | 100000 | 2384949 |
| m-up Holdings Inc  | 1165939 | 15387655 |
| Miroku Jyoho Service Co Ltd  | 618891 | 8003423 |
| Systena Corp  | 3000000 | 7805287 |
| WingArc1st Inc  | 467436 | 12455806 |
|  |  | 63243581 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| MCJ Co Ltd  | 866500 | 8114725 |
| TOTAL INFORMATION TECHNOLOGY |  | 298414406 |
| Materials - 2.1% |  |  |
| Chemicals - 2.0% |  |  |
| Air Water Inc (Osaka)  | 325000 | 4418800 |
| Kansai Paint Co Ltd  | 530800 | 7981676 |
| Kuraray Co Ltd  | 429900 | 5021873 |
| Nihon Parkerizing Co Ltd  | 2234518 | 18550657 |
| Osaka Soda Co Ltd (b) | 443900 | 4625899 |
| SK Kaken Co Ltd  | 496920 | 30966269 |
|  |  | 71565174 |
| Construction Materials - 0.1% |  |  |
| Maeda Kosen Co Ltd  | 376100 | 5373984 |
| TOTAL MATERIALS |  | 76939158 |
| Real Estate - 1.2% |  |  |
| Real Estate Management & Development - 1.2% |  |  |
| Arealink Co Ltd  | 300000 | 4597146 |
| Goldcrest Co Ltd  | 1173700 | 26883953 |
| Katitas Co Ltd  | 475000 | 6863548 |
| Relo Group Inc  | 400000 | 5262274 |
|  |  | 43606921 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Kansai Electric Power Co Inc/The  | 300000 | 3696131 |
| TOTAL JAPAN |  | 1093630945 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| BGF retail Co Ltd  | 157318 | 11863441 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Soulbrain Co Ltd  | 18000 | 2188219 |
| TOTAL KOREA (SOUTH) |  | 14051660 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Corporativo Fragua SAB de CV  | 6572 | 167828 |
| NETHERLANDS - 5.3%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Van Lanschot Kempen NV depository receipt  | 244930 | 14164790 |
| Industrials - 3.9% |  |  |
| Construction & Engineering - 0.4% |  |  |
| Koninklijke Heijmans N.V depository receipt  | 315000 | 16079560 |
| Electrical Equipment - 0.2% |  |  |
| TKH Group NV depository receipt  | 197600 | 7767634 |
| Machinery - 2.1% |  |  |
| Aalberts NV  | 2136135 | 70516485 |
| Aalberts NV rights (a)(f) | 2136135 | 2734510 |
|  |  | 73250995 |
| Trading Companies & Distributors - 1.2% |  |  |
| IMCD NV  | 332429 | 44004798 |
| TOTAL INDUSTRIALS |  | 141102987 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| BE Semiconductor Industries NV (b) | 360751 | 38513699 |
| TOTAL NETHERLANDS |  | 193781476 |
| NORWAY - 1.9%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Europris ASA (c)(d) | 794000 | 5884365 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TGS ASA  | 400000 | 2958648 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| SpareBank 1 SMN  | 304700 | 5510339 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Medistim ASA (a) | 393375 | 6068851 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Kongsberg Gruppen ASA  | 264608 | 42425183 |
| Construction & Engineering - 0.1% |  |  |
| Norconsult Norge AS  | 1127500 | 5093767 |
| TOTAL INDUSTRIALS |  | 47518950 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Selvaag Bolig ASA  | 840200 | 2806481 |
| TOTAL NORWAY |  | 70747634 |
| OMAN - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Oq Exploration And Production  | 1525106 | 1061632 |
| PHILIPPINES - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| International Container Terminal Services Inc  | 2970000 | 18185576 |
| POLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Allegro.eu SA (a)(c)(d) | 325000 | 2834404 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Sygnity SA (a) | 81669 | 1737156 |
| Software - 0.1% |  |  |
| Asseco Poland SA  | 90000 | 3704909 |
| TOTAL INFORMATION TECHNOLOGY |  | 5442065 |
| TOTAL POLAND |  | 8276469 |
| SINGAPORE - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Boustead Singapore Ltd  | 9400000 | 7478943 |
| SPAIN - 0.9%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.1% |  |  |
| CIE Automotive SA  | 150000 | 3950815 |
| Household Durables - 0.1% |  |  |
| Neinor Homes SA (c)(d) | 152500 | 2646677 |
| TOTAL CONSUMER DISCRETIONARY |  | 6597492 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Clinica Baviera SA  | 60000 | 2446955 |
| Industrials - 0.7% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Logista Integral SA  | 174300 | 5947367 |
| Commercial Services & Supplies - 0.2% |  |  |
| Befesa SA (c)(d) | 200000 | 6049419 |
| Machinery - 0.4% |  |  |
| Fluidra SA  | 574020 | 13213661 |
| TOTAL INDUSTRIALS |  | 25210447 |
| TOTAL SPAIN |  | 34254894 |
| SWEDEN - 12.3%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Hemnet Group AB (a) | 677428 | 23198869 |
| Consumer Discretionary - 1.4% |  |  |
| Automobile Components - 0.6% |  |  |
| Autoliv Inc  | 180900 | 16865307 |
| Dometic Group AB (d) | 701300 | 2520631 |
|  |  | 19385938 |
| Broadline Retail - 0.3% |  |  |
| Rusta AB  | 1250000 | 10327971 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Betsson AB B Shares  | 540000 | 9480937 |
| Household Durables - 0.1% |  |  |
| JM AB  | 315300 | 5036710 |
| Specialty Retail - 0.1% |  |  |
| BHG Group AB (a) | 2241400 | 5393923 |
| TOTAL CONSUMER DISCRETIONARY |  | 49625479 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Apotea Sverige AB (b) | 750000 | 6417154 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Surgical Science Sweden AB (a) | 190000 | 2706844 |
| Life Sciences Tools & Services - 0.5% |  |  |
| AddLife AB B Shares  | 930523 | 17617889 |
| TOTAL HEALTH CARE |  | 20324733 |
| Industrials - 5.2% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| INVISIO AB  | 658872 | 26380784 |
| Machinery - 0.1% |  |  |
| Beijer Alma AB B Shares  | 263600 | 5481724 |
| Trading Companies & Distributors - 4.4% |  |  |
| AddTech AB B Shares  | 3487896 | 117135280 |
| Bergman & Beving AB B Shares  | 1406054 | 42550390 |
|  |  | 159685670 |
| TOTAL INDUSTRIALS |  | 191548178 |
| Information Technology - 3.7% |  |  |
| Electronic Equipment, Instruments & Components - 3.7% |  |  |
| Lagercrantz Group AB B Shares  | 6046999 | 137137466 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Hexpol AB B Shares  | 512600 | 4438944 |
| Kb Components Ab  | 900000 | 4651079 |
|  |  | 9090023 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| John Mattson Fastighetsforetagen AB (a) | 2484706 | 15732658 |
| TOTAL SWEDEN |  | 453074560 |
| SWITZERLAND - 0.5%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Barry Callebaut AG (b) | 4600 | 4129884 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| VZ Holding AG  | 25092 | 5162200 |
| Health Care - 0.3% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Tecan Group AG  | 54160 | 10473055 |
| TOTAL SWITZERLAND |  | 19765139 |
| TAIWAN - 1.0%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Addcn Technology Co Ltd (e) | 3559432 | 19414448 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| eMemory Technology Inc  | 225000 | 18081158 |
| TOTAL TAIWAN |  | 37495606 |
| TURKEY - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 1471351 | 3841323 |
| UNITED KINGDOM - 17.4%  |  |  |
| Communication Services - 2.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Zegona Communications plc (a) | 1500000 | 13513578 |
| Interactive Media & Services - 1.9% |  |  |
| Baltic Classifieds Group PLC  | 10972300 | 49717467 |
| Rightmove PLC  | 2199463 | 21626573 |
|  |  | 71344040 |
| Media - 0.1% |  |  |
| 4imprint Group PLC  | 51800 | 2347151 |
| TOTAL COMMUNICATION SERVICES |  | 87204769 |
| Consumer Discretionary - 4.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 850000 | 3810722 |
| Distributors - 0.1% |  |  |
| Inchcape PLC  | 610300 | 5461624 |
| Diversified Consumer Services - 0.0% |  |  |
| ME Group International PLC  | 172533 | 463318 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Domino's Pizza Group PLC (b) | 696900 | 2498361 |
| Dp Poland PLC (a) | 42210188 | 5062817 |
| InterContinental Hotels Group PLC ADR  | 447200 | 48248409 |
| J D Wetherspoon PLC  | 333500 | 2904516 |
| On the Beach Group PLC (c)(d) | 2031500 | 7174557 |
|  |  | 65888660 |
| Household Durables - 0.2% |  |  |
| Berkeley Group Holdings PLC  | 89288 | 4977208 |
| Vistry Group PLC (a) | 409700 | 3435477 |
|  |  | 8412685 |
| Leisure Products - 1.7% |  |  |
| Games Workshop Group PLC  | 296337 | 60858454 |
| Specialty Retail - 0.1% |  |  |
| Pets at Home Group Plc  | 1341900 | 4231236 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Burberry Group PLC  | 231300 | 2252579 |
| TOTAL CONSUMER DISCRETIONARY |  | 151379278 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Premier Foods PLC  | 2015400 | 5350359 |
| Financials - 0.5% |  |  |
| Capital Markets - 0.3% |  |  |
| Petershill Partners PLC (c)(d) | 772500 | 2228890 |
| St James's Place PLC  | 746700 | 9346234 |
|  |  | 11575124 |
| Insurance - 0.2% |  |  |
| Lancashire Holdings Ltd  | 661924 | 4966483 |
| Sabre Insurance Group PLC (c)(d) | 1994547 | 3343931 |
|  |  | 8310414 |
| TOTAL FINANCIALS |  | 19885538 |
| Industrials - 5.0% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Avon Technologies PLC  | 439600 | 7967627 |
| Air Freight & Logistics - 0.1% |  |  |
| Ferrari Group PLC (a) | 350000 | 2823062 |
| Industrial Conglomerates - 0.4% |  |  |
| DCC PLC  | 230000 | 14976616 |
| Machinery - 1.4% |  |  |
| Bodycote PLC  | 5506061 | 34928535 |
| IMI PLC  | 170800 | 4024413 |
| Judges Scientific PLC (b) | 50000 | 4024754 |
| Rotork PLC  | 782600 | 3170632 |
| Spirax Group PLC  | 59897 | 4689703 |
|  |  | 50838037 |
| Marine Transportation - 0.4% |  |  |
| Clarkson PLC  | 355634 | 15569370 |
| Professional Services - 0.1% |  |  |
| GlobalData PLC (b) | 2000000 | 4731085 |
| Trading Companies & Distributors - 2.4% |  |  |
| Diploma PLC  | 418800 | 22113299 |
| Howden Joinery Group PLC  | 5297682 | 54293098 |
| RS GROUP PLC  | 1197500 | 8226907 |
|  |  | 84633304 |
| TOTAL INDUSTRIALS |  | 181539101 |
| Information Technology - 2.8% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Oxford Instruments PLC  | 525000 | 11474547 |
| Spectris PLC  | 2525100 | 67304015 |
|  |  | 78778562 |
| IT Services - 0.1% |  |  |
| Softcat PLC  | 246245 | 5483733 |
| Software - 0.5% |  |  |
| Pinewood Technologies Group PLC (a)(b) | 1200306 | 5758732 |
| Sage Group PLC/The  | 740000 | 12204200 |
|  |  | 17962932 |
| TOTAL INFORMATION TECHNOLOGY |  | 102225227 |
| Materials - 1.4% |  |  |
| Chemicals - 0.1% |  |  |
| Synthomer PLC (a)(b) | 2152695 | 2361102 |
| Construction Materials - 0.9% |  |  |
| SigmaRoc PLC (a) | 28475473 | 34382032 |
| Metals & Mining - 0.4% |  |  |
| Hill & Smith PLC  | 615514 | 14683290 |
| TOTAL MATERIALS |  | 51426424 |
| Real Estate - 1.1% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Grainger PLC  | 1156700 | 3314298 |
| LSL Property Services PLC  | 692300 | 2583359 |
| Savills PLC  | 369600 | 4566086 |
|  |  | 10463743 |
| Residential REITs - 0.6% |  |  |
| UNITE Group PLC/The  | 1999074 | 22925148 |
| Specialized REITs - 0.2% |  |  |
| Big Yellow Group PLC (The)  | 450000 | 6033133 |
| TOTAL REAL ESTATE |  | 39422024 |
| TOTAL UNITED KINGDOM |  | 638432720 |
| UNITED STATES - 1.9%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| PriceSmart Inc  | 209112 | 21222777 |
| Financials - 1.2% |  |  |
| Capital Markets - 1.2% |  |  |
| Morningstar Inc  | 152746 | 43489841 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ramaco Resources Inc Class A (b) | 430000 | 4334400 |
| TOTAL UNITED STATES |  | 69047018 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,604,406,330) |  | <br> **3598391260** |

---

---

| | | |
|:---|:---|:---|
| &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) | 283 | 3314980 |
| Valsoft Corp Series A-1.3 (g)(h) | 100 | 1171371 |
| Valsoft Corp Series A-1.4 (g)(h) | 130 | 1522782 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,018,659) |  | <br> **6009133** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (i) | 4.33 | 70732701 | 70746848 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 80461846 | 80469892 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $151,215,846) |  |  | **151216740** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $2,761,640,835)<br>| <br>**3755617133** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(79727757)** |
| **NET ASSETS - 100.0%** | **3675889376** |

---

**Legend**

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $160,555,626 or 4.4% 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 $138,828,832 or 3.8% of net assets.

(e) Affiliated company

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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 $6,009,133 or 0.2% of net assets.

(h) Level 3 security

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(j) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Valsoft Corp Series A-1.2 | 3/14/25 | 3314980 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 992687 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 1710991 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 105739573 | 701495562 | 736488287 | 1481823 | - | - | 70746848 | 70732701 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 28491024 | 523112957 | 471134089 | 462863 | - | - | 80469892 | 80461846 | 0.3% |
| Total | 134230597 | 1224608519 | 1207622376 | 1944686 | - | - | 151216740 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Addcn Technology Co Ltd | 20624736 | - | - | 458240 | - | (1210288) | 19414448 | 3559432 |
| Curves Holdings Co Ltd | 28078149 | 885514 | - | 264549 | - | (2576033) | 26387630 | 5499859 |
| Koshidaka Holdings Co Ltd | 41006495 | 184261 | - | 378987 | - | (3976156) | 37214600 | 5252659 |
| NS Tool Co Ltd | 6974922 | - | - | 130173 | - | 175393 | 7150315 | 1444000 |
| Total | 96684302 | 1069775 | - | 1231949 | - | (7587084) | 90166993 |  |

---

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 241514085 | 222099637 | 19414448 | - |
| Consumer Discretionary | 456212319 | 443613944 | 12598375 | - |
| Consumer Staples | 171878284 | 149266227 | 22612057 | - |
| Energy | 81475354 | 73718419 | 7756935 | - |
| Financials | 268903667 | 218579199 | 50324468 | - |
| Health Care | 159226560 | 154012451 | 5214109 | - |
| Industrials | 1179107638 | 1078591941 | 100515697 | - |
| Information Technology | 679790604 | 657571794 | 22218810 | - |
| Materials | 213217043 | 177553914 | 35663129 | - |
| Real Estate | 137459594 | 128269502 | 9190092 | - |
| Utilities | 9606112 | 5909981 | 3696131 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 6009133 | - | - | 6009133 |
|  **Money Market Funds** | 151216740 | 151216740 | - | - |
| **Total Investments in Securities:** | 3755617133 | 3460403749 | 289204251 | 6009133 |

---

**Fidelity® Series International Small Cap Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $75,582,314) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,521,000,425) | $3514233400 |  |
| Fidelity Central Funds (cost $151,215,846) | 151216740 |  |
| Other affiliated issuers (cost $89,424,564) | 90166993 |  |
| Total Investment in Securities (cost $2,761,640,835) |  | $3755617133 |
| Cash |  | 23781 |
| Foreign currency held at value (cost $1,680,847) |  | 1677897 |
| Receivable for investments sold |  | 23539283 |
| Receivable for fund shares sold |  | 470 |
| Dividends receivable |  | 22617103 |
| Reclaims receivable |  | 7919032 |
| Distributions receivable from Fidelity Central Funds |  | 281980 |
| Other receivables |  | 23398 |
| **Total assets** |  | 3811700077 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $2014194 |  |
| Delayed delivery | 2734510 |  |
| Payable for fund shares redeemed | 50555402 |  |
| Other payables and accrued expenses | 36703 |  |
| Collateral on securities loaned | 80469892 |  |
| **Total liabilities** |  | 135810701 |
| **Net Assets**  |  | $3675889376 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2452711860 |
| Total accumulated earnings (loss) |  | 1223177516 |
| **Net Assets** |  | $3675889376 |
| **Net Asset Value**, offering price and redemption price per share ($3,675,889,376 ÷ 207,942,527 shares) |  | $17.68 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends (including $1,231,949 earned from affiliated issuers) |  | $43065633 |
| Foreign Tax Reclaims |  | 4155560 |
| Interest  |  | 483 |
| Income from Fidelity Central Funds (including $462,863 from security lending)  |  | 1944686 |
| Income before foreign taxes withheld |  | $49166362 |
| Less foreign taxes withheld |  | (3946414) |
| **Total income** |  | 45219948 |
| **Expenses** |  |  |
| Custodian fees and expenses | $146998 |  |
| Independent trustees' fees and expenses | 8435 |  |
| **Total expenses** |  | 155433 |
| **Net Investment income (loss)** |  | 45064515 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 239970336 |  |
| Foreign currency transactions | (472711) |  |
| Total net realized gain (loss) |  | 239497625 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 40322693 |  |
| Affiliated issuers  | (7587084) |  |
| Assets and liabilities in foreign currencies | 1420644 |  |
| Total change in net unrealized appreciation (depreciation) |  | 34156253 |
| **Net gain (loss)** |  | 273653878 |
| **Net increase (decrease) in net assets resulting from operations** |  | $318718393 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $45064515 | $91607229 |
| &nbsp;&nbsp;Net realized gain (loss) | 239497625<br>| 269024701<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 34156253 | 562271769<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 318718393<br>| 922903699<br>|
| Distributions to shareholders | (353063220)<br>| (133792393)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 238877862 | 459760468 |
| Reinvestment of distributions | 353063220<br>| 133792393<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (788753316) | (893921187) |
| **Net increase (decrease) in net assets resulting from share transactions** | (196812234)<br>| (300368326)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (231157061)<br>| 488742980<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3907046437 | 3418303457<br>|
| &nbsp;&nbsp;End of period | $3675889376 | $3907046437 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 14163898 | 26690757 |
| Issued in reinvestment of distributions | 21243274<br>| 8425214<br>|
| &nbsp;&nbsp;Redeemed | (46450711) | (51491124) |
| &nbsp;&nbsp;Net increase (decrease) | (11043539) | (16375153) |

---

**Financial Highlights** 

**Fidelity® Series International Small Cap Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.84 | $14.52 | $14.48 | $24.12 | $17.55 | $16.71 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .40  | .32  | .35  | .29  | .22  |
| Net realized and unrealized gain (loss)  | 1.30  | 3.49  | .67  | (7.16)  | 6.45  | 1.36  |
| Total from investment operations  | 1.50  | 3.89  | .99  | (6.81)  | 6.74  | 1.58  |
| Distributions from net investment income  | (.55)  | (.37)  | (.21)  | (.47)  | (.17)  | (.36)  |
| Distributions from net realized gain  | (1.11)  | (.20)  | (.73)  | (2.35)  | -  | (.38)  |
| Total distributions  | (1.66)  | (.57)  | (.95) C | (2.83) C | (.17)  | (.74)  |
| Net asset value, end of period  | $17.68 | $17.84 | $14.52 | $14.48 | $24.12 | $17.55 |
| **Total Return** D,E | 8.97% <br>| 27.24%  | 6.57%  | (31.82)%  | 38.60%  | 9.60%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .01% H | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | .01% H<br>| .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01% H | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 2.37% H | 2.32%  | 2.02%  | 2.03%  | 1.34%  | 1.36%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3675889 | $3907046 | $3418303 | $3246258 | $4847936 | $3653041 |
| Portfolio turnover rate I | 36% H<br>| 30%  | 26%  | 25%  | 32%  | 24% 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*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Series International Value Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

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 - 3.6%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 0.2% |  |  |
| Commonwealth Bank of Australia  | 294201 | 31358631 |
| Capital Markets - 0.9% |  |  |
| Macquarie Group Ltd  | 1140141 | 140892990 |
| TOTAL FINANCIALS |  | 172251621 |
| Materials - 2.5% |  |  |
| Metals & Mining - 2.5% |  |  |
| BHP Group Ltd  | 10349430 | 246664707 |
| Glencore PLC  | 38293427 | 125554036 |
|  |  | 372218743 |
| TOTAL AUSTRALIA |  | 544470364 |
| BELGIUM - 2.0%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| KBC Group NV  | 1768987 | 162443991 |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 721200 | 131661390 |
| TOTAL BELGIUM |  | 294105381 |
| DENMARK - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| DSV A/S  | 445940 | 94521396 |
| FINLAND - 1.8%  |  |  |
| Financials - 1.4% |  |  |
| Insurance - 1.4% |  |  |
| Mandatum Holding Oy  | 2578387 | 18150632 |
| Sampo Oyj A Shares  | 19141735 | 191773475 |
|  |  | 209924107 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Fortum Oyj  | 3438600 | 57437938 |
| TOTAL FINLAND |  | 267362045 |
| FRANCE - 10.4%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.2% |  |  |
| Vivendi SE  | 12962955 | 40149018 |
| Media - 0.3% |  |  |
| Canal+ SA  | 10873255 | 24706792 |
| Louis Hachette Group  | 10873255 | 16986201 |
|  |  | 41692993 |
| TOTAL COMMUNICATION SERVICES |  | 81842011 |
| Consumer Staples - 1.7% |  |  |
| Food Products - 1.7% |  |  |
| Danone SA  | 3009500 | 258956687 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| TotalEnergies SE  | 4056167 | 231019720 |
| Financials - 4.3% |  |  |
| Banks - 1.5% |  |  |
| BNP Paribas SA  | 2644470 | 224064569 |
| Insurance - 2.8% |  |  |
| AXA SA  | 8619679 | 407675488 |
| TOTAL FINANCIALS |  | 631740057 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| EssilorLuxottica SA  | 176200 | 50440984 |
| Industrials - 0.4% |  |  |
| Building Products - 0.4% |  |  |
| Cie de Saint-Gobain SA  | 588700 | 64002297 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Alten SA  | 490308 | 41075188 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Air Liquide SA  | 1010388 | 207612717 |
| TOTAL FRANCE |  | 1566689661 |
| GERMANY - 14.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG (a) | 352700 | 29687025 |
| Financials - 5.1% |  |  |
| Banks - 0.4% |  |  |
| Commerzbank AG (a) | 2729700 | 71804150 |
| Capital Markets - 1.3% |  |  |
| Deutsche Bank AG  | 4089800 | 106469326 |
| Deutsche Boerse AG  | 256900 | 82745922 |
|  |  | 189215248 |
| Insurance - 3.4% |  |  |
| Hannover Rueck SE  | 614063 | 196449094 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b) | 450591 | 308478825 |
|  |  | 504927919 |
| TOTAL FINANCIALS |  | 765947317 |
| Health Care - 1.4% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Fresenius SE & Co KGaA (b) | 3453700 | 163543505 |
| Pharmaceuticals - 0.3% |  |  |
| Bayer AG  | 1673982 | 43673413 |
| TOTAL HEALTH CARE |  | 207216918 |
| Industrials - 5.7% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| Rheinmetall AG  | 237505 | 404483524 |
| Air Freight & Logistics - 0.9% |  |  |
| Deutsche Post AG  | 3062307 | 130846279 |
| Industrial Conglomerates - 1.8% |  |  |
| Siemens AG  | 1175687 | 270715237 |
| Machinery - 0.3% |  |  |
| Daimler Truck Holding AG (a) | 1189300 | 47371014 |
| TOTAL INDUSTRIALS |  | 853416054 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| BASF SE (b) | 1795200 | 91679929 |
| Covestro AG  | 699800 | 47090445 |
|  |  | 138770374 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Vonovia SE  | 2645770 | 87760421 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| RWE AG  | 1335000 | 51843568 |
| TOTAL GERMANY |  | 2134641677 |
| HONG KONG - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Prudential PLC  | 9990176 | 106223334 |
| Prudential PLC rights (a)(b)(c) | 12203276 | 2053730 |
| TOTAL HONG KONG |  | 108277064 |
| INDIA - 0.6%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Reliance Industries Ltd GDR (d) | 1357200 | 88625160 |
| INDONESIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank Central Asia Tbk PT  | 144006000 | 76566639 |
| ISRAEL - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 1965500 | 30484905 |
| ITALY - 5.1%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Eni SpA  | 8749900 | 125312009 |
| Financials - 3.5% |  |  |
| Banks - 3.5% |  |  |
| Mediobanca Banca di Credito Finanziario SpA  | 11232655 | 228857564 |
| UniCredit SpA (a) | 5064300 | 294645315 |
|  |  | 523502879 |
| Industrials - 0.8% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Prysmian SpA (a) | 860700 | 47280151 |
| Passenger Airlines - 0.5% |  |  |
| Ryanair Holdings PLC ADR  | 1534000 | 73417240 |
| TOTAL INDUSTRIALS |  | 120697391 |
| TOTAL ITALY |  | 769512279 |
| JAPAN - 21.9%  |  |  |
| Communication Services - 2.3% |  |  |
| Entertainment - 1.5% |  |  |
| Nintendo Co Ltd  | 2795800 | 232107338 |
| Interactive Media & Services - 0.5% |  |  |
| LY Corp  | 18146600 | 68630847 |
| Wireless Telecommunication Services - 0.3% |  |  |
| SoftBank Group Corp  | 964837 | 48791477 |
| TOTAL COMMUNICATION SERVICES |  | 349529662 |
| Consumer Discretionary - 2.8% |  |  |
| Automobile Components - 0.0% |  |  |
| Denso Corp  | 1323784 | 17092616 |
| Automobiles - 1.5% |  |  |
| Toyota Motor Corp  | 11572500 | 221028031 |
| Household Durables - 1.3% |  |  |
| Sony Group Corp  | 5171225 | 136431382 |
| Sumitomo Forestry Co Ltd  | 1807100 | 51920316 |
|  |  | 188351698 |
| TOTAL CONSUMER DISCRETIONARY |  | 426472345 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Inpex Corp  | 4431100 | 55430843 |
| Financials - 7.0% |  |  |
| Banks - 4.5% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 26893944 | 338840267 |
| Sumitomo Mitsui Financial Group Inc  | 13647749 | 325597263 |
|  |  | 664437530 |
| Financial Services - 0.9% |  |  |
| ORIX Corp  | 6713933 | 134681705 |
| Insurance - 1.6% |  |  |
| Tokio Marine Holdings Inc  | 6058725 | 242848094 |
| TOTAL FINANCIALS |  | 1041967329 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Hoya Corp  | 272209 | 32029795 |
| Industrials - 5.6% |  |  |
| Industrial Conglomerates - 2.2% |  |  |
| Hitachi Ltd  | 12632200 | 312211327 |
| Machinery - 1.6% |  |  |
| MINEBEA MITSUMI Inc  | 2489051 | 36479606 |
| Mitsubishi Heavy Industries Ltd  | 10145000 | 199986832 |
|  |  | 236466438 |
| Trading Companies & Distributors - 1.8% |  |  |
| ITOCHU Corp  | 2999353 | 153395733 |
| Mitsui & Co Ltd  | 5904900 | 119403705 |
|  |  | 272799438 |
| TOTAL INDUSTRIALS |  | 821477203 |
| Information Technology - 2.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Ibiden Co Ltd (a) | 904144 | 24990748 |
| IT Services - 1.4% |  |  |
| Fujitsu Ltd  | 5965700 | 132530784 |
| TIS Inc  | 2434256 | 70330896 |
|  |  | 202861680 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Renesas Electronics Corp  | 6273960 | 73626576 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| FUJIFILM Holdings Corp  | 5034347 | 103115452 |
| TOTAL INFORMATION TECHNOLOGY |  | 404594456 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| Shin-Etsu Chemical Co Ltd  | 4525810 | 137727156 |
| TOTAL JAPAN |  | 3269228789 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 3 | 116 |
| NETHERLANDS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Havas NV  | 10873255 | 17961768 |
| SINGAPORE - 1.9%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Singapore Telecommunications Ltd  | 33445700 | 96764984 |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| United Overseas Bank Ltd  | 7258489 | 192777078 |
| TOTAL SINGAPORE |  | 289542062 |
| SOUTH AFRICA - 0.9%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Thungela Resources Ltd (United Kingdom)  | 690574 | 3442027 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Anglo American PLC  | 4903645 | 133861519 |
| TOTAL SOUTH AFRICA |  | 137303546 |
| SPAIN - 3.5%  |  |  |
| Financials - 3.5% |  |  |
| Banks - 3.5% |  |  |
| Banco Santander SA (a) | 62002272 | 434219191 |
| Bankinter SA (a) | 8456600 | 98099807 |
| TOTAL SPAIN |  | 532318998 |
| SWEDEN - 1.9%  |  |  |
| Financials - 1.9% |  |  |
| Financial Services - 1.9% |  |  |
| Investor AB B Shares  | 9435360 | 278506876 |
| SWITZERLAND - 3.9%  |  |  |
| Financials - 3.9% |  |  |
| Capital Markets - 0.5% |  |  |
| UBS Group AG (United States)  | 2304429 | 69662888 |
| Insurance - 3.4% |  |  |
| Swiss Life Holding AG  | 164020 | 163354262 |
| Zurich Insurance Group AG  | 493560 | 350067712 |
|  |  | 513421974 |
| TOTAL SWITZERLAND |  | 583084862 |
| UNITED KINGDOM - 14.6%  |  |  |
| Consumer Discretionary - 2.1% |  |  |
| Broadline Retail - 0.2% |  |  |
| B&M European Value Retail SA  | 6375400 | 28582211 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Entertainment PLC (United Kingdom) (b) | 157000 | 37578408 |
| Household Durables - 1.6% |  |  |
| Barratt Redrow PLC  | 38496524 | 238975511 |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 16051300 | 16809494 |
| TOTAL CONSUMER DISCRETIONARY |  | 321945624 |
| Consumer Staples - 2.3% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Tesco PLC  | 17215600 | 85200064 |
| Tobacco - 1.8% |  |  |
| Imperial Brands PLC  | 6528158 | 267870118 |
| TOTAL CONSUMER STAPLES |  | 353070182 |
| Financials - 6.0% |  |  |
| Banks - 4.4% |  |  |
| HSBC Holdings PLC  | 22922800 | 255529051 |
| Lloyds Banking Group PLC  | 250733000 | 246339752 |
| Standard Chartered PLC  | 10774722 | 155191045 |
|  |  | 657059848 |
| Capital Markets - 0.9% |  |  |
| London Stock Exchange Group PLC  | 897600 | 139766666 |
| Insurance - 0.7% |  |  |
| Beazley PLC  | 9060317 | 106800584 |
| TOTAL FINANCIALS |  | 903627098 |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Astrazeneca PLC  | 918859 | 131641916 |
| Industrials - 3.3% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| BAE Systems PLC  | 13626364 | 315895038 |
| Rolls-Royce Holdings PLC  | 10925200 | 110590058 |
|  |  | 426485096 |
| Trading Companies & Distributors - 0.4% |  |  |
| Bunzl PLC  | 2025900 | 63662889 |
| TOTAL INDUSTRIALS |  | 490147985 |
| TOTAL UNITED KINGDOM |  | 2200432805 |
| UNITED STATES - 10.3%  |  |  |
| Energy - 3.1% |  |  |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Shell PLC ADR  | 7232248 | 466335351 |
| Health Care - 2.6% |  |  |
| Pharmaceuticals - 2.6% |  |  |
| GSK PLC  | 3327798 | 65832790 |
| Roche Holding AG  | 988830 | 323334078 |
|  |  | 389166868 |
| Industrials - 0.3% |  |  |
| Trading Companies & Distributors - 0.3% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 314695 | 52885587 |
| Materials - 4.3% |  |  |
| Chemicals - 1.1% |  |  |
| Linde PLC  | 350414 | 158818137 |
| Construction Materials - 3.2% |  |  |
| CRH PLC  | 2938928 | 280432510 |
| Holcim AG  | 1789410 | 199962957 |
|  |  | 480395467 |
| TOTAL MATERIALS |  | 639213604 |
| TOTAL UNITED STATES |  | 1547601410 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,766,776,112) |  | <br> **14831237803** |

---

---

| | | |
|:---|:---|:---|
| &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 $59,824,335)<br>| 942477 | **38859111** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.8%** | &nbsp;&nbsp;**Money Market Funds - 7.8%** | &nbsp;&nbsp;**Money Market Funds - 7.8%** | &nbsp;&nbsp;**Money Market Funds - 7.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 509938702 | 510040690 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 656718313 | 656783985 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,166,824,675) |  |  | **1166824675** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.7%**<br> (Cost $10,993,425,122)<br>| <br>**16036921589** |
| **NET OTHER ASSETS (LIABILITIES) - (6.7)%**  | **(1012467467)** |
| **NET ASSETS - 100.0%** | **15024454122** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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 $88,625,160 or 0.6% 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 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 | 315643209 | 1942682077 | 1748284596 | 5290919 | - | - | 510040690 | 509938702 | 0.9% |
| Fidelity Securities Lending Cash Central Fund | 24880916 | 1391217223 | 759314154 | 348101 | - | - | 656783985 | 656718313 | 2.2% |
| Total | 340524125 | 3333899300 | 2507598750 | 5639020 | - | - | 1166824675 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 546098425 | 99803779 | 446294646 | - |
| Consumer Discretionary | 778104994 | 403552965 | 374552029 | - |
| Consumer Staples | 612026869 | - | 612026869 | - |
| Energy | 970165110 | 558402538 | 411762572 | - |
| Financials | 6182935916 | 1936872095 | 4246063821 | - |
| Health Care | 972642776 | 419804197 | 552838579 | - |
| Industrials | 2497147913 | 173673841 | 2323474072 | - |
| Information Technology | 445669760 | 136396832 | 309272928 | - |
| Materials | 1629404113 | 486341092 | 1143063021 | - |
| Real Estate | 87760421 | - | 87760421 | - |
| Utilities | 109281506 | 57437938 | 51843568 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 38859111 | - | 38859111 | - |
|  **Money Market Funds** | 1166824675 | 1166824675 | - | - |
| **Total Investments in Securities:** | 16036921589 | 5439109952 | 10597811637 | - |

---

**Fidelity® Series International Value Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $602,327,248) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,826,600,447) | $14870096914 |  |
| Fidelity Central Funds (cost $1,166,824,675) | 1166824675 |  |
| Total Investment in Securities (cost $10,993,425,122) |  | $16036921589 |
| Foreign currency held at value (cost $1,823,164) |  | 1811397 |
| Receivable for investments sold |  | 36700274 |
| Receivable for fund shares sold |  | 3839236 |
| Dividends receivable |  | 82189182 |
| Reclaims receivable |  | 55611224 |
| Interest receivable |  | 1640 |
| Distributions receivable from Fidelity Central Funds |  | 1462193 |
| Other receivables |  | 95425 |
| **Total assets** |  | 16218632160 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $54587343 |  |
| Delayed delivery | 2053730 |  |
| Payable for fund shares redeemed | 480394096 |  |
| Other payables and accrued expenses | 358885 |  |
| Collateral on securities loaned | 656783984 |  |
| **Total liabilities** |  | 1194178038 |
| **Net Assets**  |  | $15024454122 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9740967412 |
| Total accumulated earnings (loss) |  | 5283486710 |
| **Net Assets** |  | $15024454122 |
| **Net Asset Value**, offering price and redemption price per share ($15,024,454,122 ÷ 1,066,000,383 shares) |  | $14.09 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $228328965 |
| Non-Cash dividends |  | 75047823 |
| Interest  |  | 30085 |
| Income from Fidelity Central Funds (including $348,101 from security lending)  |  | 5639020 |
| Income before foreign taxes withheld |  | $309045893 |
| Less foreign taxes withheld |  | (10185848) |
| **Total income** |  | 298860045 |
| **Expenses** |  |  |
| Custodian fees and expenses | $405352 |  |
| Independent trustees' fees and expenses | 32412 |  |
| Interest | 13609 |  |
| **Total expenses** |  | 451373 |
| **Net Investment income (loss)** |  | 298408672 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 646155263 |  |
| Redemptions in-kind | 136045775 |  |
| Foreign currency transactions | (2609995) |  |
| Total net realized gain (loss) |  | 779591043 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 919004073 |  |
| Assets and liabilities in foreign currencies | 6376569 |  |
| Total change in net unrealized appreciation (depreciation) |  | 925380642 |
| **Net gain (loss)** |  | 1704971685 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2003380357 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $298408672 | $489556908 |
| &nbsp;&nbsp;Net realized gain (loss) | 779591043<br>| 874337714<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 925380642 | 1872943945<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2003380357<br>| 3236838567<br>|
| Distributions to shareholders | (633417316)<br>| (464306298)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1029387464 | 2566225333 |
| Reinvestment of distributions | 633417316<br>| 464306298<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3023546951) | (3574593160) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1360742171)<br>| (544061529)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9220870<br>| 2228470740<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15015233252 | 12786762512<br>|
| &nbsp;&nbsp;End of period | $15024454122 | $15015233252 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 80327002 | 209265440 |
| Issued in reinvestment of distributions | 51399480<br>| 41345609<br>|
| &nbsp;&nbsp;Redeemed | (231570778) | (286259687) |
| &nbsp;&nbsp;Net increase (decrease) | (99844296) | (35648638) |

---

**Financial Highlights** 

**Fidelity® Series International Value Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.88 | $10.64 | $9.24 | $11.62 | $8.25 | $9.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .40  | .37  | .42  | .43 C | .26  |
| Net realized and unrealized gain (loss)  | 1.51  | 2.22  | 1.36  | (2.24)  | 3.23  | (1.43)  |
| Total from investment operations  | 1.77  | 2.62  | 1.73  | (1.82)  | 3.66  | (1.17)  |
| Distributions from net investment income  | (.56)  | (.38)  | (.33)  | (.56)  | (.29)  | (.36)  |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.04)  |
| Total distributions  | (.56)  | (.38)  | (.33)  | (.56)  | (.29)  | (.40)  |
| Net asset value, end of period  | $14.09 | $12.88 | $10.64 | $9.24 | $11.62 | $8.25 |
| **Total Return** D,E | 14.35% <br>| 25.19%  | 18.99%  | (16.40)%  | 44.95%  | (12.55)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .01% H | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | .01% H<br>| .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01% H | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 4.04% H | 3.25%  | 3.42%  | 4.09%  | 3.97% C | 2.92%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15024454 | $15015233 | $12786763 | $12367978 | $15330482 | $11605710 |
| Portfolio turnover rate I | 33% H,J<br>| 33% J | 30% J | 31% J | 34%  | 36% 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 3.00%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld or foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable. Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value 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 or foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Fidelity Series Emerging Markets Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Series Emerging Markets Opportunities Fund** | 1,041,325 |
| **Fidelity Series International Growth Fund** | 79,645 |
| **Fidelity Series International Value Fund** | 95,425 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund and Fidelity Series International Growth Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses or Deferred taxes on each applicable Fund's Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Series Emerging Markets Fund** | 4229296872 | 1224491103 | (208017476) | 1016473627 |
| **Fidelity Series Emerging Markets Opportunities Fund**  | 16334586629 | 7043034324 | (1603397348) | 5439636976 |
| **Fidelity Series International Growth Fund**  | 9103736675 | 5933055150 | (208699962) | 5724355188 |
| **Fidelity Series International Small Cap Fund**  | 2806131414 | 1236393394 | (286907675) | 949485719 |
| **Fidelity Series International Value Fund** | 11277025819 | 5224452013 | (464556243) | 4759895770 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Series Emerging Markets Fund** | (496537375) | (17752209) | (514289584) |
| **Fidelity Series Emerging Markets Opportunities Fund**  | (1195026240) | (945266954) | (2140293194) |
| **Fidelity Series International Value Fund** | (418212570) | - | (418212570) |

---

**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. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period, unless an average notional amount is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Series Emerging Markets Opportunities Fund** | 5471177 |

---

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Emerging Markets Fund** | 2430230311 | 2933792583 |
| **Fidelity Series Emerging Markets Opportunities Fund** | 4493616841 | 6770731676 |
| **Fidelity Series International Growth Fund** | 1877975032 | 2442873471 |
| **Fidelity Series International Small Cap Fund** | 659078431 | 1121373445 |
| **Fidelity Series International Value Fund** | 2415169035 | 3466299474 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Series International Growth Fund** | 35969890 | 338431291 | 643426122 |
| **Fidelity Series International Value Fund** | 52080465 | 252285154 | 642076082 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Emerging Markets Fund** | 64 |
| **Fidelity Series Emerging Markets Opportunities Fund** | 21438 |
| **Fidelity Series International Growth Fund** | 2359 |
| **Fidelity Series International Small Cap Fund** | 580 |
| **Fidelity Series International Value Fund** | 1968 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Series Emerging Markets Opportunities Fund**  | Borrower | 50469000 | 4.59% | 12866 |
| **Fidelity Series International Growth Fund**  | Borrower | 16751000 | 4.67% | 10869 |
| **Fidelity Series International Value Fund** | Borrower | 106967000 | 4.58% | 13609 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below. During the period, there were no interfund trades.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Emerging Markets Fund** | 14489365 | 53310878 | 1212523 |
| **Fidelity Series Emerging Markets Opportunities Fund** | 17784279 | 143792259 | 55752258 |
| **Fidelity Series International Growth Fund** | 77706357 | 99144125 | 12586695 |
| **Fidelity Series International Small Cap Fund** | 10176005 | 77407210 | 26985753 |
| **Fidelity Series International Value Fund** | 40461503 | 150635903 | 18424790 |

---

**Affiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Series International Growth Fund** | 19336697 | 182426073 | 350057785 |
| **Fidelity Series International Value Fund** | 28248206 | 136045775 | 353801270 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Emerging Markets Fund** | 17691 | - | - |
| **Fidelity Series Emerging Markets Opportunities Fund** | 61726 | 1 | - |
| **Fidelity Series International Growth Fund** | 9179 | - | - |
| **Fidelity Series International Small Cap Fund** | 49861 | - | - |
| **Fidelity Series International Value Fund** | 26139 | - | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Fidelity Series Emerging Markets Fund** | .013% | 280166 |
| **Fidelity Series Emerging Markets Opportunities Fund** | .013% | 1398426 |

---

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Series Emerging Markets Fund**  | 8140 |
| **Fidelity Series International Growth Fund**  | 300 |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109438_4.jpg)<br>

1.907946.115 GSV-S-SANN-0625

**Fidelity® Infrastructure Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109475_1.jpg)

![](img109475_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ISF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Infrastructure Fund](#Sub_Sec_Fund_3488_ISF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3488_ISF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ISF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ISF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ISF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ISF-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Infrastructure Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.5%** | &nbsp;&nbsp;**Common Stocks - 93.5%** | &nbsp;&nbsp;**Common Stocks - 93.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.9%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| South Bow Corp  | 7400 | 182772 |
| Industrials - 0.6% |  |  |
| Ground Transportation - 0.6% |  |  |
| Canadian Pacific Kansas City Ltd (United States)  | 4894 | 354669 |
| TOTAL CANADA |  | 537441 |
| CHINA - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| Beijing Capital International Airport Co Ltd H Shares (a) | 1050000 | 379081 |
| FRANCE - 0.9%  |  |  |
| Utilities - 0.9% |  |  |
| Multi-Utilities - 0.9% |  |  |
| Engie SA  | 28400 | 585065 |
| GERMANY - 3.7%  |  |  |
| Utilities - 3.7% |  |  |
| Multi-Utilities - 3.7% |  |  |
| E.ON SE  | 130000 | 2273646 |
| ITALY - 1.0%  |  |  |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Enel SpA  | 70900 | 614630 |
| MEXICO - 4.2%  |  |  |
| Industrials - 4.2% |  |  |
| Transportation Infrastructure - 4.2% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR  | 11658 | 1037212 |
| Grupo Aeroportuario del Pacifico SAB de CV Class B ADR  | 6100 | 1253611 |
| Grupo Aeroportuario del Sureste SAB de CV Class B ADR  | 1000 | 316540 |
| TOTAL MEXICO |  | 2607363 |
| SPAIN - 10.0%  |  |  |
| Communication Services - 2.3% |  |  |
| Diversified Telecommunication Services - 2.3% |  |  |
| Cellnex Telecom SA (b)(c) | 35538 | 1438200 |
| Industrials - 4.1% |  |  |
| Transportation Infrastructure - 4.1% |  |  |
| Aena SME SA (b)(c) | 10099 | 2532960 |
| Utilities - 3.6% |  |  |
| Electric Utilities - 3.6% |  |  |
| Iberdrola SA  | 123200 | 2220786 |
| TOTAL SPAIN |  | 6191946 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 2400 | 400056 |
| UNITED KINGDOM - 8.3%  |  |  |
| Utilities - 8.3% |  |  |
| Electric Utilities - 2.5% |  |  |
| SSE PLC  | 69000 | 1555678 |
| Multi-Utilities - 5.8% |  |  |
| National Grid PLC  | 247804 | 3576829 |
| TOTAL UNITED KINGDOM |  | 5132507 |
| UNITED STATES - 63.4%  |  |  |
| Communication Services - 3.0% |  |  |
| Diversified Telecommunication Services - 2.0% |  |  |
| AT&T Inc  | 23100 | 639870 |
| Verizon Communications Inc  | 12800 | 563968 |
|  |  | 1203838 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 2600 | 642070 |
| TOTAL COMMUNICATION SERVICES |  | 1845908 |
| Energy - 6.4% |  |  |
| Oil, Gas & Consumable Fuels - 6.4% |  |  |
| Cheniere Energy Inc  | 8902 | 2057341 |
| Targa Resources Corp  | 4209 | 719318 |
| Williams Cos Inc/The  | 20837 | 1220423 |
|  |  | 3997082 |
| Industrials - 12.4% |  |  |
| Commercial Services & Supplies - 8.9% |  |  |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 42325 | 2112018 |
| Republic Services Inc  | 6680 | 1675009 |
| Waste Connections Inc (United States)  | 8758 | 1730844 |
|  |  | 5517871 |
| Construction & Engineering - 0.9% |  |  |
| Ferrovial SE  | 12564 | 610316 |
| Electrical Equipment - 1.3% |  |  |
| GE Vernova Inc  | 2200 | 815804 |
| Ground Transportation - 1.3% |  |  |
| Norfolk Southern Corp  | 1400 | 313670 |
| Union Pacific Corp  | 2160 | 465826 |
|  |  | 779496 |
| TOTAL INDUSTRIALS |  | 7723487 |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| NVIDIA Corp  | 11400 | 1241688 |
| Real Estate - 7.3% |  |  |
| Health Care REITs - 4.8% |  |  |
| Ventas Inc  | 21100 | 1478688 |
| Welltower Inc  | 9700 | 1480123 |
|  |  | 2958811 |
| Specialized REITs - 2.5% |  |  |
| American Tower Corp  | 7077 | 1595227 |
| TOTAL REAL ESTATE |  | 4554038 |
| Utilities - 32.3% |  |  |
| Electric Utilities - 20.6% |  |  |
| Duke Energy Corp  | 28900 | 3526379 |
| Entergy Corp  | 11000 | 914870 |
| Evergy Inc  | 8600 | 594260 |
| Exelon Corp  | 61600 | 2889040 |
| NextEra Energy Inc  | 15445 | 1032962 |
| PG&E Corp  | 66600 | 1100232 |
| PPL Corp  | 46200 | 1686300 |
| TXNM Energy Inc  | 18500 | 984200 |
|  |  | 12728243 |
| Multi-Utilities - 10.2% |  |  |
| Ameren Corp  | 6100 | 605364 |
| CenterPoint Energy Inc  | 36100 | 1399958 |
| Consolidated Edison Inc  | 14123 | 1592368 |
| NiSource Inc  | 12637 | 494233 |
| Sempra  | 30000 | 2228100 |
|  |  | 6320023 |
| Water Utilities - 1.5% |  |  |
| American Water Works Co Inc  | 6500 | 955565 |
| TOTAL UTILITIES |  | 20003831 |
| TOTAL UNITED STATES |  | 39366034 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $47,567,158) |  | <br> **58087769** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $4,402,099)<br>| 4.33 | 4401219 | **4402099** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $51,969,257)<br>| <br>**62489868** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(392823)** |
| **NET ASSETS - 100.0%** | **62097045** |

---

**Legend**

(a) Non-income producing

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,971,160 or 6.4% 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 $3,971,160 or 6.4% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 | 1962511 | 20050634 | 17611046 | 78262 | - | - | 4402099 | 4401219 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 4902564 | 4902564 | 60 | - | - | - | - | 0.0% |
| Total | 1962511 | 24953198 | 22513610 | 78322 | - | - | 4402099 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3284108 | 1845908 | 1438200 | - |
| Energy | 4179854 | 4179854 | - | - |
| Industrials | 13597560 | 13597560 | - | - |
| Information Technology | 1641744 | 1641744 | - | - |
| Real Estate | 4554038 | 4554038 | - | - |
| Utilities | 30830465 | 20588896 | 10241569 | - |
|  **Money Market Funds** | 4402099 | 4402099 | - | - |
| **Total Investments in Securities:** | 62489868 | 50810099 | 11679769 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $47,567,158) | $58087769 |  |
| Fidelity Central Funds (cost $4,402,099) | 4402099 |  |
| Total Investment in Securities (cost $51,969,257) |  | $62489868 |
| Cash |  | 161135 |
| Receivable for investments sold |  | 339782 |
| Receivable for fund shares sold |  | 268236 |
| Dividends receivable |  | 57694 |
| Distributions receivable from Fidelity Central Funds |  | 14374 |
| Prepaid expenses |  | 13 |
| Receivable from investment adviser for expense reductions |  | 2311 |
| **Total assets** |  | 63333413 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1131967 |  |
| Payable for fund shares redeemed | 38949 |  |
| Accrued management fee | 40740 |  |
| Other payables and accrued expenses | 24712 |  |
| **Total liabilities** |  | 1236368 |
| **Net Assets**  |  | $62097045 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $52990197 |
| Total accumulated earnings (loss) |  | 9106848 |
| **Net Assets** |  | $62097045 |
| **Net Asset Value**, offering price and redemption price per share ($62,097,045 ÷ 4,230,162 shares) |  | $14.68 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $581408 |
| Income from Fidelity Central Funds (including $60 from security lending)  |  | 78322 |
| Income before foreign taxes withheld |  | $659730 |
| Less foreign taxes withheld |  | (22482) |
| **Total income** |  | 637248 |
| **Expenses** |  |  |
| Management fee | $219174 |  |
| Custodian fees and expenses | 2669 |  |
| Independent trustees' fees and expenses | 107 |  |
| Registration fees | 9125 |  |
| Audit fees | 26216 |  |
| Legal | 493 |  |
| Miscellaneous | 78 |  |
| Total expenses before reductions | 257862 |  |
| Expense reductions | (4580) |  |
| Total expenses after reductions |  | 253282 |
| **Net Investment income (loss)** |  | 383966 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3372119 |  |
| Foreign currency transactions | (9078) |  |
| Total net realized gain (loss) |  | 3363041 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (250717) |  |
| Assets and liabilities in foreign currencies | (754) |  |
| Total change in net unrealized appreciation (depreciation) |  | (251471) |
| **Net gain (loss)** |  | 3111570 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3495536 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $383966 | $723986 |
| &nbsp;&nbsp;Net realized gain (loss) | 3363041<br>| 1231073<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (251471) | 9685725<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3495536<br>| 11640784<br>|
| Distributions to shareholders | (272372)<br>| (730570)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 21517396 | 6385371 |
| Reinvestment of distributions | 253366<br>| 680045<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (8064148) | (14732198) |
| **Net increase (decrease) in net assets resulting from share transactions** | 13706614<br>| (7666782)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 16929778<br>| 3243432<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 45167267 | 41923835<br>|
| &nbsp;&nbsp;End of period | $62097045 | $45167267 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1515841 | 498985 |
| Issued in reinvestment of distributions | 18109<br>| 54326<br>|
| &nbsp;&nbsp;Redeemed | (571002) | (1195991) |
| &nbsp;&nbsp;Net increase (decrease) | 962948 | (642680) |

---

**Financial Highlights** 

**Fidelity® Infrastructure Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.82 | $10.72 | $11.22 | $12.63 | $10.44 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .10  | .21  | .22  | .13 D | .07  | .17  |
| Net realized and unrealized gain (loss)  | .84  | 3.10  | (.47)  | (1.38)  | 2.21  | .31  |
| Total from investment operations  | .94  | 3.31  | (.25)  | (1.25)  | 2.28  | .48  |
| Distributions from net investment income  | (.08)  | (.21)  | (.25)  | (.16)  | (.09)  | (.04)  |
| Total distributions  | (.08)  | (.21)  | (.25)  | (.16)  | (.09)  | (.04)  |
| Net asset value, end of period  | $14.68 | $13.82 | $10.72 | $11.22 | $12.63 | $10.44 |
| **Total Return** E,F | 6.79% <br>| 31.13%  | (2.43)%  | (9.95)%  | 21.96%  | 4.79%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .97% I | 1.05%  | 1.15%  | 1.13%  | 1.24%  | 2.24% I |
| Expenses net of fee waivers, if any  | .95% I<br>| .95%  | .94%  | .98%  | 1.00%  | 1.00% I |
| Expenses net of all reductions, if any  | .95% I | .95%  | .94%  | .98%  | 1.00%  | .98% I |
| Net investment income (loss)  | 1.44% I | 1.68%  | 1.88%  | 1.08% D | .61%  | 1.67% I |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $62097 | $45167 | $41924 | $37356 | $46046 | $12762 |
| Portfolio turnover rate J | 146% I<br>| 74%  | 55%  | 91%  | 46%  | 50% I |

---

A*For the period November 5, 2019 (commencement of operations) through October 31, 2020.*

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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .86%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Infrastructure Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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** | $10909185 |
| **Gross unrealized depreciation** | <u>(569828)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$10339357</u> |
| **Tax cost** | <u>$52150511</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(4895178) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(4895178)</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 Infrastructure Fund** | 48577459 | 36708358 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Infrastructure Fund** | .87 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Infrastructure Fund** | .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 Infrastructure Fund** | 612 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Infrastructure Fund** | 946565 | 2183294 | 605989 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Infrastructure Fund** | 40 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Infrastructure Fund** | 6 | - | - |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $4,451.

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 $129.

**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.

---

| | |
|:---|:---|
|  | **VIP FundsManager 60% Portfolio** |
| **Fidelity Infrastructure Fund** | 11% |

---

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 Infrastructure Fund | 24% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109475_4.jpg)<br>

1.9896236.105 ISF-SANN-0625

**Fidelity® Sustainable International Equity Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109482_1.jpg)

![](img109482_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SIC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable International Equity Fund](#Sub_Sec_Fund_6462_SIC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6462_SIC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SIC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SIC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SIC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SIC-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Sustainable International Equity Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

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 - 3.6%  |  |  |
| Financials - 2.2% |  |  |
| Capital Markets - 1.1% |  |  |
| Macquarie Group Ltd  | 1157 | 142977 |
| Insurance - 1.1% |  |  |
| QBE Insurance Group Ltd  | 10011 | 138351 |
| TOTAL FINANCIALS |  | 281328 |
| Industrials - 0.9% |  |  |
| Commercial Services & Supplies - 0.9% |  |  |
| Brambles Ltd  | 8691 | 114214 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| IperionX Ltd (a) | 29781 | 68313 |
| TOTAL AUSTRALIA |  | 463855 |
| AUSTRIA - 1.0%  |  |  |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Wienerberger AG  | 3637 | 127231 |
| BELGIUM - 2.2%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| KBC Group NV  | 1024 | 94033 |
| Health Care - 1.5% |  |  |
| Pharmaceuticals - 1.5% |  |  |
| UCB SA  | 1060 | 193512 |
| TOTAL BELGIUM |  | 287545 |
| CANADA - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Cameco Corp  | 2371 | 107027 |
| DENMARK - 2.6%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Tryg A/S  | 2410 | 57498 |
| Health Care - 2.2% |  |  |
| Pharmaceuticals - 2.2% |  |  |
| Novo Nordisk A/S Series B  | 4175 | 279147 |
| TOTAL DENMARK |  | 336645 |
| FINLAND - 0.5%  |  |  |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Fortum Oyj  | 3541 | 59147 |
| FRANCE - 12.5%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Hermes International SCA  | 87 | 235652 |
| Consumer Staples - 3.1% |  |  |
| Food Products - 2.3% |  |  |
| Danone SA  | 3401 | 292644 |
| Personal Care Products - 0.8% |  |  |
| L'Oreal SA (a) | 255 | 112676 |
| TOTAL CONSUMER STAPLES |  | 405320 |
| Financials - 5.6% |  |  |
| Banks - 1.2% |  |  |
| BNP Paribas SA  | 1914 | 162172 |
| Capital Markets - 1.2% |  |  |
| Amundi SA (b)(c) | 1908 | 149898 |
| Insurance - 3.2% |  |  |
| AXA SA  | 8575 | 405563 |
| TOTAL FINANCIALS |  | 717633 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 1.1% |  |  |
| EssilorLuxottica SA  | 495 | 141704 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| Air Liquide SA  | 585 | 120205 |
| TOTAL FRANCE |  | 1620514 |
| GERMANY - 8.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| adidas AG  | 413 | 94369 |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 308 | 210860 |
| Health Care - 1.4% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Gerresheimer AG  | 228 | 15342 |
| Pharmaceuticals - 1.3% |  |  |
| Merck KGaA  | 1219 | 168338 |
| TOTAL HEALTH CARE |  | 183680 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 0.7% |  |  |
| Deutsche Post AG  | 2294 | 98018 |
| Industrial Conglomerates - 1.0% |  |  |
| Siemens AG  | 560 | 128946 |
| TOTAL INDUSTRIALS |  | 226964 |
| Information Technology - 2.9% |  |  |
| Software - 2.9% |  |  |
| SAP SE  | 1238 | 362225 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Instone Real Estate Group SE (b)(c) | 8557 | 78713 |
| TOTAL GERMANY |  | 1156811 |
| HONG KONG - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| AIA Group Ltd  | 27818 | 208438 |
| INDIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| HDFC Bank Ltd ADR  | 960 | 69781 |
| IRELAND - 1.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Dalata Hotel Group PLC  | 4285 | 24563 |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| Kerry Group PLC Class A  | 596 | 62960 |
| Industrials - 1.0% |  |  |
| Building Products - 1.0% |  |  |
| Kingspan Group PLC  | 1527 | 128529 |
| TOTAL IRELAND |  | 216052 |
| ITALY - 4.4%  |  |  |
| Financials - 4.0% |  |  |
| Banks - 4.0% |  |  |
| Intesa Sanpaolo SpA  | 27056 | 144433 |
| UniCredit SpA  | 6530 | 379921 |
|  |  | 524354 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 888 | 48780 |
| TOTAL ITALY |  | 573134 |
| JAPAN - 19.7%  |  |  |
| Consumer Discretionary - 4.8% |  |  |
| Broadline Retail - 0.0% |  |  |
| Pan Pacific International Holdings Corp  | 3 | 93 |
| Household Durables - 3.8% |  |  |
| Sony Group Corp  | 18494 | 487923 |
| Specialty Retail - 1.0% |  |  |
| Fast Retailing Co Ltd  | 422 | 138815 |
| TOTAL CONSUMER DISCRETIONARY |  | 626831 |
| Financials - 4.5% |  |  |
| Banks - 2.3% |  |  |
| Mizuho Financial Group Inc  | 2378 | 59456 |
| Sumitomo Mitsui Financial Group Inc  | 9947 | 237308 |
|  |  | 296764 |
| Financial Services - 1.5% |  |  |
| ORIX Corp  | 9544 | 191453 |
| Insurance - 0.7% |  |  |
| Tokio Marine Holdings Inc  | 2512 | 100687 |
| TOTAL FINANCIALS |  | 588904 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Hoya Corp  | 1489 | 175205 |
| Industrials - 7.7% |  |  |
| Industrial Conglomerates - 4.2% |  |  |
| Hitachi Ltd  | 21655 | 535214 |
| Trading Companies & Distributors - 3.5% |  |  |
| ITOCHU Corp  | 8814 | 450774 |
| TOTAL INDUSTRIALS |  | 985988 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Advantest Corp  | 1555 | 65055 |
| Tokyo Electron Ltd  | 768 | 114354 |
|  |  | 179409 |
| TOTAL JAPAN |  | 2556337 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc  | 773 | 96252 |
| NETHERLANDS - 8.0%  |  |  |
| Communication Services - 3.2% |  |  |
| Diversified Telecommunication Services - 2.5% |  |  |
| Koninklijke KPN NV  | 67823 | 315503 |
| Entertainment - 0.7% |  |  |
| Universal Music Group NV  | 3187 | 93715 |
| TOTAL COMMUNICATION SERVICES |  | 409218 |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| ING Groep NV  | 12526 | 243246 |
| Industrials - 1.6% |  |  |
| Professional Services - 1.6% |  |  |
| Wolters Kluwer NV  | 1155 | 203397 |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| ASML Holding NV  | 219 | 144515 |
| BE Semiconductor Industries NV  | 380 | 40569 |
|  |  | 185084 |
| TOTAL NETHERLANDS |  | 1040945 |
| NEW ZEALAND - 0.9%  |  |  |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Contact Energy Ltd  | 21567 | 113615 |
| SPAIN - 1.7%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Personal Care Products - 0.1% |  |  |
| Puig Brands SA Class B (a) | 400 | 7445 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| CaixaBank SA  | 10066 | 77148 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Iberdrola SA  | 7103 | 128038 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 269 | 2516 |
| EDP Renovaveis SA rights 5/5/2025 (a) | 269 | 27 |
|  |  | 2543 |
| TOTAL UTILITIES |  | 130581 |
| TOTAL SPAIN |  | 215174 |
| SWEDEN - 2.6%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 4860 | 143454 |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Indutrade AB  | 2449 | 66080 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Lagercrantz Group AB B Shares  | 5928 | 134439 |
| TOTAL SWEDEN |  | 343973 |
| SWITZERLAND - 2.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Cie Financiere Richemont SA Series A  | 726 | 128288 |
| Industrials - 1.0% |  |  |
| Electrical Equipment - 1.0% |  |  |
| ABB Ltd  | 2580 | 136252 |
| TOTAL SWITZERLAND |  | 264540 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 9863 | 278906 |
| UNITED KINGDOM - 11.7%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Compass Group PLC  | 6138 | 206942 |
| Household Durables - 0.2% |  |  |
| Bellway PLC  | 885 | 31632 |
| TOTAL CONSUMER DISCRETIONARY |  | 238574 |
| Consumer Staples - 1.8% |  |  |
| Food Products - 0.5% |  |  |
| Cranswick PLC  | 930 | 64201 |
| Personal Care Products - 1.3% |  |  |
| Unilever PLC  | 2647 | 168535 |
| TOTAL CONSUMER STAPLES |  | 232736 |
| Financials - 3.2% |  |  |
| Banks - 0.5% |  |  |
| NatWest Group PLC  | 11063 | 71160 |
| Capital Markets - 2.7% |  |  |
| 3i Group PLC  | 2785 | 157885 |
| London Stock Exchange Group PLC  | 1113 | 173307 |
|  |  | 331192 |
| TOTAL FINANCIALS |  | 402352 |
| Health Care - 2.1% |  |  |
| Pharmaceuticals - 2.1% |  |  |
| Astrazeneca PLC  | 1893 | 271204 |
| Industrials - 1.4% |  |  |
| Professional Services - 1.4% |  |  |
| RELX PLC  | 3287 | 179389 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Grainger PLC  | 15854 | 45426 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| National Grid PLC  | 9926 | 143273 |
| TOTAL UNITED KINGDOM |  | 1512954 |
| UNITED STATES - 8.1%  |  |  |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Alcon AG  | 1856 | 179135 |
| Industrials - 3.1% |  |  |
| Electrical Equipment - 2.3% |  |  |
| Schneider Electric SE  | 1247 | 291356 |
| Trading Companies & Distributors - 0.8% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 654 | 109907 |
| TOTAL INDUSTRIALS |  | 401263 |
| Materials - 3.6% |  |  |
| Chemicals - 0.9% |  |  |
| Linde PLC  | 254 | 115120 |
| Construction Materials - 2.7% |  |  |
| CRH PLC (United Kingdom)  | 3789 | 355189 |
| TOTAL MATERIALS |  | 470309 |
| TOTAL UNITED STATES |  | 1050707 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,343,372) |  | <br> **12699583** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d)<br>(Cost $249,447)<br>| 4.33 | 249398 | **249447** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $10,592,819)<br>| <br>**12949030** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **33831** |
| **NET ASSETS - 100.0%** | **12982861** |

---

**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 $228,611 or 1.8% of net assets.

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $228,611 or 1.8% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 245315 | 2828388 | 2824256 | 7842 | - | - | 249447 | 249398 | 0.0% |
| Total | 245315 | 2828388 | 2824256 | 7842 | - | - | 249447 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 409218 | - | 409218 | - |
| Consumer Discretionary | 1348277 | 386309 | 961968 | - |
| Consumer Staples | 708461 | 134606 | 573855 | - |
| Energy | 107027 | 107027 | - | - |
| Financials | 3619029 | 514664 | 3104365 | - |
| Health Care | 1423587 | 698031 | 725556 | - |
| Industrials | 2490856 | 507913 | 1982943 | - |
| Information Technology | 1236315 | 319523 | 916792 | - |
| Materials | 786058 | 597540 | 188518 | - |
| Real Estate | 124139 | 124139 | - | - |
| Utilities | 446616 | 61690 | 384926 | - |
|  **Money Market Funds** | 249447 | 249447 | - | - |
| **Total Investments in Securities:** | 12949030 | 3700889 | 9248141 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,343,372) | $12699583 |  |
| Fidelity Central Funds (cost $249,447) | 249447 |  |
| Total Investment in Securities (cost $10,592,819) |  | $12949030 |
| Cash |  | 4574 |
| Foreign currency held at value (cost $2,686) |  | 2671 |
| Receivable for fund shares sold |  | 12258 |
| Dividends receivable |  | 37575 |
| Reclaims receivable |  | 13156 |
| Distributions receivable from Fidelity Central Funds |  | 1059 |
| Prepaid expenses |  | 3 |
| Receivable from investment adviser for expense reductions |  | 21093 |
| **Total assets** |  | 13041419 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $10014 |  |
| Accrued management fee | 7685 |  |
| Distribution and service plan fees payable | 417 |  |
| Audit fee payable | 32261 |  |
| Custody fee payable | 3102 |  |
| Other payables and accrued expenses | 5079 |  |
| **Total liabilities** |  | 58558 |
| **Net Assets**  |  | $12982861 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11510509 |
| Total accumulated earnings (loss) |  | 1472352 |
| **Net Assets** |  | $12982861 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($326,099 ÷ 32,640 shares)(a) |  | $9.99 |
| Maximum offering price per share (100/94.25 of $9.99) |  | $10.60 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($372,683 ÷ 37,364 shares)(a) |  | $9.97 |
| Maximum offering price per share (100/96.50 of $9.97) |  | $10.33 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($279,391 ÷ 28,103 shares)(a) |  | $9.94 |
| **Fidelity Sustainable International Equity Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($11,152,284 ÷ 1,115,512 shares) |  | $10.00 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($260,318 ÷ 26,037 shares) |  | $10.00 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($592,086 ÷ 59,105 shares) |  | $10.02 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $132718 |
| Income from Fidelity Central Funds  |  | 7842 |
| Income before foreign taxes withheld |  | $140560 |
| Less foreign taxes withheld |  | (20359) |
| **Total income** |  | 120201 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $47561 |  |
| Performance adjustment | (3420) |  |
| Distribution and service plan fees | 2393 |  |
| Custodian fees and expenses | 10717 |  |
| Independent trustees' fees and expenses | 25 |  |
| Registration fees | 78847 |  |
| Audit fees | 37599 |  |
| Legal | 6 |  |
| Miscellaneous | 18 |  |
| Total expenses before reductions | 173746 |  |
| Expense reductions | (110766) |  |
| Total expenses after reductions |  | 62980 |
| **Net Investment income (loss)** |  | 57221 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (130008) |  |
| Foreign currency transactions | 2991 |  |
| Total net realized gain (loss) |  | (127017) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 579972 |  |
| Assets and liabilities in foreign currencies | 2621 |  |
| Total change in net unrealized appreciation (depreciation) |  | 582593 |
| **Net gain (loss)** |  | 455576 |
| **Net increase (decrease) in net assets resulting from operations** |  | $512797 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $57221 | $134016 |
| &nbsp;&nbsp;Net realized gain (loss) | (127017)<br>| (145407)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 582593 | 1874730<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 512797<br>| 1863339<br>|
| Distributions to shareholders | (205446)<br>| (119018)<br>|
| Share transactions - net increase (decrease) | 1928480<br>| 2209473<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2235831<br>| 3953794<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10747030 | 6793236<br>|
| &nbsp;&nbsp;End of period | $12982861 | $10747030 |

---

**Financial Highlights** 

**Fidelity Advisor® Sustainable International Equity Fund Class A**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.73 | $7.85 | $7.20 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .11  | .10  | .07  |
| Net realized and unrealized gain (loss)  | .37  | 1.89  | .58  | (2.87)  |
| Total from investment operations  | .41  | 2.00  | .68  | (2.80)  |
| Distributions from net investment income  | (.15)  | (.12)  | (.03)  | -  |
| Total distributions  | (.15)  | (.12)  | (.03)  | -  |
| Net asset value, end of period  | $9.99 | $9.73 | $7.85 | $7.20 |
| **Total Return** D,E,F | 4.29% <br>| 25.71%  | 9.43%  | (28.00)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 3.20% I | 3.09%  | 3.91%  | 7.77% I,J |
| Expenses net of fee waivers, if any  | 1.30% I<br>| 1.30%  | 1.29%  | 1.30% I |
| Expenses net of all reductions, if any  | 1.29% I | 1.29%  | 1.29%  | 1.28% I |
| Net investment income (loss)  | .76% I | 1.20%  | 1.23%  | 1.18% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $326 | $304 | $353 | $185 |
| Portfolio turnover rate K | 38% I<br>| 50%  | 36%  | 43% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable International Equity Fund Class M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.71 | $7.83 | $7.19 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .09  | .08  | .05  |
| Net realized and unrealized gain (loss)  | .38  | 1.89  | .57  | (2.86)  |
| Total from investment operations  | .40  | 1.98  | .65  | (2.81)  |
| Distributions from net investment income  | (.14)  | (.10)  | (.01)  | -  |
| Total distributions  | (.14)  | (.10)  | (.01)  | -  |
| Net asset value, end of period  | $9.97 | $9.71 | $7.83 | $7.19 |
| **Total Return** D,E,F | 4.12% <br>| 25.40%  | 9.08%  | (28.10)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 3.43% I | 3.06%  | 4.24%  | 8.02% I,J |
| Expenses net of fee waivers, if any  | 1.55% I<br>| 1.55%  | 1.55%  | 1.55% I |
| Expenses net of all reductions, if any  | 1.54% I | 1.54%  | 1.54%  | 1.55% I |
| Net investment income (loss)  | .51% I | .95%  | .98%  | .91% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $373 | $270 | $196 | $180 |
| Portfolio turnover rate K | 38% I<br>| 50%  | 36%  | 43% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable International Equity Fund Class C**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.64 | $7.78 | $7.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | - D | .04  | .04  | .02  |
| Net realized and unrealized gain (loss)  | .38  | 1.87  | .58  | (2.86)  |
| Total from investment operations  | .38  | 1.91  | .62  | (2.84)  |
| Distributions from net investment income  | (.08)  | (.05)  | -  | -  |
| Total distributions  | (.08)  | (.05)  | -  | -  |
| Net asset value, end of period  | $9.94 | $9.64 | $7.78 | $7.16 |
| **Total Return** E,F,G | 3.98% <br>| 24.60%  | 8.66%  | (28.40)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | 3.92% J | 3.53%  | 4.73%  | 8.51% J,K |
| Expenses net of fee waivers, if any  | 2.05% J<br>| 2.05%  | 2.04%  | 2.05% J |
| Expenses net of all reductions, if any  | 2.04% J | 2.04%  | 2.04%  | 2.05% J |
| Net investment income (loss)  | .01% J | .45%  | .48%  | .41% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $279 | $260 | $194 | $179 |
| Portfolio turnover rate L | 38% J<br>| 50%  | 36%  | 43% J |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Audit fees are not annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Sustainable International Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.75 | $7.87 | $7.21 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .14  | .12  | .08  |
| Net realized and unrealized gain (loss)  | .38  | 1.88  | .58  | (2.87)  |
| Total from investment operations  | .43  | 2.02  | .70  | (2.79)  |
| Distributions from net investment income  | (.18)  | (.14)  | (.04)  | -  |
| Total distributions  | (.18)  | (.14)  | (.04)  | -  |
| Net asset value, end of period  | $10.00 | $9.75 | $7.87 | $7.21 |
| **Total Return** D,E | 4.49% <br>| 25.98%  | 9.73%  | (27.90)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 2.93% H | 2.55%  | 3.72%  | 7.64% H,I |
| Expenses net of fee waivers, if any  | 1.05% H<br>| 1.05%  | 1.04%  | 1.05% H |
| Expenses net of all reductions, if any  | 1.04% H | 1.04%  | 1.04%  | 1.01% H |
| Net investment income (loss)  | 1.01% H | 1.45%  | 1.48%  | 1.45% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $11152 | $9326 | $5563 | $3908 |
| Portfolio turnover rate J | 38% H<br>| 50%  | 36%  | 43% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable International Equity Fund Class I**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.75 | $7.87 | $7.21 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .14  | .12  | .08  |
| Net realized and unrealized gain (loss)  | .38  | 1.88  | .58  | (2.87)  |
| Total from investment operations  | .43  | 2.02  | .70  | (2.79)  |
| Distributions from net investment income  | (.18)  | (.14)  | (.04)  | -  |
| Total distributions  | (.18)  | (.14)  | (.04)  | -  |
| Net asset value, end of period  | $10.00 | $9.75 | $7.87 | $7.21 |
| **Total Return** D,E | 4.48% <br>| 25.98%  | 9.73%  | (27.90)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 2.93% H | 2.60%  | 3.74%  | 7.52% H,I |
| Expenses net of fee waivers, if any  | 1.05% H<br>| 1.05%  | 1.04%  | 1.05% H |
| Expenses net of all reductions, if any  | 1.04% H | 1.04%  | 1.04%  | 1.03% H |
| Net investment income (loss)  | 1.01% H | 1.45%  | 1.48%  | 1.43% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $260 | $249 | $199 | $180 |
| Portfolio turnover rate J | 38% H<br>| 50%  | 36%  | 43% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable International Equity Fund Class Z**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.79 | $7.89 | $7.22 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .06  | .15  | .14  | .09  |
| Net realized and unrealized gain (loss)  | .38  | 1.89  | .57  | (2.87)  |
| Total from investment operations  | .44  | 2.04  | .71  | (2.78)  |
| Distributions from net investment income  | (.21)  | (.14)  | (.04)  | -  |
| Total distributions  | (.21)  | (.14)  | (.04)  | -  |
| Net asset value, end of period  | $10.02 | $9.79 | $7.89 | $7.22 |
| **Total Return** D,E | 4.56% <br>| 26.18%  | 9.86%  | (27.80)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 2.96% H | 2.48%  | 3.56%  | 7.46% H,I |
| Expenses net of fee waivers, if any  | .90% H<br>| .90%  | .89%  | .90% H |
| Expenses net of all reductions, if any  | .89% H | .89%  | .89%  | .90% H |
| Net investment income (loss)  | 1.16% H | 1.60%  | 1.63%  | 1.56% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $592 | $338 | $287 | $181 |
| Portfolio turnover rate J | 38% H<br>| 50%  | 36%  | 43% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable International Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2480480 |
| **Gross unrealized depreciation** | <u>(293646)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2186834</u> |
| **Tax cost** | <u>$10762196</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(413102) |
| Long-term | <u>(264573)</u> |
| **Total capital loss carryforward** | <u>$(677675)</u> |

---

Due to large subscriptions in a prior period, $234,418 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $74,614 per year. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Sustainable International Equity Fund** | 3902350 | 2132704 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .82 |
| **Class M** | .79 |
| **Class C** | .78 |
| **Fidelity Sustainable International Equity Fund** | .88 |
| **Class I** | .79 |
| **Class Z** | .73 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .82 |
| **Class M** | .79 |
| **Class C** | .78 |
| **Fidelity Sustainable International Equity Fund** | .82 |
| **Class I** | .79 |
| **Class Z** | .73 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Sustainable International Equity Fund** | MSCI EAFE Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable International Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.06)%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 384 | 311 |
| **Class M** | .25% | .25% | 704 | 615 |
| **Class C** | .75% | .25% | <u>1305</u> | <u>1242</u> |
|  |  |  | <u>2393</u> | <u>2168</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** | 15 |
| **Class M** | <u>6</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>21</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Sustainable International Equity Fund** | 1 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Sustainable International Equity Fund** | 220604 | 221682 | (22238) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Sustainable International Equity Fund** | 9 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.30% | 2917 |
| **Class M** | 1.55% | 2657 |
| **Class C** | 2.05% | 2441 |
| **Fidelity Sustainable International Equity Fund** | 1.05% | 94067 |
| **Class I** | 1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2351</u> |
| **Class Z** | .90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6012</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>110445</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $321.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable International Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $4752 | $5401 |
| Class M | 3796 | 2380 |
| Class C | 2180 | 1175 |
| Fidelity Sustainable International Equity Fund | 176943 | 101474 |
| Class I | 4626 | 3624 |
| Class Z | <u>13149</u> | <u>4964</u> |
| Total  | <u>$205446</u> | <u>$119018</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable International Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 972 | 1441 | $8853 | $13785 |
| Reinvestment of distributions | 491 | 639 | 4752 | 5401 |
| Shares redeemed | <u>(81)</u> | <u>(15789)</u> | <u>(766)</u> | <u>(146263)</u> |
| Net increase (decrease) | <u>1382</u> | <u>(13709)</u> | <u>$12839</u> | <u>$(127077)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 9133 | 2507 | $84031 | $22745 |
| Reinvestment of distributions | 393 | 282 | 3796 | 2380 |
| Shares redeemed | <u>-</u> | <u>-</u> | <u>(2)</u> | <u>-</u> |
| Net increase (decrease) | <u>9526</u> | <u>2789</u> | <u>$87825</u> | <u>$25125</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1084 | 3893 | $10138 | $35587 |
| Reinvestment of distributions | 226 | 139 | 2180 | 1175 |
| Shares redeemed | <u>(121)</u> | <u>(2118)</u> | <u>(1201)</u> | <u>(21010)</u> |
| Net increase (decrease) | <u>1189</u> | <u>1914</u> | <u>$11117</u> | <u>$15752</u> |
| **Fidelity Sustainable International Equity Fund** |  |  |  |  |
| Shares sold | 281802 | 418526 | $2732466 | $3910879 |
| Reinvestment of distributions | 16573 | 10727 | 160261 | 90641 |
| Shares redeemed | <u>(139424)</u> | <u>(179394)</u> | <u>(1323786)</u> | <u>(1694395)</u> |
| Net increase (decrease) | <u>158951</u> | <u>249859</u> | <u>$1568941</u> | <u>$2307125</u> |
| **Class I** |  |  |  |  |
| Shares sold | - | - | $4 | $- |
| Reinvestment of distributions | 478 | 429 | 4626 | 3624 |
| Shares redeemed | <u>-</u> | <u>(210)</u> | <u>(4)</u> | <u>(1824)</u> |
| Net increase (decrease) | <u>478</u> | <u>219</u> | <u>$4626</u> | <u>$1800</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 29733 | 3678 | $294760 | $34253 |
| Reinvestment of distributions | 1158 | 424 | 11208 | 3594 |
| Shares redeemed | <u>(6342)</u> | <u>(5981)</u> | <u>(62836)</u> | <u>(51099)</u> |
| Net increase (decrease) | <u>24549</u> | <u>(1879)</u> | <u>$243132</u> | <u>$(13252)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Sustainable International Equity Fund  | 11% |

---

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Fidelity Sustainable Multi-Asset Fund** |
| Fidelity Sustainable International Equity Fund | 41% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109482_4.jpg)<br>

1.9904430.103 SIC-SANN-0625

**Fidelity® Sustainable Emerging Markets Equity Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109483_1.jpg)

![](img109483_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MAR-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable Emerging Markets Equity Fund](#Sub_Sec_Fund_6468_MAR-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6468_MAR-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MAR-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MAR-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MAR-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MAR-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Sustainable Emerging Markets Equity Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 5.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Household Durables - 0.4% |  |  |
| Cury Construtora e Incorporadora SA  | 5485 | 26627 |
| Financials - 2.1% |  |  |
| Banks - 1.6% |  |  |
| Itau Unibanco Holding SA  | 10846 | 67999 |
| NU Holdings Ltd/Cayman Islands Class A (a) | 3019 | 37526 |
|  |  | 105525 |
| Capital Markets - 0.5% |  |  |
| Banco BTG Pactual SA unit  | 5347 | 35906 |
| TOTAL FINANCIALS |  | 141431 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Hapvida Participacoes e Investimentos S/A (a)(b)(c) | 113812 | 46526 |
| Industrials - 2.1% |  |  |
| Electrical Equipment - 0.8% |  |  |
| WEG SA  | 7062 | 55548 |
| Ground Transportation - 1.3% |  |  |
| Localiza Rent a Car SA  | 11462 | 86766 |
| TOTAL INDUSTRIALS |  | 142314 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Gerdau SA ADR  | 12329 | 32179 |
| Vale SA ADR  | 1206 | 11228 |
|  |  | 43407 |
| TOTAL BRAZIL |  | 400305 |
| CHINA - 29.2%  |  |  |
| Communication Services - 7.6% |  |  |
| Entertainment - 0.5% |  |  |
| Netease Inc ADR  | 203 | 21734 |
| Tencent Music Entertainment Group Class A ADR  | 996 | 13366 |
|  |  | 35100 |
| Interactive Media & Services - 7.1% |  |  |
| Tencent Holdings Ltd  | 7891 | 483331 |
| TOTAL COMMUNICATION SERVICES |  | 518431 |
| Consumer Discretionary - 10.9% |  |  |
| Automobiles - 2.3% |  |  |
| BYD Co Ltd H Shares  | 3335 | 158400 |
| Li Auto Inc ADR (a) | 79 | 1927 |
|  |  | 160327 |
| Broadline Retail - 6.2% |  |  |
| Alibaba Group Holding Ltd  | 19099 | 285150 |
| Alibaba Group Holding Ltd ADR  | 380 | 45383 |
| JD.com Inc ADR  | 744 | 24269 |
| PDD Holdings Inc Class A ADR (a) | 611 | 64503 |
|  |  | 419305 |
| Diversified Consumer Services - 0.3% |  |  |
| TAL Education Group Class A ADR (a) | 2113 | 18488 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Meituan B Shares (a)(b)(c) | 2085 | 34522 |
| Trip.com Group Ltd ADR  | 415 | 24481 |
| Yum China Holdings Inc  | 764 | 33089 |
|  |  | 92092 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| ANTA Sports Products Ltd  | 4365 | 51751 |
| TOTAL CONSUMER DISCRETIONARY |  | 741963 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.7% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 212 | 45114 |
| Financials - 5.3% |  |  |
| Banks - 3.8% |  |  |
| China Construction Bank Corp H Shares  | 186870 | 153725 |
| China Merchants Bank Co Ltd H Shares  | 13396 | 73323 |
| Industrial & Commercial Bank of China Ltd H Shares  | 51883 | 35589 |
|  |  | 262637 |
| Insurance - 1.5% |  |  |
| China Life Insurance Co Ltd H Shares  | 5211 | 9541 |
| PICC Property & Casualty Co Ltd H Shares  | 7426 | 13692 |
| Ping An Insurance Group Co of China Ltd H Shares  | 12948 | 77495 |
|  |  | 100728 |
| TOTAL FINANCIALS |  | 363365 |
| Health Care - 1.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Zai Lab Ltd (a) | 3075 | 9795 |
| Zai Lab Ltd ADR (a) | 1006 | 31880 |
|  |  | 41675 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 871 | 26311 |
| Pharmaceuticals - 0.6% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 12581 | 39095 |
| TOTAL HEALTH CARE |  | 107081 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 562 | 17948 |
| Machinery - 0.2% |  |  |
| Zhejiang Dingli Machinery Co Ltd A Shares (China)  | 2265 | 13538 |
| TOTAL INDUSTRIALS |  | 31486 |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 5188 | 22057 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Xiaomi Corp B Shares (a)(b)(c) | 12563 | 80431 |
| TOTAL INFORMATION TECHNOLOGY |  | 102488 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 18007 | 39424 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| KE Holdings Inc ADR  | 1299 | 26370 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| ENN Energy Holdings Ltd  | 1842 | 14541 |
| TOTAL CHINA |  | 1990263 |
| GREECE - 1.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| OPAP SA  | 557 | 12349 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 14408 | 40890 |
| National Bank of Greece SA  | 3771 | 39704 |
|  |  | 80594 |
| TOTAL GREECE |  | 92943 |
| HUNGARY - 2.2%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| OTP Bank Nyrt  | 1347 | 99158 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Richter Gedeon Nyrt  | 1698 | 51368 |
| TOTAL HUNGARY |  | 150526 |
| INDIA - 15.2%  |  |  |
| Communication Services - 2.0% |  |  |
| Wireless Telecommunication Services - 2.0% |  |  |
| Bharti Airtel Ltd  | 6138 | 135210 |
| Consumer Discretionary - 2.1% |  |  |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Eternal Ltd (a) | 37354 | 102099 |
| MakeMyTrip Ltd (a) | 388 | 40670 |
|  |  | 142769 |
| Energy - 2.5% |  |  |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| Reliance Industries Ltd  | 10132 | 168007 |
| Financials - 5.3% |  |  |
| Banks - 4.9% |  |  |
| Axis Bank Ltd  | 5196 | 72786 |
| HDFC Bank Ltd  | 5185 | 117612 |
| HDFC Bank Ltd ADR  | 625 | 45431 |
| ICICI Bank Ltd  | 5674 | 95247 |
|  |  | 331076 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (b)(c) | 3238 | 28429 |
| TOTAL FINANCIALS |  | 359505 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Mankind Pharma Ltd (a) | 432 | 12576 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Hindustan Aeronautics Ltd (c) | 1172 | 62065 |
| Construction & Engineering - 0.5% |  |  |
| Larsen & Toubro Ltd  | 850 | 33600 |
| Professional Services - 0.8% |  |  |
| Computer Age Management Services Ltd  | 1246 | 57377 |
| TOTAL INDUSTRIALS |  | 153042 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| Infosys Ltd ADR  | 1902 | 33475 |
| Tata Consultancy Services Ltd  | 740 | 30166 |
|  |  | 63641 |
| TOTAL INDIA |  | 1034750 |
| INDONESIA - 2.7%  |  |  |
| Financials - 2.7% |  |  |
| Banks - 2.7% |  |  |
| Bank Central Asia Tbk PT  | 198478 | 105529 |
| Bank Mandiri Persero Tbk PT  | 52036 | 15367 |
| Bank Rakyat Indonesia Persero Tbk PT  | 54465 | 12614 |
| Bank Syariah Indonesia Tbk PT  | 294181 | 50597 |
| TOTAL INDONESIA |  | 184107 |
| KOREA (SOUTH) - 9.1%  |  |  |
| Communication Services - 1.2% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| KT Corp  | 1662 | 60610 |
| Interactive Media & Services - 0.3% |  |  |
| NAVER Corp  | 167 | 23449 |
| TOTAL COMMUNICATION SERVICES |  | 84059 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| Hyundai Motor Co  | 287 | 38379 |
| Kia Corp  | 470 | 29809 |
|  |  | 68188 |
| Financials - 0.9% |  |  |
| Banks - 0.3% |  |  |
| KB Financial Group Inc  | 403 | 25417 |
| Insurance - 0.6% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 143 | 37650 |
| TOTAL FINANCIALS |  | 63067 |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.6% |  |  |
| Samsung Biologics Co Ltd (a)(b)(c) | 54 | 39882 |
| Information Technology - 5.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| SK Hynix Inc  | 825 | 102727 |
| Technology Hardware, Storage & Peripherals - 3.9% |  |  |
| Samsung Electronics Co Ltd  | 6766 | 263451 |
| TOTAL INFORMATION TECHNOLOGY |  | 366178 |
| TOTAL KOREA (SOUTH) |  | 621374 |
| MALAYSIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| CIMB Group Holdings Bhd  | 26193 | 43268 |
| MEXICO - 4.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 3751 | 11888 |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| Grupo Financiero Banorte SAB de CV  | 12481 | 107254 |
| Regional SAB de CV  | 1968 | 13780 |
|  |  | 121034 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Genomma Lab Internacional SAB de CV  | 40052 | 47077 |
| Industrials - 0.6% |  |  |
| Transportation Infrastructure - 0.6% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 1290 | 14244 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 525 | 10659 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 455 | 14414 |
|  |  | 39317 |
| Real Estate - 0.9% |  |  |
| Real Estate Management & Development - 0.9% |  |  |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 2129 | 58377 |
| TOTAL MEXICO |  | 277693 |
| PERU - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Credicorp Ltd  | 247 | 49941 |
| PHILIPPINES - 0.7%  |  |  |
| Industrials - 0.6% |  |  |
| Transportation Infrastructure - 0.6% |  |  |
| International Container Terminal Services Inc  | 6576 | 40266 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 19079 | 8568 |
| TOTAL PHILIPPINES |  | 48834 |
| POLAND - 1.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.2% |  |  |
| Allegro.eu SA (a)(b)(c) | 1520 | 13256 |
| Specialty Retail - 0.1% |  |  |
| CCC SA (a) | 156 | 8977 |
| TOTAL CONSUMER DISCRETIONARY |  | 22233 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 3468 | 66408 |
| TOTAL POLAND |  | 88641 |
| SAUDI ARABIA - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Al Rajhi Bank  | 2365 | 61411 |
| Alinma Bank  | 1189 | 9193 |
| Saudi National Bank/The  | 1323 | 12592 |
| TOTAL SAUDI ARABIA |  | 83196 |
| SINGAPORE - 0.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Sea Ltd Class A ADR (a) | 327 | 43834 |
| SOUTH AFRICA - 4.0%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| MTN Group Ltd  | 2594 | 17112 |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.1% |  |  |
| Naspers Ltd Class N  | 296 | 77851 |
| Specialty Retail - 0.5% |  |  |
| Pepkor Holdings Ltd (b)(c) | 23790 | 34301 |
| TOTAL CONSUMER DISCRETIONARY |  | 112152 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Shoprite Holdings Ltd  | 2207 | 33878 |
| Financials - 1.0% |  |  |
| Banks - 0.8% |  |  |
| Absa Group Ltd  | 1318 | 12099 |
| Capitec Bank Holdings Ltd  | 141 | 26091 |
| Standard Bank Group Ltd  | 1258 | 15671 |
|  |  | 53861 |
| Financial Services - 0.2% |  |  |
| FirstRand Ltd  | 4210 | 16438 |
| TOTAL FINANCIALS |  | 70299 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Impala Platinum Holdings Ltd (a) | 6725 | 39994 |
| TOTAL SOUTH AFRICA |  | 273435 |
| TAIWAN - 16.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| International Games System Co Ltd  | 506 | 13092 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| E.Sun Financial Holding Co Ltd  | 18194 | 16105 |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Hiwin Technologies Corp  | 4851 | 33419 |
| Information Technology - 15.2% |  |  |
| Communications Equipment - 0.6% |  |  |
| Accton Technology Corp  | 2197 | 40840 |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Chroma ATE Inc  | 3255 | 29695 |
| E Ink Holdings Inc  | 2466 | 17192 |
| Hon Hai Precision Industry Co Ltd  | 12853 | 57150 |
|  |  | 104037 |
| Semiconductors & Semiconductor Equipment - 13.1% |  |  |
| ASE Technology Holding Co Ltd  | 14225 | 60495 |
| eMemory Technology Inc  | 662 | 53199 |
| MediaTek Inc  | 2502 | 106105 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 23654 | 668888 |
|  |  | 888687 |
| TOTAL INFORMATION TECHNOLOGY |  | 1033564 |
| TOTAL TAIWAN |  | 1096180 |
| THAILAND - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| SCB X PCL  | 4867 | 17345 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bumrungrad Hospital Pcl  | 1213 | 5977 |
| TOTAL THAILAND |  | 23322 |
| UNITED ARAB EMIRATES - 1.6%  |  |  |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| ADNOC Drilling Co PJSC  | 34525 | 46058 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 8040 | 25479 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Emaar Properties PJSC  | 10672 | 38062 |
| TOTAL UNITED ARAB EMIRATES |  | 109599 |
| UNITED KINGDOM - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Anglogold Ashanti Plc  | 885 | 37312 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,905,646) |  | <br> **6649523** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d)<br>(Cost $185,707)<br>| 4.33 | 185669 | **185706** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $6,091,353)<br>| <br>**6835229** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(3760)** |
| **NET ASSETS - 100.0%** | **6831469** |

---

**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 $316,442 or 4.6% of net assets.

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $378,507 or 5.5% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 323002 | 1104817 | 1242112 | 5960 | - | (1) | 185706 | 185669 | 0.0% |
| Total | 323002 | 1104817 | 1242112 | 5960 | - | (1) | 185706 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 811738 | 96046 | 715692 | - |
| Consumer Discretionary | 1126281 | 477922 | 648359 | - |
| Consumer Staples | 90880 | 45766 | 45114 | - |
| Energy | 214065 | 46058 | 168007 | - |
| Financials | 1784302 | 1027951 | 756351 | - |
| Health Care | 310487 | 215946 | 94541 | - |
| Industrials | 439844 | 181631 | 258213 | - |
| Information Technology | 1565871 | 33475 | 1532396 | - |
| Materials | 160137 | 120143 | 39994 | - |
| Real Estate | 131377 | 122809 | 8568 | - |
| Utilities | 14541 | - | 14541 | - |
|  **Money Market Funds** | 185706 | 185706 | - | - |
| **Total Investments in Securities:** | 6835229 | 2553453 | 4281776 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,905,646) | $6649523 |  |
| Fidelity Central Funds (cost $185,707) | 185706 |  |
| Total Investment in Securities (cost $6,091,353) |  | $6835229 |
| Cash |  | 34907 |
| Foreign currency held at value (cost $15,910) |  | 15913 |
| Receivable for investments sold |  | 16503 |
| Receivable for fund shares sold |  | 4940 |
| Dividends receivable |  | 9237 |
| Distributions receivable from Fidelity Central Funds |  | 948 |
| Prepaid expenses |  | 2 |
| Receivable from investment adviser for expense reductions |  | 19574 |
| Other receivables |  | 966 |
| **Total assets** |  | 6938219 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $35668 |  |
| Payable for fund shares redeemed | 235 |  |
| Accrued management fee | 5094 |  |
| Distribution and service plan fees payable | 346 |  |
| Deferred taxes | 18928 |  |
| Audit fee payable | 35483 |  |
| Custody fee payable | 10176 |  |
| Other payables and accrued expenses | 820 |  |
| **Total liabilities** |  | 106750 |
| **Net Assets**  |  | $6831469 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6733308 |
| Total accumulated earnings (loss) |  | 98161 |
| **Net Assets** |  | $6831469 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($305,573 ÷ 33,667 shares)(a) |  | $9.08 |
| Maximum offering price per share (100/94.25 of $9.08) |  | $9.63 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($247,687 ÷ 27,327 shares)(a) |  | $9.06 |
| Maximum offering price per share (100/96.50 of $9.06) |  | $9.39 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($232,084 ÷ 25,698 shares)(a) |  | $9.03 |
| **Fidelity Sustainable Emerging Markets Equity Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,210,510 ÷ 573,857 shares) |  | $9.08 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($252,510 ÷ 27,797 shares) |  | $9.08 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($583,105 ÷ 64,003 shares) |  | $9.11 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $70089 |
| Income from Fidelity Central Funds  |  | 5960 |
| Income before foreign taxes withheld |  | $76049 |
| Less foreign taxes withheld |  | (8464) |
| **Total income** |  | 67585 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $29261 |  |
| Performance adjustment | (81) |  |
| Distribution and service plan fees | 2107 |  |
| Custodian fees and expenses | 15570 |  |
| Independent trustees' fees and expenses | 14 |  |
| Registration fees | 76511 |  |
| Audit fees | 57389 |  |
| Legal | 3 |  |
| Miscellaneous | 10 |  |
| Total expenses before reductions | 180784 |  |
| Expense reductions | (139223) |  |
| Total expenses after reductions |  | 41561 |
| **Net Investment income (loss)** |  | 26024 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,168)  | (115493) |  |
| Foreign currency transactions | (2340) |  |
| Futures contracts | 6198 |  |
| Total net realized gain (loss) |  | (111635) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,417)  | 130583 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 135 |  |
| Futures contracts | 2487 |  |
| Total change in net unrealized appreciation (depreciation) |  | 133204 |
| **Net gain (loss)** |  | 21569 |
| **Net increase (decrease) in net assets resulting from operations** |  | $47593 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $26024 | $65526 |
| &nbsp;&nbsp;Net realized gain (loss) | (111635)<br>| 325105<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 133204 | 716674<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 47593<br>| 1107305<br>|
| Distributions to shareholders | (76282)<br>| (77705)<br>|
| Share transactions - net increase (decrease) | 443939<br>| 1255113<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 415250<br>| 2284713<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6416219 | 4131506<br>|
| &nbsp;&nbsp;End of period | $6831469 | $6416219 |

---

**Financial Highlights** 

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.10 | $7.36 | $6.55 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .03  | .09  | .08  | .03  |
| Net realized and unrealized gain (loss)  | .04  | 1.77  | .77  | (3.48)  |
| Total from investment operations  | .07  | 1.86  | .85  | (3.45)  |
| Distributions from net investment income  | (.09)  | (.12)  | (.04)  | -  |
| Total distributions  | (.09)  | (.12)  | (.04)  | -  |
| Net asset value, end of period  | $9.08 | $9.10 | $7.36 | $6.55 |
| **Total Return** D,E,F | .75% <br>| 25.58%  | 12.93%  | (34.50)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 5.90% I | 4.98%  | 6.44%  | 8.77% I,J |
| Expenses net of fee waivers, if any  | 1.50% I<br>| 1.50%  | 1.49%  | 1.57% I |
| Expenses net of all reductions, if any  | 1.49% I | 1.49%  | 1.48%  | 1.56% I |
| Net investment income (loss)  | .61% I | 1.01%  | 1.06%  | .51% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $306 | $308 | $224 | $164 |
| Portfolio turnover rate K | 85% I<br>| 108%  | 119%  | 84% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.08 | $7.35 | $6.54 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .06  | .06  | .01  |
| Net realized and unrealized gain (loss)  | .03  | 1.77  | .77  | (3.47)  |
| Total from investment operations  | .05  | 1.83  | .83  | (3.46)  |
| Distributions from net investment income  | (.07)  | (.10)  | (.02)  | -  |
| Total distributions  | (.07)  | (.10)  | (.02)  | -  |
| Net asset value, end of period  | $9.06 | $9.08 | $7.35 | $6.54 |
| **Total Return** D,E,F | .59% <br>| 25.18%  | 12.65%  | (34.60)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 6.09% I | 5.14%  | 6.57%  | 9.01% I,J |
| Expenses net of fee waivers, if any  | 1.75% I<br>| 1.75%  | 1.74%  | 1.82% I |
| Expenses net of all reductions, if any  | 1.74% I | 1.74%  | 1.73%  | 1.82% I |
| Net investment income (loss)  | .36% I | .76%  | .81%  | .26% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $248 | $245 | $184 | $164 |
| Portfolio turnover rate K | 85% I<br>| 108%  | 119%  | 84% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class C**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.03 | $7.30 | $6.52 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | .02  | .02  | (.01)  |
| Net realized and unrealized gain (loss)  | .04  | 1.77  | .76  | (3.47)  |
| Total from investment operations  | .03  | 1.79  | .78  | (3.48)  |
| Distributions from net investment income  | (.03)  | (.06)  | -  | -  |
| Total distributions  | (.03)  | (.06)  | -  | -  |
| Net asset value, end of period  | $9.03 | $9.03 | $7.30 | $6.52 |
| **Total Return** D,E,F | .30% <br>| 24.71%  | 11.96%  | (34.80)%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |
| Expenses before reductions  | 6.58% I | 5.70%  | 7.07%  | 9.51% I,J |
| Expenses net of fee waivers, if any  | 2.25% I<br>| 2.25%  | 2.25%  | 2.32% I |
| Expenses net of all reductions, if any  | 2.24% I | 2.24%  | 2.24%  | 2.32% I |
| Net investment income (loss)  | (.14)% I | .26%  | .31%  | (.24)% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $232 | $231 | $185 | $163 |
| Portfolio turnover rate K | 85% I<br>| 108%  | 119%  | 84% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Calculated based on average shares outstanding during the period.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Sustainable Emerging Markets Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.12 | $7.38 | $6.57 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .11  | .10  | .05  |
| Net realized and unrealized gain (loss)  | .04  | 1.77  | .76  | (3.48)  |
| Total from investment operations  | .08  | 1.88  | .86  | (3.43)  |
| Distributions from net investment income  | (.12)  | (.14)  | (.05)  | -  |
| Total distributions  | (.12)  | (.14)  | (.05)  | -  |
| Net asset value, end of period  | $9.08 | $9.12 | $7.38 | $6.57 |
| **Total Return** D,E | .85% <br>| 25.84%  | 13.11%  | (34.30)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 5.54% H | 4.63%  | 6.16%  | 8.07% H,I |
| Expenses net of fee waivers, if any  | 1.25% H<br>| 1.25%  | 1.25%  | 1.25% H |
| Expenses net of all reductions, if any  | 1.24% H | 1.24%  | 1.24%  | 1.25% H |
| Net investment income (loss)  | .86% H | 1.26%  | 1.31%  | .83% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $5211 | $4724 | $2947 | $2082 |
| Portfolio turnover rate J | 85% H<br>| 108%  | 119%  | 84% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class I**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.12 | $7.38 | $6.57 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .11  | .10  | .04  |
| Net realized and unrealized gain (loss)  | .03  | 1.77  | .76  | (3.47)  |
| Total from investment operations  | .07  | 1.88  | .86  | (3.43)  |
| Distributions from net investment income  | (.11)  | (.14)  | (.05)  | -  |
| Total distributions  | (.11)  | (.14)  | (.05)  | -  |
| Net asset value, end of period  | $9.08 | $9.12 | $7.38 | $6.57 |
| **Total Return** D,E | .82% <br>| 25.84%  | 13.11%  | (34.30)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 5.54% H | 4.70%  | 6.00%  | 8.50% H,I |
| Expenses net of fee waivers, if any  | 1.25% H<br>| 1.25%  | 1.24%  | 1.31% H |
| Expenses net of all reductions, if any  | 1.24% H | 1.24%  | 1.23%  | 1.31% H |
| Net investment income (loss)  | .86% H | 1.26%  | 1.31%  | .76% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $253 | $256 | $201 | $164 |
| Portfolio turnover rate J | 85% H<br>| 108%  | 119%  | 84% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class Z**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.16 | $7.40 | $6.57 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .12  | .11  | .05  |
| Net realized and unrealized gain (loss)  | .03  | 1.78  | .77  | (3.48)  |
| Total from investment operations  | .08  | 1.90  | .88  | (3.43)  |
| Distributions from net investment income  | (.13)  | (.14)  | (.05)  | -  |
| Total distributions  | (.13)  | (.14)  | (.05)  | -  |
| Net asset value, end of period  | $9.11 | $9.16 | $7.40 | $6.57 |
| **Total Return** D,E | .87% <br>| 26.04%  | 13.42%  | (34.30)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 5.56% H | 4.45%  | 5.87%  | 8.23% H,I |
| Expenses net of fee waivers, if any  | 1.10% H<br>| 1.10%  | 1.09%  | 1.15% H |
| Expenses net of all reductions, if any  | 1.09% H | 1.09%  | 1.09%  | 1.15% H |
| Net investment income (loss)  | 1.01% H | 1.41%  | 1.46%  | .93% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $583 | $653 | $390 | $276 |
| Portfolio turnover rate J | 85% H<br>| 108%  | 119%  | 84% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable Emerging Markets Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund+** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $942640 |
| **Gross unrealized depreciation** | <u>(261987)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$680653</u> |
| **Tax cost** | <u>$6154576</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(468031) |
| Long-term | <u>(-)</u> |
| **Total capital loss carryforward** | <u>$(468031)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 45758 |

---

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 3087560 | 2616831 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .98 |
| **Class M** | .90 |
| **Class C** | .90 |
| **Fidelity Sustainable Emerging Markets Equity Fund** | .98 |
| **Class I** | .90 |
| **Class Z** | .83 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .96 |
| **Class M** | .90 |
| **Class C** | .90 |
| **Fidelity Sustainable Emerging Markets Equity Fund** | .92 |
| **Class I** | .90 |
| **Class Z** | .83 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Sustainable Emerging Markets Equity Fund** | MSCI Emerging Markets Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable Emerging Markets Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized 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% | 372 | 289 |
| **Class M** | .25% | .25% | 602 | 566 |
| **Class C** | .75% | .25% | <u>1133</u> | <u>1117</u> |
|  |  |  | <u>2107</u> | <u>1972</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** | 11 |
| **Class M** | <u>8</u> |
|  | <u>19</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 4 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 102845 | 92609 | 12645 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 5 |

---

**8. Expense Reductions.**

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.50% | 6538 |
| **Class M** | 1.75% | 5228 |
| **Class C** | 2.25% | 4917 |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 1.25% | 103099 |
| **Class I** | 1.25% | 5253 |
| **Class Z** | 1.10% | <u>13899</u> |
|  |  | <u>138934</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $289.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable Emerging Markets Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2849 | $3751 |
| Class M | 1942 | 2609 |
| Class C | 691 | 1624 |
| Fidelity Sustainable Emerging Markets Equity Fund | 58746 | 59025 |
| Class I | 3004 | 3903 |
| Class Z | <u>9050</u> | <u>6793</u> |
| Total  | <u>$76282</u> | <u>$77705</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable Emerging Markets Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 372 | 3670 | $3312 | $31365 |
| Reinvestment of distributions | 320 | 479 | 2849 | 3751 |
| Shares redeemed | <u>(825)</u> | <u>(769)</u> | <u>(7614)</u> | <u>(7013)</u> |
| Net increase (decrease) | <u>(133)</u> | <u>3380</u> | <u>$(1453)</u> | <u>$28103</u> |
| **Class M** |  |  |  |  |
| Shares sold | 187 | 1527 | $1644 | $12598 |
| Reinvestment of distributions | 218 | 333 | 1942 | 2609 |
| Shares redeemed | <u>(8)</u> | <u>-</u> | <u>(76)</u> | <u>-</u> |
| Net increase (decrease) | <u>397</u> | <u>1860</u> | <u>$3510</u> | <u>$15207</u> |
| **Class C** |  |  |  |  |
| Shares sold | 45 | 52 | $395 | $409 |
| Reinvestment of distributions | <u>78</u> | <u>207</u> | <u>691</u> | <u>1624</u> |
| Net increase (decrease) | <u>123</u> | <u>259</u> | <u>$1086</u> | <u>$2033</u> |
| **Fidelity Sustainable Emerging Markets Equity Fund** |  |  |  |  |
| Shares sold | 151016 | 264312 | $1346673 | $2290939 |
| Reinvestment of distributions | 6287 | 6946 | 55888 | 54391 |
| Shares redeemed | <u>(101376)</u> | <u>(152780)</u> | <u>(896248)</u> | <u>(1305836)</u> |
| Net increase (decrease) | <u>55927</u> | <u>118478</u> | <u>$506313</u> | <u>$1039494</u> |
| **Class I** |  |  |  |  |
| Shares sold | 640 | 1183 | $5803 | $10008 |
| Reinvestment of distributions | 338 | 498 | 3004 | 3903 |
| Shares redeemed | <u>(1262)</u> | <u>(876)</u> | <u>(11190)</u> | <u>(7101)</u> |
| Net increase (decrease) | <u>(284)</u> | <u>805</u> | <u>$(2383)</u> | <u>$6810</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1066 | 31252 | $9211 | $268600 |
| Reinvestment of distributions | 565 | 462 | 5032 | 3624 |
| Shares redeemed | <u>(8884)</u> | <u>(13226)</u> | <u>(77377)</u> | <u>(108758)</u> |
| Net increase (decrease) | <u>(7253)</u> | <u>18488</u> | <u>$(63134)</u> | <u>$163466</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Sustainable Emerging Markets Equity Fund  | 20% |

---

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Fidelity Sustainable Multi-Asset Fund** |
| Fidelity Sustainable Emerging Markets Equity Fund | 31% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109483_4.jpg)<br>

1.9905244.103 MAR-SANN-0625

**Fidelity® SAI Sustainable Emerging Markets Equity Fund**

**Semi-Annual Report**

**April 30, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img109484_1.jpg)

![](img109484_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ESP-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable Emerging Markets Equity Fund](#Sub_Sec_Fund_6548_ESP-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6548_ESP-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ESP-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ESP-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ESP-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ESP-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® SAI Sustainable Emerging Markets Equity Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 92.8%** | &nbsp;&nbsp;**Common Stocks - 92.8%** | &nbsp;&nbsp;**Common Stocks - 92.8%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 5.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| Cury Construtora e Incorporadora SA  | 26900 | 130586 |
| Financials - 2.1% |  |  |
| Banks - 1.6% |  |  |
| Itau Unibanco Holding SA  | 83982 | 526521 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 24308 | 302148 |
|  |  | 828669 |
| Capital Markets - 0.5% |  |  |
| Banco BTG Pactual SA unit  | 41754 | 280388 |
| TOTAL FINANCIALS |  | 1109057 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(c)(d) | 877632 | 358776 |
| Industrials - 2.0% |  |  |
| Electrical Equipment - 0.8% |  |  |
| WEG SA  | 52259 | 411063 |
| Ground Transportation - 1.2% |  |  |
| Localiza Rent a Car SA  | 85705 | 648773 |
| TOTAL INDUSTRIALS |  | 1059836 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Gerdau SA ADR  | 69140 | 180455 |
| Vale SA ADR  | 8951 | 83334 |
|  |  | 263789 |
| TOTAL BRAZIL |  | 2922044 |
| CHINA - 28.3%  |  |  |
| Communication Services - 7.5% |  |  |
| Entertainment - 0.5% |  |  |
| Netease Inc ADR  | 1591 | 170332 |
| Tencent Music Entertainment Group Class A ADR  | 7788 | 104515 |
|  |  | 274847 |
| Interactive Media & Services - 7.0% |  |  |
| Tencent Holdings Ltd  | 61089 | 3741760 |
| TOTAL COMMUNICATION SERVICES |  | 4016607 |
| Consumer Discretionary - 10.4% |  |  |
| Automobiles - 2.4% |  |  |
| BYD Co Ltd H Shares  | 25484 | 1210394 |
| Li Auto Inc ADR (b) | 2807 | 68463 |
|  |  | 1278857 |
| Broadline Retail - 5.8% |  |  |
| Alibaba Group Holding Ltd  | 146798 | 2191699 |
| Alibaba Group Holding Ltd ADR  | 2913 | 347900 |
| JD.com Inc ADR  | 2135 | 69644 |
| PDD Holdings Inc Class A ADR (b) | 4846 | 511592 |
|  |  | 3120835 |
| Diversified Consumer Services - 0.3% |  |  |
| TAL Education Group Class A ADR (b) | 16649 | 145679 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Meituan B Shares (b)(c)(d) | 15770 | 261111 |
| Trip.com Group Ltd ADR  | 3221 | 190006 |
| Yum China Holdings Inc  | 5876 | 254490 |
|  |  | 705607 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| ANTA Sports Products Ltd  | 28663 | 339827 |
| TOTAL CONSUMER DISCRETIONARY |  | 5590805 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.7% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 1776 | 377933 |
| Financials - 5.1% |  |  |
| Banks - 3.8% |  |  |
| China Construction Bank Corp H Shares  | 1451286 | 1193873 |
| China Merchants Bank Co Ltd H Shares  | 103089 | 564254 |
| Industrial & Commercial Bank of China Ltd H Shares  | 402453 | 276065 |
|  |  | 2034192 |
| Insurance - 1.3% |  |  |
| China Life Insurance Co Ltd H Shares  | 23368 | 42785 |
| PICC Property & Casualty Co Ltd H Shares  | 56757 | 104650 |
| Ping An Insurance Group Co of China Ltd H Shares  | 92939 | 556244 |
|  |  | 703679 |
| TOTAL FINANCIALS |  | 2737871 |
| Health Care - 1.5% |  |  |
| Biotechnology - 0.6% |  |  |
| Zai Lab Ltd (b) | 24016 | 76500 |
| Zai Lab Ltd ADR (b) | 7007 | 222052 |
|  |  | 298552 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 6318 | 190856 |
| Pharmaceuticals - 0.6% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 97707 | 303619 |
| TOTAL HEALTH CARE |  | 793027 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 4169 | 133142 |
| Machinery - 0.2% |  |  |
| Zhejiang Dingli Machinery Co Ltd A Shares (China)  | 17767 | 106196 |
| TOTAL INDUSTRIALS |  | 239338 |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 40921 | 173978 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 96414 | 617262 |
| TOTAL INFORMATION TECHNOLOGY |  | 791240 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 142931 | 312931 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| KE Holdings Inc ADR  | 10218 | 207425 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| ENN Energy Holdings Ltd  | 10358 | 81770 |
| TOTAL CHINA |  | 15148947 |
| GREECE - 1.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| OPAP SA  | 2100 | 46557 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 103060 | 292487 |
| National Bank of Greece SA  | 29068 | 306048 |
|  |  | 598535 |
| TOTAL GREECE |  | 645092 |
| HUNGARY - 1.7%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| OTP Bank Nyrt  | 9821 | 722962 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Richter Gedeon Nyrt  | 5848 | 176915 |
| TOTAL HUNGARY |  | 899877 |
| INDIA - 14.7%  |  |  |
| Communication Services - 1.9% |  |  |
| Wireless Telecommunication Services - 1.9% |  |  |
| Bharti Airtel Ltd  | 45723 | 1007201 |
| Consumer Discretionary - 2.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor India Ltd  | 342 | 6893 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Eternal Ltd (b) | 263506 | 720234 |
| MakeMyTrip Ltd (b) | 3263 | 342028 |
|  |  | 1062262 |
| TOTAL CONSUMER DISCRETIONARY |  | 1069155 |
| Energy - 2.4% |  |  |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Reliance Industries Ltd  | 65213 | 1081349 |
| Reliance Industries Ltd GDR (c) | 3258 | 212747 |
|  |  | 1294096 |
| Financials - 5.1% |  |  |
| Banks - 4.7% |  |  |
| Axis Bank Ltd  | 36622 | 513004 |
| HDFC Bank Ltd  | 41078 | 931778 |
| HDFC Bank Ltd ADR  | 4537 | 329795 |
| ICICI Bank Ltd  | 44236 | 742567 |
|  |  | 2517144 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 25069 | 220105 |
| TOTAL FINANCIALS |  | 2737249 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Mankind Pharma Ltd (b) | 3353 | 97609 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Hindustan Aeronautics Ltd (d) | 8926 | 472691 |
| Construction & Engineering - 0.5% |  |  |
| Larsen & Toubro Ltd  | 6960 | 275121 |
| Professional Services - 0.8% |  |  |
| Computer Age Management Services Ltd  | 9506 | 437745 |
| TOTAL INDUSTRIALS |  | 1185557 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| Infosys Ltd ADR  | 14501 | 255218 |
| Tata Consultancy Services Ltd  | 5726 | 233417 |
|  |  | 488635 |
| TOTAL INDIA |  | 7879502 |
| INDONESIA - 2.7%  |  |  |
| Financials - 2.7% |  |  |
| Banks - 2.7% |  |  |
| Bank Central Asia Tbk PT  | 1536821 | 817113 |
| Bank Mandiri Persero Tbk PT  | 371911 | 109828 |
| Bank Rakyat Indonesia Persero Tbk PT  | 414066 | 95902 |
| Bank Syariah Indonesia Tbk PT  | 2342893 | 402960 |
| TOTAL INDONESIA |  | 1425803 |
| KOREA (SOUTH) - 9.2%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| KT Corp  | 11774 | 429373 |
| Interactive Media & Services - 0.5% |  |  |
| NAVER Corp  | 1925 | 270303 |
| TOTAL COMMUNICATION SERVICES |  | 699676 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| Hyundai Motor Co  | 2221 | 297003 |
| Kia Corp  | 3636 | 230606 |
|  |  | 527609 |
| Financials - 1.0% |  |  |
| Banks - 0.5% |  |  |
| Hana Financial Group Inc  | 1121 | 50733 |
| KB Financial Group Inc  | 3347 | 211093 |
|  |  | 261826 |
| Insurance - 0.5% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 1109 | 291985 |
| TOTAL FINANCIALS |  | 553811 |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.6% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 420 | 310192 |
| Information Technology - 5.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| SK Hynix Inc  | 6396 | 796412 |
| Technology Hardware, Storage & Peripherals - 3.9% |  |  |
| Samsung Electronics Co Ltd  | 53076 | 2066650 |
| TOTAL INFORMATION TECHNOLOGY |  | 2863062 |
| TOTAL KOREA (SOUTH) |  | 4954350 |
| MALAYSIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| CIMB Group Holdings Bhd  | 196114 | 323962 |
| MEXICO - 3.3%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 28894 | 91571 |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Grupo Financiero Banorte SAB de CV  | 72496 | 622984 |
| Regional SAB de CV  | 15204 | 106464 |
|  |  | 729448 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Genomma Lab Internacional SAB de CV  | 262687 | 308760 |
| Industrials - 0.6% |  |  |
| Transportation Infrastructure - 0.6% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 9967 | 110056 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 4178 | 84828 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 3232 | 102381 |
|  |  | 297265 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 12307 | 337458 |
| TOTAL MEXICO |  | 1764502 |
| PERU - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Credicorp Ltd  | 1914 | 386992 |
| PHILIPPINES - 0.7%  |  |  |
| Industrials - 0.6% |  |  |
| Transportation Infrastructure - 0.6% |  |  |
| International Container Terminal Services Inc  | 52098 | 319001 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 148690 | 66777 |
| TOTAL PHILIPPINES |  | 385778 |
| POLAND - 1.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Allegro.eu SA (b)(c)(d) | 11701 | 102047 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b) | 300 | 17262 |
| TOTAL CONSUMER DISCRETIONARY |  | 119309 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 26631 | 509955 |
| TOTAL POLAND |  | 629264 |
| SAUDI ARABIA - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Al Rajhi Bank  | 17325 | 449874 |
| Alinma Bank  | 9018 | 69721 |
| Saudi National Bank/The  | 10137 | 96480 |
| TOTAL SAUDI ARABIA |  | 616075 |
| SINGAPORE - 0.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Sea Ltd Class A ADR (b) | 2573 | 344911 |
| SOUTH AFRICA - 3.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 11693 | 77137 |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 1.2% |  |  |
| Naspers Ltd Class N  | 2293 | 603079 |
| Specialty Retail - 0.5% |  |  |
| Pepkor Holdings Ltd (c)(d) | 184204 | 265592 |
| TOTAL CONSUMER DISCRETIONARY |  | 868671 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Shoprite Holdings Ltd  | 17157 | 263361 |
| Financials - 1.0% |  |  |
| Banks - 0.8% |  |  |
| Absa Group Ltd  | 10290 | 94457 |
| Capitec Bank Holdings Ltd  | 1096 | 202808 |
| Standard Bank Group Ltd  | 9014 | 112285 |
|  |  | 409550 |
| Financial Services - 0.2% |  |  |
| FirstRand Ltd  | 32674 | 127578 |
| TOTAL FINANCIALS |  | 537128 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Impala Platinum Holdings Ltd (b) | 39428 | 234483 |
| TOTAL SOUTH AFRICA |  | 1980780 |
| TAIWAN - 15.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| International Games System Co Ltd  | 4029 | 104247 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| E.Sun Financial Holding Co Ltd  | 137682 | 121877 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Hiwin Technologies Corp  | 24324 | 167569 |
| Information Technology - 14.6% |  |  |
| Communications Equipment - 0.5% |  |  |
| Accton Technology Corp  | 15400 | 286273 |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Chroma ATE Inc  | 20093 | 183308 |
| E Ink Holdings Inc  | 17835 | 124339 |
| Hon Hai Precision Industry Co Ltd  | 91308 | 405992 |
|  |  | 713639 |
| Semiconductors & Semiconductor Equipment - 12.8% |  |  |
| ASE Technology Holding Co Ltd  | 89042 | 378668 |
| eMemory Technology Inc  | 5138 | 412893 |
| MediaTek Inc  | 19379 | 821829 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 183216 | 5180977 |
|  |  | 6794367 |
| TOTAL INFORMATION TECHNOLOGY |  | 7794279 |
| TOTAL TAIWAN |  | 8187972 |
| THAILAND - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| SCB X PCL  | 38071 | 135678 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bumrungrad Hospital Pcl  | 9267 | 45664 |
| TOTAL THAILAND |  | 181342 |
| UNITED ARAB EMIRATES - 1.5%  |  |  |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| ADNOC Drilling Co PJSC  | 253007 | 337522 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 61581 | 195151 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Emaar Properties PJSC  | 79017 | 281816 |
| TOTAL UNITED ARAB EMIRATES |  | 814489 |
| UNITED KINGDOM - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglogold Ashanti Plc  | 7163 | 301992 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $45,630,884) |  | <br> **49793674** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/15/2025 (f) | 4.26 | 30000 | 29951 |
| US Treasury Bills 0% 5/22/2025 (f) | 4.25 | 20000 | 19951 |
| US Treasury Bills 0% 5/29/2025 (f) | 4.23 | 20000 | 19934 |
| US Treasury Bills 0% 7/10/2025 (f) | 4.25 to 4.26 | 90000 | 89266 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $159,100) |  |  | **159102** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g)<br>(Cost $3,651,597)<br>| 4.33 | 3650867 | **3651597** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $49,441,581)<br>| <br>**53604373** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **28418** |
| **NET ASSETS - 100.0%** | **53632791** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 30 | Jun 2025 | 1665000 | 164733 | 164733 |
| The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% |

---

**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 $2,651,451 or 4.9% of net assets.

(d) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,911,395 or 5.4% of net assets.

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $159,102.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1716024 | 15149363 | 13213790 | 70875 | - | - | 3651597 | 3650867 | 0.0% |
| Total | 1716024 | 15149363 | 13213790 | 70875 | - | - | 3651597 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 6249779 | 696895 | 5552884 | - |
| Consumer Discretionary | 8352692 | 3434752 | 4917940 | - |
| Consumer Staples | 732865 | 354932 | 377933 | - |
| Energy | 1631618 | 550269 | 1081349 | - |
| Financials | 13441554 | 7624238 | 5817316 | - |
| Health Care | 2090943 | 1370122 | 720821 | - |
| Industrials | 3268566 | 1357101 | 1911465 | - |
| Information Technology | 11937216 | 255218 | 11681998 | - |
| Materials | 1113195 | 878712 | 234483 | - |
| Real Estate | 893476 | 826699 | 66777 | - |
| Utilities | 81770 | - | 81770 | - |
|  **U.S. Treasury Obligations** | 159102 | - | 159102 | - |
|  **Money Market Funds** | 3651597 | 3651597 | - | - |
| **Total Investments in Securities:** | 53604373 | 21000535 | 32603838 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 164733 | 164733 | - | - |
| Total Assets | 164733 | 164733 | - | - |
| **Total Derivative Instruments:** | 164733 | 164733 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 164733 | 0 |
| **Total Equity Risk**  | 164733 | 0 |
| **Total Value of Derivatives** | 164733 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $45,789,984) | $49952776 |  |
| Fidelity Central Funds (cost $3,651,597) | 3651597 |  |
| Total Investment in Securities (cost $49,441,581) |  | $53604373 |
| Cash |  | 6404 |
| Foreign currency held at value (cost $106,229) |  | 106238 |
| Receivable for investments sold |  | 150259 |
| Receivable for fund shares sold |  | 129461 |
| Dividends receivable |  | 69152 |
| Distributions receivable from Fidelity Central Funds |  | 13357 |
| Receivable for daily variation margin on futures contracts |  | 3008 |
| Prepaid expenses |  | 9 |
| Receivable from investment adviser for expense reductions |  | 12383 |
| Other receivables |  | 23854 |
| **Total assets** |  | 54118498 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $223683 |  |
| Payable for fund shares redeemed | 67237 |  |
| Accrued management fee | 31850 |  |
| Deferred taxes | 100799 |  |
| Audit fee payable | 28100 |  |
| Custody fee payable | 27804 |  |
| Other payables and accrued expenses | 6234 |  |
| **Total liabilities** |  | 485707 |
| **Net Assets**  |  | $53632791 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $50822491 |
| Total accumulated earnings (loss) |  | 2810300 |
| **Net Assets** |  | $53632791 |
| **Net Asset Value**, offering price and redemption price per share ($53,632,791 ÷ 5,122,141 shares) |  | $10.47 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $504114 |
| Interest  |  | 2032 |
| Income from Fidelity Central Funds  |  | 70875 |
| Income before foreign taxes withheld |  | $577021 |
| Less foreign taxes withheld |  | (59844) |
| **Total income** |  | 517177 |
| **Expenses** |  |  |
| Management fee | $175446 |  |
| Custodian fees and expenses | 43877 |  |
| Independent trustees' fees and expenses | 93 |  |
| Registration fees | 20259 |  |
| Audit fees | 46460 |  |
| Legal | 23 |  |
| Miscellaneous | 62 |  |
| Total expenses before reductions | 286220 |  |
| Expense reductions | (63499) |  |
| Total expenses after reductions |  | 222721 |
| **Net Investment income (loss)** |  | 294456 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1172010) |  |
| Foreign currency transactions | (26186) |  |
| Futures contracts | (5615) |  |
| Total net realized gain (loss) |  | (1203811) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $25,682)  | 1309164 |  |
| Assets and liabilities in foreign currencies | 1427 |  |
| Futures contracts | 164698 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1475289 |
| **Net gain (loss)** |  | 271478 |
| **Net increase (decrease) in net assets resulting from operations** |  | $565934 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $294456 | $401399 |
| &nbsp;&nbsp;Net realized gain (loss) | (1203811)<br>| 407845<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1475289 | 2918247<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 565934<br>| 3727491<br>|
| Distributions to shareholders | (796210)<br>| (102380)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 26737130 | 37001595 |
| Reinvestment of distributions | 681926<br>| 89859<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (12346590) | (8183308) |
| **Net increase (decrease) in net assets resulting from share transactions** | 15072466<br>| 28908146<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 14842190<br>| 32533257<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 38790601 | 6257344<br>|
| &nbsp;&nbsp;End of period | $53632791 | $38790601 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2613269 | 3702863 |
| Issued in reinvestment of distributions | 66400<br>| 9810<br>|
| &nbsp;&nbsp;Redeemed | (1213630) | (787099) |
| &nbsp;&nbsp;Net increase (decrease) | 1466039 | 2925574 |

---

**Financial Highlights** 

**Fidelity® SAI Sustainable Emerging Markets Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.61 | $8.57 | $7.60 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .06  | .17  | .15  | .06  |
| Net realized and unrealized gain (loss)  | (.01) D | 1.97  | .90  | (2.46)  |
| Total from investment operations  | .05  | 2.14  | 1.05  | (2.40)  |
| Distributions from net investment income  | (.11)  | (.10)  | (.08)  | -  |
| Distributions from net realized gain  | (.08)  | -  | -  | -  |
| Total distributions  | (.19)  | (.10)  | (.08)  | -  |
| Net asset value, end of period  | $10.47 | $10.61 | $8.57 | $7.60 |
| **Total Return** E,F | .51% <br>| 25.12%  | 13.74%  | (24.00)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 1.22% I | 1.58%  | 4.99%  | 6.38% I,J |
| Expenses net of fee waivers, if any  | .95% I<br>| .95%  | .94%  | .96% I |
| Expenses net of all reductions, if any  | .95% I | .95%  | .93%  | .96% I |
| Net investment income (loss)  | 1.25% I | 1.67%  | 1.65%  | 1.27% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $53633 | $38791 | $6257 | $1772 |
| Portfolio turnover rate K | 86% I<br>| 103%  | 87%  | 74% I |

---

A*For the period April 14, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity SAI Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $6239550 |
| **Gross unrealized depreciation** | <u>(2416103)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3823447</u> |
| **Tax cost** | <u>$49945659</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 | $(29047) |
| Long-term | <u>(16465)</u> |
| **Total capital loss carryforward** | <u>$(45512)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Sustainable Emerging Markets Equity Fund** | 31228001 | 18661762 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .748% of the Fund's average net assets.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable Emerging Markets Equity Fund** | 38 |

---

**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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Sustainable Emerging Markets Equity Fund** | 954278 | 531581 | 23197 |

---

**7 Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable Emerging Markets Equity Fund** | 35 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $63,353.

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 $146.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109484_4.jpg)<br>

1.9905648.103 ESP-SANN-0625

**Fidelity® Enduring Opportunities Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109476_1.jpg)

![](img109476_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IDF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enduring Opportunities Fund](#Sub_Sec_Fund_5031_IDF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements5031_IDF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IDF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IDF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IDF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IDF-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Enduring Opportunities Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Steadfast Group Ltd  | 5820 | 21870 |
| BAHAMAS (NASSAU) - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Diversified Consumer Services - 0.3% |  |  |
| OneSpaWorld Holdings Ltd  | 2449 | 40898 |
| BELGIUM - 0.4%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| KBC Group NV  | 396 | 36365 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 826 | 12763 |
| TOTAL BELGIUM |  | 49128 |
| BRAZIL - 1.5%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.5% |  |  |
| MercadoLibre Inc (a) | 26 | 60602 |
| Household Durables - 0.3% |  |  |
| Cury Construtora e Incorporadora SA  | 8943 | 43414 |
| Specialty Retail - 0.0% |  |  |
| Automob Participacoes SA  | 1 | 0 |
| TOTAL CONSUMER DISCRETIONARY |  | 104016 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Ambev SA  | 15078 | 38710 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.1% |  |  |
| WEG SA  | 3151 | 24785 |
| Ground Transportation - 0.3% |  |  |
| Localiza Rent a Car SA  | 4537 | 34345 |
| TOTAL INDUSTRIALS |  | 59130 |
| TOTAL BRAZIL |  | 201856 |
| CANADA - 2.7%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Dollarama Inc  | 397 | 48984 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Alimentation Couche-Tard Inc  | 541 | 28239 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Parkland Corp  | 761 | 19171 |
| PrairieSky Royalty Ltd  | 2270 | 38218 |
|  |  | 57389 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Brookfield Corp Class A  | 806 | 43299 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| Thomson Reuters Corp  | 226 | 42054 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (United States) (a) | 296 | 28120 |
| Software - 0.7% |  |  |
| Constellation Software Inc/Canada  | 13 | 46851 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 17 | 0 |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 1233 | 39863 |
|  |  | 86714 |
| TOTAL INFORMATION TECHNOLOGY |  | 114834 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 176 | 21041 |
| TOTAL CANADA |  | 355840 |
| CHINA - 3.1%  |  |  |
| Communication Services - 1.0% |  |  |
| Interactive Media & Services - 1.0% |  |  |
| Tencent Holdings Ltd  | 2116 | 129607 |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 1218 | 57851 |
| Broadline Retail - 0.2% |  |  |
| Prosus NV Class N (South Africa)  | 642 | 29866 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Shenzhou International Group Holdings Ltd  | 3057 | 21206 |
| TOTAL CONSUMER DISCRETIONARY |  | 108923 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 115 | 24471 |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.3% |  |  |
| Zai Lab Ltd (a) | 13908 | 44303 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 764 | 23079 |
| TOTAL HEALTH CARE |  | 67382 |
| Industrials - 0.6% |  |  |
| Machinery - 0.2% |  |  |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 3307 | 32513 |
| Marine Transportation - 0.4% |  |  |
| SITC International Holdings Co Ltd  | 19110 | 52854 |
| TOTAL INDUSTRIALS |  | 85367 |
| TOTAL CHINA |  | 415750 |
| DENMARK - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Coloplast AS Series B  | 165 | 18672 |
| Pharmaceuticals - 0.6% |  |  |
| Novo Nordisk A/S Series B  | 1014 | 67798 |
| TOTAL DENMARK |  | 86470 |
| FRANCE - 1.3%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Hermes International SCA  | 16 | 43338 |
| LVMH Moet Hennessy Louis Vuitton SE  | 88 | 48746 |
|  |  | 92084 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Safran SA  | 203 | 54022 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Dassault Systemes SE  | 787 | 29494 |
| TOTAL FRANCE |  | 175600 |
| GERMANY - 1.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Hannover Rueck SE  | 148 | 47348 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Rational AG  | 33 | 28131 |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| SAP SE  | 358 | 104747 |
| TOTAL GERMANY |  | 180226 |
| GREECE - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Athens International Airport SA  | 3235 | 33496 |
| INDIA - 1.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (a) | 9122 | 24933 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Reliance Industries Ltd  | 3068 | 50873 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Apollo Hospitals Enterprise Ltd  | 425 | 35080 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| Delhivery Ltd (a) | 7504 | 27082 |
| Construction & Engineering - 0.2% |  |  |
| Larsen & Toubro Ltd  | 646 | 25536 |
| TOTAL INDUSTRIALS |  | 52618 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Tata Consultancy Services Ltd  | 781 | 31837 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Solar Industries India Ltd  | 233 | 36241 |
| TOTAL INDIA |  | 231582 |
| INDONESIA - 0.4%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 160768 | 20812 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Central Asia Tbk PT  | 55476 | 29496 |
| TOTAL INDONESIA |  | 50308 |
| IRELAND - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Building Products - 0.1% |  |  |
| Kingspan Group PLC  | 315 | 26514 |
| ITALY - 2.3%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 0.3% |  |  |
| Ferrari NV (Italy)  | 90 | 40946 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Brunello Cucinelli SpA  | 304 | 34136 |
| Moncler SpA  | 536 | 32814 |
| Prada Spa (a) | 2910 | 18197 |
|  |  | 85147 |
| TOTAL CONSUMER DISCRETIONARY |  | 126093 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Davide Campari-Milano NV  | 4450 | 29861 |
| Financials - 0.9% |  |  |
| Banks - 0.2% |  |  |
| FinecoBank Banca Fineco SpA  | 1536 | 30564 |
| Capital Markets - 0.3% |  |  |
| Banca Generali SpA  | 585 | 34528 |
| Financial Services - 0.4% |  |  |
| Banca Mediolanum SpA  | 2233 | 33189 |
| BFF Bank SpA (a)(c)(d) | 2091 | 19732 |
|  |  | 52921 |
| TOTAL FINANCIALS |  | 118013 |
| Industrials - 0.2% |  |  |
| Passenger Airlines - 0.2% |  |  |
| Ryanair Holdings PLC ADR  | 552 | 26418 |
| TOTAL ITALY |  | 300385 |
| JAPAN - 4.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| LY Corp  | 7791 | 29466 |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 0.2% |  |  |
| Pan Pacific International Holdings Corp  | 996 | 30720 |
| Leisure Products - 0.1% |  |  |
| Roland Corp  | 647 | 14322 |
| Specialty Retail - 0.7% |  |  |
| Fast Retailing Co Ltd  | 137 | 45065 |
| Nitori Holdings Co Ltd  | 184 | 21893 |
| ZOZO Inc  | 2499 | 25379 |
|  |  | 92337 |
| TOTAL CONSUMER DISCRETIONARY |  | 137379 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Hoya Corp  | 396 | 46596 |
| Industrials - 1.0% |  |  |
| Machinery - 0.2% |  |  |
| SMC Corp  | 72 | 23302 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 953 | 51351 |
| Funai Soken Holdings Inc  | 1334 | 21272 |
| Recruit Holdings Co Ltd  | 613 | 33970 |
|  |  | 106593 |
| TOTAL INDUSTRIALS |  | 129895 |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Azbil Corp  | 2664 | 22955 |
| Keyence Corp  | 88 | 36792 |
|  |  | 59747 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Advantest Corp  | 666 | 27863 |
| Disco Corp  | 98 | 18961 |
| Tokyo Electron Ltd  | 246 | 36629 |
|  |  | 83453 |
| Software - 0.1% |  |  |
| Money Forward Inc (a) | 614 | 18332 |
| TOTAL INFORMATION TECHNOLOGY |  | 161532 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Shin-Etsu Chemical Co Ltd  | 1083 | 32957 |
| TOTAL JAPAN |  | 537825 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Interactive Media & Services - 0.4% |  |  |
| NAVER Corp  | 359 | 50410 |
| MEXICO - 0.8%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 8849 | 28044 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.2% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 13132 | 27556 |
| Insurance - 0.4% |  |  |
| Qualitas Controladora SAB de CV  | 4523 | 49842 |
| TOTAL FINANCIALS |  | 77398 |
| TOTAL MEXICO |  | 105442 |
| NETHERLANDS - 1.8%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Adyen NV (a)(c)(d) | 21 | 33982 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.3% |  |  |
| Wolters Kluwer NV  | 210 | 36981 |
| Trading Companies & Distributors - 0.1% |  |  |
| IMCD NV  | 158 | 20915 |
| TOTAL INDUSTRIALS |  | 57896 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| ASM International NV  | 56 | 26981 |
| ASML Holding NV  | 96 | 63349 |
| BE Semiconductor Industries NV  | 189 | 20178 |
|  |  | 110508 |
| Software - 0.2% |  |  |
| Topicus.com Inc (a) | 259 | 30995 |
| TOTAL INFORMATION TECHNOLOGY |  | 141503 |
| TOTAL NETHERLANDS |  | 233381 |
| PERU - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Credicorp Ltd  | 221 | 44684 |
| PHILIPPINES - 0.5%  |  |  |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| International Container Terminal Services Inc  | 5594 | 34253 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Ayala Land Inc  | 58741 | 26380 |
| TOTAL PHILIPPINES |  | 60633 |
| SAUDI ARABIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Saudi Arabian Oil Co (c)(d) | 4111 | 27783 |
| SINGAPORE - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Sea Ltd Class A ADR (a) | 312 | 41824 |
| SOUTH AFRICA - 0.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Naspers Ltd Class N  | 238 | 62596 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Clicks Group Ltd  | 1582 | 33646 |
| TOTAL SOUTH AFRICA |  | 96242 |
| SPAIN - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Household Durables - 0.2% |  |  |
| Neinor Homes SA (c)(d) | 1770 | 30719 |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA  | 738 | 39495 |
| TOTAL SPAIN |  | 70214 |
| SWEDEN - 2.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Hemnet Group AB (a) | 809 | 27705 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Avanza Bank Holding AB  | 742 | 24757 |
| Nordnet AB  | 1221 | 32087 |
|  |  | 56844 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| INVISIO AB  | 1159 | 46406 |
| Building Products - 0.3% |  |  |
| Assa Abloy AB B Shares  | 1243 | 37730 |
| Machinery - 0.6% |  |  |
| Atlas Copco AB A Shares  | 2227 | 34527 |
| Indutrade AB  | 1261 | 34025 |
|  |  | 68552 |
| Trading Companies & Distributors - 0.2% |  |  |
| AddTech AB B Shares  | 979 | 32877 |
| TOTAL INDUSTRIALS |  | 185565 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Lagercrantz Group AB B Shares  | 2214 | 50210 |
| Software - 0.2% |  |  |
| Fortnox AB  | 3520 | 31677 |
| TOTAL INFORMATION TECHNOLOGY |  | 81887 |
| TOTAL SWEDEN |  | 352001 |
| SWITZERLAND - 1.1%  |  |  |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| Partners Group Holding AG  | 19 | 24759 |
| VZ Holding AG  | 211 | 43409 |
|  |  | 68168 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Straumann Holding AG  | 201 | 24509 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| VAT Group AG (c)(d) | 53 | 18898 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Sika AG  | 124 | 30989 |
| TOTAL SWITZERLAND |  | 142564 |
| TAIWAN - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| eMemory Technology Inc  | 313 | 25153 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 6552 | 185277 |
| TOTAL TAIWAN |  | 210430 |
| UNITED KINGDOM - 2.4%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Baltic Classifieds Group PLC  | 7416 | 33603 |
| Rightmove PLC  | 3529 | 34700 |
|  |  | 68303 |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Compass Group PLC  | 1221 | 41166 |
| Flutter Entertainment PLC (United Kingdom) (a) | 189 | 45238 |
|  |  | 86404 |
| Household Durables - 0.1% |  |  |
| Berkeley Group Holdings PLC  | 383 | 21349 |
| TOTAL CONSUMER DISCRETIONARY |  | 107753 |
| Industrials - 0.7% |  |  |
| Machinery - 0.1% |  |  |
| Spirax Group PLC  | 231 | 18086 |
| Professional Services - 0.4% |  |  |
| RELX PLC  | 922 | 50319 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 500 | 26587 |
| TOTAL INDUSTRIALS |  | 94992 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Grainger PLC  | 6951 | 19917 |
| Specialized REITs - 0.2% |  |  |
| Big Yellow Group PLC (The)  | 1993 | 26720 |
| TOTAL REAL ESTATE |  | 46637 |
| TOTAL UNITED KINGDOM |  | 317685 |
| UNITED STATES - 64.8%  |  |  |
| Communication Services - 3.9% |  |  |
| Entertainment - 1.7% |  |  |
| Live Nation Entertainment Inc (a) | 443 | 58675 |
| Netflix Inc (a) | 147 | 166363 |
|  |  | 225038 |
| Interactive Media & Services - 2.2% |  |  |
| Meta Platforms Inc Class A  | 536 | 294264 |
| TOTAL COMMUNICATION SERVICES |  | 519302 |
| Consumer Discretionary - 10.3% |  |  |
| Automobiles - 1.4% |  |  |
| Tesla Inc (a) | 643 | 181429 |
| Broadline Retail - 2.9% |  |  |
| Amazon.com Inc (a) | 2081 | 383778 |
| Diversified Consumer Services - 0.7% |  |  |
| Duolingo Inc Class A (a) | 127 | 49464 |
| Service Corp International/US  | 530 | 42347 |
|  |  | 91811 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Airbnb Inc Class A (a) | 427 | 52060 |
| Cava Group Inc (a) | 284 | 26250 |
| Chipotle Mexican Grill Inc (a) | 949 | 47943 |
| Churchill Downs Inc  | 348 | 31463 |
| Domino's Pizza Inc  | 97 | 47566 |
| Hilton Worldwide Holdings Inc  | 262 | 59076 |
|  |  | 264358 |
| Household Durables - 0.7% |  |  |
| NVR Inc (a) | 7 | 49880 |
| TopBuild Corp (a) | 126 | 37266 |
|  |  | 87146 |
| Specialty Retail - 2.3% |  |  |
| Dick's Sporting Goods Inc  | 241 | 45245 |
| Floor & Decor Holdings Inc Class A (a) | 389 | 27790 |
| Home Depot Inc/The  | 295 | 106345 |
| Lowe's Cos Inc  | 274 | 61255 |
| Ulta Beauty Inc (a) | 129 | 51038 |
| Wayfair Inc Class A (a) | 635 | 19152 |
|  |  | 310825 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Lululemon Athletica Inc (a) | 162 | 43864 |
| TOTAL CONSUMER DISCRETIONARY |  | 1363211 |
| Consumer Staples - 3.7% |  |  |
| Beverages - 0.4% |  |  |
| Monster Beverage Corp (a) | 974 | 58556 |
| Consumer Staples Distribution & Retail - 2.7% |  |  |
| Casey's General Stores Inc  | 131 | 60599 |
| Costco Wholesale Corp  | 154 | 153154 |
| Walmart Inc  | 1525 | 148306 |
|  |  | 362059 |
| Food Products - 0.6% |  |  |
| Freshpet Inc (a) | 396 | 29122 |
| McCormick & Co Inc/MD  | 582 | 44616 |
|  |  | 73738 |
| TOTAL CONSUMER STAPLES |  | 494353 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Schlumberger NV  | 1338 | 44488 |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Cheniere Energy Inc  | 296 | 68409 |
| TOTAL ENERGY |  | 112897 |
| Financials - 9.5% |  |  |
| Banks - 2.5% |  |  |
| Bank of America Corp  | 2234 | 89092 |
| JPMorgan Chase & Co  | 828 | 202545 |
| PNC Financial Services Group Inc/The  | 251 | 40333 |
|  |  | 331970 |
| Capital Markets - 1.6% |  |  |
| Moody's Corp  | 141 | 63890 |
| Morningstar Inc  | 144 | 41000 |
| S&P Global Inc  | 206 | 103010 |
|  |  | 207900 |
| Financial Services - 2.9% |  |  |
| Fiserv Inc (a) | 360 | 66445 |
| Mastercard Inc Class A  | 271 | 148524 |
| Visa Inc Class A  | 490 | 169296 |
|  |  | 384265 |
| Insurance - 2.5% |  |  |
| American Financial Group Inc/OH  | 301 | 38124 |
| Arch Capital Group Ltd  | 612 | 55496 |
| Arthur J Gallagher & Co  | 174 | 55800 |
| Assurant Inc  | 225 | 43367 |
| Chubb Ltd  | 234 | 66943 |
| The Travelers Companies, Inc.  | 277 | 73164 |
|  |  | 332894 |
| TOTAL FINANCIALS |  | 1257029 |
| Health Care - 7.0% |  |  |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Alcon AG  | 393 | 37931 |
| Boston Scientific Corp (a) | 998 | 102665 |
| Inspire Medical Systems Inc (a) | 242 | 38328 |
| Intuitive Surgical Inc (a) | 139 | 71696 |
| Masimo Corp (a) | 384 | 61809 |
| ResMed Inc  | 302 | 71450 |
|  |  | 383879 |
| Health Care Providers & Services - 0.9% |  |  |
| UnitedHealth Group Inc  | 279 | 114792 |
| Health Care Technology - 0.4% |  |  |
| Veeva Systems Inc Class A (a) | 266 | 62162 |
| Life Sciences Tools & Services - 1.2% |  |  |
| Danaher Corp  | 257 | 51228 |
| Thermo Fisher Scientific Inc  | 179 | 76791 |
| West Pharmaceutical Services Inc  | 154 | 32538 |
|  |  | 160557 |
| Pharmaceuticals - 1.6% |  |  |
| Eli Lilly & Co  | 231 | 207657 |
| TOTAL HEALTH CARE |  | 929047 |
| Industrials - 7.8% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Axon Enterprise Inc (a) | 84 | 51517 |
| GE Aerospace  | 573 | 115483 |
| HEICO Corp  | 207 | 51907 |
| Northrop Grumman Corp  | 104 | 50596 |
|  |  | 269503 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 429 | 38275 |
| Building Products - 1.2% |  |  |
| AZEK Co Inc/The Class A (a) | 976 | 48371 |
| Builders FirstSource Inc (a) | 257 | 30744 |
| Simpson Manufacturing Co Inc  | 250 | 38423 |
| Trex Co Inc (a) | 652 | 37699 |
|  |  | 155237 |
| Commercial Services & Supplies - 1.2% |  |  |
| Cintas Corp  | 378 | 80015 |
| GFL Environmental Inc Subordinate Voting Shares  | 625 | 31186 |
| Waste Connections Inc  | 259 | 51152 |
|  |  | 162353 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 208 | 61229 |
| Ground Transportation - 0.1% |  |  |
| Old Dominion Freight Line Inc  | 206 | 31576 |
| Professional Services - 1.7% |  |  |
| Dayforce Inc (a) | 583 | 33738 |
| Equifax Inc  | 184 | 47864 |
| Experian PLC  | 862 | 42885 |
| TransUnion  | 496 | 41148 |
| Verisk Analytics Inc  | 184 | 54544 |
|  |  | 220179 |
| Trading Companies & Distributors - 0.8% |  |  |
| Fastenal Co  | 636 | 51497 |
| Watsco Inc  | 105 | 48283 |
|  |  | 99780 |
| TOTAL INDUSTRIALS |  | 1038132 |
| Information Technology - 16.2% |  |  |
| Communications Equipment - 1.0% |  |  |
| Arista Networks Inc  | 839 | 69025 |
| Motorola Solutions Inc  | 152 | 66939 |
|  |  | 135964 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Amphenol Corp Class A  | 1143 | 87954 |
| IT Services - 0.5% |  |  |
| Cloudflare Inc Class A (a) | 557 | 67274 |
| Semiconductors & Semiconductor Equipment - 4.6% |  |  |
| Monolithic Power Systems Inc  | 79 | 46855 |
| NVIDIA Corp  | 5137 | 559522 |
|  |  | 606377 |
| Software - 9.4% |  |  |
| Adobe Inc (a) | 210 | 78746 |
| Appfolio Inc Class A (a) | 228 | 47087 |
| Atlassian Corp Class A (a) | 144 | 32877 |
| Cadence Design Systems Inc (a) | 176 | 52402 |
| Crowdstrike Holdings Inc Class A (a) | 167 | 71621 |
| Fair Isaac Corp (a) | 26 | 51732 |
| HubSpot Inc (a) | 90 | 55035 |
| Manhattan Associates Inc (a) | 172 | 30510 |
| Microsoft Corp  | 1504 | 594471 |
| Salesforce Inc  | 394 | 105872 |
| Servicenow Inc (a) | 78 | 74491 |
| Synopsys Inc (a) | 93 | 42688 |
|  |  | 1237532 |
| TOTAL INFORMATION TECHNOLOGY |  | 2135101 |
| Materials - 2.4% |  |  |
| Chemicals - 1.3% |  |  |
| Air Products and Chemicals Inc  | 202 | 54760 |
| Ecolab Inc  | 209 | 52549 |
| Linde PLC  | 136 | 61640 |
|  |  | 168949 |
| Construction Materials - 1.1% |  |  |
| CRH PLC  | 564 | 53817 |
| Martin Marietta Materials Inc  | 95 | 49778 |
| Vulcan Materials Co  | 195 | 51154 |
|  |  | 154749 |
| TOTAL MATERIALS |  | 323698 |
| Real Estate - 3.1% |  |  |
| Industrial REITs - 0.4% |  |  |
| Prologis Inc  | 560 | 57231 |
| Real Estate Management & Development - 0.8% |  |  |
| CBRE Group Inc Class A (a) | 437 | 53393 |
| CoStar Group Inc (a) | 665 | 49323 |
|  |  | 102716 |
| Residential REITs - 0.7% |  |  |
| Equity LifeStyle Properties Inc  | 684 | 44310 |
| Sun Communities Inc  | 391 | 48652 |
|  |  | 92962 |
| Specialized REITs - 1.2% |  |  |
| American Tower Corp  | 305 | 68750 |
| Equinix Inc  | 61 | 52506 |
| Extra Space Storage Inc  | 291 | 42637 |
|  |  | 163893 |
| TOTAL REAL ESTATE |  | 416802 |
| TOTAL UNITED STATES |  | 8589572 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,310,410) |  | <br> **13050613** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $209,930)<br>| 4.33 | 209888 | **209930** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $9,520,340)<br>| <br>**13260543** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(3714)** |
| **NET ASSETS - 100.0%** | **13256829** |

---

**Legend**

(a) Non-income producing

(b) Level 3 security

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $170,977 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 $131,114 or 1.0% 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 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 | 160085 | 2109354 | 2059509 | 3884 | - | - | 209930 | 209888 | 0.0% |
| Total | 160085 | 2109354 | 2059509 | 3884 | - | - | 209930 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 866617 | 657134 | 209483 | - |
| Consumer Discretionary | 2287084 | 2000702 | 286382 | - |
| Consumer Staples | 698136 | 622992 | 75144 | - |
| Energy | 248942 | 198069 | 50873 | - |
| Financials | 1834496 | 1749148 | 85348 | - |
| Health Care | 1189084 | 929047 | 260037 | - |
| Industrials | 1980144 | 1567181 | 412963 | - |
| Information Technology | 3011365 | 2514612 | 496753 | - |
| Materials | 423885 | 323698 | 100187 | - |
| Real Estate | 510860 | 484480 | 26380 | - |
|  **Money Market Funds** | 209930 | 209930 | - | - |
| **Total Investments in Securities:** | 13260543 | 11256993 | 2003550 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,310,410) | $13050613 |  |
| Fidelity Central Funds (cost $209,930) | 209930 |  |
| Total Investment in Securities (cost $9,520,340) |  | $13260543 |
| Cash |  | 16 |
| Foreign currency held at value (cost $1,529) |  | 1541 |
| Receivable for fund shares sold |  | 201 |
| Dividends receivable |  | 20199 |
| Distributions receivable from Fidelity Central Funds |  | 678 |
| Prepaid expenses |  | 4 |
| Receivable from investment adviser for expense reductions |  | 8449 |
| Other receivables |  | 766 |
| **Total assets** |  | 13292397 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $9 |  |
| Accrued management fee | 6131 |  |
| Deferred taxes | 9182 |  |
| Audit fee payable | 19531 |  |
| Other payables and accrued expenses | 715 |  |
| **Total liabilities** |  | 35568 |
| **Net Assets**  |  | $13256829 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9823817 |
| Total accumulated earnings (loss) |  | 3433012 |
| **Net Assets** |  | $13256829 |
| **Net Asset Value**, offering price and redemption price per share ($13,256,829 ÷ 836,969 shares) |  | $15.84 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $87678 |
| Income from Fidelity Central Funds  |  | 3884 |
| Income before foreign taxes withheld |  | $91562 |
| Less foreign taxes withheld |  | (4497) |
| **Total income** |  | 87065 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $50902 |  |
| Performance adjustment | (12920) |  |
| Custodian fees and expenses | 2565 |  |
| Independent trustees' fees and expenses | 31 |  |
| Registration fees | 5647 |  |
| Audit fees | 34254 |  |
| Legal | 909 |  |
| Miscellaneous | 24 |  |
| Total expenses before reductions | 81412 |  |
| Expense reductions | (14761) |  |
| Total expenses after reductions |  | 66651 |
| **Net Investment income (loss)** |  | 20414 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $5,364)  | 664994 |  |
| Foreign currency transactions | 1002 |  |
| Total net realized gain (loss) |  | 665996 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $7,708)  | (925651) |  |
| Assets and liabilities in foreign currencies | 657 |  |
| Total change in net unrealized appreciation (depreciation) |  | (924994) |
| **Net gain (loss)** |  | (258998) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(238584) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20414 | $23217 |
| &nbsp;&nbsp;Net realized gain (loss) | 665996<br>| 115100<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (924994) | 3784350<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (238584)<br>| 3922667<br>|
| Distributions to shareholders | (49821)<br>| (40077)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1222543 | 3151353 |
| Reinvestment of distributions | 46201<br>| 37070<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2283487) | (3644639) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1014743)<br>| (456216)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (1303148)<br>| 3426374<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14559977 | 11133603<br>|
| &nbsp;&nbsp;End of period | $13256829 | $14559977 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 74435 | 214984 |
| Issued in reinvestment of distributions | 2752<br>| 2733<br>|
| &nbsp;&nbsp;Redeemed | (139017) | (244199) |
| &nbsp;&nbsp;Net increase (decrease) | (61830) | (26482) |

---

**Financial Highlights** 

**Fidelity® Enduring Opportunities Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.20 | $12.03 | $10.94 | $16.69 | $11.91 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .02  | .03  | .01  | (.04)  | (.01)  |
| Net realized and unrealized gain (loss)  | (.32)  | 4.19  | 1.06  | (5.32)  | 4.82  | 1.93  |
| Total from investment operations  | (.30)  | 4.21  | 1.09  | (5.31)  | 4.78  | 1.92  |
| Distributions from net investment income  | (.06)  | (.04)  | -  | (.03)  | -  | - D |
| Distributions from net realized gain  | -  | -  | -  | (.41)  | -  | -  |
| Distributions from tax return of capital  | - | - | - | - | - | (.01) |
| Total distributions  | (.06)  | (.04)  | -  | (.44)  | -  | (.01)  |
| Net asset value, end of period  | $15.84 | $16.20 | $12.03 | $10.94 | $16.69 | $11.91 |
| **Total Return** E,F | (1.90)% <br>| 35.09%  | 9.96%  | (32.65)%  | 40.13%  | 19.22%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.16% I | 1.18%  | 1.51%  | 1.41%  | 1.70%  | 2.63% I |
| Expenses net of fee waivers, if any  | .95% I<br>| .95%  | .94%  | .98%  | 1.08%  | 1.10% I |
| Expenses net of all reductions, if any  | .95% I | .95%  | .94%  | .98%  | 1.08%  | 1.09% I |
| Net investment income (loss)  | .29% I | .17%  | .25%  | .05%  | (.25)%  | (.10)% I |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13257 | $14560 | $11134 | $11208 | $21492 | $10055 |
| Portfolio turnover rate J | 32% I<br>| 18%  | 19%  | 15%  | 23%  | 17% I |

---

A*For the period November 5, 2019 (commencement of operations) through October 31, 2020.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Enduring Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

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** | $4383733 |
| **Gross unrealized depreciation** | <u>(693976)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3689757</u> |
| **Tax cost** | <u>$9570786</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(449844) |
| Long-term | <u>(462619)</u> |
| **Total capital loss carryforward** | <u>$(912463)</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 Enduring Opportunities Fund** | 2229184 | 3296909 |

---

**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 Enduring Opportunities Fund** | .77 |

---

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 Enduring Opportunities Fund** | .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 Enduring Opportunities Fund** | MSCI ACWI (All Country World Index) Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.18)%.

**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 Enduring Opportunities Fund** | 31 |

---

**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 Enduring Opportunities Fund** | 103370 | 22712 | 5307 |

---

**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 Enduring Opportunities Fund** | 11 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $14,415.

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 $346.

**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 investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Enduring Opportunities Fund. | 21% |

---

In June 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution. The Fund will distribute all of its net assets to its shareholders on or about August 20, 2025.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109476_4.jpg)<br>

1.9896222.105 IDF-SANN-0625

**Fidelity® Series Overseas Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109436_1.jpg)

![](img109436_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SOV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Overseas Fund](#Sub_Sec_Fund_3468_SOV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3468_SOV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SOV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SOV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SOV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SOV-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Overseas Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.1%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KBC Group NV  | 1515365 | 139154181 |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| Azelis Group NV  | 1566743 | 24209429 |
| TOTAL BELGIUM |  | 163363610 |
| CANADA - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Software - 1.9% |  |  |
| Constellation Software Inc/Canada  | 71770 | 258652604 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 105870 | 8 |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 761450 | 24617602 |
| TOTAL CANADA |  | 283270214 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Trip.com Group Ltd ADR  | 192310 | 11344367 |
| DENMARK - 2.9%  |  |  |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Novo Nordisk A/S Series B  | 1590800 | 106363376 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 1.7% |  |  |
| DSV A/S  | 1161600 | 246212615 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Novonesis Novozymes B Series B  | 1056970 | 68352544 |
| TOTAL DENMARK |  | 420928535 |
| FRANCE - 11.5%  |  |  |
| Consumer Discretionary - 2.6% |  |  |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Accor SA  | 3227600 | 157773084 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Hermes International SCA  | 14915 | 40399430 |
| LVMH Moet Hennessy Louis Vuitton SE  | 321357 | 178009039 |
|  |  | 218408469 |
| TOTAL CONSUMER DISCRETIONARY |  | 376181553 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| EssilorLuxottica SA  | 699116 | 200136773 |
| Industrials - 3.7% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| Safran SA  | 1203000 | 320141857 |
| Thales SA  | 793100 | 222165048 |
|  |  | 542306905 |
| Information Technology - 1.9% |  |  |
| IT Services - 0.5% |  |  |
| Alten SA  | 863901 | 72372665 |
| Software - 1.4% |  |  |
| Dassault Systemes SE  | 5486100 | 205597778 |
| TOTAL INFORMATION TECHNOLOGY |  | 277970443 |
| Materials - 2.0% |  |  |
| Chemicals - 2.0% |  |  |
| Air Liquide SA  | 1428426 | 293510416 |
| TOTAL FRANCE |  | 1690106090 |
| GERMANY - 12.3%  |  |  |
| Communication Services - 1.7% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| Deutsche Telekom AG  | 6807900 | 244522920 |
| Financials - 6.1% |  |  |
| Capital Markets - 2.0% |  |  |
| Deutsche Boerse AG  | 934860 | 301112701 |
| Insurance - 4.1% |  |  |
| Allianz SE  | 780133 | 322644819 |
| Hannover Rueck SE  | 840716 | 268959206 |
|  |  | 591604025 |
| TOTAL FINANCIALS |  | 892716726 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Fresenius SE & Co KGaA (a) | 2054800 | 97301211 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| MTU Aero Engines AG  | 225900 | 77771297 |
| Information Technology - 3.4% |  |  |
| Software - 3.4% |  |  |
| SAP SE  | 1720200 | 503310977 |
| TOTAL GERMANY |  | 1815623131 |
| INDIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| HDFC Bank Ltd  | 6333000 | 143652363 |
| INDONESIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Central Asia Tbk PT  | 243258600 | 129338316 |
| IRELAND - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Building Products - 1.1% |  |  |
| Kingspan Group PLC  | 1860500 | 156599690 |
| ITALY - 4.1%  |  |  |
| Financials - 3.0% |  |  |
| Banks - 3.0% |  |  |
| FinecoBank Banca Fineco SpA  | 7994885 | 159086301 |
| UniCredit SpA  | 4957167 | 288412225 |
|  |  | 447498526 |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 2206839 | 129625910 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| GVS SpA (a)(c)(d) | 801438 | 3881311 |
| Interpump Group SpA  | 671100 | 22868490 |
|  |  | 26749801 |
| TOTAL ITALY |  | 603874237 |
| JAPAN - 14.0%  |  |  |
| Communication Services - 2.5% |  |  |
| Entertainment - 2.5% |  |  |
| Capcom Co Ltd  | 3846200 | 111340200 |
| Nintendo Co Ltd  | 3133100 | 260109986 |
|  |  | 371450186 |
| Consumer Staples - 1.3% |  |  |
| Food Products - 1.3% |  |  |
| Ajinomoto Co Inc  | 9392200 | 192108905 |
| Financials - 2.2% |  |  |
| Insurance - 2.2% |  |  |
| Tokio Marine Holdings Inc  | 8163600 | 327216485 |
| Health Care - 1.6% |  |  |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Hoya Corp  | 1940460 | 228326531 |
| Industrials - 4.6% |  |  |
| Industrial Conglomerates - 2.4% |  |  |
| Hitachi Ltd  | 14282500 | 352999342 |
| Machinery - 1.4% |  |  |
| Ebara Corp  | 2566300 | 38550433 |
| Mitsubishi Heavy Industries Ltd  | 8472191 | 167011005 |
|  |  | 205561438 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 2162031 | 116498027 |
| TOTAL INDUSTRIALS |  | 675058807 |
| Information Technology - 1.8% |  |  |
| IT Services - 0.3% |  |  |
| TIS Inc  | 1642176 | 47446000 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Tokyo Electron Ltd  | 585300 | 87150229 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| FUJIFILM Holdings Corp  | 6285700 | 128746150 |
| TOTAL INFORMATION TECHNOLOGY |  | 263342379 |
| TOTAL JAPAN |  | 2057503293 |
| NETHERLANDS - 6.5%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Universal Music Group NV  | 7701100 | 226454469 |
| Industrials - 3.1% |  |  |
| Professional Services - 2.2% |  |  |
| Wolters Kluwer NV  | 1735808 | 305678449 |
| Trading Companies & Distributors - 0.9% |  |  |
| IMCD NV  | 1042151 | 137953198 |
| TOTAL INDUSTRIALS |  | 443631647 |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| ASML Holding NV  | 396207 | 261451106 |
| Software - 0.1% |  |  |
| Topicus.com Inc (a) | 175777 | 21035608 |
| TOTAL INFORMATION TECHNOLOGY |  | 282486714 |
| TOTAL NETHERLANDS |  | 952572830 |
| SPAIN - 3.3%  |  |  |
| Financials - 3.3% |  |  |
| Banks - 3.3% |  |  |
| Banco Santander SA  | 34717236 | 243134479 |
| CaixaBank SA (e) | 31527500 | 241633220 |
| TOTAL SPAIN |  | 484767699 |
| SWEDEN - 2.3%  |  |  |
| Industrials - 2.3% |  |  |
| Machinery - 2.3% |  |  |
| Atlas Copco AB A Shares  | 10985600 | 170316296 |
| Indutrade AB  | 6015475 | 162312956 |
|  |  | 332629252 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(f) | 206997 | 4082585 |
| TOTAL SWEDEN |  | 336711837 |
| SWITZERLAND - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Capital Markets - 1.4% |  |  |
| Partners Group Holding AG  | 163450 | 212989005 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 5194684 | 146895108 |
| UNITED KINGDOM - 17.0%  |  |  |
| Consumer Discretionary - 3.3% |  |  |
| Hotels, Restaurants & Leisure - 3.3% |  |  |
| Compass Group PLC  | 8689987 | 292981381 |
| InterContinental Hotels Group PLC  | 1741241 | 185807669 |
|  |  | 478789050 |
| Financials - 5.9% |  |  |
| Banks - 1.7% |  |  |
| NatWest Group PLC  | 39450400 | 253756277 |
| Capital Markets - 4.2% |  |  |
| 3i Group PLC  | 5238791 | 296992509 |
| London Stock Exchange Group PLC  | 2004900 | 312186040 |
|  |  | 609178549 |
| TOTAL FINANCIALS |  | 862934826 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| ConvaTec Group PLC (c)(d) | 17472100 | 60494605 |
| Industrials - 6.5% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| BAE Systems PLC  | 5139955 | 119157706 |
| Rolls-Royce Holdings PLC  | 28847700 | 292010108 |
|  |  | 411167814 |
| Professional Services - 3.0% |  |  |
| Intertek Group PLC  | 1385200 | 84623209 |
| RELX PLC  | 6585255 | 359391279 |
|  |  | 444014488 |
| Trading Companies & Distributors - 0.7% |  |  |
| Diploma PLC  | 1926870 | 101741769 |
| TOTAL INDUSTRIALS |  | 956924071 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Halma PLC  | 3934896 | 144525629 |
| TOTAL UNITED KINGDOM |  | 2503668181 |
| UNITED STATES - 15.5%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.9% |  |  |
| Spotify Technology SA (a) | 222000 | 136303560 |
| Financials - 4.6% |  |  |
| Capital Markets - 1.6% |  |  |
| S&P Global Inc  | 468251 | 234148913 |
| Financial Services - 1.3% |  |  |
| Visa Inc Class A  | 548800 | 189610400 |
| Insurance - 1.7% |  |  |
| Marsh & McLennan Cos Inc  | 1075728 | 242544392 |
| TOTAL FINANCIALS |  | 666303705 |
| Health Care - 2.3% |  |  |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Alcon AG  | 2425116 | 234064022 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Thermo Fisher Scientific Inc  | 258500 | 110896500 |
| TOTAL HEALTH CARE |  | 344960522 |
| Industrials - 3.3% |  |  |
| Electrical Equipment - 1.4% |  |  |
| Schneider Electric SE  | 900331 | 210358542 |
| Professional Services - 1.7% |  |  |
| Experian PLC  | 5102100 | 253834763 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 143125 | 24052653 |
| TOTAL INDUSTRIALS |  | 488245958 |
| Materials - 4.4% |  |  |
| Chemicals - 1.6% |  |  |
| Linde PLC  | 513100 | 232552313 |
| Construction Materials - 2.8% |  |  |
| CRH PLC  | 1813400 | 173034628 |
| Holcim AG  | 2104630 | 235188156 |
|  |  | 408222784 |
| TOTAL MATERIALS |  | 640775097 |
| TOTAL UNITED STATES |  | 2276588842 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,872,434,062) |  | <br> **14389797348** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 282553711 | 282610222 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 123473999 | 123486346 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $406,096,568) |  |  | **406096568** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $10,278,530,630)<br>| <br>**14795893916** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(72724275)** |
| **NET ASSETS - 100.0%** | **14723169641** |

---

**Legend**

(a) Non-income producing

(b) Level 3 security

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $88,993,518 or 0.6% 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 $64,375,916 or 0.4% 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 $4,082,585 or 0.0% of net assets.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Kry International Ab | 5/14/21 - 10/30/24 | 13688300 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 262755557 | 2234035118 | 2214180453 | 4411179 | - | - | 282610222 | 282553711 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 1105340 | 427426303 | 305045297 | 211792 | - | - | 123486346 | 123473999 | 0.4% |
| Total | 263860897 | 2661461421 | 2519225750 | 4622971 | - | - | 406096568 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 978731135 | 247643760 | 731087375 | - |
| Consumer Discretionary | 866314970 | 209516881 | 656798089 | - |
| Consumer Staples | 192108905 | - | 192108905 | - |
| Financials | 4306571832 | 1689626877 | 2616944955 | - |
| Health Care | 1167208928 | 832519021 | 334689907 | - |
| Industrials | 3970339472 | 1272008747 | 2698330725 | - |
| Information Technology | 1905884049 | 830101214 | 1071700242 | 4082593 |
| Materials | 1002638057 | 473939485 | 528698572 | - |
|  **Money Market Funds** | 406096568 | 406096568 | - | - |
| **Total Investments in Securities:** | 14795893916 | 5961452553 | 8830358770 | 4082593 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $113,172,650) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,872,434,062) | $14389797348 |  |
| Fidelity Central Funds (cost $406,096,568) | 406096568 |  |
| Total Investment in Securities (cost $10,278,530,630) |  | $14795893916 |
| Foreign currency held at value (cost $8,244,238) |  | 8233730 |
| Receivable for investments sold |  | 82885206 |
| Receivable for fund shares sold |  | 14110483 |
| Dividends receivable |  | 35809678 |
| Reclaims receivable |  | 51757600 |
| Distributions receivable from Fidelity Central Funds |  | 865657 |
| Other receivables |  | 87209 |
| **Total assets** |  | 14989643479 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $104140000 |  |
| Payable for fund shares redeemed | 35203876 |  |
| Other payables and accrued expenses | 3643616 |  |
| Collateral on securities loaned | 123486346 |  |
| **Total liabilities** |  | 266473838 |
| **Net Assets**  |  | $14723169641 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9829097316 |
| Total accumulated earnings (loss) |  | 4894072325 |
| **Net Assets** |  | $14723169641 |
| **Net Asset Value**, offering price and redemption price per share ($14,723,169,641 ÷ 982,826,432 shares) |  | $14.98 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $114076872 |
| Foreign Tax Reclaims |  | 11232917 |
| Interest  |  | 47630 |
| Income from Fidelity Central Funds (including $211,792 from security lending)  |  | 4622971 |
| Income before foreign taxes withheld |  | $129980390 |
| Less foreign taxes withheld |  | (8221907) |
| **Total income** |  | 121758483 |
| **Expenses** |  |  |
| Custodian fees and expenses | $466519 |  |
| Independent trustees' fees and expenses | 32175 |  |
| Interest | 18897 |  |
| **Total expenses** |  | 517591 |
| **Net Investment income (loss)** |  | 121240892 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $301,353)  | 396049725 |  |
| Redemptions in-kind | 128378153 |  |
| Foreign currency transactions | 1550460 |  |
| Total net realized gain (loss) |  | 525978338 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,883,300)  | 586725328 |  |
| Assets and liabilities in foreign currencies | 3803961 |  |
| Total change in net unrealized appreciation (depreciation) |  | 590529289 |
| **Net gain (loss)** |  | 1116507627 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1237748519 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $121240892 | $269546377 |
| &nbsp;&nbsp;Net realized gain (loss) | 525978338<br>| 707369009<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 590529289 | 2357083372<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1237748519<br>| 3333998758<br>|
| Distributions to shareholders | (312065833)<br>| (237159965)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1033063665 | 2365173907 |
| Reinvestment of distributions | 312065833<br>| 237159965<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2458770495) | (3632944341) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1113640997)<br>| (1030610469)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (187958311)<br>| 2066228324<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14911127952 | 12844899628<br>|
| &nbsp;&nbsp;End of period | $14723169641 | $14911127952 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 72898041 | 172632035 |
| Issued in reinvestment of distributions | 22434639<br>| 19172188<br>|
| &nbsp;&nbsp;Redeemed | (173656371) | (265148072) |
| &nbsp;&nbsp;Net increase (decrease) | (78323691) | (73343849) |

---

**Financial Highlights** 

**Fidelity® Series Overseas Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.05 | $11.32 | $10.10 | $14.58 | $10.62 | $10.20 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .25  | .22  | .21  | .17  | .14  |
| Net realized and unrealized gain (loss)  | 1.11  | 2.69  | 1.20  | (4.27)  | 3.93  | .32  |
| Total from investment operations  | 1.23  | 2.94  | 1.42  | (4.06)  | 4.10  | .46  |
| Distributions from net investment income  | (.30)  | (.21)  | (.20)  | (.17)  | (.14)  | (.04)  |
| Distributions from net realized gain  | -  | -  | -  | (.25)  | -  | -  |
| Total distributions  | (.30)  | (.21)  | (.20)  | (.42)  | (.14)  | (.04)  |
| Net asset value, end of period  | $14.98 | $14.05 | $11.32 | $10.10 | $14.58 | $10.62 |
| **Total Return** C,D | 8.94% <br>| 26.24%  | 14.05%  | (28.66)%  | 38.89%  | 4.51%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .01% G | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | .01% G<br>| .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01% G | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 1.67% G | 1.79%  | 1.90%  | 1.79%  | 1.29%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14723170 | $14911128 | $12844900 | $12317244 | $15419200 | $11508376 |
| Portfolio turnover rate H | 47% G,I<br>| 36% I | 38% I | 28% I | 33%  | 50%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Series Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Series Overseas Fund** | $4888 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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** | $4587599984 |
| **Gross unrealized depreciation** | <u>(163674366)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$4423925618</u> |
| **Tax cost** | <u>$10371968298</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | <u>$(144485780)</u> |
| **Total capital loss carryforward** | <u>$(144485780)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Overseas Fund** | 3334976039 | 4224659403 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Series Overseas Fund** | 25317342 | 128378153 | 353295203 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Series Overseas Fund** | 46946466 | 242444479 | 642139814 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Overseas Fund** | 249 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Series Overseas Fund** | Borrower | 29145600 | 4.67% | 18897 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Overseas Fund** | 40485173 | 209465055 | 7165603 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Overseas Fund** | 22375 | - | - |

---

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109436_4.jpg)<br>

1.9894004.105 SOV-SANN-0625

**Fidelity® Global Commodity Stock Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109457_1.jpg)

![](img109457_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_GCS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Global Commodity Stock Fund](#Sub_Sec_Fund_2120_GCS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2120_GCS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GCS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GCS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GCS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GCS-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Global Commodity Stock Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

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>|
| AUSTRALIA - 2.1%  |  |  |
| Materials - 2.1% |  |  |
| Metals & Mining - 2.1% |  |  |
| Champion Iron Ltd (Canada) (a) | 5568600 | 16157261 |
| IperionX Ltd (b) | 423066 | 970444 |
| TOTAL AUSTRALIA |  | 17127705 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 196 | 2960 |
| BRAZIL - 7.2%  |  |  |
| Materials - 7.2% |  |  |
| Chemicals - 1.2% |  |  |
| Yara International ASA  | 303600 | 9782063 |
| Metals & Mining - 6.0% |  |  |
| Wheaton Precious Metals Corp  | 599500 | 50056902 |
| TOTAL BRAZIL |  | 59838965 |
| CANADA - 24.2%  |  |  |
| Energy - 7.0% |  |  |
| Oil, Gas & Consumable Fuels - 7.0% |  |  |
| Canadian Natural Resources Ltd  | 758200 | 21757139 |
| Cenovus Energy Inc  | 881600 | 10378912 |
| South Bow Corp (a) | 1059031 | 26156975 |
|  |  | 58293026 |
| Materials - 17.2% |  |  |
| Chemicals - 2.4% |  |  |
| Nutrien Ltd  | 346883 | 19802475 |
| Metals & Mining - 11.8% |  |  |
| Agnico Eagle Mines Ltd/CA  | 200600 | 23576975 |
| Alamos Gold Inc Class A  | 544500 | 15565606 |
| Algoma Steel Group Inc (United States) (a) | 2183700 | 11169626 |
| Franco-Nevada Corp  | 127671 | 21940038 |
| Teck Resources Ltd Class B  | 779200 | 26480140 |
|  |  | 98732385 |
| Paper & Forest Products - 3.0% |  |  |
| Interfor Corp (b) | 1194600 | 11507535 |
| West Fraser Timber Co Ltd  | 186500 | 13808251 |
|  |  | 25315786 |
| TOTAL MATERIALS |  | 143850646 |
| TOTAL CANADA |  | 202143672 |
| FINLAND - 3.6%  |  |  |
| Materials - 3.6% |  |  |
| Paper & Forest Products - 3.6% |  |  |
| Stora Enso Oyj R Shares  | 1013500 | 9413784 |
| UPM-Kymmene Oyj  | 771200 | 20426082 |
| TOTAL FINLAND |  | 29839866 |
| INDIA - 1.7%  |  |  |
| Materials - 1.7% |  |  |
| Construction Materials - 0.7% |  |  |
| UltraTech Cement Ltd  | 42300 | 5821142 |
| Metals & Mining - 1.0% |  |  |
| Tata Steel Ltd  | 5152600 | 8564768 |
| TOTAL INDIA |  | 14385910 |
| NETHERLANDS - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| OCI NV  | 144200 | 1192506 |
| NORWAY - 1.0%  |  |  |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| DOF Group ASA A Shares (b) | 1068100 | 8300737 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 77100 | 408970 |
| TOTAL NORWAY |  | 8709707 |
| SOUTH AFRICA - 4.8%  |  |  |
| Materials - 4.8% |  |  |
| Metals & Mining - 4.8% |  |  |
| Anglo American Platinum Ltd (a) | 143512 | 4914426 |
| Anglo American PLC  | 530100 | 14470866 |
| Northam Platinum Holdings Ltd (a) | 3097500 | 20735203 |
| TOTAL SOUTH AFRICA |  | 40120495 |
| SWEDEN - 1.7%  |  |  |
| Materials - 1.7% |  |  |
| Containers & Packaging - 0.4% |  |  |
| Billerud Aktiebolag  | 321900 | 3390349 |
| Paper & Forest Products - 1.3% |  |  |
| Svenska Cellulosa AB SCA B Shares  | 823000 | 10669071 |
| TOTAL SWEDEN |  | 14059420 |
| UNITED STATES - 50.1%  |  |  |
| Consumer Staples - 10.7% |  |  |
| Food Products - 10.7% |  |  |
| Archer-Daniels-Midland Co  | 789000 | 37674750 |
| Bunge Global SA  | 257200 | 20246784 |
| JBS S/A  | 3266900 | 25374651 |
| Lamb Weston Holdings Inc  | 118600 | 6263266 |
|  |  | 89559451 |
| Energy - 30.3% |  |  |
| Energy Equipment & Services - 3.7% |  |  |
| Archrock Inc  | 203400 | 4786002 |
| Kodiak Gas Services Inc (a) | 750200 | 25514302 |
|  |  | 30300304 |
| Oil, Gas & Consumable Fuels - 26.6% |  |  |
| Alliance Resource Partners LP  | 758800 | 20070260 |
| Antero Resources Corp (b) | 659612 | 22974286 |
| Core Natural Resources Inc (a) | 325083 | 23474243 |
| Energy Transfer LP  | 1602100 | 26498734 |
| Exxon Mobil Corp  | 465900 | 49213017 |
| Mach Natural Resources LP  | 328667 | 4413998 |
| Ovintiv Inc  | 376700 | 12649586 |
| Plains GP Holdings LP Class A  | 823900 | 15357496 |
| Shell PLC  | 1446773 | 46689887 |
|  |  | 221341507 |
| TOTAL ENERGY |  | 251641811 |
| Industrials - 1.7% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Centuri Holdings Inc (b) | 88600 | 1591256 |
| Electrical Equipment - 0.1% |  |  |
| GrafTech International Ltd (a)(b) | 683684 | 432772 |
| Machinery - 1.4% |  |  |
| Caterpillar Inc  | 2400 | 742248 |
| CNH Industrial NV Class A  | 490000 | 5669300 |
| Deere & Co  | 11500 | 5330940 |
|  |  | 11742488 |
| TOTAL INDUSTRIALS |  | 13766516 |
| Materials - 7.4% |  |  |
| Chemicals - 4.8% |  |  |
| CF Industries Holdings Inc  | 61600 | 4827592 |
| Corteva Inc  | 572300 | 35476877 |
|  |  | 40304469 |
| Containers & Packaging - 1.1% |  |  |
| International Paper Co  | 10000 | 456800 |
| Smurfit WestRock PLC (United Kingdom)  | 212600 | 8873959 |
|  |  | 9330759 |
| Metals & Mining - 1.5% |  |  |
| Reliance Inc  | 43100 | 12422713 |
| TOTAL MATERIALS |  | 62057941 |
| TOTAL UNITED STATES |  | 417025719 |
| ZAMBIA - 3.0%  |  |  |
| Materials - 3.0% |  |  |
| Metals & Mining - 3.0% |  |  |
| First Quantum Minerals Ltd (b) | 1866071 | 25055110 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $746,363,703) |  | <br> **829502035** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 3168831 | 3169464 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 36905412 | 36909103 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $40,078,567) |  |  | **40078567** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.3%**<br> (Cost $786,442,270)<br>| <br>**869580602** |
| **NET OTHER ASSETS (LIABILITIES) - (4.3)%**  | **(35600256)** |
| **NET ASSETS - 100.0%** | **833980346** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 6117624 | 116798686 | 119746846 | 124036 | - | - | 3169464 | 3168831 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18321269 | 296900681 | 278312847 | 430129 | - | - | 36909103 | 36905412 | 0.1% |
| Total | 24438893 | 413699367 | 398059693 | 554165 | - | - | 40078567 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Staples | 89559451 | 89559451 | - | - |
| Energy | 318235574 | 271545687 | 46689887 | - |
| Industrials | 13766516 | 13766516 | - | - |
| Materials | 407940494 | 342950012 | 64990482 | - |
|  **Money Market Funds** | 40078567 | 40078567 | - | - |
| **Total Investments in Securities:** | 869580602 | 757900233 | 111680369 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $35,075,167) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $746,363,703) | $829502035 |  |
| Fidelity Central Funds (cost $40,078,567) | 40078567 |  |
| Total Investment in Securities (cost $786,442,270) |  | $869580602 |
| Foreign currency held at value (cost $403,828) |  | 402921 |
| Receivable for fund shares sold |  | 750423 |
| Dividends receivable |  | 2113297 |
| Distributions receivable from Fidelity Central Funds |  | 62969 |
| Prepaid expenses |  | 299 |
| Other receivables |  | 4097 |
| **Total assets** |  | 872914608 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1385714 |  |
| Accrued management fee | 565288 |  |
| Distribution and service plan fees payable | 33083 |  |
| Other payables and accrued expenses | 41074 |  |
| Collateral on securities loaned | 36909103 |  |
| **Total liabilities** |  | 38934262 |
| **Net Assets**  |  | $833980346 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $926548147 |
| Total accumulated earnings (loss) |  | (92567801) |
| **Net Assets** |  | $833980346 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($78,308,017 ÷ 4,370,811 shares)(a) |  | $17.92 |
| Maximum offering price per share (100/94.25 of $17.92) |  | $19.01 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($13,017,349 ÷ 726,304 shares)(a) |  | $17.92 |
| Maximum offering price per share (100/96.50 of $17.92) |  | $18.57 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($13,724,769 ÷ 769,418 shares)(a) |  | $17.84 |
| **Global Commodity Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($329,778,538 ÷ 18,369,976 shares) |  | $17.95 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($239,845,656 ÷ 13,379,339 shares) |  | $17.93 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($159,306,017 ÷ 8,898,771 shares) |  | $17.90 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $12402770 |
| Income from Fidelity Central Funds (including $430,129 from security lending)  |  | 554165 |
| Income before foreign taxes withheld |  | $12956935 |
| Less foreign taxes withheld |  | (808736) |
| **Total income** |  | 12148199 |
| **Expenses** |  |  |
| Management fee | $3650360 |  |
| Distribution and service plan fees | 218030 |  |
| Custodian fees and expenses | 20244 |  |
| Independent trustees' fees and expenses | 2005 |  |
| Registration fees | 93158 |  |
| Audit fees | 28948 |  |
| Legal | 2000 |  |
| Interest | 777 |  |
| Miscellaneous | 5597 |  |
| **Total expenses** |  | 4021119 |
| **Net Investment income (loss)** |  | 8127080 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 450597 |  |
| Foreign currency transactions | (109362) |  |
| Total net realized gain (loss) |  | 341235 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $201,015)  | (42091666) |  |
| Assets and liabilities in foreign currencies | 8684 |  |
| Total change in net unrealized appreciation (depreciation) |  | (42082982) |
| **Net gain (loss)** |  | (41741747) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(33614667) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8127080 | $20074909 |
| &nbsp;&nbsp;Net realized gain (loss) | 341235<br>| 38290972<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (42082982) | 56248977<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (33614667)<br>| 114614858<br>|
| Distributions to shareholders | (22299940)<br>| (21790381)<br>|
| Share transactions - net increase (decrease) | (39697353)<br>| (268013410)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (95611960)<br>| (175188933)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 929592306 | 1104781239<br>|
| &nbsp;&nbsp;End of period | $833980346 | $929592306 |

---

**Financial Highlights** 

**Fidelity Advisor® Global Commodity Stock Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.07 | $17.33 | $19.50 | $16.35 | $10.80 | $12.14 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .33  | .35  | .47  | .48  | .28  |
| Net realized and unrealized gain (loss)  | (.88)  | 1.73  | (2.20)  | 3.19  | 5.24  | (1.26)  |
| Total from investment operations  | (.73)  | 2.06  | (1.85)  | 3.66  | 5.72  | (.98)  |
| Distributions from net investment income  | (.42)  | (.32)  | (.32)  | (.51)  | (.17)  | (.36)  |
| Total distributions  | (.42)  | (.32)  | (.32)  | (.51)  | (.17)  | (.36)  |
| Net asset value, end of period  | $17.92 | $19.07 | $17.33 | $19.50 | $16.35 | $10.80 |
| **Total Return** C,D,E | (3.92)% <br>| 12.13%  | (9.64)%  | 23.27%  | 53.37%  | (8.39)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.15% H | 1.16%  | 1.19%  | 1.19%  | 1.23%  | 1.31%  |
| Expenses net of fee waivers, if any  | 1.15% H<br>| 1.16%  | 1.18%  | 1.19%  | 1.22%  | 1.31%  |
| Expenses net of all reductions, if any  | 1.15% H | 1.16%  | 1.18%  | 1.19%  | 1.22%  | 1.29%  |
| Net investment income (loss)  | 1.58% H | 1.76%  | 1.88%  | 2.53%  | 3.18%  | 2.53%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $78308 | $87347 | $95290 | $128363 | $45343 | $20453 |
| Portfolio turnover rate I | 35% H<br>| 49%  | 113%  | 42%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.03 | $17.28 | $19.46 | $16.32 | $10.78 | $12.12 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .28  | .30  | .42  | .44  | .25  |
| Net realized and unrealized gain (loss)  | (.88)  | 1.73  | (2.20)  | 3.19  | 5.24  | (1.27)  |
| Total from investment operations  | (.76)  | 2.01  | (1.90)  | 3.61  | 5.68  | (1.02)  |
| Distributions from net investment income  | (.35)  | (.26)  | (.28)  | (.47)  | (.14)  | (.32)  |
| Total distributions  | (.35)  | (.26)  | (.28)  | (.47)  | (.14)  | (.32)  |
| Net asset value, end of period  | $17.92 | $19.03 | $17.28 | $19.46 | $16.32 | $10.78 |
| **Total Return** C,D,E | (4.07)% <br>| 11.85%  | (9.90)%  | 22.93%  | 52.97%  | (8.72)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.40% H | 1.42%  | 1.47%  | 1.46%  | 1.52%  | 1.59%  |
| Expenses net of fee waivers, if any  | 1.40% H<br>| 1.41%  | 1.45%  | 1.46%  | 1.52%  | 1.59%  |
| Expenses net of all reductions, if any  | 1.40% H | 1.41%  | 1.45%  | 1.46%  | 1.52%  | 1.58%  |
| Net investment income (loss)  | 1.33% H | 1.51%  | 1.62%  | 2.26%  | 2.88%  | 2.24%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13017 | $14821 | $17928 | $24513 | $8888 | $4378 |
| Portfolio turnover rate I | 35% H<br>| 49%  | 113%  | 42%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.89 | $17.11 | $19.29 | $16.17 | $10.68 | $11.99 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .18  | .21  | .33  | .37  | .20  |
| Net realized and unrealized gain (loss)  | (.88)  | 1.74  | (2.18)  | 3.18  | 5.20  | (1.26)  |
| Total from investment operations  | (.80)  | 1.92  | (1.97)  | 3.51  | 5.57  | (1.06)  |
| Distributions from net investment income  | (.25)  | (.14)  | (.21)  | (.39)  | (.08)  | (.25)  |
| Total distributions  | (.25)  | (.14)  | (.21)  | (.39)  | (.08)  | (.25)  |
| Net asset value, end of period  | $17.84 | $18.89 | $17.11 | $19.29 | $16.17 | $10.68 |
| **Total Return** C,D,E | (4.29)% <br>| 11.34%  | (10.34)%  | 22.34%  | 52.30%  | (9.11)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.90% H | 1.91%  | 1.94%  | 1.94%  | 1.97%  | 2.05%  |
| Expenses net of fee waivers, if any  | 1.90% H<br>| 1.91%  | 1.93%  | 1.93%  | 1.96%  | 2.04%  |
| Expenses net of all reductions, if any  | 1.90% H | 1.91%  | 1.93%  | 1.93%  | 1.96%  | 2.03%  |
| Net investment income (loss)  | .83% H | 1.01%  | 1.13%  | 1.78%  | 2.44%  | 1.79%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13725 | $18118 | $23853 | $34984 | $11020 | $7871 |
| Portfolio turnover rate I | 35% H<br>| 49%  | 113%  | 42%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Global Commodity Stock Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.13 | $17.38 | $19.55 | $16.39 | $10.82 | $12.15 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .38  | .40  | .52  | .53  | .31  |
| Net realized and unrealized gain (loss)  | (.88)  | 1.73  | (2.21)  | 3.19  | 5.26  | (1.26)  |
| Total from investment operations  | (.71)  | 2.11  | (1.81)  | 3.71  | 5.79  | (.95)  |
| Distributions from net investment income  | (.47)  | (.36)  | (.36)  | (.55)  | (.22)  | (.38)  |
| Total distributions  | (.47)  | (.36)  | (.36)  | (.55)  | (.22)  | (.38)  |
| Net asset value, end of period  | $17.95 | $19.13 | $17.38 | $19.55 | $16.39 | $10.82 |
| **Total Return** C,D | (3.78)% <br>| 12.42%  | (9.47)%  | 23.57%  | 53.95%  | (8.16)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .86% G | .89%  | .97%  | .94%  | .94%  | 1.02%  |
| Expenses net of fee waivers, if any  | .86% G<br>| .89%  | .95%  | .94%  | .94%  | 1.02%  |
| Expenses net of all reductions, if any  | .86% G | .89%  | .95%  | .94%  | .94%  | 1.00%  |
| Net investment income (loss)  | 1.87% G | 2.03%  | 2.12%  | 2.78%  | 3.46%  | 2.82%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $329779 | $356627 | $428912 | $893636 | $546863 | $176718 |
| Portfolio turnover rate H | 35% G<br>| 49%  | 113%  | 42%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.11 | $17.37 | $19.54 | $16.39 | $10.81 | $12.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .37  | .40  | .52  | .53  | .32  |
| Net realized and unrealized gain (loss)  | (.88)  | 1.74  | (2.20)  | 3.19  | 5.25  | (1.26)  |
| Total from investment operations  | (.71)  | 2.11  | (1.80)  | 3.71  | 5.78  | (.94)  |
| Distributions from net investment income  | (.47)  | (.37)  | (.37)  | (.56)  | (.20)  | (.41)  |
| Total distributions  | (.47)  | (.37)  | (.37)  | (.56)  | (.20)  | (.41)  |
| Net asset value, end of period  | $17.93 | $19.11 | $17.37 | $19.54 | $16.39 | $10.81 |
| **Total Return** C,D | (3.80)% <br>| 12.45%  | (9.42)%  | 23.56%  | 53.97%  | (8.11)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .89% G | .90%  | .92%  | .92%  | .93%  | .95%  |
| Expenses net of fee waivers, if any  | .89% G<br>| .90%  | .91%  | .92%  | .93%  | .95%  |
| Expenses net of all reductions, if any  | .89% G | .90%  | .91%  | .92%  | .93%  | .93%  |
| Net investment income (loss)  | 1.83% G | 2.02%  | 2.15%  | 2.80%  | 3.48%  | 2.88%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $239846 | $260235 | $351709 | $499191 | $85252 | $33185 |
| Portfolio turnover rate H | 35% G<br>| 49%  | 113%  | 42%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.10 | $17.37 | $19.53 | $16.38 | $10.81 | $12.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .40  | .43  | .54  | .56  | .34  |
| Net realized and unrealized gain (loss)  | (.89)  | 1.74  | (2.21)  | 3.19  | 5.23  | (1.26)  |
| Total from investment operations  | (.71)  | 2.14  | (1.78)  | 3.73  | 5.79  | (.92)  |
| Distributions from net investment income  | (.49)  | (.41)  | (.38)  | (.58)  | (.22)  | (.43)  |
| Total distributions  | (.49)  | (.41)  | (.38)  | (.58)  | (.22)  | (.43)  |
| Net asset value, end of period  | $17.90 | $19.10 | $17.37 | $19.53 | $16.38 | $10.81 |
| **Total Return** C,D | (3.79)% <br>| 12.62%  | (9.30)%  | 23.72%  | 54.07%  | (7.99)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .76% G | .77%  | .79%  | .79%  | .80%  | .85%  |
| Expenses net of fee waivers, if any  | .76% G<br>| .76%  | .78%  | .79%  | .80%  | .84%  |
| Expenses net of all reductions, if any  | .76% G | .76%  | .78%  | .79%  | .80%  | .83%  |
| Net investment income (loss)  | 1.96% G | 2.16%  | 2.29%  | 2.93%  | 3.60%  | 2.99%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $159306 | $192445 | $187090 | $234430 | $60837 | $16505 |
| Portfolio turnover rate H | 35% G<br>| 49%  | 113%  | 42%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Commodity Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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** | $149457671 |
| **Gross unrealized depreciation** | <u>(68174480)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$81283191</u> |
| **Tax cost** | <u>$788297411</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | <u>$(176525955)</u> |
| **Total capital loss carryforward** | <u>$(176525955)</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 Global Commodity Stock Fund** | 157148100 | 203833578 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .88 |
| **Class M** | .89 |
| **Class C** | .88 |
| **Global Commodity Stock** | .89 |
| **Class I** | .86 |
| **Class Z** | .73 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .87 |
| **Global Commodity Stock** | .82 |
| **Class I** | .86 |
| **Class Z** | .73 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 103062 | 3148 |
| **Class M** | .25% | .25% | 35029 | 252 |
| **Class C** | .75% | .25% | <u>79939</u> | <u>4821</u> |
|  |  |  | <u>218030</u> | <u>8221</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** | 10351 |
| **Class M** | 325 |
| **Class C**A | <u>28</u> |
|  | <u>10704</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Global Commodity Stock Fund** | 5626 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Global Commodity Stock Fund** | Borrower | 6111000 | 4.58% | 777 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Global Commodity Stock Fund** | 4730048 | 18646392 | 2348453 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Global Commodity Stock Fund** | 699 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Global Commodity Stock Fund** | 46421 | 1 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Global Commodity Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1857948 | $1698169 |
| Class M | 269585 | 265430 |
| Class C | 226107 | 186222 |
| Global Commodity Stock | 8595843 | 8378578 |
| Class I | 6380702 | 6995782 |
| Class Z | <u>4969755</u> | <u>4266200</u> |
| Total  | <u>$22299940</u> | <u>$21790381</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Global Commodity Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 226486 | 523157 | $4181559 | $9660014 |
| Reinvestment of distributions | 97364 | 100271 | 1799280 | 1689564 |
| Shares redeemed | <u>(533354)</u> | <u>(1542491)</u> | <u>(9828162)</u> | <u>(27969357)</u> |
| Net increase (decrease) | <u>(209504)</u> | <u>(919063)</u> | <u>$(3847323)</u> | <u>$(16619779)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 46982 | 100713 | $870120 | $1821540 |
| Reinvestment of distributions | 14411 | 15582 | 266612 | 262558 |
| Shares redeemed | <u>(113908)</u> | <u>(375083)</u> | <u>(2090299)</u> | <u>(6871873)</u> |
| Net increase (decrease) | <u>(52515)</u> | <u>(258788)</u> | <u>$(953567)</u> | <u>$(4787775)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 30884 | 58180 | $564277 | $1066004 |
| Reinvestment of distributions | 12154 | 11025 | 224242 | 185217 |
| Shares redeemed | <u>(232850)</u> | <u>(503897)</u> | <u>(4241912)</u> | <u>(8965890)</u> |
| Net increase (decrease) | <u>(189812)</u> | <u>(434692)</u> | <u>$(3453393)</u> | <u>$(7714669)</u> |
| **Global Commodity Stock** |  |  |  |  |
| Shares sold | 3394303 | 3386920 | $61863894 | $62722588 |
| Reinvestment of distributions | 359913 | 386388 | 6654781 | 6514507 |
| Shares redeemed | <u>(4022242)</u> | <u>(9815498)</u> | <u>(74045178)</u> | <u>(177639908)</u> |
| Net increase (decrease) | <u>(268026)</u> | <u>(6042190)</u> | <u>$(5526503)</u> | <u>$(108402813)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2058163 | 4918020 | $37736628 | $90248750 |
| Reinvestment of distributions | 341157 | 410245 | 6301165 | 6908516 |
| Shares redeemed | <u>(2638059)</u> | <u>(11957742)</u> | <u>(48177329)</u> | <u>(213017775)</u> |
| Net increase (decrease) | <u>(238739)</u> | <u>(6629477)</u> | <u>$(4139536)</u> | <u>$(115860509)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1659169 | 4848464 | $30703344 | $87565055 |
| Reinvestment of distributions | 214240 | 198997 | 3950577 | 3345144 |
| Shares redeemed | <u>(3052912)</u> | <u>(5740185)</u> | <u>(56430952)</u> | <u>(105538064)</u> |
| Net increase (decrease) | <u>(1179503)</u> | <u>(692724)</u> | <u>$(21777031)</u> | <u>$(14627865)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109457_4.jpg)<br>

1.879383.116 GCS-SANN-0625

**Fidelity® SAI International SMA Completion Fund**

**Semi-Annual Report**

**April 30, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img109443_1.jpg)

![](img109443_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ISM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International SMA Completion Fund](#Sub_Sec_Fund_3358_ISM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3358_ISM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ISM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ISM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ISM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ISM-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® SAI International SMA Completion Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.5%** | &nbsp;&nbsp;**Common Stocks - 93.5%** | &nbsp;&nbsp;**Common Stocks - 93.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.3%  |  |  |
| Consumer Discretionary - 2.3% |  |  |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Aristocrat Leisure Ltd  | 560343 | 23931716 |
| BELGIUM - 2.3%  |  |  |
| Health Care - 2.3% |  |  |
| Pharmaceuticals - 2.3% |  |  |
| UCB SA  | 130300 | 23787409 |
| CANADA - 7.3%  |  |  |
| Consumer Staples - 1.9% |  |  |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Alimentation Couche-Tard Inc  | 369200 | 19271458 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| MEG Energy Corp  | 470100 | 6594904 |
| Information Technology - 4.8% |  |  |
| Software - 4.8% |  |  |
| Constellation Software Inc/Canada  | 13736 | 49503305 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 10836 | 0 |
|  |  | 49503305 |
| TOTAL CANADA |  | 75369667 |
| CHILE - 1.1%  |  |  |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Antofagasta PLC  | 524100 | 11405984 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Ivanhoe Mine Ltd Class A (a)(c) | 1069700 | 9497409 |
| FRANCE - 8.1%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Accor SA  | 232300 | 11355400 |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Amundi SA (d)(e) | 140500 | 11038121 |
| Industrials - 5.9% |  |  |
| Aerospace & Defense - 5.9% |  |  |
| Thales SA  | 218700 | 61262762 |
| TOTAL FRANCE |  | 83656283 |
| GERMANY - 12.5%  |  |  |
| Financials - 3.8% |  |  |
| Insurance - 3.8% |  |  |
| Hannover Rueck SE  | 122682 | 39248038 |
| Health Care - 4.6% |  |  |
| Health Care Providers & Services - 4.6% |  |  |
| Fresenius SE & Co KGaA (a) | 1008400 | 47750896 |
| Materials - 4.1% |  |  |
| Construction Materials - 4.1% |  |  |
| Heidelberg Materials AG  | 217000 | 42835607 |
| TOTAL GERMANY |  | 129834541 |
| INDIA - 2.2%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| HDFC Bank Ltd  | 480778 | 10905558 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Hindustan Aeronautics Ltd (e) | 216200 | 11449219 |
| TOTAL INDIA |  | 22354777 |
| INDONESIA - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Bank Central Asia Tbk PT  | 27812287 | 14787532 |
| IRELAND - 2.2%  |  |  |
| Industrials - 2.2% |  |  |
| Building Products - 2.2% |  |  |
| Kingspan Group PLC  | 270807 | 22794030 |
| ITALY - 1.6%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| FinecoBank Banca Fineco SpA  | 438676 | 8728999 |
| Industrials - 0.8% |  |  |
| Machinery - 0.8% |  |  |
| Interpump Group SpA  | 238800 | 8137379 |
| TOTAL ITALY |  | 16866378 |
| JAPAN - 24.2%  |  |  |
| Communication Services - 1.8% |  |  |
| Entertainment - 1.8% |  |  |
| Capcom Co Ltd  | 659900 | 19102854 |
| Consumer Discretionary - 3.1% |  |  |
| Specialty Retail - 3.1% |  |  |
| Fast Retailing Co Ltd  | 98000 | 32236597 |
| Industrials - 17.8% |  |  |
| Electrical Equipment - 1.9% |  |  |
| Fuji Electric Co Ltd  | 439500 | 19543139 |
| Machinery - 9.6% |  |  |
| Ebara Corp  | 699100 | 10501737 |
| IHI Corp  | 102200 | 8005548 |
| Kawasaki Heavy Industries Ltd  | 279000 | 16642823 |
| Mitsubishi Heavy Industries Ltd  | 3266900 | 64399901 |
|  |  | 99550009 |
| Professional Services - 1.4% |  |  |
| BayCurrent Inc  | 280100 | 15092798 |
| Trading Companies & Distributors - 4.9% |  |  |
| ITOCHU Corp  | 785566 | 40176156 |
| MonotaRO Co Ltd  | 573200 | 11018605 |
|  |  | 51194761 |
| TOTAL INDUSTRIALS |  | 185380707 |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| Renesas Electronics Corp  | 1284800 | 15077467 |
| TOTAL JAPAN |  | 251797625 |
| LUXEMBOURG - 1.9%  |  |  |
| Financials - 1.9% |  |  |
| Capital Markets - 1.9% |  |  |
| CVC Capital Partners PLC (a)(d)(e) | 1117100 | 19767215 |
| NETHERLANDS - 2.2%  |  |  |
| Industrials - 1.1% |  |  |
| Trading Companies & Distributors - 1.1% |  |  |
| IMCD NV  | 86510 | 11451633 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| BE Semiconductor Industries NV  | 110579 | 11805391 |
| TOTAL NETHERLANDS |  | 23257024 |
| SPAIN - 4.1%  |  |  |
| Financials - 4.1% |  |  |
| Banks - 4.1% |  |  |
| CaixaBank SA  | 5577305 | 42745608 |
| SWEDEN - 10.0%  |  |  |
| Financials - 4.9% |  |  |
| Financial Services - 4.9% |  |  |
| Investor AB B Shares  | 1730004 | 51065143 |
| Industrials - 5.1% |  |  |
| Machinery - 5.1% |  |  |
| Atlas Copco AB A Shares  | 785700 | 12181175 |
| Indutrade AB  | 1506106 | 40638606 |
|  |  | 52819781 |
| TOTAL SWEDEN |  | 103884924 |
| SWITZERLAND - 2.4%  |  |  |
| Financials - 2.4% |  |  |
| Capital Markets - 2.4% |  |  |
| Partners Group Holding AG  | 19380 | 25253759 |
| UNITED KINGDOM - 6.0%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Leisure Products - 1.3% |  |  |
| Games Workshop Group PLC  | 64800 | 13307916 |
| Health Care - 1.9% |  |  |
| Health Care Equipment & Supplies - 1.9% |  |  |
| ConvaTec Group PLC (d)(e) | 5632800 | 19502751 |
| Industrials - 2.8% |  |  |
| Professional Services - 1.2% |  |  |
| Intertek Group PLC  | 206200 | 12596957 |
| Trading Companies & Distributors - 1.6% |  |  |
| Diploma PLC  | 119200 | 6293948 |
| RS GROUP PLC  | 1520200 | 10443878 |
|  |  | 16737826 |
| TOTAL INDUSTRIALS |  | 29334783 |
| TOTAL UNITED KINGDOM |  | 62145450 |
| UNITED STATES - 0.8%  |  |  |
| Industrials - 0.8% |  |  |
| Electrical Equipment - 0.8% |  |  |
| Schneider Electric SE  | 33800 | 7897226 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $782,348,741) |  | <br> **971034557** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 65764944 | 65778097 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 10422998 | 10424040 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $76,202,137) |  |  | **76202137** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $858,550,878)<br>| <br>**1047236694** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(8346828)** |
| **NET ASSETS - 100.0%** | **1038889866** |

---

**Legend**

(a) Non-income producing

(b) Level 3 security

(c) Security or a portion of the security is on loan at period end.

(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 $50,308,087 or 4.8% of net assets.

(e) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $61,757,306 or 5.9% of net assets.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 34225309 | 225115085 | 193562297 | 822912 | - | - | 65778097 | 65764944 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 16668160 | 16149504 | 22393624 | 8585 | - | - | 10424040 | 10422998 | 0.0% |
| Total | 50893469 | 241264589 | 215955921 | 831497 | - | - | 76202137 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 19102854 | 19102854 | - | - |
| Consumer Discretionary | 80831629 | 24663316 | 56168313 | - |
| Consumer Staples | 19271458 | 19271458 | - | - |
| Energy | 6594904 | 6594904 | - | - |
| Financials | 223539973 | 155101275 | 68438698 | - |
| Health Care | 91041056 | 91041056 | - | - |
| Industrials | 390527520 | 135556211 | 254971309 | - |
| Information Technology | 76386163 | 61308696 | 15077467 | - |
| Materials | 63739000 | 63739000 | - | - |
|  **Money Market Funds** | 76202137 | 76202137 | - | - |
| **Total Investments in Securities:** | 1047236694 | 652580907 | 394655787 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $9,256,428) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $782,348,741) | $971034557 |  |
| Fidelity Central Funds (cost $76,202,137) | 76202137 |  |
| Total Investment in Securities (cost $858,550,878) |  | $1047236694 |
| Foreign currency held at value (cost $179,886) |  | 180859 |
| Receivable for investments sold |  | 683 |
| Receivable for fund shares sold |  | 1879718 |
| Dividends receivable |  | 2411195 |
| Reclaims receivable |  | 1253778 |
| Distributions receivable from Fidelity Central Funds |  | 269152 |
| Other receivables |  | 113363 |
| **Total assets** |  | 1053345442 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3789423 |  |
| Payable for fund shares redeemed | 241877 |  |
| Other payables and accrued expenses | 236 |  |
| Collateral on securities loaned | 10424040 |  |
| **Total liabilities** |  | 14455576 |
| **Net Assets**  |  | $1038889866 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $950565706 |
| Total accumulated earnings (loss) |  | 88324160 |
| **Net Assets** |  | $1038889866 |
| **Net Asset Value**, offering price and redemption price per share ($1,038,889,866 ÷ 80,468,138 shares) |  | $12.91 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7850388 |
| Foreign Tax Reclaims |  | 629666 |
| Interest  |  | 7047 |
| Income from Fidelity Central Funds (including $8,585 from security lending)  |  | 831497 |
| Income before foreign taxes withheld |  | $9318598 |
| Less foreign taxes withheld |  | (1020515) |
| **Total income** |  | 8298083 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $1824 |  |
| Total expenses before reductions | 1824 |  |
| Expense reductions | (143) |  |
| Total expenses after reductions |  | 1681 |
| **Net Investment income (loss)** |  | 8296402 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $927,526)  | 546160 |  |
| Foreign currency transactions | (102326) |  |
| Total net realized gain (loss) |  | 443834 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,513,832)  | 69488016 |  |
| Assets and liabilities in foreign currencies | 170493 |  |
| Total change in net unrealized appreciation (depreciation) |  | 69658509 |
| **Net gain (loss)** |  | 70102343 |
| **Net increase (decrease) in net assets resulting from operations** |  | $78398745 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8296402 | $13256842 |
| &nbsp;&nbsp;Net realized gain (loss) | 443834<br>| (22596088)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 69658509 | 133303625<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 78398745<br>| 123964379<br>|
| Distributions to shareholders | (20520649)<br>| (11534142)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 256181983 | 256386701 |
| Reinvestment of distributions | 5528019<br>| 3673934<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (88899519) | (92749910) |
| **Net increase (decrease) in net assets resulting from share transactions** | 172810483<br>| 167310725<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 230688579<br>| 279740962<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 808201287 | 528460325<br>|
| &nbsp;&nbsp;End of period | $1038889866 | $808201287 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 21114571 | 21593533 |
| Issued in reinvestment of distributions | 460669<br>| 332182<br>|
| &nbsp;&nbsp;Redeemed | (7401486) | (7904001) |
| &nbsp;&nbsp;Net increase (decrease) | 14173754 | 14021714 |

---

**Financial Highlights** 

**Fidelity® SAI International SMA Completion Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.11 | $9.61 | $15.46 | $12.38 | $10.47 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .23  | .25  | .18  | .19  | .17 C |
| Net realized and unrealized gain (loss)  | .91  | 2.07  | .39  | (5.16)  | 3.01  | 1.77  |
| Total from investment operations  | 1.02  | 2.30  | .64  | (4.98)  | 3.20  | 1.94  |
| Distributions from net investment income  | (.30)  | (.22)  | (.14)  | (.16)  | (.12)  | (.03)  |
| Distributions from net realized gain  | -  | -  | -  | (.71)  | -  | -  |
| Total distributions  | (.30)  | (.22)  | (.14)  | (.87)  | (.12)  | (.03)  |
| Net asset value, end of period  | $12.91 | $12.19 | $10.11 | $9.61 | $15.46 | $12.38 |
| **Total Return** D,E | 8.53% <br>| 22.95%  | 6.61%  | (34.09)%  | 26.03%  | 18.57%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions H | -% I | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.88% I | 1.90%  | 2.36%  | 1.56%  | 1.30%  | 1.45% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1038890 | $808201 | $528460 | $438707 | $583710 | $318362 |
| Portfolio turnover rate J | 54% I<br>| 33%  | 31%  | 40%  | 37%  | 17%  |

---

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 $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.28%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity SAI International SMA Completion Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $221789656 |
| **Gross unrealized depreciation** | <u>(42390085)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$179399571</u> |
| **Tax cost** | <u>$867837123</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(24809453) |
| Long-term | <u>(69296144)</u> |
| **Total capital loss carryforward** | <u>$(94105597)</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 SAI International SMA Completion Fund** | 357396073 | 229426889 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI International SMA Completion Fund** | 12050321 | 3435346 | (238469) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI International SMA Completion Fund** | 918 | - | - |

---

**8. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $143.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109443_4.jpg)<br>

1.9893099.106 ISM-SANN-0625

**Fidelity® Series Sustainable Emerging Markets Fund**

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109487_1.jpg)

![](img109487_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SMKC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Sustainable Emerging Markets Fund](#Sub_Sec_Fund_7317_SMKC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Sustainable Non-U.S. Developed Markets Fund](#Sub_Sec_Fund_7318_SMKC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7317_SMKC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMKC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMKC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMKC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMKC-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 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 (Semi-Annual Report)**

**Fidelity® Series Sustainable Emerging Markets Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 6.4%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 0.3% |  |  |
| MercadoLibre Inc (a) | 12 | 27970 |
| Household Durables - 0.3% |  |  |
| Cury Construtora e Incorporadora SA  | 5243 | 25452 |
| Specialty Retail - 0.4% |  |  |
| Lojas Renner SA  | 14051 | 36173 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Azzas 2154 SA  | 2390 | 13409 |
| TOTAL CONSUMER DISCRETIONARY |  | 103004 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Raia Drogasil SA  | 14312 | 50034 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| PRIO SA/Brazil (a) | 2228 | 13234 |
| Financials - 2.0% |  |  |
| Banks - 1.1% |  |  |
| Itau Unibanco Holding SA ADR  | 16706 | 105415 |
| NU Holdings Ltd/Cayman Islands Class A (a) | 427 | 5307 |
|  |  | 110722 |
| Capital Markets - 0.9% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 37086 | 88155 |
| TOTAL FINANCIALS |  | 198877 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Hapvida Participacoes e Investimentos S/A (a)(b)(c) | 60314 | 24657 |
| Pharmaceuticals - 0.1% |  |  |
| Hypera SA  | 2300 | 9775 |
| TOTAL HEALTH CARE |  | 34432 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| Localiza Rent a Car SA  | 4460 | 33762 |
| Rumo SA  | 5894 | 20148 |
|  |  | 53910 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.2% |  |  |
| Metalurgica Gerdau SA  | 10215 | 15138 |
| Paper & Forest Products - 0.1% |  |  |
| Dexco SA  | 12381 | 12064 |
| TOTAL MATERIALS |  | 27202 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LOG Commercial Properties e Participacoes SA  | 2500 | 9250 |
| Utilities - 1.6% |  |  |
| Electric Utilities - 0.8% |  |  |
| Equatorial Energia SA  | 7455 | 48354 |
| Isa Energia Brasil sa  | 6800 | 28745 |
|  |  | 77099 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Engie Brasil Energia SA  | 9630 | 70539 |
| Water Utilities - 0.1% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 647 | 12984 |
| TOTAL UTILITIES |  | 160622 |
| TOTAL BRAZIL |  | 650565 |
| CANADA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Capstone Copper Corp (a) | 4234 | 20393 |
| CHILE - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Antofagasta PLC  | 2182 | 47487 |
| CHINA - 29.3%  |  |  |
| Communication Services - 6.8% |  |  |
| Entertainment - 0.4% |  |  |
| Beijing Enlight Media Co Ltd A Shares (China)  | 1400 | 3715 |
| Netease Inc ADR  | 354 | 37899 |
|  |  | 41614 |
| Interactive Media & Services - 6.4% |  |  |
| Bilibili Inc ADR (a) | 620 | 10850 |
| Kanzhun Ltd ADR (a) | 1048 | 16034 |
| Kuaishou Technology B Shares (a)(b)(c) | 1854 | 12335 |
| Tencent Holdings Ltd  | 9912 | 607120 |
| Tongdao Liepin Group (c) | 7800 | 3671 |
|  |  | 650010 |
| TOTAL COMMUNICATION SERVICES |  | 691624 |
| Consumer Discretionary - 7.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China) (a) | 300 | 1392 |
| Automobiles - 2.2% |  |  |
| BYD Co Ltd A Shares (China)  | 500 | 24306 |
| BYD Co Ltd H Shares  | 2590 | 123015 |
| Li Auto Inc A Shares (a) | 3154 | 38431 |
| Li Auto Inc ADR (a) | 385 | 9390 |
| XPeng Inc A Shares (a) | 2676 | 24911 |
|  |  | 220053 |
| Broadline Retail - 1.4% |  |  |
| JD.com Inc A Shares  | 4882 | 79486 |
| JD.com Inc ADR  | 1943 | 63381 |
|  |  | 142867 |
| Diversified Consumer Services - 0.2% |  |  |
| New Oriental Education & Technology Group Inc ADR  | 322 | 15730 |
| Hotels, Restaurants & Leisure - 2.7% |  |  |
| Meituan B Shares (a)(b)(c) | 7312 | 121068 |
| TravelSky Technology Ltd H Shares  | 6198 | 8647 |
| Trip.com Group Ltd  | 382 | 23012 |
| Trip.com Group Ltd ADR  | 1281 | 75566 |
| Yum China Holdings Inc  | 876 | 37940 |
|  |  | 266233 |
| Household Durables - 0.7% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 7600 | 25947 |
| Haier Smart Home Co Ltd H Shares  | 13927 | 40417 |
|  |  | 66364 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| ANTA Sports Products Ltd  | 400 | 4741 |
| Li Ning Co Ltd  | 5000 | 9477 |
|  |  | 14218 |
| TOTAL CONSUMER DISCRETIONARY |  | 726857 |
| Consumer Staples - 1.6% |  |  |
| Beverages - 1.0% |  |  |
| China Resources Beer Holdings Co Ltd  | 7000 | 24731 |
| Kweichow Moutai Co Ltd A Shares (China)  | 200 | 42560 |
| Tsingtao Brewery Co Ltd H Shares  | 4129 | 29228 |
|  |  | 96519 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Yifeng Pharmacy Chain Co Ltd A Shares (China)  | 2500 | 9737 |
| Food Products - 0.3% |  |  |
| Uni-President China Holdings Ltd  | 28000 | 33576 |
| Personal Care Products - 0.2% |  |  |
| Proya Cosmetics Co Ltd A Shares (China)  | 1700 | 22311 |
| TOTAL CONSUMER STAPLES |  | 162143 |
| Financials - 6.5% |  |  |
| Banks - 4.7% |  |  |
| China Construction Bank Corp H Shares  | 381548 | 313874 |
| China Merchants Bank Co Ltd H Shares  | 21506 | 117712 |
| Industrial & Commercial Bank of China Ltd H Shares  | 67864 | 46552 |
|  |  | 478138 |
| Insurance - 1.8% |  |  |
| China Life Insurance Co Ltd H Shares  | 28061 | 51378 |
| PICC Property & Casualty Co Ltd H Shares  | 6000 | 11063 |
| Ping An Insurance Group Co of China Ltd H Shares  | 20556 | 123028 |
|  |  | 185469 |
| TOTAL FINANCIALS |  | 663607 |
| Health Care - 2.3% |  |  |
| Biotechnology - 1.2% |  |  |
| Beigene Ltd ADR (a) | 106 | 27540 |
| Innovent Biologics Inc (a)(b)(c) | 5985 | 41479 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (a) | 275 | 11801 |
| Zai Lab Ltd (a) | 6345 | 20211 |
| Zai Lab Ltd ADR (a) | 674 | 21359 |
|  |  | 122390 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 1300 | 39271 |
| Health Care Providers & Services - 0.1% |  |  |
| Sinopharm Group Co Ltd H Shares  | 5103 | 12067 |
| Health Care Technology - 0.1% |  |  |
| Medlive Technology Co Ltd (b)(c) | 3500 | 5461 |
| Pharmaceuticals - 0.5% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 17205 | 53463 |
| TOTAL HEALTH CARE |  | 232652 |
| Industrials - 1.3% |  |  |
| Construction & Engineering - 0.5% |  |  |
| China Communications Services Corp Ltd H Shares  | 28903 | 15093 |
| Sinopec Engineering Group Co Ltd H Shares  | 38616 | 27535 |
|  |  | 42628 |
| Electrical Equipment - 0.3% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 1100 | 35130 |
| Ground Transportation - 0.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 1978 | 22469 |
| Machinery - 0.3% |  |  |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 3400 | 33428 |
| TOTAL INDUSTRIALS |  | 133655 |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 794 | 20586 |
| Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)  | 200 | 5086 |
|  |  | 25672 |
| Software - 0.0% |  |  |
| Glodon Co Ltd A Shares (China)  | 2900 | 5909 |
| Technology Hardware, Storage & Peripherals - 1.8% |  |  |
| Lenovo Group Ltd  | 38233 | 44219 |
| Xiaomi Corp B Shares (a)(b)(c) | 21793 | 139524 |
|  |  | 183743 |
| TOTAL INFORMATION TECHNOLOGY |  | 215324 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| China Jushi Co Ltd A Shares (China)  | 20600 | 33209 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| ESR Group Ltd (b)(c) | 2000 | 3187 |
| KE Holdings Inc ADR  | 951 | 19306 |
|  |  | 22493 |
| Utilities - 0.9% |  |  |
| Gas Utilities - 0.8% |  |  |
| China Gas Holdings Ltd  | 25153 | 22767 |
| ENN Energy Holdings Ltd  | 5340 | 42157 |
| Kunlun Energy Co Ltd  | 20867 | 19910 |
|  |  | 84834 |
| Water Utilities - 0.1% |  |  |
| Guangdong Investment Ltd  | 7959 | 6444 |
| TOTAL UTILITIES |  | 91278 |
| TOTAL CHINA |  | 2972842 |
| GREECE - 1.3%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| OPAP SA  | 1932 | 42832 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Alpha Services and Holdings SA  | 18752 | 45722 |
| Eurobank Ergasias Services and Holdings SA  | 8424 | 23908 |
| Piraeus Financial Holdings SA  | 4156 | 23340 |
|  |  | 92970 |
| TOTAL GREECE |  | 135802 |
| HONG KONG - 0.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Huanxi Media Group Ltd (a) | 141876 | 6769 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Kerry Properties Ltd  | 18688 | 43903 |
| TOTAL HONG KONG |  | 50672 |
| HUNGARY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| OTP Bank Nyrt  | 51 | 3754 |
| INDIA - 13.8%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.1% |  |  |
| Mahindra & Mahindra Ltd GDR (c) | 272 | 9329 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| MakeMyTrip Ltd (a) | 812 | 85114 |
| TOTAL CONSUMER DISCRETIONARY |  | 94443 |
| Energy - 3.6% |  |  |
| Oil, Gas & Consumable Fuels - 3.6% |  |  |
| Reliance Industries Ltd GDR (b) | 5549 | 362350 |
| Financials - 6.8% |  |  |
| Banks - 6.8% |  |  |
| Axis Bank Ltd GDR (c) | 2794 | 195859 |
| HDFC Bank Ltd ADR  | 3019 | 219451 |
| ICICI Bank Ltd ADR  | 8053 | 270259 |
|  |  | 685569 |
| Industrials - 0.8% |  |  |
| Construction & Engineering - 0.8% |  |  |
| Larsen & Toubro Ltd GDR (c) | 2300 | 90160 |
| Information Technology - 1.7% |  |  |
| IT Services - 1.7% |  |  |
| Infosys Ltd ADR  | 9731 | 171266 |
| TOTAL INDIA |  | 1403788 |
| INDONESIA - 1.7%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| First Resources Ltd  | 22557 | 26098 |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| Bank Central Asia Tbk PT  | 192247 | 102216 |
| Bank Rakyat Indonesia Persero Tbk PT  | 196678 | 45553 |
|  |  | 147769 |
| TOTAL INDONESIA |  | 173867 |
| KOREA (SOUTH) - 9.5%  |  |  |
| Communication Services - 1.5% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| KT Corp  | 1116 | 40698 |
| Interactive Media & Services - 1.1% |  |  |
| Kakao Corp  | 1247 | 33432 |
| NAVER Corp  | 523 | 73438 |
|  |  | 106870 |
| TOTAL COMMUNICATION SERVICES |  | 147568 |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.2% |  |  |
| Kia Corp  | 356 | 22579 |
| Household Durables - 0.6% |  |  |
| Coway Co Ltd  | 928 | 57020 |
| TOTAL CONSUMER DISCRETIONARY |  | 79599 |
| Consumer Staples - 0.1% |  |  |
| Personal Care Products - 0.1% |  |  |
| Amorepacific Corp  | 184 | 16103 |
| Financials - 1.5% |  |  |
| Banks - 1.2% |  |  |
| Hana Financial Group Inc  | 646 | 29236 |
| KB Financial Group Inc  | 1481 | 93406 |
|  |  | 122642 |
| Financial Services - 0.0% |  |  |
| Kakao Pay Corp (a) | 196 | 4355 |
| Insurance - 0.3% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 43 | 11321 |
| Samsung Life Insurance Co Ltd  | 273 | 16542 |
|  |  | 27863 |
| TOTAL FINANCIALS |  | 154860 |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Samsung Biologics Co Ltd (a)(b)(c) | 50 | 36928 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Korea Aerospace Industries Ltd  | 628 | 36682 |
| Electrical Equipment - 0.2% |  |  |
| LS Electric Co Ltd  | 132 | 19026 |
| Industrial Conglomerates - 0.1% |  |  |
| LG Corp  | 360 | 16824 |
| TOTAL INDUSTRIALS |  | 72532 |
| Information Technology - 4.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| SK Hynix Inc  | 1036 | 129000 |
| Technology Hardware, Storage & Peripherals - 3.2% |  |  |
| Samsung Electronics Co Ltd  | 8419 | 327815 |
| TOTAL INFORMATION TECHNOLOGY |  | 456815 |
| TOTAL KOREA (SOUTH) |  | 964405 |
| KUWAIT - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Kuwait Finance House KSCP  | 199 | 469 |
| MALAYSIA - 1.2%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| CIMB Group Holdings Bhd  | 49000 | 80943 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Tenaga Nasional Bhd  | 13000 | 41810 |
| TOTAL MALAYSIA |  | 122753 |
| MEXICO - 2.5%  |  |  |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 28410 | 90038 |
| Food Products - 0.0% |  |  |
| Gruma SAB de CV Series B  | 239 | 4567 |
| TOTAL CONSUMER STAPLES |  | 94605 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Grupo Financiero Banorte SAB de CV  | 11291 | 97028 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 1038 | 21075 |
| Real Estate - 0.4% |  |  |
| Diversified REITs - 0.4% |  |  |
| Fibra Uno Administracion SA de CV  | 28484 | 36733 |
| TOTAL MEXICO |  | 249441 |
| PANAMA - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Passenger Airlines - 0.3% |  |  |
| Copa Holdings SA Class A  | 290 | 26610 |
| PHILIPPINES - 0.4%  |  |  |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Ayala Land Inc  | 41623 | 18693 |
| SM Prime Holdings Inc  | 49700 | 21720 |
| TOTAL PHILIPPINES |  | 40413 |
| POLAND - 1.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| CD Projekt SA  | 405 | 24954 |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 0.9% |  |  |
| Allegro.eu SA (a)(b)(c) | 9562 | 83393 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| LPP SA  | 5 | 20371 |
| TOTAL CONSUMER DISCRETIONARY |  | 103764 |
| TOTAL POLAND |  | 128718 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (a) | 560 | 3080 |
| SAUDI ARABIA - 3.0%  |  |  |
| Financials - 2.8% |  |  |
| Banks - 2.6% |  |  |
| Al Rajhi Bank  | 7069 | 183559 |
| Alinma Bank  | 4449 | 34397 |
| Saudi National Bank/The  | 4579 | 43581 |
|  |  | 261537 |
| Insurance - 0.2% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 426 | 19080 |
| TOTAL FINANCIALS |  | 280617 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| SABIC Agri-Nutrients Co  | 759 | 19972 |
| TOTAL SAUDI ARABIA |  | 300589 |
| SOUTH AFRICA - 5.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 2727 | 17990 |
| Consumer Discretionary - 2.0% |  |  |
| Broadline Retail - 1.5% |  |  |
| Naspers Ltd Class N  | 554 | 145707 |
| Specialty Retail - 0.5% |  |  |
| Pepkor Holdings Ltd (b)(c) | 36506 | 52636 |
| TOTAL CONSUMER DISCRETIONARY |  | 198343 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Pick n Pay Stores Ltd (a) | 18001 | 27067 |
| Shoprite Holdings Ltd  | 2774 | 42581 |
|  |  | 69648 |
| Financials - 1.6% |  |  |
| Banks - 0.8% |  |  |
| Absa Group Ltd  | 630 | 5783 |
| Capitec Bank Holdings Ltd  | 358 | 66246 |
| Standard Bank Group Ltd  | 441 | 5493 |
|  |  | 77522 |
| Financial Services - 0.8% |  |  |
| FirstRand Ltd  | 22082 | 86221 |
| TOTAL FINANCIALS |  | 163743 |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Bidvest Group Ltd  | 2291 | 28937 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Impala Platinum Holdings Ltd (a) | 4430 | 26346 |
| Northam Platinum Holdings Ltd  | 465 | 3113 |
|  |  | 29459 |
| TOTAL SOUTH AFRICA |  | 508120 |
| TAIWAN - 16.5%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Uni-President Enterprises Corp  | 27215 | 65271 |
| Financials - 2.3% |  |  |
| Banks - 0.9% |  |  |
| CTBC Financial Holding Co Ltd  | 74555 | 91686 |
| Insurance - 1.4% |  |  |
| Cathay Financial Holding Co Ltd  | 77422 | 142367 |
| TOTAL FINANCIALS |  | 234053 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Bizlink Holding Inc  | 2127 | 35934 |
| Information Technology - 13.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Accton Technology Corp  | 942 | 17511 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Delta Electronics Inc  | 3823 | 39978 |
| E Ink Holdings Inc  | 3823 | 26653 |
| Hon Hai Precision Industry Co Ltd  | 6691 | 29751 |
|  |  | 96382 |
| Semiconductors & Semiconductor Equipment - 12.0% |  |  |
| ASE Technology Holding Co Ltd  | 9789 | 41630 |
| MediaTek Inc  | 1912 | 81085 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 38651 | 1092972 |
|  |  | 1215687 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Quanta Computer Inc (a) | 2000 | 14995 |
| TOTAL INFORMATION TECHNOLOGY |  | 1344575 |
| TOTAL TAIWAN |  | 1679833 |
| TANZANIA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Helios Towers PLC (a) | 17794 | 25421 |
| TURKEY - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Oyak Cimento Fabrikalari AS  | 46229 | 28149 |
| UNITED ARAB EMIRATES - 2.4%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| ADNOC Drilling Co PJSC  | 21937 | 29265 |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 14587 | 46227 |
| Abu Dhabi Islamic Bank PJSC  | 23921 | 119180 |
|  |  | 165407 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Emaar Properties PJSC  | 12611 | 44977 |
| TOTAL UNITED ARAB EMIRATES |  | 239649 |
| UNITED KINGDOM - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Anglogold Ashanti Plc  | 1092 | 46039 |
| Anglogold Ashanti Plc (South Africa)  | 982 | 40972 |
| TOTAL UNITED KINGDOM |  | 87011 |
| UNITED STATES - 0.4%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA ADR  | 106 | 3528 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Titan Cement International SA  | 902 | 41589 |
| TOTAL UNITED STATES |  | 45117 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,789,228) |  | <br> **9908948** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co Series 2 <br>(Cost $20,862)<br>| 227 | **24318** |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $347,385)<br>| 4.33 | 347316 | **347385** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $9,157,475)<br>| <br>**10280651** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(124281)** |
| **NET ASSETS - 100.0%** | **10156370** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 2 | Jun 2025 | 111000 | 4751 | 4751 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% |

---

**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 $936,481 or 9.2% of net assets.

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $873,150 or 8.6% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 575973 | 2345949 | 2574537 | 6117 | - | - | 347385 | 347316 | 0.0% |
| Total | 575973 | 2345949 | 2574537 | 6117 | - | - | 347385 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 917406 | 159003 | 758403 | - |
| Consumer Discretionary | 1348842 | 767258 | 581584 | - |
| Consumer Staples | 483902 | 301822 | 182080 | - |
| Energy | 408377 | 408377 | - | - |
| Financials | 2969666 | 2136043 | 833623 | - |
| Health Care | 304012 | 207602 | 96410 | - |
| Industrials | 462813 | 285789 | 177024 | - |
| Information Technology | 2187980 | 171266 | 2016714 | - |
| Materials | 334471 | 274916 | 59555 | - |
| Real Estate | 197769 | 157356 | 40413 | - |
| Utilities | 293710 | 209743 | 83967 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 24318 | - | 24318 | - |
|  **Money Market Funds** | 347385 | 347385 | - | - |
| **Total Investments in Securities:** | 10280651 | 5426560 | 4854091 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 4751 | 4751 | - | - |
| Total Assets | 4751 | 4751 | - | - |
| **Total Derivative Instruments:** | 4751 | 4751 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 4751 | 0 |
| **Total Equity Risk**  | 4751 | 0 |
| **Total Value of Derivatives** | 4751 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Series Sustainable Emerging Markets Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,810,090) | $9933266 |  |
| Fidelity Central Funds (cost $347,385) | 347385 |  |
| Total Investment in Securities (cost $9,157,475) |  | $10280651 |
| Segregated cash with brokers for derivative instruments |  | 10245 |
| Cash |  | 6308 |
| Foreign currency held at value (cost $3,583) |  | 3584 |
| Dividends receivable |  | 16565 |
| Distributions receivable from Fidelity Central Funds |  | 982 |
| Receivable for daily variation margin on futures contracts |  | 450 |
| Receivable from investment adviser for expense reductions |  | 481 |
| **Total assets** |  | 10319266 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $157818 |  |
| Other payables and accrued expenses | 5078 |  |
| **Total liabilities** |  | 162896 |
| **Net Assets**  |  | $10156370 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9381582 |
| Total accumulated earnings (loss) |  | 774788 |
| **Net Assets** |  | $10156370 |
| **Net Asset Value**, offering price and redemption price per share ($10,156,370 ÷ 892,241 shares) |  | $11.38 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $118394 |
| Interest  |  | 181 |
| Income from Fidelity Central Funds  |  | 6117 |
| Income before foreign taxes withheld |  | $124692 |
| Less foreign taxes withheld |  | (11933) |
| **Total income** |  | 112759 |
| **Expenses** |  |  |
| Custodian fees and expenses | $5732 |  |
| Independent trustees' fees and expenses | 21 |  |
| Total expenses before reductions | 5753 |  |
| Expense reductions | (5572) |  |
| Total expenses after reductions |  | 181 |
| **Net Investment income (loss)** |  | 112578 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (246144) |  |
| Foreign currency transactions | (5092) |  |
| Futures contracts | (14881) |  |
| Total net realized gain (loss) |  | (266117) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 143028 |  |
| Assets and liabilities in foreign currencies | 380 |  |
| Futures contracts | 2981 |  |
| Total change in net unrealized appreciation (depreciation) |  | 146389 |
| **Net gain (loss)** |  | (119728) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(7150) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $112578 | $179929 |
| &nbsp;&nbsp;Net realized gain (loss) | (266117)<br>| (106601)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 146389 | 1207296<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (7150)<br>| 1280624<br>|
| Distributions to shareholders | (206982)<br>| (97501)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2373089 | 4545822 |
| Reinvestment of distributions | 206982<br>| 97501<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1967247) | (409939) |
| **Net increase (decrease) in net assets resulting from share transactions** | 612824<br>| 4233384<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 398692<br>| 5416507<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 9757678 | 4341171<br>|
| &nbsp;&nbsp;End of period | $10156370 | $9757678 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 211757 | 415045 |
| Issued in reinvestment of distributions | 18285<br>| 9663<br>|
| &nbsp;&nbsp;Redeemed | (176717) | (36950) |
| &nbsp;&nbsp;Net increase (decrease) | 53325 | 387758 |

---

**Financial Highlights** 

**Fidelity® Series Sustainable Emerging Markets Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $11.63 | $9.62 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .13  | .28  | .16  |
| Net realized and unrealized gain (loss)  | (.14)  | 1.95  | (.54)  |
| Total from investment operations  | (.01)  | 2.23  | (.38)  |
| Distributions from net investment income  | (.24)  | (.22)  | -  |
| Total distributions  | (.24)  | (.22)  | -  |
| Net asset value, end of period  | $11.38 | $11.63 | $9.62 |
| **Total Return** D,E | (.04)% <br>| 23.47%  | (3.80)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .12% H | .32%  | .31% H |
| Expenses net of fee waivers, if any  | .01% H<br>| .01%  | .01% H |
| Expenses net of all reductions, if any  | -% H,I | -% I | .01% H |
| Net investment income (loss)  | 2.26% H | 2.56%  | 3.40% H |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $10156 | $9758 | $4341 |
| Portfolio turnover rate J | 76% H<br>| 47%  | 36% K |

---

A*For the period May 11, 2023 (commencement of operations) through October 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount represents less than .005%.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Amount not annualized.*

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| REA Group Ltd  | 76 | 12075 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Aristocrat Leisure Ltd  | 133 | 5680 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Woodside Energy Group Ltd  | 4253 | 55438 |
| Financials - 0.6% |  |  |
| Banks - 0.0% |  |  |
| Commonwealth Bank of Australia  | 60 | 6395 |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 309 | 13992 |
| Macquarie Group Ltd  | 415 | 51285 |
|  |  | 65277 |
| Insurance - 0.3% |  |  |
| QBE Insurance Group Ltd  | 1405 | 19417 |
| Suncorp Group Ltd  | 2988 | 38856 |
|  |  | 58273 |
| TOTAL FINANCIALS |  | 129945 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Cochlear Ltd  | 88 | 15411 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 2436 | 32013 |
| Transportation Infrastructure - 0.3% |  |  |
| Transurban Group unit  | 6454 | 58160 |
| TOTAL INDUSTRIALS |  | 90173 |
| TOTAL AUSTRALIA |  | 308722 |
| AUSTRIA - 0.2%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Erste Group Bank AG  | 85 | 5725 |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Mondi PLC  | 1603 | 24204 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 72 | 5522 |
| TOTAL AUSTRIA |  | 35451 |
| BELGIUM - 1.3%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Anheuser-Busch InBev SA/NV  | 128 | 8436 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KBC Ancora  | 426 | 27797 |
| KBC Group NV  | 1713 | 157304 |
|  |  | 185101 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Fagron  | 476 | 11054 |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 233 | 42537 |
| TOTAL HEALTH CARE |  | 53591 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 1419 | 21926 |
| TOTAL BELGIUM |  | 269054 |
| BRAZIL - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Wheaton Precious Metals Corp  | 1433 | 119652 |
| CANADA - 11.5%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.4% |  |  |
| Dollarama Inc  | 608 | 75019 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 370 | 23841 |
| Specialty Retail - 0.1% |  |  |
| Pet Valu Holdings Ltd  | 639 | 13261 |
| TOTAL CONSUMER DISCRETIONARY |  | 112121 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Alimentation Couche-Tard Inc  | 2355 | 122926 |
| Metro Inc/CN  | 546 | 42077 |
| North West Co Inc/The  | 462 | 18532 |
|  |  | 183535 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Pason Systems Inc  | 2622 | 20883 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Cameco Corp  | 1108 | 50015 |
| Canadian Natural Resources Ltd  | 1428 | 40978 |
| Enbridge Inc  | 982 | 45923 |
| PrairieSky Royalty Ltd  | 1766 | 29732 |
| South Bow Corp  | 1675 | 41371 |
| Suncor Energy Inc  | 1391 | 49128 |
|  |  | 257147 |
| TOTAL ENERGY |  | 278030 |
| Financials - 4.6% |  |  |
| Banks - 2.1% |  |  |
| Bank of Montreal  | 1429 | 136919 |
| Canadian Imperial Bank of Commerce  | 870 | 54872 |
| Royal Bank of Canada  | 979 | 117507 |
| Toronto Dominion Bank  | 1949 | 124538 |
|  |  | 433836 |
| Capital Markets - 1.2% |  |  |
| Brookfield Asset Management Ltd Class A  | 732 | 39058 |
| Brookfield Corp Class A  | 2024 | 108732 |
| TMX Group Ltd  | 2194 | 88915 |
|  |  | 236705 |
| Insurance - 1.3% |  |  |
| Definity Financial Corp  | 1028 | 51310 |
| Intact Financial Corp  | 257 | 57077 |
| Sun Life Financial Inc  | 2498 | 148854 |
|  |  | 257241 |
| TOTAL FINANCIALS |  | 927782 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Andlauer Healthcare Group Inc Subordinate Voting Shares  | 750 | 29106 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| CAE Inc (a) | 2007 | 50211 |
| Ground Transportation - 1.2% |  |  |
| Canadian National Railway Co  | 796 | 77088 |
| Canadian Pacific Kansas City Ltd  | 2114 | 153544 |
|  |  | 230632 |
| Professional Services - 0.4% |  |  |
| Thomson Reuters Corp  | 433 | 80573 |
| Trading Companies & Distributors - 0.1% |  |  |
| Richelieu Hardware Ltd  | 766 | 18119 |
| TOTAL INDUSTRIALS |  | 379535 |
| Information Technology - 1.0% |  |  |
| IT Services - 0.5% |  |  |
| Shopify Inc Class A (a) | 1114 | 105954 |
| Software - 0.5% |  |  |
| Computer Modelling Group Ltd  | 781 | 4503 |
| Constellation Software Inc/Canada  | 26 | 93702 |
|  |  | 98205 |
| TOTAL INFORMATION TECHNOLOGY |  | 204159 |
| Materials - 1.0% |  |  |
| Chemicals - 0.4% |  |  |
| Nutrien Ltd  | 1282 | 73185 |
| Containers & Packaging - 0.0% |  |  |
| CCL Industries Inc Class B  | 197 | 10294 |
| Metals & Mining - 0.6% |  |  |
| Franco-Nevada Corp  | 642 | 110328 |
| Osisko Gold Royalties Ltd  | 332 | 7957 |
| Triple Flag Precious Metals Corp  | 391 | 8114 |
|  |  | 126399 |
| TOTAL MATERIALS |  | 209878 |
| TOTAL CANADA |  | 2324146 |
| CHILE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Lundin Mining Corp  | 1773 | 14507 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Tencent Holdings Ltd  | 300 | 18375 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Prosus NV Class N  | 403 | 18895 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Trip.com Group Ltd ADR  | 83 | 4896 |
| TOTAL CONSUMER DISCRETIONARY |  | 23791 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BOC Hong Kong Holdings Ltd  | 6500 | 26987 |
| TOTAL CHINA |  | 69153 |
| DENMARK - 1.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Pandora A/S  | 149 | 21985 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Carlsberg AS Series B  | 211 | 28750 |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.0% |  |  |
| Genmab A/S (a) | 29 | 6149 |
| Pharmaceuticals - 0.9% |  |  |
| Novo Nordisk A/S Series B  | 2590 | 173172 |
| TOTAL HEALTH CARE |  | 179321 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 905 | 12065 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Novonesis Novozymes B Series B  | 627 | 40547 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Orsted AS (a)(b)(c) | 407 | 16195 |
| TOTAL DENMARK |  | 298863 |
| FINLAND - 1.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Elisa Oyj A Shares  | 275 | 14648 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Kesko Oyj B Shares  | 543 | 12425 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Neste Oyj  | 1973 | 20467 |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Sampo Oyj A Shares  | 8415 | 84307 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Kone Oyj B Shares  | 253 | 15620 |
| Metso Oyj  | 1665 | 18028 |
| Wartsila OYJ Abp  | 866 | 15952 |
|  |  | 49600 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 3806 | 19027 |
| Materials - 0.2% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Huhtamaki Oyj  | 144 | 5289 |
| Paper & Forest Products - 0.2% |  |  |
| Stora Enso Oyj R Shares  | 1802 | 16738 |
| UPM-Kymmene Oyj  | 575 | 15229 |
|  |  | 31967 |
| TOTAL MATERIALS |  | 37256 |
| TOTAL FINLAND |  | 237730 |
| FRANCE - 8.5%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Hermes International SCA  | 2 | 5417 |
| Kering SA  | 14 | 2848 |
| LVMH Moet Hennessy Louis Vuitton SE  | 389 | 215479 |
|  |  | 223744 |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.8% |  |  |
| Danone SA  | 1834 | 157809 |
| Personal Care Products - 0.1% |  |  |
| L'Oreal SA (a) | 55 | 24303 |
| TOTAL CONSUMER STAPLES |  | 182112 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Vallourec SACA (a) | 308 | 5689 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| TotalEnergies SE  | 2956 | 168360 |
| TOTAL ENERGY |  | 174049 |
| Financials - 1.5% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 769 | 65157 |
| Credit Agricole SA  | 602 | 11291 |
| Societe Generale SA Series A  | 445 | 23202 |
|  |  | 99650 |
| Financial Services - 0.1% |  |  |
| Eurazeo SE  | 345 | 25091 |
| Insurance - 0.9% |  |  |
| AXA SA  | 4000 | 189184 |
| TOTAL FINANCIALS |  | 313925 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| EssilorLuxottica SA  | 644 | 184359 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| Airbus SE  | 745 | 126420 |
| Thales SA  | 375 | 105046 |
|  |  | 231466 |
| Electrical Equipment - 0.5% |  |  |
| Legrand SA  | 834 | 91656 |
| Ground Transportation - 0.0% |  |  |
| Stef SA  | 73 | 10503 |
| Machinery - 0.1% |  |  |
| Alstom SA (a) | 637 | 15383 |
| Trading Companies & Distributors - 0.2% |  |  |
| Rexel SA  | 1141 | 31526 |
| Thermador Groupe  | 116 | 8686 |
|  |  | 40212 |
| TOTAL INDUSTRIALS |  | 389220 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.1% |  |  |
| Alten SA  | 254 | 21279 |
| Capgemini SE  | 29 | 4629 |
|  |  | 25908 |
| Software - 0.6% |  |  |
| Dassault Systemes SE  | 2936 | 110030 |
| TOTAL INFORMATION TECHNOLOGY |  | 135938 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Air Liquide SA  | 489 | 100479 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| Covivio SA/France  | 228 | 12734 |
| Industrial REITs - 0.0% |  |  |
| ARGAN SA  | 33 | 2276 |
| TOTAL REAL ESTATE |  | 15010 |
| TOTAL FRANCE |  | 1718836 |
| GERMANY - 8.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (b)(c) | 66 | 7828 |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.0% |  |  |
| Auto1 Group SE (a)(b)(c) | 373 | 8899 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| adidas AG  | 39 | 8911 |
| Puma SE  | 262 | 6765 |
|  |  | 15676 |
| TOTAL CONSUMER DISCRETIONARY |  | 24575 |
| Consumer Staples - 0.4% |  |  |
| Household Products - 0.4% |  |  |
| Henkel AG & Co KGaA  | 1015 | 71405 |
| Financials - 3.0% |  |  |
| Capital Markets - 1.4% |  |  |
| Deutsche Boerse AG  | 880 | 283443 |
| Insurance - 1.6% |  |  |
| Allianz SE  | 285 | 117869 |
| Hannover Rueck SE  | 211 | 67502 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 206 | 141030 |
|  |  | 326401 |
| TOTAL FINANCIALS |  | 609844 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Merck KGaA  | 244 | 33695 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Rheinmetall AG  | 118 | 200961 |
| Industrial Conglomerates - 0.5% |  |  |
| Siemens AG  | 445 | 102466 |
| Machinery - 0.2% |  |  |
| Gea Group Ag  | 486 | 31547 |
| TOTAL INDUSTRIALS |  | 334974 |
| Information Technology - 3.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Infineon Technologies AG  | 911 | 30175 |
| Software - 3.1% |  |  |
| SAP SE  | 2090 | 611511 |
| TOTAL INFORMATION TECHNOLOGY |  | 641686 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| BASF SE (a) | 3 | 153 |
| Covestro AG  | 123 | 8277 |
| Symrise AG  | 34 | 3921 |
|  |  | 12351 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 73 | 14410 |
| TOTAL MATERIALS |  | 26761 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Instone Real Estate Group SE (b)(c) | 719 | 6614 |
| TOTAL GERMANY |  | 1757382 |
| HONG KONG - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.1% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 303 | 13238 |
| Insurance - 0.1% |  |  |
| Prudential PLC  | 1268 | 13483 |
| Prudential PLC rights (a)(d) | 1268 | 213 |
|  |  | 13696 |
| TOTAL FINANCIALS |  | 26934 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Sino Land Co Ltd  | 6000 | 6173 |
| TOTAL HONG KONG |  | 33107 |
| INDIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd GDR (c) | 372 | 24292 |
| INDONESIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank Central Asia Tbk PT  | 31389 | 16689 |
| IRELAND - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| Cairn Homes PLC  | 3126 | 6866 |
| Industrials - 0.5% |  |  |
| Building Products - 0.4% |  |  |
| Kingspan Group PLC  | 773 | 65064 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 184 | 19504 |
| TOTAL INDUSTRIALS |  | 84568 |
| TOTAL IRELAND |  | 91434 |
| ISRAEL - 0.4%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Energean PLC  | 456 | 5360 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Elbit Systems Ltd  | 79 | 30332 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| Ituran Location and Control Ltd  | 366 | 13154 |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (a) | 68 | 11532 |
| Software - 0.1% |  |  |
| Check Point Software Technologies Ltd (a) | 50 | 10978 |
| Nice Ltd (a) | 78 | 12185 |
|  |  | 23163 |
| TOTAL INFORMATION TECHNOLOGY |  | 47849 |
| TOTAL ISRAEL |  | 83541 |
| ITALY - 2.9%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Moncler SpA  | 275 | 16835 |
| Prada Spa (a) | 3671 | 22957 |
|  |  | 39792 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Eni SpA  | 2980 | 42678 |
| Financials - 2.2% |  |  |
| Banks - 1.8% |  |  |
| BPER Banca SPA  | 1171 | 9469 |
| FinecoBank Banca Fineco SpA  | 1806 | 35937 |
| Intesa Sanpaolo SpA  | 1614 | 8616 |
| Mediobanca Banca di Credito Finanziario SpA  | 4625 | 94231 |
| UniCredit SpA  | 3624 | 210848 |
|  |  | 359101 |
| Insurance - 0.4% |  |  |
| Generali  | 2154 | 78427 |
| TOTAL FINANCIALS |  | 437528 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 443 | 26021 |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Prysmian SpA  | 288 | 15820 |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 997 | 33974 |
| TOTAL INDUSTRIALS |  | 49794 |
| TOTAL ITALY |  | 595813 |
| JAPAN - 14.6%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.1% |  |  |
| Capcom Co Ltd  | 796 | 23043 |
| Konami Group Corp  | 100 | 14281 |
| Nintendo Co Ltd  | 2300 | 190946 |
|  |  | 228270 |
| Interactive Media & Services - 0.1% |  |  |
| LY Corp  | 3200 | 12102 |
| Wireless Telecommunication Services - 0.3% |  |  |
| KDDI Corp  | 2792 | 49485 |
| SoftBank Group Corp  | 399 | 20177 |
|  |  | 69662 |
| TOTAL COMMUNICATION SERVICES |  | 310034 |
| Consumer Discretionary - 1.2% |  |  |
| Automobiles - 0.3% |  |  |
| Isuzu Motors Ltd  | 1200 | 16138 |
| Yamaha Motor Co Ltd  | 5324 | 41813 |
|  |  | 57951 |
| Broadline Retail - 0.0% |  |  |
| Rakuten Group Inc (a) | 1000 | 5896 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Oriental Land Co Ltd/Japan  | 278 | 5888 |
| Household Durables - 0.7% |  |  |
| Sekisui House Ltd  | 1100 | 25289 |
| Sony Group Corp  | 3605 | 95110 |
| Sumitomo Forestry Co Ltd  | 500 | 14366 |
|  |  | 134765 |
| Specialty Retail - 0.2% |  |  |
| USS Co Ltd  | 1728 | 17270 |
| ZOZO Inc  | 1600 | 16249 |
|  |  | 33519 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 400 | 8598 |
| TOTAL CONSUMER DISCRETIONARY |  | 246617 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| YAKUODO Holdings Co Ltd  | 200 | 2833 |
| Food Products - 0.4% |  |  |
| Ajinomoto Co Inc  | 4022 | 82266 |
| TOTAL CONSUMER STAPLES |  | 85099 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ENEOS Holdings Inc  | 2899 | 13957 |
| San-Ai Obbli Co Ltd  | 700 | 8210 |
|  |  | 22167 |
| Financials - 2.9% |  |  |
| Banks - 1.5% |  |  |
| Concordia Financial Group Ltd  | 3000 | 19404 |
| Mitsubishi UFJ Financial Group Inc  | 8500 | 107093 |
| Mizuho Financial Group Inc  | 800 | 20002 |
| Sumitomo Mitsui Financial Group Inc  | 6100 | 145529 |
|  |  | 292028 |
| Capital Markets - 0.2% |  |  |
| Daiwa Securities Group Inc  | 3597 | 23654 |
| Nomura Holdings Inc  | 1497 | 8343 |
|  |  | 31997 |
| Financial Services - 0.1% |  |  |
| ORIX Corp  | 1492 | 29930 |
| Insurance - 1.1% |  |  |
| Sompo Holdings Inc  | 895 | 29330 |
| Tokio Marine Holdings Inc  | 4713 | 188908 |
|  |  | 218238 |
| TOTAL FINANCIALS |  | 572193 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Hoya Corp  | 1363 | 160380 |
| Sysmex Corp  | 603 | 11182 |
|  |  | 171562 |
| Health Care Technology - 0.0% |  |  |
| Software Service Inc  | 100 | 8819 |
| Pharmaceuticals - 0.1% |  |  |
| Chugai Pharmaceutical Co Ltd  | 200 | 11522 |
| Daiichi Sankyo Co Ltd  | 606 | 15502 |
| Eisai Co Ltd  | 101 | 2919 |
|  |  | 29943 |
| TOTAL HEALTH CARE |  | 210324 |
| Industrials - 4.2% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| SG Holdings Co Ltd  | 1191 | 12532 |
| Commercial Services & Supplies - 0.1% |  |  |
| CTS Co Ltd  | 600 | 3361 |
| Pronexus Inc  | 1300 | 11075 |
|  |  | 14436 |
| Electrical Equipment - 0.1% |  |  |
| Mitsubishi Electric Corp  | 600 | 11606 |
| Ground Transportation - 0.3% |  |  |
| Hankyu Hanshin Holdings Inc  | 1447 | 41170 |
| Tokyu Corp  | 1300 | 15766 |
|  |  | 56936 |
| Industrial Conglomerates - 1.1% |  |  |
| Hitachi Ltd  | 9250 | 228619 |
| Machinery - 1.0% |  |  |
| Ebara Corp  | 900 | 13520 |
| FANUC Corp  | 1132 | 28730 |
| IHI Corp  | 100 | 7833 |
| Komatsu Ltd  | 1300 | 37595 |
| Mitsubishi Heavy Industries Ltd  | 6340 | 124980 |
|  |  | 212658 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 196 | 10561 |
| Recruit Holdings Co Ltd  | 2606 | 144412 |
|  |  | 154973 |
| Trading Companies & Distributors - 0.7% |  |  |
| ITOCHU Corp  | 2081 | 106429 |
| Marubeni Corp  | 1739 | 30830 |
|  |  | 137259 |
| TOTAL INDUSTRIALS |  | 829019 |
| Information Technology - 2.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Azbil Corp  | 7900 | 68071 |
| Ibiden Co Ltd  | 557 | 15396 |
| Keyence Corp  | 200 | 83618 |
| Yokogawa Electric Corp  | 976 | 21121 |
|  |  | 188206 |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 3290 | 73089 |
| NEC Corp  | 485 | 11806 |
| Nomura Research Institute Ltd  | 439 | 16624 |
| Softcreate Holdings Corp  | 200 | 2736 |
| TIS Inc  | 1021 | 29499 |
|  |  | 133754 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Renesas Electronics Corp  | 2535 | 29749 |
| Tokyo Electron Ltd  | 588 | 87552 |
|  |  | 117301 |
| Software - 0.0% |  |  |
| Broadleaf Co Ltd  | 1800 | 8712 |
| Miroku Jyoho Service Co Ltd  | 500 | 6466 |
|  |  | 15178 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| FUJIFILM Holdings Corp  | 3392 | 69476 |
| Ricoh Co Ltd  | 1600 | 16829 |
| Seiko Epson Corp  | 700 | 9711 |
|  |  | 96016 |
| TOTAL INFORMATION TECHNOLOGY |  | 550455 |
| Materials - 0.6% |  |  |
| Chemicals - 0.4% |  |  |
| Mitsubishi Chemical Group Corp  | 400 | 1944 |
| Nitto Denko Corp  | 500 | 8788 |
| Shin-Etsu Chemical Co Ltd  | 1823 | 55477 |
| Toray Industries Inc  | 1769 | 11298 |
|  |  | 77507 |
| Metals & Mining - 0.2% |  |  |
| JFE Holdings Inc  | 1178 | 13719 |
| Sumitomo Metal Mining Co Ltd  | 1100 | 24406 |
|  |  | 38125 |
| TOTAL MATERIALS |  | 115632 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Tokyo Gas Co Ltd  | 300 | 9967 |
| TOTAL JAPAN |  | 2951507 |
| MACAU - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Sands China Ltd (a) | 5200 | 9373 |
| NETHERLANDS - 3.6%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Koninklijke KPN NV  | 11344 | 52771 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| ING Groep NV  | 1099 | 21342 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Argenx SE (a) | 10 | 6465 |
| Industrials - 1.1% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Koninklijke Heijmans N.V depository receipt  | 197 | 10056 |
| Electrical Equipment - 0.0% |  |  |
| TKH Group NV depository receipt  | 70 | 2752 |
| Professional Services - 0.8% |  |  |
| Wolters Kluwer NV  | 909 | 160076 |
| Trading Companies & Distributors - 0.3% |  |  |
| IMCD NV  | 424 | 56126 |
| TOTAL INDUSTRIALS |  | 229010 |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| ASM International NV  | 14 | 6745 |
| ASML Holding NV  | 550 | 362937 |
| BE Semiconductor Industries NV  | 287 | 30640 |
|  |  | 400322 |
| Software - 0.0% |  |  |
| Topicus.com Inc (a) | 124 | 14839 |
| TOTAL INFORMATION TECHNOLOGY |  | 415161 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Akzo Nobel NV  | 219 | 13784 |
| TOTAL NETHERLANDS |  | 738533 |
| NEW ZEALAND - 0.1%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Xero Ltd (a) | 53 | 5581 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Meridian Energy Ltd  | 4063 | 13226 |
| TOTAL NEW ZEALAND |  | 18807 |
| NORWAY - 0.7%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 296 | 5409 |
| Orkla ASA  | 1709 | 18990 |
|  |  | 24399 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Equinor ASA  | 2156 | 48802 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| DNB Bank ASA  | 376 | 9354 |
| Insurance - 0.1% |  |  |
| Gjensidige Forsikring ASA  | 746 | 17396 |
| TOTAL FINANCIALS |  | 26750 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Kongsberg Gruppen ASA  | 255 | 40885 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Norsk Hydro ASA  | 2027 | 10752 |
| TOTAL NORWAY |  | 151588 |
| PORTUGAL - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Galp Energia SGPS SA  | 2196 | 34024 |
| SINGAPORE - 1.0%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| United Overseas Bank Ltd  | 2227 | 59147 |
| Capital Markets - 0.1% |  |  |
| Singapore Exchange Ltd  | 1600 | 17601 |
| TOTAL FINANCIALS |  | 76748 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Singapore Technologies Engineering Ltd  | 1900 | 10789 |
| Industrial Conglomerates - 0.3% |  |  |
| Keppel Ltd  | 12196 | 61318 |
| TOTAL INDUSTRIALS |  | 72107 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| STMicroelectronics NV  | 718 | 16120 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CapitaLand Investment Ltd/Singapore  | 15833 | 33370 |
| TOTAL SINGAPORE |  | 198345 |
| SPAIN - 2.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Amadeus IT Group SA Class A  | 769 | 60267 |
| Household Durables - 0.0% |  |  |
| Neinor Homes SA (b)(c) | 137 | 2378 |
| Specialty Retail - 0.1% |  |  |
| Industria de Diseno Textil SA  | 216 | 11559 |
| TOTAL CONSUMER DISCRETIONARY |  | 74204 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 1503 | 18372 |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Banco de Sabadell SA  | 1481 | 4302 |
| Banco Santander SA  | 32914 | 230506 |
| Bankinter SA  | 2429 | 28177 |
| CaixaBank SA  | 6998 | 53634 |
|  |  | 316619 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 316 | 19725 |
| Machinery - 0.0% |  |  |
| Fluidra SA  | 357 | 8218 |
| TOTAL INDUSTRIALS |  | 27943 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Iberdrola SA  | 1725 | 31095 |
| Redeia Corp SA  | 901 | 18883 |
|  |  | 49978 |
| TOTAL SPAIN |  | 487116 |
| SWEDEN - 3.8%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 5943 | 22227 |
| Interactive Media & Services - 0.0% |  |  |
| Hemnet Group AB (a) | 242 | 8287 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Tele2 AB B Shares  | 1611 | 23710 |
| TOTAL COMMUNICATION SERVICES |  | 54224 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.1% |  |  |
| Autoliv Inc  | 269 | 25079 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Evolution AB (a)(b)(c) | 161 | 11153 |
| TOTAL CONSUMER DISCRETIONARY |  | 36232 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Essity AB B Shares  | 213 | 6135 |
| Financials - 0.3% |  |  |
| Banks - 0.0% |  |  |
| Svenska Handelsbanken AB A Shares  | 349 | 4568 |
| Capital Markets - 0.1% |  |  |
| EQT AB  | 539 | 15492 |
| Financial Services - 0.2% |  |  |
| Investor AB B Shares  | 1358 | 40085 |
| TOTAL FINANCIALS |  | 60145 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| AddLife AB B Shares  | 216 | 4090 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| INVISIO AB  | 435 | 17417 |
| Building Products - 0.2% |  |  |
| Assa Abloy AB B Shares  | 1640 | 49781 |
| Machinery - 1.6% |  |  |
| Atlas Copco AB A Shares  | 13796 | 213888 |
| Epiroc AB A Shares  | 3579 | 77316 |
| Indutrade AB  | 1377 | 37154 |
|  |  | 328358 |
| Trading Companies & Distributors - 0.3% |  |  |
| AddTech AB B Shares  | 1460 | 49032 |
| Bergman & Beving AB B Shares  | 290 | 8776 |
|  |  | 57808 |
| TOTAL INDUSTRIALS |  | 453364 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Lagercrantz Group AB B Shares  | 2872 | 65133 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.3% |  |  |
| Boliden AB (a) | 1897 | 58114 |
| Paper & Forest Products - 0.2% |  |  |
| Svenska Cellulosa AB SCA B Shares  | 2640 | 34224 |
| TOTAL MATERIALS |  | 92338 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| John Mattson Fastighetsforetagen AB (a) | 377 | 2387 |
| TOTAL SWEDEN |  | 774048 |
| SWITZERLAND - 3.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Cie Financiere Richemont SA Series A  | 6 | 1060 |
| Financials - 1.5% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise (a) | 76 | 9337 |
| Capital Markets - 0.2% |  |  |
| Partners Group Holding AG  | 33 | 43002 |
| Insurance - 1.3% |  |  |
| Swiss Life Holding AG  | 36 | 35854 |
| Zurich Insurance Group AG  | 281 | 199305 |
|  |  | 235159 |
| TOTAL FINANCIALS |  | 287498 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 63 | 19342 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Lonza Group AG  | 45 | 32333 |
| Tecan Group AG  | 50 | 9669 |
|  |  | 42002 |
| TOTAL HEALTH CARE |  | 61344 |
| Industrials - 1.0% |  |  |
| Building Products - 0.0% |  |  |
| Geberit AG  | 10 | 6909 |
| Electrical Equipment - 0.5% |  |  |
| ABB Ltd  | 1871 | 98809 |
| Machinery - 0.3% |  |  |
| Schindler Holding AG  | 35 | 12383 |
| Schindler Holding AG  | 31 | 11298 |
| VAT Group AG (b)(c) | 77 | 27456 |
|  |  | 51137 |
| Marine Transportation - 0.2% |  |  |
| Kuehne + Nagel International AG  | 179 | 40957 |
| Professional Services - 0.0% |  |  |
| SGS SA  | 43 | 4205 |
| TOTAL INDUSTRIALS |  | 202017 |
| Information Technology - 0.2% |  |  |
| Software - 0.1% |  |  |
| Temenos AG  | 251 | 17942 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA  | 314 | 23603 |
| TOTAL INFORMATION TECHNOLOGY |  | 41545 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Givaudan SA  | 7 | 33773 |
| Sika AG  | 51 | 12745 |
|  |  | 46518 |
| Containers & Packaging - 0.2% |  |  |
| SIG Group AG  | 1638 | 31575 |
| TOTAL MATERIALS |  | 78093 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Swiss Prime Site AG  | 489 | 68905 |
| TOTAL SWITZERLAND |  | 740462 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 4823 | 136385 |
| UNITED KINGDOM - 15.4%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Zegona Communications plc (a) | 831 | 7487 |
| Interactive Media & Services - 0.3% |  |  |
| Auto Trader Group PLC (b)(c) | 2314 | 25998 |
| Rightmove PLC  | 2591 | 25476 |
|  |  | 51474 |
| Media - 0.3% |  |  |
| Informa PLC  | 6086 | 59030 |
| TOTAL COMMUNICATION SERVICES |  | 117991 |
| Consumer Discretionary - 2.9% |  |  |
| Broadline Retail - 0.0% |  |  |
| B&M European Value Retail SA  | 837 | 3752 |
| Diversified Consumer Services - 0.1% |  |  |
| Pearson PLC  | 1423 | 22812 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Compass Group PLC  | 6847 | 230846 |
| Flutter Entertainment PLC (United Kingdom) (a) | 189 | 45238 |
| InterContinental Hotels Group PLC  | 610 | 65093 |
| InterContinental Hotels Group PLC ADR  | 1000 | 107890 |
| On the Beach Group PLC (b)(c) | 1107 | 3910 |
|  |  | 452977 |
| Household Durables - 0.3% |  |  |
| Barratt Redrow PLC  | 8791 | 54572 |
| Leisure Products - 0.1% |  |  |
| Games Workshop Group PLC  | 74 | 15197 |
| Specialty Retail - 0.1% |  |  |
| JD Sports Fashion PLC  | 5218 | 5464 |
| Kingfisher PLC  | 5959 | 22904 |
|  |  | 28368 |
| TOTAL CONSUMER DISCRETIONARY |  | 577678 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.3% |  |  |
| Coca-Cola Europacific Partners PLC  | 296 | 26859 |
| Diageo PLC  | 1212 | 34033 |
|  |  | 60892 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| J Sainsbury PLC  | 6893 | 24509 |
| Marks & Spencer Group PLC  | 1589 | 8257 |
| Tesco PLC  | 10405 | 51495 |
|  |  | 84261 |
| Food Products - 0.0% |  |  |
| Premier Foods PLC  | 2658 | 7056 |
| Personal Care Products - 0.1% |  |  |
| Unilever PLC  | 355 | 22603 |
| TOTAL CONSUMER STAPLES |  | 174812 |
| Financials - 5.0% |  |  |
| Banks - 1.8% |  |  |
| Barclays PLC  | 5993 | 23874 |
| HSBC Holdings PLC  | 8728 | 97295 |
| Lloyds Banking Group PLC  | 90808 | 89217 |
| NatWest Group PLC  | 13561 | 87228 |
| Standard Chartered PLC  | 4762 | 68588 |
|  |  | 366202 |
| Capital Markets - 2.6% |  |  |
| 3i Group PLC  | 3493 | 198022 |
| London Stock Exchange Group PLC  | 1805 | 281060 |
| Petershill Partners PLC (b)(c) | 2289 | 6604 |
| Schroders PLC  | 3910 | 17112 |
| St James's Place PLC  | 507 | 6346 |
|  |  | 509144 |
| Insurance - 0.6% |  |  |
| Admiral Group PLC  | 336 | 14589 |
| Aviva PLC  | 5139 | 38353 |
| Beazley PLC  | 2656 | 31308 |
| Legal & General Group PLC  | 8046 | 25145 |
| Phoenix Group Holdings PLC  | 2245 | 17877 |
|  |  | 127272 |
| TOTAL FINANCIALS |  | 1002618 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| ConvaTec Group PLC (b)(c) | 4511 | 15618 |
| Pharmaceuticals - 0.3% |  |  |
| Astrazeneca PLC  | 426 | 61032 |
| TOTAL HEALTH CARE |  | 76650 |
| Industrials - 4.7% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Avon Technologies PLC  | 929 | 16838 |
| BAE Systems PLC  | 16026 | 371525 |
| Melrose Industries PLC  | 3702 | 21392 |
|  |  | 409755 |
| Commercial Services & Supplies - 0.0% |  |  |
| Rentokil Initial PLC  | 1595 | 7307 |
| Industrial Conglomerates - 0.3% |  |  |
| DCC PLC  | 637 | 41479 |
| Smiths Group PLC  | 455 | 11303 |
|  |  | 52782 |
| Machinery - 0.2% |  |  |
| Bodycote PLC  | 2223 | 14102 |
| IMI PLC  | 412 | 9707 |
| Rotork PLC  | 2947 | 11940 |
|  |  | 35749 |
| Marine Transportation - 0.0% |  |  |
| Clarkson PLC  | 144 | 6304 |
| Professional Services - 1.8% |  |  |
| Intertek Group PLC  | 682 | 41664 |
| RELX PLC  | 5925 | 323358 |
|  |  | 365022 |
| Trading Companies & Distributors - 0.4% |  |  |
| Ashtead Group PLC  | 84 | 4467 |
| Bunzl PLC  | 377 | 11847 |
| Diploma PLC  | 862 | 45515 |
| Howden Joinery Group PLC  | 1847 | 18929 |
| RS GROUP PLC  | 565 | 3881 |
|  |  | 84639 |
| TOTAL INDUSTRIALS |  | 961558 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Halma PLC  | 1127 | 41394 |
| Spectris PLC  | 1702 | 45365 |
|  |  | 86759 |
| Software - 0.3% |  |  |
| Sage Group PLC/The  | 3969 | 65457 |
| TOTAL INFORMATION TECHNOLOGY |  | 152216 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Croda International PLC  | 248 | 9790 |
| Synthomer PLC (a) | 22 | 24 |
|  |  | 9814 |
| Metals & Mining - 0.0% |  |  |
| Hill & Smith PLC  | 380 | 9065 |
| TOTAL MATERIALS |  | 18879 |
| Real Estate - 0.0% |  |  |
| Industrial REITs - 0.0% |  |  |
| Segro PLC  | 1701 | 15429 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| SSE PLC  | 426 | 9605 |
| Multi-Utilities - 0.0% |  |  |
| National Grid PLC  | 137 | 1977 |
| TOTAL UTILITIES |  | 11582 |
| TOTAL UNITED KINGDOM |  | 3109413 |
| UNITED STATES - 10.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Spotify Technology SA (a) | 75 | 46049 |
| Consumer Discretionary - 0.0% |  |  |
| Leisure Products - 0.0% |  |  |
| BRP Inc Subordinate Voting Shares  | 183 | 6198 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| BP PLC  | 2248 | 10380 |
| Shell PLC  | 413 | 13328 |
| Shell PLC ADR  | 646 | 41654 |
|  |  | 65362 |
| Financials - 3.3% |  |  |
| Capital Markets - 1.4% |  |  |
| Moody's Corp  | 230 | 104218 |
| Morningstar Inc  | 24 | 6833 |
| S&P Global Inc  | 341 | 170518 |
|  |  | 281569 |
| Financial Services - 1.0% |  |  |
| Mastercard Inc Class A  | 108 | 59190 |
| Visa Inc Class A  | 390 | 134745 |
|  |  | 193935 |
| Insurance - 0.9% |  |  |
| Marsh & McLennan Cos Inc  | 629 | 141821 |
| Swiss Re AG  | 233 | 41710 |
|  |  | 183531 |
| TOTAL FINANCIALS |  | 659035 |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.0% |  |  |
| CSL Ltd  | 48 | 7704 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Alcon AG  | 906 | 87444 |
| Life Sciences Tools & Services - 0.1% |  |  |
| QIAGEN NV  | 271 | 11591 |
| Pharmaceuticals - 0.6% |  |  |
| GSK PLC  | 595 | 11771 |
| Novartis AG  | 337 | 38437 |
| Roche Holding AG  | 154 | 50356 |
| Roche Holding AG  | 45 | 15681 |
|  |  | 116245 |
| TOTAL HEALTH CARE |  | 222984 |
| Industrials - 2.5% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 324 | 16167 |
| Electrical Equipment - 1.3% |  |  |
| GE Vernova Inc  | 298 | 110504 |
| Schneider Electric SE  | 635 | 148366 |
|  |  | 258870 |
| Professional Services - 0.9% |  |  |
| Experian PLC  | 3600 | 179104 |
| Trading Companies & Distributors - 0.3% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 323 | 54281 |
| TOTAL INDUSTRIALS |  | 508422 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| CyberArk Software Ltd (a) | 55 | 19368 |
| Materials - 3.2% |  |  |
| Chemicals - 1.5% |  |  |
| Linde PLC  | 570 | 258341 |
| Sherwin-Williams Co/The  | 135 | 47644 |
|  |  | 305985 |
| Construction Materials - 1.7% |  |  |
| CRH PLC  | 3553 | 339028 |
| TOTAL MATERIALS |  | 645013 |
| TOTAL UNITED STATES |  | 2172431 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $17,015,982) |  | <br> **19520404** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $934,152)<br>| 4.33 | 933965 | **934152** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $17,950,134)<br>| <br>**20454556** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(201093)** |
| **NET ASSETS - 100.0%** | **20253463** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 3 | Jun 2025 | 374205 | 16888 | 16888 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% |

---

**Legend**

(a) Non-income producing

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $132,653 or 0.7% 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 $156,945 or 0.8% of net assets.

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 690934 | 4752484 | 4509266 | 13615 | - | - | 934152 | 933965 | 0.0% |
| Total | 690934 | 4752484 | 4509266 | 13615 | - | - | 934152 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 633995 | 237785 | 396210 | - |
| Consumer Discretionary | 1409916 | 591400 | 818516 | - |
| Consumer Staples | 777108 | 359156 | 417952 | - |
| Energy | 789041 | 363235 | 425806 | - |
| Financials | 5787715 | 2706339 | 3081376 | - |
| Health Care | 1103361 | 510208 | 593153 | - |
| Industrials | 4766512 | 1983437 | 2783075 | - |
| Information Technology | 2450623 | 1113710 | 1336913 | - |
| Materials | 1547775 | 1262336 | 285439 | - |
| Real Estate | 147888 | 114518 | 33370 | - |
| Utilities | 106470 | 24405 | 82065 | - |
|  **Money Market Funds** | 934152 | 934152 | - | - |
| **Total Investments in Securities:** | 20454556 | 10200681 | 10253875 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 16888 | 16888 | - | - |
| Total Assets | 16888 | 16888 | - | - |
| **Total Derivative Instruments:** | 16888 | 16888 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 16888 | 0 |
| **Total Equity Risk**  | 16888 | 0 |
| **Total Value of Derivatives** | 16888 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $17,015,982) | $19520404 |  |
| Fidelity Central Funds (cost $934,152) | 934152 |  |
| Total Investment in Securities (cost $17,950,134) |  | $20454556 |
| Segregated cash with brokers for derivative instruments |  | 35144 |
| Cash |  | 682 |
| Foreign currency held at value (cost $2,659) |  | 2659 |
| Dividends receivable |  | 73162 |
| Reclaims receivable |  | 10471 |
| Interest receivable |  | 2 |
| Distributions receivable from Fidelity Central Funds |  | 2899 |
| Receivable from investment adviser for expense reductions |  | 275 |
| **Total assets** |  | 20579850 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $213 |  |
| Payable for fund shares redeemed | 322996 |  |
| Payable for daily variation margin on futures contracts | 1257 |  |
| Other payables and accrued expenses | 1921 |  |
| **Total liabilities** |  | 326387 |
| **Net Assets**  |  | $20253463 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $17717248 |
| Total accumulated earnings (loss) |  | 2536215 |
| **Net Assets** |  | $20253463 |
| **Net Asset Value**, offering price and redemption price per share ($20,253,463 ÷ 1,638,251 shares) |  | $12.36 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $217602 |
| Interest  |  | 365 |
| Income from Fidelity Central Funds  |  | 13615 |
| Income before foreign taxes withheld |  | $231582 |
| Less foreign taxes withheld |  | (24166) |
| **Total income** |  | 207416 |
| **Expenses** |  |  |
| Custodian fees and expenses | $6050 |  |
| Independent trustees' fees and expenses | 35 |  |
| Total expenses before reductions | 6085 |  |
| Expense reductions | (5367) |  |
| Total expenses after reductions |  | 718 |
| **Net Investment income (loss)** |  | 206698 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (86880) |  |
| Foreign currency transactions | (2491) |  |
| Futures contracts | 22536 |  |
| Total net realized gain (loss) |  | (66835) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1457620 |  |
| Assets and liabilities in foreign currencies | 3041 |  |
| Futures contracts | 16442 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1477103 |
| **Net gain (loss)** |  | 1410268 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1616966 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $206698 | $264012 |
| &nbsp;&nbsp;Net realized gain (loss) | (66835)<br>| 10617<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1477103 | 1573454<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1616966<br>| 1848083<br>|
| Distributions to shareholders | (330622)<br>| (94899)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 5280055 | 8041254 |
| Reinvestment of distributions | 330622<br>| 94899<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2375132) | (1002165) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3235545<br>| 7133988<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4521889<br>| 8887172<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15731574 | 6844402<br>|
| &nbsp;&nbsp;End of period | $20253463 | $15731574 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 450668 | 707142 |
| Issued in reinvestment of distributions | 28650<br>| 9304<br>|
| &nbsp;&nbsp;Redeemed | (200663) | (89743) |
| &nbsp;&nbsp;Net increase (decrease) | 278655 | 626703 |

---

**Financial Highlights** 

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $11.57 | $9.34 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .14  | .26  | .11  |
| Net realized and unrealized gain (loss)  | .89  | 2.10  | (.77)  |
| Total from investment operations  | 1.03  | 2.36  | (.66)  |
| Distributions from net investment income  | (.24)  | (.13)  | -  |
| Total distributions  | (.24)  | (.13)  | -  |
| Net asset value, end of period  | $12.36 | $11.57 | $9.34 |
| **Total Return** D,E | 9.07% <br>| 25.41%  | (6.60)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .07% H | .17%  | .29% H |
| Expenses net of fee waivers, if any  | .01% H<br>| .01%  | .01% H |
| Expenses net of all reductions, if any  | .01% H | .01%  | .01% H |
| Net investment income (loss)  | 2.37% H | 2.32%  | 2.35% H |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $20253 | $15732 | $6844 |
| Portfolio turnover rate I | 39% H<br>| 33%  | 8% J |

---

A*For the period May 11, 2023 (commencement of operations) through October 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable and reclaims receivable. Fidelity Series Sustainable Non-U.S. Developed Markets Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, future transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | 9167347 | 1514557 | (396502) | 1118055 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund**  | 18003466 | 3286134 | (818156) | 2467978 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | (135186) | (1335) | (136521) |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | (31807) | - | (31807) |

---

**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. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period, unless an average notional amount is presented in the table below.

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| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | 136143 |

---

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | 4621811 | 3645241 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | 6708768 | 3317717 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | 9 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | 130199 | 352782 | (5766) |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | 142021 | 173846 | 2705 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

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| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | .013% | 5084 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | .013% | 4916 |

---

Through arrangements with each applicable Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | 488 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund**  | 451 |

---

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109487_4.jpg)<br>

1.9908949.101 SMKC-SANN-0625

**Fidelity® SAI Sustainable International Equity Fund**

**Semi-Annual Report**

**April 30, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img109485_1.jpg)

![](img109485_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IEE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable International Equity Fund](#Sub_Sec_Fund_6549_IEE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6549_IEE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IEE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IEE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IEE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IEE-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® SAI Sustainable International Equity Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

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>|
| AUSTRALIA - 3.6%  |  |  |
| Financials - 2.2% |  |  |
| Capital Markets - 1.1% |  |  |
| Macquarie Group Ltd  | 7143 | 882697 |
| Insurance - 1.1% |  |  |
| QBE Insurance Group Ltd  | 61928 | 855840 |
| TOTAL FINANCIALS |  | 1738537 |
| Industrials - 0.9% |  |  |
| Commercial Services & Supplies - 0.9% |  |  |
| Brambles Ltd  | 51518 | 677032 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| IperionX Ltd (a) | 176991 | 405988 |
| TOTAL AUSTRALIA |  | 2821557 |
| AUSTRIA - 1.0%  |  |  |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Wienerberger AG  | 21615 | 756145 |
| BELGIUM - 2.2%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| KBC Group NV  | 5984 | 549504 |
| Health Care - 1.5% |  |  |
| Pharmaceuticals - 1.5% |  |  |
| UCB SA  | 6434 | 1174583 |
| TOTAL BELGIUM |  | 1724087 |
| CANADA - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Cameco Corp  | 14091 | 636068 |
| DENMARK - 2.5%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Tryg A/S  | 14286 | 340834 |
| Health Care - 2.1% |  |  |
| Pharmaceuticals - 2.1% |  |  |
| Novo Nordisk A/S Series B  | 24496 | 1637841 |
| TOTAL DENMARK |  | 1978675 |
| FINLAND - 0.5%  |  |  |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Fortum Oyj  | 21122 | 352819 |
| FRANCE - 12.3%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Hermes International SCA  | 517 | 1400369 |
| Consumer Staples - 3.1% |  |  |
| Food Products - 2.2% |  |  |
| Danone SA  | 20217 | 1739600 |
| Personal Care Products - 0.9% |  |  |
| L'Oreal SA (a) | 1516 | 669868 |
| TOTAL CONSUMER STAPLES |  | 2409468 |
| Financials - 5.4% |  |  |
| Banks - 1.2% |  |  |
| BNP Paribas SA  | 11191 | 948208 |
| Capital Markets - 1.1% |  |  |
| Amundi SA (b)(c) | 11156 | 876450 |
| Insurance - 3.1% |  |  |
| AXA SA  | 50138 | 2371322 |
| TOTAL FINANCIALS |  | 4195980 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 1.1% |  |  |
| EssilorLuxottica SA  | 2934 | 839920 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| Air Liquide SA  | 3477 | 714448 |
| TOTAL FRANCE |  | 9560185 |
| GERMANY - 8.8%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| adidas AG  | 2455 | 560957 |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 1800 | 1232297 |
| Health Care - 1.4% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Gerresheimer AG  | 1356 | 91247 |
| Pharmaceuticals - 1.3% |  |  |
| Merck KGaA  | 7226 | 997870 |
| TOTAL HEALTH CARE |  | 1089117 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 0.7% |  |  |
| Deutsche Post AG  | 13634 | 582554 |
| Industrial Conglomerates - 1.0% |  |  |
| Siemens AG  | 3329 | 766540 |
| TOTAL INDUSTRIALS |  | 1349094 |
| Information Technology - 2.8% |  |  |
| Software - 2.8% |  |  |
| SAP SE  | 7366 | 2155208 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Instone Real Estate Group SE (b)(c) | 50855 | 467802 |
| TOTAL GERMANY |  | 6854475 |
| HONG KONG - 1.7%  |  |  |
| Financials - 1.7% |  |  |
| Insurance - 1.7% |  |  |
| AIA Group Ltd  | 171782 | 1287148 |
| INDIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| HDFC Bank Ltd ADR  | 5613 | 408009 |
| IRELAND - 1.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Dalata Hotel Group PLC  | 26087 | 149536 |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| Kerry Group PLC Class A  | 3529 | 372797 |
| Industrials - 1.0% |  |  |
| Building Products - 1.0% |  |  |
| Kingspan Group PLC  | 9051 | 761830 |
| TOTAL IRELAND |  | 1284163 |
| ITALY - 4.3%  |  |  |
| Financials - 3.9% |  |  |
| Banks - 3.9% |  |  |
| Intesa Sanpaolo SpA  | 158198 | 844507 |
| UniCredit SpA  | 38178 | 2221229 |
|  |  | 3065736 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 5499 | 302072 |
| TOTAL ITALY |  | 3367808 |
| JAPAN - 19.8%  |  |  |
| Consumer Discretionary - 4.9% |  |  |
| Broadline Retail - 0.0% |  |  |
| Pan Pacific International Holdings Corp  | 12 | 370 |
| Household Durables - 3.8% |  |  |
| Sony Group Corp  | 109932 | 2900314 |
| Specialty Retail - 1.1% |  |  |
| Fast Retailing Co Ltd  | 2501 | 822691 |
| TOTAL CONSUMER DISCRETIONARY |  | 3723375 |
| Financials - 4.6% |  |  |
| Banks - 2.3% |  |  |
| Mizuho Financial Group Inc  | 14096 | 352437 |
| Sumitomo Mitsui Financial Group Inc  | 61424 | 1465406 |
|  |  | 1817843 |
| Financial Services - 1.5% |  |  |
| ORIX Corp  | 58940 | 1182338 |
| Insurance - 0.8% |  |  |
| Tokio Marine Holdings Inc  | 14890 | 596826 |
| TOTAL FINANCIALS |  | 3597007 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Hoya Corp  | 8826 | 1038522 |
| Industrials - 7.6% |  |  |
| Industrial Conglomerates - 4.2% |  |  |
| Hitachi Ltd  | 128697 | 3180813 |
| Trading Companies & Distributors - 3.4% |  |  |
| ITOCHU Corp  | 52399 | 2679839 |
| TOTAL INDUSTRIALS |  | 5860652 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Advantest Corp  | 9220 | 385727 |
| Tokyo Electron Ltd  | 4565 | 679722 |
|  |  | 1065449 |
| TOTAL JAPAN |  | 15285005 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc  | 4594 | 572033 |
| NETHERLANDS - 7.9%  |  |  |
| Communication Services - 3.1% |  |  |
| Diversified Telecommunication Services - 2.4% |  |  |
| Koninklijke KPN NV  | 403895 | 1878861 |
| Entertainment - 0.7% |  |  |
| Universal Music Group NV  | 18941 | 556969 |
| TOTAL COMMUNICATION SERVICES |  | 2435830 |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| ING Groep NV  | 73240 | 1422271 |
| Industrials - 1.6% |  |  |
| Professional Services - 1.6% |  |  |
| Wolters Kluwer NV  | 6846 | 1205591 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| ASML Holding NV  | 1323 | 873028 |
| BE Semiconductor Industries NV  | 2079 | 221953 |
|  |  | 1094981 |
| TOTAL NETHERLANDS |  | 6158673 |
| NEW ZEALAND - 0.9%  |  |  |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Contact Energy Ltd  | 128174 | 675219 |
| SPAIN - 1.6%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Puig Brands SA Class B (a) | 2597 | 48337 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| CaixaBank SA  | 58692 | 449828 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Iberdrola SA  | 42214 | 760944 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 1657 | 15496 |
| EDP Renovaveis SA rights 5/5/2025 (a) | 1657 | 168 |
|  |  | 15664 |
| TOTAL UTILITIES |  | 776608 |
| TOTAL SPAIN |  | 1274773 |
| SWEDEN - 2.6%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 28416 | 838765 |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Indutrade AB  | 14555 | 392731 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Lagercrantz Group AB B Shares  | 34997 | 793683 |
| TOTAL SWEDEN |  | 2025179 |
| SWITZERLAND - 2.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Cie Financiere Richemont SA Series A  | 4315 | 762483 |
| Industrials - 1.0% |  |  |
| Electrical Equipment - 1.0% |  |  |
| ABB Ltd  | 15374 | 811912 |
| TOTAL SWITZERLAND |  | 1574395 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 58747 | 1661246 |
| UNITED KINGDOM - 11.5%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Compass Group PLC  | 36385 | 1226714 |
| Household Durables - 0.2% |  |  |
| Bellway PLC  | 5275 | 188544 |
| TOTAL CONSUMER DISCRETIONARY |  | 1415258 |
| Consumer Staples - 1.8% |  |  |
| Food Products - 0.5% |  |  |
| Cranswick PLC  | 5503 | 379893 |
| Personal Care Products - 1.3% |  |  |
| Unilever PLC  | 15795 | 1005666 |
| TOTAL CONSUMER STAPLES |  | 1385559 |
| Financials - 3.0% |  |  |
| Banks - 0.5% |  |  |
| NatWest Group PLC  | 64381 | 414117 |
| Capital Markets - 2.5% |  |  |
| 3i Group PLC  | 16284 | 923157 |
| London Stock Exchange Group PLC  | 6507 | 1013215 |
|  |  | 1936372 |
| TOTAL FINANCIALS |  | 2350489 |
| Health Care - 2.1% |  |  |
| Pharmaceuticals - 2.1% |  |  |
| Astrazeneca PLC  | 11277 | 1615619 |
| Industrials - 1.4% |  |  |
| Professional Services - 1.4% |  |  |
| RELX PLC  | 19484 | 1063342 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Grainger PLC  | 94222 | 269975 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| National Grid PLC  | 58839 | 849288 |
| TOTAL UNITED KINGDOM |  | 8949530 |
| UNITED STATES - 8.0%  |  |  |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Alcon AG  | 11002 | 1061876 |
| Industrials - 3.1% |  |  |
| Electrical Equipment - 2.3% |  |  |
| Schneider Electric SE  | 7424 | 1734586 |
| Trading Companies & Distributors - 0.8% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 3887 | 653224 |
| TOTAL INDUSTRIALS |  | 2387810 |
| Materials - 3.6% |  |  |
| Chemicals - 0.9% |  |  |
| Linde PLC  | 1510 | 684377 |
| Construction Materials - 2.7% |  |  |
| CRH PLC (United Kingdom)  | 22544 | 2113323 |
| TOTAL MATERIALS |  | 2797700 |
| TOTAL UNITED STATES |  | 6247386 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $67,063,136) |  | <br> **75454578** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d)<br>(Cost $2,012,658)<br>| 4.33 | 2012256 | **2012658** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $69,075,794)<br>| <br>**77467236** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **294653** |
| **NET ASSETS - 100.0%** | **77761889** |

---

**Legend**

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,344,252 or 1.7% of net assets.

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,344,252 or 1.7% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2884419 | 17048032 | 17919793 | 50585 | - | - | 2012658 | 2012256 | 0.0% |
| Total | 2884419 | 17048032 | 17919793 | 50585 | - | - | 2012658 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2435830 | - | 2435830 | - |
| Consumer Discretionary | 8011978 | 2299776 | 5712202 | - |
| Consumer Staples | 4216161 | 801027 | 3415134 | - |
| Energy | 636068 | 636068 | - | - |
| Financials | 21476405 | 3013562 | 18462843 | - |
| Health Care | 8457478 | 4165496 | 4291982 | - |
| Industrials | 14812066 | 3013376 | 11798690 | - |
| Information Technology | 7342600 | 1888664 | 5453936 | - |
| Materials | 4674281 | 3553845 | 1120436 | - |
| Real Estate | 737777 | 737777 | - | - |
| Utilities | 2653934 | 368483 | 2285451 | - |
|  **Money Market Funds** | 2012658 | 2012658 | - | - |
| **Total Investments in Securities:** | 77467236 | 22490732 | 54976504 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $67,063,136) | $75454578 |  |
| Fidelity Central Funds (cost $2,012,658) | 2012658 |  |
| Total Investment in Securities (cost $69,075,794) |  | $77467236 |
| Foreign currency held at value (cost $66,299) |  | 65916 |
| Receivable for fund shares sold |  | 168939 |
| Dividends receivable |  | 256858 |
| Distributions receivable from Fidelity Central Funds |  | 6594 |
| Prepaid expenses |  | 13 |
| Receivable from investment adviser for expense reductions |  | 8240 |
| **Total assets** |  | 77973796 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $50231 |  |
| Payable for fund shares redeemed | 88565 |  |
| Accrued management fee | 39168 |  |
| Audit fee payable | 25428 |  |
| Other payables and accrued expenses | 8515 |  |
| **Total liabilities** |  | 211907 |
| **Net Assets**  |  | $77761889 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $71561701 |
| Total accumulated earnings (loss) |  | 6200188 |
| **Net Assets** |  | $77761889 |
| **Net Asset Value**, offering price and redemption price per share ($77,761,889 ÷ 6,864,858 shares) |  | $11.33 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $782006 |
| Income from Fidelity Central Funds  |  | 50585 |
| Income before foreign taxes withheld |  | $832591 |
| Less foreign taxes withheld |  | (105151) |
| **Total income** |  | 727440 |
| **Expenses** |  |  |
| Management fee | $225737 |  |
| Custodian fees and expenses | 13892 |  |
| Independent trustees' fees and expenses | 139 |  |
| Registration fees | 22316 |  |
| Audit fees | 29772 |  |
| Legal | 36 |  |
| Miscellaneous | 93 |  |
| Total expenses before reductions | 291985 |  |
| Expense reductions | (30807) |  |
| Total expenses after reductions |  | 261178 |
| **Net Investment income (loss)** |  | 466262 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1458245) |  |
| Foreign currency transactions | 353 |  |
| Total net realized gain (loss) |  | (1457892) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4307573 |  |
| Assets and liabilities in foreign currencies | 12505 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4320078 |
| **Net gain (loss)** |  | 2862186 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3328448 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $466262 | $655049 |
| &nbsp;&nbsp;Net realized gain (loss) | (1457892)<br>| (633543)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4320078 | 4414561<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3328448<br>| 4436067<br>|
| Distributions to shareholders | (898412)<br>| (117788)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 32999145 | 52460375 |
| Reinvestment of distributions | 748216<br>| 98381<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (17666980) | (7330520) |
| **Net increase (decrease) in net assets resulting from share transactions** | 16080381<br>| 45228236<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 18510417<br>| 49546515<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 59251472 | 9704957<br>|
| &nbsp;&nbsp;End of period | $77761889 | $59251472 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3039776 | 4968846 |
| Issued in reinvestment of distributions | 68455<br>| 10323<br>|
| &nbsp;&nbsp;Redeemed | (1641490) | (681881) |
| &nbsp;&nbsp;Net increase (decrease) | 1466741 | 4297288 |

---

**Financial Highlights** 

**Fidelity® SAI Sustainable International Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.98 | $8.82 | $8.06 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .07  | .20  | .17  | .08  |
| Net realized and unrealized gain (loss)  | .43  | 2.03  | .65  | (2.02)  |
| Total from investment operations  | .50  | 2.23  | .82  | (1.94)  |
| Distributions from net investment income  | (.15)  | (.07)  | (.06)  | -  |
| Total distributions  | (.15)  | (.07)  | (.06)  | -  |
| Net asset value, end of period  | $11.33 | $10.98 | $8.82 | $8.06 |
| **Total Return** D,E | 4.59% <br>| 25.43%  | 10.12%  | (19.40)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .84% H | 1.03%  | 3.13%  | 5.78% H,I |
| Expenses net of fee waivers, if any  | .75% H<br>| .75%  | .75%  | .75% H |
| Expenses net of all reductions, if any  | .75% H | .75%  | .73%  | .68% H |
| Net investment income (loss)  | 1.34% H | 1.84%  | 1.84%  | 1.79% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $77762 | $59251 | $9705 | $2186 |
| Portfolio turnover rate J | 39% H<br>| 45%  | 27%  | 51% H |

---

A*For the period April 14, 2022 (commencement of operations) through October 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity SAI Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $10374245 |
| **Gross unrealized depreciation** | <u>(2605725)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$7768520</u> |
| **Tax cost** | <u>$69698716</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(444947) |
| Long-term | <u>(135305)</u> |
| **Total capital loss carryforward** | <u>$(580252)</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 SAI Sustainable International Equity Fund** | 28335804 | 13068598 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .648% of the Fund's average net assets.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable International Equity Fund** | 6 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Sustainable International Equity Fund** | 1914292 | 65800 | (10525) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable International Equity Fund** | 53 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $30,681.

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 $126.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109485_4.jpg)<br>

1.9904872.103 IEE-SANN-0625

**Fidelity® Series Canada Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109440_1.jpg)

![](img109440_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SAD-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Canada Fund](#Sub_Sec_Fund_3036_SAD-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3036_SAD-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SAD-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SAD-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SAD-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SAD-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Canada Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 2.9%  |  |  |
| Materials - 2.9% |  |  |
| Metals & Mining - 2.9% |  |  |
| Wheaton Precious Metals Corp  | 1982000 | 165492543 |
| CANADA - 92.5%  |  |  |
| Communication Services - 1.6% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| Quebecor Inc Class B (b) | 388200 | 10649734 |
| Quebecor Inc Multiple Voting Shares  | 1886090 | 51933829 |
| TELUS Corp  | 1905900 | 29336427 |
|  |  | 91919990 |
| Consumer Discretionary - 6.7% |  |  |
| Broadline Retail - 3.5% |  |  |
| Dollarama Inc  | 1604600 | 197985246 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Restaurant Brands International Inc  | 1619500 | 104352376 |
| Specialty Retail - 1.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (d) | 534016 | 18783139 |
| Diversified Royalty Corp (b)(c) | 10441200 | 21888197 |
| Pet Valu Holdings Ltd (b) | 1442000 | 29925736 |
|  |  | 70597072 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (b)(d) | 579332 | 4849478 |
| TOTAL CONSUMER DISCRETIONARY |  | 377784172 |
| Consumer Staples - 8.7% |  |  |
| Beverages - 0.0% |  |  |
| GURU Organic Energy Corp (d) | 1068334 | 1278653 |
| Consumer Staples Distribution & Retail - 8.3% |  |  |
| Alimentation Couche-Tard Inc  | 4970240 | 259436001 |
| Metro Inc/CN  | 1997000 | 153896185 |
| North West Co Inc/The  | 1271000 | 50983823 |
|  |  | 464316009 |
| Personal Care Products - 0.4% |  |  |
| Jamieson Wellness Inc (e)(f) | 962100 | 22297327 |
| TOTAL CONSUMER STAPLES |  | 487891989 |
| Energy - 15.6% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Pason Systems Inc  | 3207400 | 25545663 |
| Oil, Gas & Consumable Fuels - 15.2% |  |  |
| Cameco Corp  | 1864100 | 84145469 |
| Canadian Natural Resources Ltd  | 7892100 | 226469952 |
| Imperial Oil Ltd  | 1351600 | 91168783 |
| Parkland Corp  | 2368736 | 59673728 |
| PrairieSky Royalty Ltd  | 9387180 | 158041816 |
| South Bow Corp  | 2938200 | 72570514 |
| Suncor Energy Inc  | 4607700 | 162736771 |
|  |  | 854807033 |
| TOTAL ENERGY |  | 880352696 |
| Financials - 30.9% |  |  |
| Banks - 17.1% |  |  |
| Bank of Montreal (b) | 3036400 | 290931436 |
| Canadian Imperial Bank of Commerce  | 1745900 | 110116063 |
| Royal Bank of Canada  | 2364100 | 283757165 |
| Toronto Dominion Bank  | 4311530 | 275498823 |
|  |  | 960303487 |
| Capital Markets - 6.3% |  |  |
| Brookfield Asset Management Ltd Class A (b) | 1828572 | 97569822 |
| Brookfield Corp Class A  | 2568588 | 137987543 |
| TMX Group Ltd  | 3009900 | 121981077 |
|  |  | 357538442 |
| Insurance - 7.5% |  |  |
| Definity Financial Corp  | 2521924 | 125876680 |
| Intact Financial Corp  | 618900 | 137450031 |
| Sun Life Financial Inc  | 2675700 | 159443461 |
|  |  | 422770172 |
| TOTAL FINANCIALS |  | 1740612101 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| Andlauer Healthcare Group Inc Subordinate Voting Shares  | 1095732 | 42522604 |
| Industrials - 9.1% |  |  |
| Ground Transportation - 6.6% |  |  |
| Canadian National Railway Co  | 1069200 | 103546273 |
| Canadian Pacific Kansas City Ltd  | 3709221 | 269406861 |
|  |  | 372953134 |
| Professional Services - 2.5% |  |  |
| Thomson Reuters Corp  | 762100 | 141811630 |
| TOTAL INDUSTRIALS |  | 514764764 |
| Information Technology - 10.8% |  |  |
| IT Services - 4.3% |  |  |
| Shopify Inc Class A (d) | 2543700 | 241933805 |
| Software - 6.5% |  |  |
| ApplyBoard Inc (d)(g)(h) | 10248 | 99303 |
| ApplyBoard Inc (d)(g)(h) | 2527 | 24487 |
| Computer Modelling Group Ltd  | 1860600 | 10729559 |
| Constellation Software Inc/Canada  | 81800 | 294799819 |
| Constellation Software Inc/Canada warrants 3/31/2040 (d)(h) | 47800 | 3 |
| Dye & Durham Ltd (c) | 4459500 | 28919143 |
| Lumine Group Inc Subordinate Voting Shares (d)(f) | 1000840 | 32357057 |
|  |  | 366929371 |
| TOTAL INFORMATION TECHNOLOGY |  | 608863176 |
| Materials - 8.1% |  |  |
| Chemicals - 1.7% |  |  |
| Nutrien Ltd  | 1723078 | 98365181 |
| Containers & Packaging - 1.0% |  |  |
| CCL Industries Inc Class A  | 145300 | 7630727 |
| CCL Industries Inc Class B  | 898600 | 46957162 |
|  |  | 54587889 |
| Metals & Mining - 4.9% |  |  |
| Franco-Nevada Corp  | 1517119 | 260714249 |
| Triple Flag Precious Metals Corp  | 846130 | 17559683 |
|  |  | 278273932 |
| Paper & Forest Products - 0.5% |  |  |
| Stella-Jones Inc  | 531200 | 26047526 |
| TOTAL MATERIALS |  | 457274528 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| TransAlta Corp  | 1239500 | 11049946 |
| TOTAL CANADA |  | 5213035966 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Lundin Mining Corp (b) | 4038700 | 33045507 |
| UNITED STATES - 3.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Leisure Products - 0.5% |  |  |
| BRP Inc Subordinate Voting Shares  | 751800 | 25467184 |
| Industrials - 2.4% |  |  |
| Commercial Services & Supplies - 2.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 2743514 | 136897090 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Electric Inc / US (d) | 902486 | 5685662 |
| Ivanhoe Electric Inc / US warrants (d) | 905486 | 835699 |
|  |  | 6521361 |
| TOTAL UNITED STATES |  | 168885635 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (d) | 576313 | 7737961 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,461,125,124) |  | <br> **5588197612** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Cineplex Inc 7.75% 3/1/2030 (e)<br>(Cost $5,299,503)<br>CAD | 7792000 | **6839054** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Valsoft Corp Series A-1.2 (g)(h) | 759 | 8890706 |
| Valsoft Corp Series A-1.3 (g)(h) | 269 | 3150988 |
| Valsoft Corp Series A-1.4 (g)(h) | 347 | 4064657 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $16,128,065) |  | <br> **16106351** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| ApplyBoard Inc Series A1 (d)(g)(h) | 12606 | 123035 |
| ApplyBoard Inc Series A2 (d)(g)(h) | 9868 | 96509 |
| ApplyBoard Inc Series A3 (d)(g)(h) | 563 | 5517 |
| ApplyBoard Inc Series D (d)(g)(h) | 27521 | 524825 |
| ApplyBoard Inc Series SEED (d)(g)(h) | 3768 | 36587 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,705,692) |  | <br> **786473** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 12292185 | 12294643 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 117549951 | 117561707 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $129,856,350) |  |  | **129856350** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $3,617,114,734)<br>| <br>**5741785840** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(101496724)** |
| **NET ASSETS - 100.0%** | **5640289116** |

---

**Currency Abbreviations**

CAD - Canadian Dollar

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated company

(d) Non-income producing

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $29,136,381 or 0.5% of net assets.

(f) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $54,654,384 or 1.0% of net assets.

(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 $17,016,614 or 0.3% of net assets.

(h) Level 3 security

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(j) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ApplyBoard Inc | 6/30/21 | 269862 |
| ApplyBoard Inc | 6/04/21 - 6/30/21 | 524313 |
| ApplyBoard Inc Series A1 | 6/04/21 | 816255 |
| ApplyBoard Inc Series A2 | 6/04/21 | 638966 |
| ApplyBoard Inc Series A3 | 6/04/21 | 36455 |
| ApplyBoard Inc Series D | 6/04/21 | 2970033 |
| ApplyBoard Inc Series SEED | 6/04/21 | 243983 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 8890706 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 2670329 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 4567031 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2620532 | 139572790 | 129898679 | 128467 | - | - | 12294643 | 12292185 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 198489828 | 3380240700 | 3461168821 | 1306138 | - | - | 117561707 | 117549951 | 0.4% |
| Total | 201110360 | 3519813490 | 3591067500 | 1434605 | - | - | 129856350 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Diversified Royalty Corp | 22311557 | 926499 | 1055721 | 786254 | 66249 | (360387) | 21888197 | 10441200 |
| Dye & Durham Ltd | 58339102 | 4130233 | 3546606 | 93431 | (1914685) | (28088901) | 28919143 | 4459500 |
| GURU Organic Energy Corp | 1805168 | - | 445234 | - | (5722106) | 5640825 | - | - |
| Total | 82455827 | 5056732 | 5047561 | 879685 | (7570542) | (22808463) | 50807340 |  |

---

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 91919990 | 91919990 | - | - |
| Consumer Discretionary | 403251356 | 403251356 | - | - |
| Consumer Staples | 487891989 | 487891989 | - | - |
| Energy | 880352696 | 880352696 | - | - |
| Financials | 1740612101 | 1740612101 | - | - |
| Health Care | 42522604 | 42522604 | - | - |
| Industrials | 651661854 | 651661854 | - | - |
| Information Technology | 608863176 | 608739383 | - | 123793 |
| Materials | 670071900 | 669236201 | 835699 | - |
| Utilities | 11049946 | 11049946 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 6839054 | - | 6839054 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 16106351 | - | - | 16106351 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 786473 | - | - | 786473 |
|  **Money Market Funds** | 129856350 | 129856350 | - | - |
| **Total Investments in Securities:** | 5741785840 | 5717094470 | 7674753 | 17016617 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $112,518,720) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,414,375,961) | $5561122150 |  |
| Fidelity Central Funds (cost $129,856,350) | 129856350 |  |
| Other affiliated issuers (cost $72,882,423) | 50807340 |  |
| Total Investment in Securities (cost $3,617,114,734) |  | $5741785840 |
| Foreign currency held at value (cost $9,430,121) |  | 9445111 |
| Receivable for investments sold |  | 5585364 |
| Receivable for fund shares sold |  | 2059631 |
| Dividends receivable |  | 8378319 |
| Interest receivable |  | 38403 |
| Distributions receivable from Fidelity Central Funds |  | 295858 |
| **Total assets** |  | 5767588526 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2976499 |  |
| Payable for fund shares redeemed | 6737471 |  |
| Other payables and accrued expenses | 25505 |  |
| Collateral on securities loaned | 117559935 |  |
| **Total liabilities** |  | 127299410 |
| **Net Assets**  |  | $5640289116 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3441690486 |
| Total accumulated earnings (loss) |  | 2198598630 |
| **Net Assets** |  | $5640289116 |
| **Net Asset Value**, offering price and redemption price per share ($5,640,289,116 ÷ 336,284,219 shares) |  | $16.77 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends (including $879,685 earned from affiliated issuers) |  | $65531658 |
| Interest  |  | 260758 |
| Income from Fidelity Central Funds (including $1,306,138 from security lending)  |  | 1434605 |
| Income before foreign taxes withheld |  | $67227021 |
| Less foreign taxes withheld |  | (10210666) |
| **Total income** |  | 57016355 |
| **Expenses** |  |  |
| Custodian fees and expenses | $28497 |  |
| Independent trustees' fees and expenses | 12355 |  |
| Interest | 50971 |  |
| **Total expenses** |  | 91823 |
| **Net Investment income (loss)** |  | 56924532 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 60147220 |  |
| Redemptions in-kind | 71442371 |  |
| Affiliated issuers | (7570542) |  |
| Foreign currency transactions | (1044606) |  |
| Total net realized gain (loss) |  | 122974443 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 203334169 |  |
| Affiliated issuers  | (22808463) |  |
| Assets and liabilities in foreign currencies | 893605 |  |
| Total change in net unrealized appreciation (depreciation) |  | 181419311 |
| **Net gain (loss)** |  | 304393754 |
| **Net increase (decrease) in net assets resulting from operations** |  | $361318286 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $56924532 | $116219300 |
| &nbsp;&nbsp;Net realized gain (loss) | 122974443<br>| 158587346<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 181419311 | 962817603<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 361318286<br>| 1237624249<br>|
| Distributions to shareholders | (165541550)<br>| (173039225)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 425844659 | 1098707709 |
| Reinvestment of distributions | 165541550<br>| 173039225<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (875555008) | (1125209910) |
| **Net increase (decrease) in net assets resulting from share transactions** | (284168799)<br>| 146537024<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (88392063)<br>| 1211122048<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5728681179 | 4517559131<br>|
| &nbsp;&nbsp;End of period | $5640289116 | $5728681179 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 26167967 | 71855728 |
| Issued in reinvestment of distributions | 10212310<br>| 12457828<br>|
| &nbsp;&nbsp;Redeemed | (53890877) | (73448771) |
| &nbsp;&nbsp;Net increase (decrease) | (17510600) | 10864785 |

---

**Financial Highlights** 

**Fidelity® Series Canada Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.19 | $13.17 | $13.37 | $14.77 | $9.77 | $10.89 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .33  | .33  | .32  | .28  | .27  |
| Net realized and unrealized gain (loss)  | .90  | 3.19  | (.12)  | (1.40)  | 4.97  | (1.14)  |
| Total from investment operations  | 1.06  | 3.52  | .21  | (1.08)  | 5.25  | (.87)  |
| Distributions from net investment income  | (.42)  | (.38)  | (.40)  | (.32)  | (.25)  | (.25)  |
| Distributions from net realized gain  | (.06)  | (.12)  | (.01)  | -  | -  | -  |
| Total distributions  | (.48)  | (.50)  | (.41)  | (.32)  | (.25)  | (.25)  |
| Net asset value, end of period  | $16.77 | $16.19 | $13.17 | $13.37 | $14.77 | $9.77 |
| **Total Return** C,D | 6.64% <br>| 27.38%  | 1.54%  | (7.45)%  | 54.40%  | (8.22)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | -% G,H | -% G | .01%  | -% G | -% G | -% G |
| Expenses net of fee waivers, if any  | -% G,H<br>| -% G | .01%  | -% G | -% G | -% G |
| Expenses net of all reductions, if any  | -% G,H | -% G | .01%  | -% G | -% G | -% G |
| Net investment income (loss)  | 2.03% H | 2.15%  | 2.41%  | 2.29%  | 2.13%  | 2.70%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5640289 | $5728681 | $4517559 | $5407197 | $6065145 | $3914417 |
| Portfolio turnover rate I | 12% H,J<br>| 9% J | 15% J | 19% J | 19%  | 14%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Series Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2119819555 |
| **Gross unrealized depreciation** | <u>(77703048)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2042116507</u> |
| **Tax cost** | <u>$3699669333</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Canada Fund** | 333331364 | 596596548 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Series Canada Fund** | 8446318 | 71442371 | 136504412 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Series Canada Fund** | 15127360 | 115673311 | 230383973 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Series Canada Fund** | Borrower | 17916381 | 4.88% | 50971 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Canada Fund** | 35687935 | 13078940 | 1178565 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.**

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Canada Fund** | 140546 | - | - |

---

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109440_4.jpg)<br>

1.9883883.107 SAD-SANN-0625

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

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

Fidelity Investment Trust

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 20, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Investment Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>