# EDGAR Filing Document

**Accession Number:** 0000729218
**File Stem:** 0000729218-25-000049
**Filing Date:** 2025-6
**Character Count:** 740171
**Document Hash:** 9609e1d295a92c85c2c5f8a02e2b1828
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000729218-25-000049.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000729218-25-000049

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 89

**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 ADVISOR SERIES VIII
- **CENTRAL INDEX KEY:** 0000729218

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03855
- **FILM NUMBER:** 251059612

**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 SPECIAL SITUATIONS FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Advisor Diversified International Fund (Series ID: S000005432)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014776 | Class A      | FDVAX           |
| C000014778 | Class C      | FADCX           |
| C000014779 | Class M      | FADIX           |
| C000014780 | Class I      | FDVIX           |
| C000130139 | Class Z      | FZABX           |

### Fidelity Advisor Overseas Fund (Series ID: S000005434)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014786 | Class A      | FAOAX           |
| C000014788 | Class C      | FAOCX           |
| C000014789 | Class M      | FAERX           |
| C000014790 | Class I      | FAOIX           |
| C000177522 | Class Z      | FAOSX           |

### Fidelity Advisor Value Leaders Fund (Series ID: S000005435)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014791 | Class A      | FVLAX           |
| C000014793 | Class C      | FVLCX           |
| C000014794 | Class M      | FVLTX           |
| C000014795 | Class I      | FVLIX           |

### Fidelity Advisor Emerging Asia Fund (Series ID: S000005436)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014796 | Class A      | FEAAX           |
| C000014798 | Class C      | FERCX           |
| C000014799 | Class M      | FEATX           |
| C000014800 | Class I      | FERIX           |
| C000205050 | Class Z      | FIQPX           |

### Fidelity Advisor Focused Emerging Markets Fund (Series ID: S000005437)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014801 | Class A      | FAMKX           |
| C000014803 | Class C      | FMCKX           |
| C000014804 | Class M      | FTMKX           |
| C000014805 | Class I      | FIMKX           |
| C000130140 | Class Z      | FZAEX           |

### Fidelity Advisor Global Capital Appreciation Fund (Series ID: S000005440)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014816 | Class A      | FGEAX           |
| C000014818 | Class C      | FEUCX           |
| C000014819 | Class M      | FGETX           |
| C000014820 | Class I      | FEUIX           |

### Fidelity Advisor International Capital Appreciation Fund (Series ID: S000005441)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014821 | Class A      | FCPAX           |
| C000014823 | Class C      | FCPCX           |
| C000014824 | Class M      | FIATX           |
| C000014825 | Class I      | FCPIX           |
| C000177523 | Class Z      | FIDZX           |

?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>811-03855</u>

<u>Fidelity Advisor Series VIII</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 |

---

Item 1.

<u>Reports to Stockholders</u>

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® 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 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $66  | 1.27% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $412238315<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 49%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 26.7 |
| Information Technology | 12.8 |
| Health Care | 8.3 |
| Materials | 6.8 |
| Communication Services | 6.5 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 1.3 |

---

Common Stocks 97.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img229_20250430_AA.jpg) <br>|

---

Common Stocks - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.9 <br>

---

| | |
|:---|:---|
| United States | 18.0 |
| United Kingdom | 16.8 |
| Japan | 13.6 |
| Germany | 12.2 |
| France | 11.3 |
| Netherlands | 6.4 |
| Italy | 4.2 |
| Spain | 3.2 |
| Sweden | 2.9 |
| Others | 11.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img229_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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 - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.3<br>|
| Allianz SE | 2.2<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| Wolters Kluwer NV | 2.1<br>|
| Deutsche Boerse AG | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img229_20250430_1.jpg)<br>| ![](img109248_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> 1.9915619.100 229-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $58  | 1.14% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9841053187<br>|
| Number of Holdings | 63<br>|
| Portfolio Turnover | 86%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 30.1 |
| Financials | 26.0 |
| Information Technology | 17.6 |
| Communication Services | 8.5 |
| Consumer Discretionary | 8.0 |
| Materials | 6.6 |
| Health Care | 1.4 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img288_20250430_AA.jpg) <br>|

---

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

---

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

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img288_20250430_GD.jpg) <br>|

---

---

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

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.2<br>|
| Tencent Holdings Ltd | 2.9<br>|
| SAP SE | 2.5<br>|
| ASML Holding NV | 2.2<br>|
| Shopify Inc Class A (United States) | 2.2<br>|
| Hitachi Ltd | 2.1<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| Schneider Electric SE | 2.1<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| Sony Group Corp | 1.9<br>|
|  | 24.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img288_20250430_1.jpg)<br>| ![](img109256_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> 1.9915625.100 288-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® 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 1-877-208-0098 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  | $39  | 0.76% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $412238315<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 49%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 26.7 |
| Information Technology | 12.8 |
| Health Care | 8.3 |
| Materials | 6.8 |
| Communication Services | 6.5 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 1.3 |

---

Common Stocks 97.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img229_20250430_AA.jpg) <br>|

---

Common Stocks - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.9 <br>

---

| | |
|:---|:---|
| United States | 18.0 |
| United Kingdom | 16.8 |
| Japan | 13.6 |
| Germany | 12.2 |
| France | 11.3 |
| Netherlands | 6.4 |
| Italy | 4.2 |
| Spain | 3.2 |
| Sweden | 2.9 |
| Others | 11.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img229_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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 - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.3<br>|
| Allianz SE | 2.2<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| Wolters Kluwer NV | 2.1<br>|
| Deutsche Boerse AG | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img229_20250430_1.jpg)<br>| ![](img109249_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> 1.9915623.100 655-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $41  | 0.83% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $436140299<br>|
| Number of Holdings | 140<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.9 |
| Consumer Discretionary | 22.0 |
| Communication Services | 14.6 |
| Financials | 13.2 |
| Industrials | 13.0 |
| Health Care | 10.4 |
| Energy | 0.9 |
| Consumer Staples | 0.5 |
| Materials | 0.1 |

---

Common Stocks 98.6 <br> Preferred Stocks 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img756_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| China | 36.9 |
| India | 28.9 |
| Taiwan | 15.1 |
| Singapore | 6.5 |
| Korea (South) | 6.2 |
| Hong Kong | 2.4 |
| Indonesia | 0.9 |
| United States | 0.8 |
| Japan | 0.6 |
| Others | 1.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img756_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 28.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Singapore - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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 - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.0<br>|
| Sea Ltd Class A ADR | 6.1<br>|
| Tencent Holdings Ltd | 5.8<br>|
| Eternal Ltd | 5.0<br>|
| PDD Holdings Inc Class A ADR | 4.1<br>|
| MakeMyTrip Ltd | 3.9<br>|
| HDFC Bank Ltd | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.0<br>|
| Advanced Micro-Fabrication Equipment Inc China A Shares (China) | 2.7<br>|
| WuXi XDC Cayman Inc | 1.8<br>|
|  | 45.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img756_20250430_1.jpg)<br>| ![](img109277_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> 1.9915706.100 3274-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $74  | 1.49% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $436140299<br>|
| Number of Holdings | 140<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.9 |
| Consumer Discretionary | 22.0 |
| Communication Services | 14.6 |
| Financials | 13.2 |
| Industrials | 13.0 |
| Health Care | 10.4 |
| Energy | 0.9 |
| Consumer Staples | 0.5 |
| Materials | 0.1 |

---

Common Stocks 98.6 <br> Preferred Stocks 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img756_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| China | 36.9 |
| India | 28.9 |
| Taiwan | 15.1 |
| Singapore | 6.5 |
| Korea (South) | 6.2 |
| Hong Kong | 2.4 |
| Indonesia | 0.9 |
| United States | 0.8 |
| Japan | 0.6 |
| Others | 1.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img756_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 28.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Singapore - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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 - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.0<br>|
| Sea Ltd Class A ADR | 6.1<br>|
| Tencent Holdings Ltd | 5.8<br>|
| Eternal Ltd | 5.0<br>|
| PDD Holdings Inc Class A ADR | 4.1<br>|
| MakeMyTrip Ltd | 3.9<br>|
| HDFC Bank Ltd | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.0<br>|
| Advanced Micro-Fabrication Equipment Inc China A Shares (China) | 2.7<br>|
| WuXi XDC Cayman Inc | 1.8<br>|
|  | 45.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img756_20250430_1.jpg)<br>| ![](img109278_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> 1.9915710.100 760-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $45  | 0.89% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9841053187<br>|
| Number of Holdings | 63<br>|
| Portfolio Turnover | 86%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 30.1 |
| Financials | 26.0 |
| Information Technology | 17.6 |
| Communication Services | 8.5 |
| Consumer Discretionary | 8.0 |
| Materials | 6.6 |
| Health Care | 1.4 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img288_20250430_AA.jpg) <br>|

---

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

---

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

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img288_20250430_GD.jpg) <br>|

---

---

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

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.2<br>|
| Tencent Holdings Ltd | 2.9<br>|
| SAP SE | 2.5<br>|
| ASML Holding NV | 2.2<br>|
| Shopify Inc Class A (United States) | 2.2<br>|
| Hitachi Ltd | 2.1<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| Schneider Electric SE | 2.1<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| Sony Group Corp | 1.9<br>|
|  | 24.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img288_20250430_1.jpg)<br>| ![](img109254_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> 1.9915627.100 291-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified International Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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  | 0.73% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1440576387<br>|
| Number of Holdings | 139<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 27.0 |
| Information Technology | 10.9 |
| Health Care | 8.9 |
| Materials | 8.2 |
| Consumer Discretionary | 8.0 |
| Energy | 3.0 |
| Communication Services | 2.5 |
| Consumer Staples | 0.8 |

---

Common Stocks 96.0 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img731_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| Japan | 17.6 |
| United Kingdom | 15.8 |
| United States | 14.5 |
| Germany | 11.8 |
| France | 9.3 |
| Canada | 4.9 |
| Netherlands | 4.3 |
| Sweden | 3.1 |
| Italy | 3.0 |
| Others | 15.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img731_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.6<br>|
| Allianz SE | 2.0<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.9<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Wolters Kluwer NV | 1.6<br>|
| Astrazeneca PLC | 1.6<br>|
| Mitsubishi Heavy Industries Ltd | 1.5<br>|
|  | 19.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img731_20250430_1.jpg)<br>| ![](img109282_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> 1.9915697.100 2527-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $76  | 1.55% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $134591118<br>|
| Number of Holdings | 58<br>|
| Portfolio Turnover | 71%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 28.2 |
| Industrials | 19.5 |
| Information Technology | 17.2 |
| Consumer Discretionary | 9.4 |
| Communication Services | 6.9 |
| Health Care | 4.7 |
| Materials | 2.8 |
| Energy | 2.7 |
| Consumer Staples | 1.2 |

---

Common Stocks 92.1 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img751_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.4 |

---

---

| | |
|:---|:---|
| United States | 76.6 |
| China | 4.4 |
| Japan | 3.0 |
| India | 2.7 |
| Taiwan | 2.1 |
| Germany | 1.8 |
| Denmark | 1.5 |
| Canada | 1.3 |
| United Kingdom | 1.3 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img751_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Japan - 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;India - 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;Taiwan - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Denmark - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 5.1<br>|
| Amazon.com Inc | 4.4<br>|
| Meta Platforms Inc Class A | 3.8<br>|
| Visa Inc Class A | 3.2<br>|
| NVIDIA Corp | 3.0<br>|
| Mastercard Inc Class A | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| JPMorgan Chase & Co | 2.8<br>|
| Boston Scientific Corp | 2.8<br>|
| Charles Schwab Corp/The | 2.4<br>|
|  | 33.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img751_20250430_1.jpg)<br>| ![](img109262_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> 1.9915705.100 755-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $96  | 1.89% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9841053187<br>|
| Number of Holdings | 63<br>|
| Portfolio Turnover | 86%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 30.1 |
| Financials | 26.0 |
| Information Technology | 17.6 |
| Communication Services | 8.5 |
| Consumer Discretionary | 8.0 |
| Materials | 6.6 |
| Health Care | 1.4 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img288_20250430_AA.jpg) <br>|

---

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

---

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

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img288_20250430_GD.jpg) <br>|

---

---

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

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.2<br>|
| Tencent Holdings Ltd | 2.9<br>|
| SAP SE | 2.5<br>|
| ASML Holding NV | 2.2<br>|
| Shopify Inc Class A (United States) | 2.2<br>|
| Hitachi Ltd | 2.1<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| Schneider Electric SE | 2.1<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| Sony Group Corp | 1.9<br>|
|  | 24.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img288_20250430_1.jpg)<br>| ![](img109255_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> 1.9915624.100 281-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $95  | 1.93% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7291683869<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 61%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.7 |
| Information Technology | 16.1 |
| Consumer Discretionary | 13.5 |
| Communication Services | 11.3 |
| Industrials | 10.4 |
| Materials | 9.9 |
| Consumer Staples | 5.4 |
| Health Care | 4.7 |
| Energy | 3.3 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1286_20250430_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| China | 32.8 |
| Taiwan | 10.9 |
| Korea (South) | 9.3 |
| India | 8.6 |
| Brazil | 8.5 |
| Mexico | 7.8 |
| South Africa | 4.0 |
| Greece | 3.4 |
| Hungary | 2.9 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1286_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;Mexico - 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;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;Greece - 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;Hungary - 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 - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 9.3<br>|
| Samsung Electronics Co Ltd | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 5.8<br>|
| Alibaba Group Holding Ltd ADR | 4.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 3.9<br>|
| Shenzhen Inovance Technology Co Ltd A Shares (China) | 2.7<br>|
| China Life Insurance Co Ltd H Shares | 2.6<br>|
| Itau Unibanco Holding SA | 2.5<br>|
| HDFC Bank Ltd | 2.5<br>|
| Credicorp Ltd | 2.2<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1286_20250430_1.jpg)<br>| ![](img109269_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> 1.9915722.100 1288-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $70  | 1.37% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1440576387<br>|
| Number of Holdings | 139<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 27.0 |
| Information Technology | 10.9 |
| Health Care | 8.9 |
| Materials | 8.2 |
| Consumer Discretionary | 8.0 |
| Energy | 3.0 |
| Communication Services | 2.5 |
| Consumer Staples | 0.8 |

---

Common Stocks 96.0 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img731_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| Japan | 17.6 |
| United Kingdom | 15.8 |
| United States | 14.5 |
| Germany | 11.8 |
| France | 9.3 |
| Canada | 4.9 |
| Netherlands | 4.3 |
| Sweden | 3.1 |
| Italy | 3.0 |
| Others | 15.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img731_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.6<br>|
| Allianz SE | 2.0<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.9<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Wolters Kluwer NV | 1.6<br>|
| Astrazeneca PLC | 1.6<br>|
| Mitsubishi Heavy Industries Ltd | 1.5<br>|
|  | 19.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img731_20250430_1.jpg)<br>| ![](img109283_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> 1.9915701.100 735-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $51  | 1.05% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $134591118<br>|
| Number of Holdings | 58<br>|
| Portfolio Turnover | 71%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 28.2 |
| Industrials | 19.5 |
| Information Technology | 17.2 |
| Consumer Discretionary | 9.4 |
| Communication Services | 6.9 |
| Health Care | 4.7 |
| Materials | 2.8 |
| Energy | 2.7 |
| Consumer Staples | 1.2 |

---

Common Stocks 92.1 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img751_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.4 |

---

---

| | |
|:---|:---|
| United States | 76.6 |
| China | 4.4 |
| Japan | 3.0 |
| India | 2.7 |
| Taiwan | 2.1 |
| Germany | 1.8 |
| Denmark | 1.5 |
| Canada | 1.3 |
| United Kingdom | 1.3 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img751_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Japan - 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;India - 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;Taiwan - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Denmark - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 5.1<br>|
| Amazon.com Inc | 4.4<br>|
| Meta Platforms Inc Class A | 3.8<br>|
| Visa Inc Class A | 3.2<br>|
| NVIDIA Corp | 3.0<br>|
| Mastercard Inc Class A | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| JPMorgan Chase & Co | 2.8<br>|
| Boston Scientific Corp | 2.8<br>|
| Charles Schwab Corp/The | 2.4<br>|
|  | 33.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img751_20250430_1.jpg)<br>| ![](img109263_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> 1.9915704.100 754-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $100  | 2.05% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $134591118<br>|
| Number of Holdings | 58<br>|
| Portfolio Turnover | 71%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 28.2 |
| Industrials | 19.5 |
| Information Technology | 17.2 |
| Consumer Discretionary | 9.4 |
| Communication Services | 6.9 |
| Health Care | 4.7 |
| Materials | 2.8 |
| Energy | 2.7 |
| Consumer Staples | 1.2 |

---

Common Stocks 92.1 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img751_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.4 |

---

---

| | |
|:---|:---|
| United States | 76.6 |
| China | 4.4 |
| Japan | 3.0 |
| India | 2.7 |
| Taiwan | 2.1 |
| Germany | 1.8 |
| Denmark | 1.5 |
| Canada | 1.3 |
| United Kingdom | 1.3 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img751_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Japan - 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;India - 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;Taiwan - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Denmark - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 5.1<br>|
| Amazon.com Inc | 4.4<br>|
| Meta Platforms Inc Class A | 3.8<br>|
| Visa Inc Class A | 3.2<br>|
| NVIDIA Corp | 3.0<br>|
| Mastercard Inc Class A | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| JPMorgan Chase & Co | 2.8<br>|
| Boston Scientific Corp | 2.8<br>|
| Charles Schwab Corp/The | 2.4<br>|
|  | 33.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img751_20250430_1.jpg)<br>| ![](img109264_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> 1.9915703.100 753-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Leaders 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 | $27533427<br>|
| Number of Holdings | 35<br>|
| Portfolio Turnover | 56%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.4 |
| Health Care | 22.3 |
| Energy | 11.2 |
| Industrials | 10.7 |
| Consumer Staples | 10.4 |
| Information Technology | 5.8 |
| Utilities | 4.5 |
| Consumer Discretionary | 4.1 |
| Communication Services | 4.1 |
| Materials | 2.4 |

---

Common Stocks 96.6 <br> Preferred Stocks 2.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1266_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 88.2 |
| United Kingdom | 5.6 |
| Canada | 3.9 |
| Korea (South) | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1266_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.3&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>|  |
| Cigna Group/The | 7.9<br>|
| Centene Corp | 5.6<br>|
| Bank of America Corp | 5.3<br>|
| UnitedHealth Group Inc | 5.0<br>|
| Shell PLC ADR | 5.0<br>|
| Exxon Mobil Corp | 4.8<br>|
| Keurig Dr Pepper Inc | 4.2<br>|
| The Travelers Companies, Inc. | 4.2<br>|
| H&R Block Inc | 4.1<br>|
| Chubb Ltd | 3.5<br>|
|  | 49.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1266_20250430_1.jpg)<br>| ![](img109240_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> 1.9915718.100 1268-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified International Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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  | $57  | 1.12% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1440576387<br>|
| Number of Holdings | 139<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 27.0 |
| Information Technology | 10.9 |
| Health Care | 8.9 |
| Materials | 8.2 |
| Consumer Discretionary | 8.0 |
| Energy | 3.0 |
| Communication Services | 2.5 |
| Consumer Staples | 0.8 |

---

Common Stocks 96.0 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img731_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| Japan | 17.6 |
| United Kingdom | 15.8 |
| United States | 14.5 |
| Germany | 11.8 |
| France | 9.3 |
| Canada | 4.9 |
| Netherlands | 4.3 |
| Sweden | 3.1 |
| Italy | 3.0 |
| Others | 15.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img731_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.6<br>|
| Allianz SE | 2.0<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.9<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Wolters Kluwer NV | 1.6<br>|
| Astrazeneca PLC | 1.6<br>|
| Mitsubishi Heavy Industries Ltd | 1.5<br>|
|  | 19.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img731_20250430_1.jpg)<br>| ![](img109286_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> 1.9915698.100 731-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $46  | 0.93% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7291683869<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 61%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.7 |
| Information Technology | 16.1 |
| Consumer Discretionary | 13.5 |
| Communication Services | 11.3 |
| Industrials | 10.4 |
| Materials | 9.9 |
| Consumer Staples | 5.4 |
| Health Care | 4.7 |
| Energy | 3.3 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1286_20250430_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| China | 32.8 |
| Taiwan | 10.9 |
| Korea (South) | 9.3 |
| India | 8.6 |
| Brazil | 8.5 |
| Mexico | 7.8 |
| South Africa | 4.0 |
| Greece | 3.4 |
| Hungary | 2.9 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1286_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;Mexico - 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;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;Greece - 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;Hungary - 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 - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 9.3<br>|
| Samsung Electronics Co Ltd | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 5.8<br>|
| Alibaba Group Holding Ltd ADR | 4.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 3.9<br>|
| Shenzhen Inovance Technology Co Ltd A Shares (China) | 2.7<br>|
| China Life Insurance Co Ltd H Shares | 2.6<br>|
| Itau Unibanco Holding SA | 2.5<br>|
| HDFC Bank Ltd | 2.5<br>|
| Credicorp Ltd | 2.2<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1286_20250430_1.jpg)<br>| ![](img109268_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> 1.9915724.100 1290-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $40  | 0.81% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7291683869<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 61%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.7 |
| Information Technology | 16.1 |
| Consumer Discretionary | 13.5 |
| Communication Services | 11.3 |
| Industrials | 10.4 |
| Materials | 9.9 |
| Consumer Staples | 5.4 |
| Health Care | 4.7 |
| Energy | 3.3 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1286_20250430_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| China | 32.8 |
| Taiwan | 10.9 |
| Korea (South) | 9.3 |
| India | 8.6 |
| Brazil | 8.5 |
| Mexico | 7.8 |
| South Africa | 4.0 |
| Greece | 3.4 |
| Hungary | 2.9 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1286_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;Mexico - 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;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;Greece - 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;Hungary - 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 - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 9.3<br>|
| Samsung Electronics Co Ltd | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 5.8<br>|
| Alibaba Group Holding Ltd ADR | 4.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 3.9<br>|
| Shenzhen Inovance Technology Co Ltd A Shares (China) | 2.7<br>|
| China Life Insurance Co Ltd H Shares | 2.6<br>|
| Itau Unibanco Holding SA | 2.5<br>|
| HDFC Bank Ltd | 2.5<br>|
| Credicorp Ltd | 2.2<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1286_20250430_1.jpg)<br>| ![](img109266_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> 1.9915725.100 2530-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $67  | 1.39% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $27533427<br>|
| Number of Holdings | 35<br>|
| Portfolio Turnover | 56%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.4 |
| Health Care | 22.3 |
| Energy | 11.2 |
| Industrials | 10.7 |
| Consumer Staples | 10.4 |
| Information Technology | 5.8 |
| Utilities | 4.5 |
| Consumer Discretionary | 4.1 |
| Communication Services | 4.1 |
| Materials | 2.4 |

---

Common Stocks 96.6 <br> Preferred Stocks 2.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1266_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 88.2 |
| United Kingdom | 5.6 |
| Canada | 3.9 |
| Korea (South) | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1266_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.3&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>|  |
| Cigna Group/The | 7.9<br>|
| Centene Corp | 5.6<br>|
| Bank of America Corp | 5.3<br>|
| UnitedHealth Group Inc | 5.0<br>|
| Shell PLC ADR | 5.0<br>|
| Exxon Mobil Corp | 4.8<br>|
| Keurig Dr Pepper Inc | 4.2<br>|
| The Travelers Companies, Inc. | 4.2<br>|
| H&R Block Inc | 4.1<br>|
| Chubb Ltd | 3.5<br>|
|  | 49.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1266_20250430_1.jpg)<br>| ![](img109238_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> 1.9915719.100 1269-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $71  | 1.43% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7291683869<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 61%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.7 |
| Information Technology | 16.1 |
| Consumer Discretionary | 13.5 |
| Communication Services | 11.3 |
| Industrials | 10.4 |
| Materials | 9.9 |
| Consumer Staples | 5.4 |
| Health Care | 4.7 |
| Energy | 3.3 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1286_20250430_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| China | 32.8 |
| Taiwan | 10.9 |
| Korea (South) | 9.3 |
| India | 8.6 |
| Brazil | 8.5 |
| Mexico | 7.8 |
| South Africa | 4.0 |
| Greece | 3.4 |
| Hungary | 2.9 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1286_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;Mexico - 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;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;Greece - 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;Hungary - 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 - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 9.3<br>|
| Samsung Electronics Co Ltd | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 5.8<br>|
| Alibaba Group Holding Ltd ADR | 4.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 3.9<br>|
| Shenzhen Inovance Technology Co Ltd A Shares (China) | 2.7<br>|
| China Life Insurance Co Ltd H Shares | 2.6<br>|
| Itau Unibanco Holding SA | 2.5<br>|
| HDFC Bank Ltd | 2.5<br>|
| Credicorp Ltd | 2.2<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1286_20250430_1.jpg)<br>| ![](img109267_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> 1.9915723.100 1289-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® 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 1-877-208-0098 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  | $93  | 1.80% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $412238315<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 49%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 26.7 |
| Information Technology | 12.8 |
| Health Care | 8.3 |
| Materials | 6.8 |
| Communication Services | 6.5 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 1.3 |

---

Common Stocks 97.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img229_20250430_AA.jpg) <br>|

---

Common Stocks - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.9 <br>

---

| | |
|:---|:---|
| United States | 18.0 |
| United Kingdom | 16.8 |
| Japan | 13.6 |
| Germany | 12.2 |
| France | 11.3 |
| Netherlands | 6.4 |
| Italy | 4.2 |
| Spain | 3.2 |
| Sweden | 2.9 |
| Others | 11.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img229_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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 - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.3<br>|
| Allianz SE | 2.2<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| Wolters Kluwer NV | 2.1<br>|
| Deutsche Boerse AG | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img229_20250430_1.jpg)<br>| ![](img109250_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> 1.9915622.100 485-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $48  | 0.96% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $436140299<br>|
| Number of Holdings | 140<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.9 |
| Consumer Discretionary | 22.0 |
| Communication Services | 14.6 |
| Financials | 13.2 |
| Industrials | 13.0 |
| Health Care | 10.4 |
| Energy | 0.9 |
| Consumer Staples | 0.5 |
| Materials | 0.1 |

---

Common Stocks 98.6 <br> Preferred Stocks 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img756_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| China | 36.9 |
| India | 28.9 |
| Taiwan | 15.1 |
| Singapore | 6.5 |
| Korea (South) | 6.2 |
| Hong Kong | 2.4 |
| Indonesia | 0.9 |
| United States | 0.8 |
| Japan | 0.6 |
| Others | 1.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img756_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 28.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Singapore - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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 - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.0<br>|
| Sea Ltd Class A ADR | 6.1<br>|
| Tencent Holdings Ltd | 5.8<br>|
| Eternal Ltd | 5.0<br>|
| PDD Holdings Inc Class A ADR | 4.1<br>|
| MakeMyTrip Ltd | 3.9<br>|
| HDFC Bank Ltd | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.0<br>|
| Advanced Micro-Fabrication Equipment Inc China A Shares (China) | 2.7<br>|
| WuXi XDC Cayman Inc | 1.8<br>|
|  | 45.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img756_20250430_1.jpg)<br>| ![](img109279_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> 1.9915709.100 759-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $39  | 0.77% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9841053187<br>|
| Number of Holdings | 63<br>|
| Portfolio Turnover | 86%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 30.1 |
| Financials | 26.0 |
| Information Technology | 17.6 |
| Communication Services | 8.5 |
| Consumer Discretionary | 8.0 |
| Materials | 6.6 |
| Health Care | 1.4 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img288_20250430_AA.jpg) <br>|

---

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

---

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

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img288_20250430_GD.jpg) <br>|

---

---

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

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.2<br>|
| Tencent Holdings Ltd | 2.9<br>|
| SAP SE | 2.5<br>|
| ASML Holding NV | 2.2<br>|
| Shopify Inc Class A (United States) | 2.2<br>|
| Hitachi Ltd | 2.1<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| Schneider Electric SE | 2.1<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| Sony Group Corp | 1.9<br>|
|  | 24.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img288_20250430_1.jpg)<br>| ![](img109252_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> 1.9915626.100 2886-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $98  | 1.98% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $436140299<br>|
| Number of Holdings | 140<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.9 |
| Consumer Discretionary | 22.0 |
| Communication Services | 14.6 |
| Financials | 13.2 |
| Industrials | 13.0 |
| Health Care | 10.4 |
| Energy | 0.9 |
| Consumer Staples | 0.5 |
| Materials | 0.1 |

---

Common Stocks 98.6 <br> Preferred Stocks 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img756_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| China | 36.9 |
| India | 28.9 |
| Taiwan | 15.1 |
| Singapore | 6.5 |
| Korea (South) | 6.2 |
| Hong Kong | 2.4 |
| Indonesia | 0.9 |
| United States | 0.8 |
| Japan | 0.6 |
| Others | 1.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img756_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 28.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Singapore - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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 - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.0<br>|
| Sea Ltd Class A ADR | 6.1<br>|
| Tencent Holdings Ltd | 5.8<br>|
| Eternal Ltd | 5.0<br>|
| PDD Holdings Inc Class A ADR | 4.1<br>|
| MakeMyTrip Ltd | 3.9<br>|
| HDFC Bank Ltd | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.0<br>|
| Advanced Micro-Fabrication Equipment Inc China A Shares (China) | 2.7<br>|
| WuXi XDC Cayman Inc | 1.8<br>|
|  | 45.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img756_20250430_1.jpg)<br>| ![](img109280_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> 1.9915708.100 758-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® 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 1-877-208-0098 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  | $33  | 0.64% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $412238315<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 49%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 26.7 |
| Information Technology | 12.8 |
| Health Care | 8.3 |
| Materials | 6.8 |
| Communication Services | 6.5 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 1.3 |

---

Common Stocks 97.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img229_20250430_AA.jpg) <br>|

---

Common Stocks - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.9 <br>

---

| | |
|:---|:---|
| United States | 18.0 |
| United Kingdom | 16.8 |
| Japan | 13.6 |
| Germany | 12.2 |
| France | 11.3 |
| Netherlands | 6.4 |
| Italy | 4.2 |
| Spain | 3.2 |
| Sweden | 2.9 |
| Others | 11.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img229_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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 - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.3<br>|
| Allianz SE | 2.2<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| Wolters Kluwer NV | 2.1<br>|
| Deutsche Boerse AG | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img229_20250430_1.jpg)<br>| ![](img109247_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> 1.9915621.100 2884-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $58  | 1.18% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7291683869<br>|
| Number of Holdings | 56<br>|
| Portfolio Turnover | 61%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.7 |
| Information Technology | 16.1 |
| Consumer Discretionary | 13.5 |
| Communication Services | 11.3 |
| Industrials | 10.4 |
| Materials | 9.9 |
| Consumer Staples | 5.4 |
| Health Care | 4.7 |
| Energy | 3.3 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1286_20250430_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| China | 32.8 |
| Taiwan | 10.9 |
| Korea (South) | 9.3 |
| India | 8.6 |
| Brazil | 8.5 |
| Mexico | 7.8 |
| South Africa | 4.0 |
| Greece | 3.4 |
| Hungary | 2.9 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1286_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;Mexico - 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;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;Greece - 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;Hungary - 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 - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 9.3<br>|
| Samsung Electronics Co Ltd | 6.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 5.8<br>|
| Alibaba Group Holding Ltd ADR | 4.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 3.9<br>|
| Shenzhen Inovance Technology Co Ltd A Shares (China) | 2.7<br>|
| China Life Insurance Co Ltd H Shares | 2.6<br>|
| Itau Unibanco Holding SA | 2.5<br>|
| HDFC Bank Ltd | 2.5<br>|
| Credicorp Ltd | 2.2<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1286_20250430_1.jpg)<br>| ![](img109270_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> 1.9915721.100 1286-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Leaders 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 | $27533427<br>|
| Number of Holdings | 35<br>|
| Portfolio Turnover | 56%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.4 |
| Health Care | 22.3 |
| Energy | 11.2 |
| Industrials | 10.7 |
| Consumer Staples | 10.4 |
| Information Technology | 5.8 |
| Utilities | 4.5 |
| Consumer Discretionary | 4.1 |
| Communication Services | 4.1 |
| Materials | 2.4 |

---

Common Stocks 96.6 <br> Preferred Stocks 2.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1266_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 88.2 |
| United Kingdom | 5.6 |
| Canada | 3.9 |
| Korea (South) | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1266_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.3&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>|  |
| Cigna Group/The | 7.9<br>|
| Centene Corp | 5.6<br>|
| Bank of America Corp | 5.3<br>|
| UnitedHealth Group Inc | 5.0<br>|
| Shell PLC ADR | 5.0<br>|
| Exxon Mobil Corp | 4.8<br>|
| Keurig Dr Pepper Inc | 4.2<br>|
| The Travelers Companies, Inc. | 4.2<br>|
| H&R Block Inc | 4.1<br>|
| Chubb Ltd | 3.5<br>|
|  | 49.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1266_20250430_1.jpg)<br>| ![](img109241_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> 1.9915717.100 1266-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® 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 1-877-208-0098 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  | $54  | 1.05% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $412238315<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 49%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 26.7 |
| Information Technology | 12.8 |
| Health Care | 8.3 |
| Materials | 6.8 |
| Communication Services | 6.5 |
| Consumer Discretionary | 5.7 |
| Consumer Staples | 1.3 |

---

Common Stocks 97.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img229_20250430_AA.jpg) <br>|

---

Common Stocks - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.9 <br>

---

| | |
|:---|:---|
| United States | 18.0 |
| United Kingdom | 16.8 |
| Japan | 13.6 |
| Germany | 12.2 |
| France | 11.3 |
| Netherlands | 6.4 |
| Italy | 4.2 |
| Spain | 3.2 |
| Sweden | 2.9 |
| Others | 11.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img229_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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 - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.3<br>|
| Allianz SE | 2.2<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| Wolters Kluwer NV | 2.1<br>|
| Deutsche Boerse AG | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img229_20250430_1.jpg)<br>| ![](img109251_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> 1.9915620.100 252-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $63  | 1.30% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $134591118<br>|
| Number of Holdings | 58<br>|
| Portfolio Turnover | 71%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 28.2 |
| Industrials | 19.5 |
| Information Technology | 17.2 |
| Consumer Discretionary | 9.4 |
| Communication Services | 6.9 |
| Health Care | 4.7 |
| Materials | 2.8 |
| Energy | 2.7 |
| Consumer Staples | 1.2 |

---

Common Stocks 92.1 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img751_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.4 |

---

---

| | |
|:---|:---|
| United States | 76.6 |
| China | 4.4 |
| Japan | 3.0 |
| India | 2.7 |
| Taiwan | 2.1 |
| Germany | 1.8 |
| Denmark | 1.5 |
| Canada | 1.3 |
| United Kingdom | 1.3 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img751_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Japan - 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;India - 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;Taiwan - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Denmark - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 5.1<br>|
| Amazon.com Inc | 4.4<br>|
| Meta Platforms Inc Class A | 3.8<br>|
| Visa Inc Class A | 3.2<br>|
| NVIDIA Corp | 3.0<br>|
| Mastercard Inc Class A | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| JPMorgan Chase & Co | 2.8<br>|
| Boston Scientific Corp | 2.8<br>|
| Charles Schwab Corp/The | 2.4<br>|
|  | 33.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img751_20250430_1.jpg)<br>| ![](img109265_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> 1.9915702.100 751-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $62  | 1.24% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $436140299<br>|
| Number of Holdings | 140<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.9 |
| Consumer Discretionary | 22.0 |
| Communication Services | 14.6 |
| Financials | 13.2 |
| Industrials | 13.0 |
| Health Care | 10.4 |
| Energy | 0.9 |
| Consumer Staples | 0.5 |
| Materials | 0.1 |

---

Common Stocks 98.6 <br> Preferred Stocks 1.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img756_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| China | 36.9 |
| India | 28.9 |
| Taiwan | 15.1 |
| Singapore | 6.5 |
| Korea (South) | 6.2 |
| Hong Kong | 2.4 |
| Indonesia | 0.9 |
| United States | 0.8 |
| Japan | 0.6 |
| Others | 1.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img756_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 28.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Singapore - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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 - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.0<br>|
| Sea Ltd Class A ADR | 6.1<br>|
| Tencent Holdings Ltd | 5.8<br>|
| Eternal Ltd | 5.0<br>|
| PDD Holdings Inc Class A ADR | 4.1<br>|
| MakeMyTrip Ltd | 3.9<br>|
| HDFC Bank Ltd | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.0<br>|
| Advanced Micro-Fabrication Equipment Inc China A Shares (China) | 2.7<br>|
| WuXi XDC Cayman Inc | 1.8<br>|
|  | 45.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img756_20250430_1.jpg)<br>| ![](img109281_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> 1.9915707.100 756-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $43  | 0.89% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $27533427<br>|
| Number of Holdings | 35<br>|
| Portfolio Turnover | 56%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.4 |
| Health Care | 22.3 |
| Energy | 11.2 |
| Industrials | 10.7 |
| Consumer Staples | 10.4 |
| Information Technology | 5.8 |
| Utilities | 4.5 |
| Consumer Discretionary | 4.1 |
| Communication Services | 4.1 |
| Materials | 2.4 |

---

Common Stocks 96.6 <br> Preferred Stocks 2.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1266_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 88.2 |
| United Kingdom | 5.6 |
| Canada | 3.9 |
| Korea (South) | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1266_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.3&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>|  |
| Cigna Group/The | 7.9<br>|
| Centene Corp | 5.6<br>|
| Bank of America Corp | 5.3<br>|
| UnitedHealth Group Inc | 5.0<br>|
| Shell PLC ADR | 5.0<br>|
| Exxon Mobil Corp | 4.8<br>|
| Keurig Dr Pepper Inc | 4.2<br>|
| The Travelers Companies, Inc. | 4.2<br>|
| H&R Block Inc | 4.1<br>|
| Chubb Ltd | 3.5<br>|
|  | 49.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1266_20250430_1.jpg)<br>| ![](img109239_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> 1.9915720.100 1270-TSRS-0625 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $71  | 1.39% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9841053187<br>|
| Number of Holdings | 63<br>|
| Portfolio Turnover | 86%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 30.1 |
| Financials | 26.0 |
| Information Technology | 17.6 |
| Communication Services | 8.5 |
| Consumer Discretionary | 8.0 |
| Materials | 6.6 |
| Health Care | 1.4 |
| Utilities | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img288_20250430_AA.jpg) <br>|

---

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

---

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

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img288_20250430_GD.jpg) <br>|

---

---

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

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.2<br>|
| Tencent Holdings Ltd | 2.9<br>|
| SAP SE | 2.5<br>|
| ASML Holding NV | 2.2<br>|
| Shopify Inc Class A (United States) | 2.2<br>|
| Hitachi Ltd | 2.1<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| Schneider Electric SE | 2.1<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| Sony Group Corp | 1.9<br>|
|  | 24.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img288_20250430_1.jpg)<br>| ![](img109253_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> 1.9915628.100 292-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified International Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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  | 0.87% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1440576387<br>|
| Number of Holdings | 139<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 27.0 |
| Information Technology | 10.9 |
| Health Care | 8.9 |
| Materials | 8.2 |
| Consumer Discretionary | 8.0 |
| Energy | 3.0 |
| Communication Services | 2.5 |
| Consumer Staples | 0.8 |

---

Common Stocks 96.0 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img731_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| Japan | 17.6 |
| United Kingdom | 15.8 |
| United States | 14.5 |
| Germany | 11.8 |
| France | 9.3 |
| Canada | 4.9 |
| Netherlands | 4.3 |
| Sweden | 3.1 |
| Italy | 3.0 |
| Others | 15.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img731_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.6<br>|
| Allianz SE | 2.0<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.9<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Wolters Kluwer NV | 1.6<br>|
| Astrazeneca PLC | 1.6<br>|
| Mitsubishi Heavy Industries Ltd | 1.5<br>|
|  | 19.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img731_20250430_1.jpg)<br>| ![](img109284_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> 1.9915700.100 734-TSRS-0625 <br>|

---

---

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

---

This semi-annual shareholder report contains information about Fidelity Advisor® Diversified International Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 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  | $95  | 1.87% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1440576387<br>|
| Number of Holdings | 139<br>|
| Portfolio Turnover | 37%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 27.0 |
| Information Technology | 10.9 |
| Health Care | 8.9 |
| Materials | 8.2 |
| Consumer Discretionary | 8.0 |
| Energy | 3.0 |
| Communication Services | 2.5 |
| Consumer Staples | 0.8 |

---

Common Stocks 96.0 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img731_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.4 |

---

---

| | |
|:---|:---|
| Japan | 17.6 |
| United Kingdom | 15.8 |
| United States | 14.5 |
| Germany | 11.8 |
| France | 9.3 |
| Canada | 4.9 |
| Netherlands | 4.3 |
| Sweden | 3.1 |
| Italy | 3.0 |
| Others | 15.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img731_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.6<br>|
| Allianz SE | 2.0<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.9<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Wolters Kluwer NV | 1.6<br>|
| Astrazeneca PLC | 1.6<br>|
| Mitsubishi Heavy Industries Ltd | 1.5<br>|
|  | 19.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img731_20250430_1.jpg)<br>| ![](img109285_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> 1.9915699.100 733-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 Advisor® Emerging Asia Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109473_1.jpg)

![](img109473_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AEA-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Emerging Asia Fund](#Sub_Sec_Fund_756_AEA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements756_AEA-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AEA-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AEA-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AEA-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AEA-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 1-877-208-0098 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 Advisor® Emerging Asia Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** |
|  | Shares | Value ($)<br>|
| CHINA - 36.2%  |  |  |
| Communication Services - 5.8% |  |  |
| Interactive Media & Services - 5.8% |  |  |
| Tencent Holdings Ltd  | 416334 | 25500855 |
| Consumer Discretionary - 9.6% |  |  |
| Automobile Components - 0.5% |  |  |
| Keboda Technology Co Ltd A Shares (China) (a) | 121900 | 909233 |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 186000 | 1343371 |
|  |  | 2252604 |
| Automobiles - 3.0% |  |  |
| BYD Co Ltd A Shares (China)  | 131400 | 6387531 |
| BYD Co Ltd H Shares  | 53241 | 2528748 |
| ZEEKR Intelligent Technology Holding Ltd ADR (a)(b) | 197359 | 4243218 |
|  |  | 13159497 |
| Broadline Retail - 5.3% |  |  |
| Alibaba Group Holding Ltd  | 332549 | 4964967 |
| PDD Holdings Inc Class A ADR (a) | 165884 | 17512375 |
|  |  | 22477342 |
| Diversified Consumer Services - 0.5% |  |  |
| New Oriental Education & Technology Group Inc ADR  | 44271 | 2162638 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Trip.com Group Ltd  | 22191 | 1336804 |
| TOTAL CONSUMER DISCRETIONARY |  | 41388885 |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| Smoore International Holdings Ltd (b)(c)(d) | 376692 | 653757 |
| Financials - 1.5% |  |  |
| Consumer Finance - 0.4% |  |  |
| LexinFintech Holdings Ltd Class A ADR  | 216653 | 1700726 |
| Insurance - 1.1% |  |  |
| Ping An Insurance Group Co of China Ltd H Shares  | 813039 | 4866068 |
| TOTAL FINANCIALS |  | 6566794 |
| Health Care - 7.6% |  |  |
| Biotechnology - 0.3% |  |  |
| Innovent Biologics Inc (a)(c)(d) | 182400 | 1264119 |
| Health Care Equipment & Supplies - 4.6% |  |  |
| AK Medical Holdings Ltd (c)(d) | 3526153 | 2573370 |
| Beijing Chunlizhengda Medical Instruments Co Ltd A Shares (China)  | 233500 | 487338 |
| Kangji Medical Holdings Ltd (b) | 546455 | 528446 |
| Microport Cardioflow Medtech Corp (a)(b)(c)(d) | 3438401 | 399010 |
| MicroPort NeuroScientific Corp (b) | 213838 | 290609 |
| MicroTech Medical Hangzhou Co Ltd H Shares (a)(c)(d) | 515994 | 414493 |
| Peijia Medical Ltd (a)(c)(d) | 1936000 | 1325514 |
| Shandong Weigao Orthopaedic Device Co Ltd A Shares (China)  | 729800 | 2737822 |
| Shanghai Aohua Photoelectricity Endoscope Co Ltd A Shares (China)  | 85930 | 525477 |
| Shanghai MicroPort Endovascular MedTech Group Co Ltd A Shares (China)  | 34764 | 404304 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 145939 | 4408575 |
| Sonoscape Medical Corp A Shares (China)  | 130800 | 558202 |
| Tofflon Science & Technology Group Co Ltd A Shares (China)  | 710786 | 1149886 |
| Zylox-Tonbridge Medical Technology Co Ltd H Shares (a)(c)(d) | 1548340 | 3621498 |
|  |  | 19424544 |
| Health Care Providers & Services - 0.2% |  |  |
| Guangzhou Kingmed Diagnostics Group Co Ltd A Shares (China)  | 113456 | 453401 |
| Kindstar Globalgene Technology Inc (c)(d) | 2507460 | 436468 |
|  |  | 889869 |
| Life Sciences Tools & Services - 2.4% |  |  |
| Hangzhou Tigermed Consulting Co Ltd A Shares (China)  | 71008 | 436471 |
| Joinn Laboratories China Co Ltd A Shares (China)  | 213236 | 457721 |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 255470 | 1981345 |
| WuXi XDC Cayman Inc (a)(b) | 1648020 | 7766663 |
|  |  | 10642200 |
| Pharmaceuticals - 0.1% |  |  |
| Asymchem Laboratories Tianjin Co Ltd H Shares (b)(c)(d) | 71639 | 508962 |
| TOTAL HEALTH CARE |  | 32729694 |
| Industrials - 4.5% |  |  |
| Electrical Equipment - 1.8% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 86680 | 2768214 |
| Sieyuan Electric Co Ltd A Shares (China)  | 219800 | 2177737 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 267100 | 2227377 |
| Warom Technology Inc Co A Shares (China)  | 201400 | 569216 |
|  |  | 7742544 |
| Machinery - 2.4% |  |  |
| Beijing Sinohytec Co Ltd A Shares  | 162035 | 452919 |
| Estun Automation Co Ltd A Shares  | 397900 | 1093782 |
| Estun Automation Co Ltd A Shares (China)  | 406600 | 1117698 |
| Leader Harmonious Drive Systems Co Ltd A Shares (China)  | 108200 | 2199072 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 308800 | 3036031 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 655600 | 2420467 |
|  |  | 10319969 |
| Marine Transportation - 0.3% |  |  |
| SITC International Holdings Co Ltd  | 603353 | 1668720 |
| Trading Companies & Distributors - 0.0% |  |  |
| Zkh Group Limited Class A (a) | 9 | 1 |
| TOTAL INDUSTRIALS |  | 19731234 |
| Information Technology - 7.0% |  |  |
| IT Services - 1.1% |  |  |
| GDS Holdings Ltd Class A ADR (a)(b) | 81600 | 2057136 |
| Vnet Group Inc Class A ADR (a) | 429400 | 2700926 |
|  |  | 4758062 |
| Semiconductors & Semiconductor Equipment - 4.7% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 452700 | 11737077 |
| Flat Glass Group Co Ltd A Shares (China)  | 723852 | 1496342 |
| Kingsemi Co Ltd A Shares (China)  | 163945 | 2148520 |
| NAURA Technology Group Co Ltd A Shares (China)  | 48673 | 3023264 |
| SG Micro Corp A Shares (China)  | 34500 | 480696 |
| Silergy Corp  | 40000 | 503245 |
| Skyverse Technology Co Ltd A Shares  | 106000 | 1143218 |
|  |  | 20532362 |
| Software - 1.2% |  |  |
| Beijing Kingsoft Office Software Inc A Shares (China)  | 38000 | 1541849 |
| Empyrean Technology Co Ltd A Shares  | 36200 | 593398 |
| Glodon Co Ltd A Shares (China)  | 1441881 | 2938096 |
|  |  | 5073343 |
| TOTAL INFORMATION TECHNOLOGY |  | 30363767 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Weihai Guangwei Composites Co Ltd A Shares (China)  | 149044 | 595770 |
| TOTAL CHINA |  | 157530756 |
| HONG KONG - 2.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Huanxi Media Group Ltd (a)(b) | 9140292 | 436059 |
| Financials - 1.9% |  |  |
| Capital Markets - 0.8% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 80601 | 3521433 |
| Insurance - 1.1% |  |  |
| AIA Group Ltd  | 621467 | 4656601 |
| TOTAL FINANCIALS |  | 8178034 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| J&T Global Express Ltd B Shares (a) | 2373022 | 1848091 |
| TOTAL HONG KONG |  | 10462184 |
| INDIA - 28.9%  |  |  |
| Consumer Discretionary - 11.1% |  |  |
| Automobiles - 0.5% |  |  |
| Hyundai Motor India Ltd  | 101371 | 2043183 |
| Broadline Retail - 0.4% |  |  |
| Vishal Mega Mart Ltd  | 1087911 | 1530489 |
| Hotels, Restaurants & Leisure - 10.0% |  |  |
| Devyani International Ltd (a) | 256595 | 544524 |
| Eternal Ltd (a) | 7999131 | 21863818 |
| ITC Hotels Ltd  | 1307465 | 3016924 |
| Juniper Hotels Ltd (a) | 219908 | 745156 |
| MakeMyTrip Ltd (a)(b) | 161674 | 16946669 |
| Sapphire Foods India Ltd (a) | 149113 | 557921 |
|  |  | 43675012 |
| Household Durables - 0.1% |  |  |
| Amber Enterprises India Ltd (a) | 7586 | 552954 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Page Industries Ltd  | 925 | 498019 |
| TOTAL CONSUMER DISCRETIONARY |  | 48299657 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Reliance Industries Ltd  | 240286 | 3984375 |
| Financials - 8.1% |  |  |
| Banks - 4.3% |  |  |
| HDFC Bank Ltd  | 643728 | 14601777 |
| Kotak Mahindra Bank Ltd  | 147341 | 3845656 |
|  |  | 18447433 |
| Capital Markets - 1.5% |  |  |
| 360 ONE WAM Ltd  | 210217 | 2445303 |
| HDFC Asset Management Co Ltd (c)(d) | 46621 | 2412750 |
| Nuvama Wealth Management Ltd  | 23421 | 1695280 |
|  |  | 6553333 |
| Consumer Finance - 1.4% |  |  |
| Bajaj Finance Ltd  | 41571 | 4236009 |
| Shriram Finance Ltd  | 281357 | 2036146 |
|  |  | 6272155 |
| Financial Services - 0.5% |  |  |
| Bajaj Housing Finance Ltd  | 1509721 | 2176141 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 158822 | 1394451 |
| Niva Bupa Health Insurance Co Ltd  | 464424 | 448139 |
|  |  | 1842590 |
| TOTAL FINANCIALS |  | 35291652 |
| Health Care - 2.7% |  |  |
| Health Care Providers & Services - 0.9% |  |  |
| Aster DM Healthcare Ltd (c)(d) | 86670 | 517053 |
| Dr Agarwal's Health Care Ltd  | 549847 | 2381150 |
| Dr Agarwal's Health Care Ltd (e) | 138915 | 601581 |
| Vijaya Diagnostic Centre Ltd  | 41557 | 492325 |
|  |  | 3992109 |
| Life Sciences Tools & Services - 1.8% |  |  |
| Divi's Laboratories Ltd  | 13372 | 963932 |
| SAI Life Sciences Ltd (c)(d) | 440300 | 3621860 |
| Syngene International Ltd (c)(d) | 430584 | 3226929 |
|  |  | 7812721 |
| TOTAL HEALTH CARE |  | 11804830 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| Bharat Electronics Ltd  | 218838 | 812869 |
| Hindustan Aeronautics Ltd (d) | 102834 | 5445740 |
|  |  | 6258609 |
| Air Freight & Logistics - 1.7% |  |  |
| Delhivery Ltd (a) | 1961646 | 7079725 |
| Commercial Services & Supplies - 0.1% |  |  |
| SIS Ltd (a) | 106390 | 424745 |
| Construction & Engineering - 0.1% |  |  |
| Afcons Infrastructure Ltd  | 107291 | 530245 |
| Passenger Airlines - 0.7% |  |  |
| InterGlobe Aviation Ltd (a)(c)(d) | 47726 | 2969838 |
| Professional Services - 1.5% |  |  |
| Computer Age Management Services Ltd  | 123807 | 5701225 |
| International Gemmological Institute India Ltd  | 232645 | 950505 |
|  |  | 6651730 |
| Transportation Infrastructure - 0.6% |  |  |
| GMR Airports Ltd (a) | 2402970 | 2473856 |
| TOTAL INDUSTRIALS |  | 26388748 |
| TOTAL INDIA |  | 125769262 |
| INDONESIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Bank Central Asia Tbk PT  | 4916392 | 2614000 |
| Bank Rakyat Indonesia Persero Tbk PT  | 3244597 | 751480 |
| Bank Syariah Indonesia Tbk PT  | 3776339 | 649501 |
| TOTAL INDONESIA |  | 4014981 |
| JAPAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Freee KK (a) | 48883 | 1379514 |
| Money Forward Inc (a) | 48079 | 1435510 |
| TOTAL JAPAN |  | 2815024 |
| KOREA (SOUTH) - 5.9%  |  |  |
| Communication Services - 2.0% |  |  |
| Interactive Media & Services - 2.0% |  |  |
| Kakao Corp  | 254572 | 6824995 |
| NAVER Corp  | 11825 | 1660433 |
|  |  | 8485428 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Delivery Hero SE (a)(c)(d) | 104639 | 2957364 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Kakao Pay Corp (a) | 87991 | 1955184 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Hanwha Aerospace Co Ltd  | 4041 | 2266402 |
| Korea Aerospace Industries Ltd  | 47018 | 2746353 |
|  |  | 5012755 |
| Machinery - 0.5% |  |  |
| Samsung Heavy Industries Co Ltd (a) | 227467 | 2325761 |
| TOTAL INDUSTRIALS |  | 7338516 |
| Information Technology - 1.1% |  |  |
| IT Services - 0.2% |  |  |
| Gabia Inc  | 64100 | 991881 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Samsung Electronics Co Ltd  | 99906 | 3890095 |
| TOTAL INFORMATION TECHNOLOGY |  | 4881976 |
| TOTAL KOREA (SOUTH) |  | 25618468 |
| NETHERLANDS - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| NXP Semiconductors NV  | 11275 | 2078095 |
| SINGAPORE - 6.5%  |  |  |
| Communication Services - 6.1% |  |  |
| Entertainment - 6.1% |  |  |
| Sea Ltd Class A ADR (a) | 199145 | 26695388 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 88715 | 1097916 |
| United Overseas Bank Ltd  | 28057 | 745161 |
|  |  | 1843077 |
| TOTAL SINGAPORE |  | 28538465 |
| SOUTH AFRICA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| Naspers Ltd Class N  | 10600 | 2787892 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Personal Care Products - 0.1% |  |  |
| Yunnan Botanee Bio-Technology Group Co Ltd A ELS (Ubs Ag Londn Branch Warrant Program) warrants 2/24/2027 (a)(c) | 69999 | 400235 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Zwsoft Co Ltd Guangzhou Class A ELS (UBS AG London Branch Warrant Program) warrants 9/25/2025 (a)(c) | 56882 | 741265 |
| TOTAL SWITZERLAND |  | 1141500 |
| TAIWAN - 15.1%  |  |  |
| Information Technology - 15.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Chroma ATE Inc  | 147000 | 1341079 |
| E Ink Holdings Inc  | 227000 | 1582562 |
| Unimicron Technology Corp  | 234000 | 688936 |
|  |  | 3612577 |
| Semiconductors & Semiconductor Equipment - 14.3% |  |  |
| Global Unichip Corp  | 29000 | 929770 |
| MediaTek Inc  | 118000 | 5004172 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 1540393 | 43559185 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 77688 | 12949813 |
|  |  | 62442940 |
| TOTAL TAIWAN |  | 66055517 |
| UNITED STATES - 0.4%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Space Exploration Technologies Corp (a)(f)(g) | 6000 | 1110000 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ON Semiconductor Corp (a) | 17514 | 695306 |
| TOTAL UNITED STATES |  | 1805306 |
| VIETNAM - 0.3%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Vietnam Dairy Products JSC  | 491921 | 1091235 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $311,260,512) |  | <br> **429708685** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.7%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| ByteDance Ltd Series E1 (a)(f)(g) | 11980 | 2543234 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(f)(g) | 56711 | 454822 |
| TOTAL CHINA |  | 2998056 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho Series D2 (f)(g) | 2422 | 183733 |
| Meesho Series E (f)(g) | 403 | 30572 |
| Meesho Series F (a)(f)(g) | 374 | 28940 |
| TOTAL INDIA |  | 243245 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,297,317) |  | <br> **3241301** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $1,033,991)<br>| 33148 | **1091994** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 6575200 | 6576515 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 18465439 | 18467285 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $25,043,800) |  |  | **25043800** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.3%**<br> (Cost $339,635,620)<br>| <br>**459085780** |
| **NET OTHER ASSETS (LIABILITIES) - (5.3)%**  | **(22945481)** |
| **NET ASSETS - 100.0%** | **436140299** |

---

**Security Type Abbreviations**

ELS - EQUITY-LINKED SECURITY

**Legend**

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $31,420,281 or 7.2% 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 $35,724,521 or 8.2% of net assets.

(e) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $601,581 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,351,301 or 1.0% of net assets.

(g) Level 3 security

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 1312699 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 805475 |
| Meesho Series D2 | 7/15/24 | 135632 |
| Meesho Series E | 7/15/24 | 22568 |
| Meesho Series F | 7/15/24 | 20944 |
| Space Exploration Technologies Corp | 2/16/21 | 251994 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Dr Agarwal's Health Care Ltd | 4/28/2025 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5590074 | 97916830 | 96930389 | 107986 | - | - | 6576515 | 6575200 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 25479124 | 90935014 | 97946853 | 283094 | - | - | 18467285 | 18465439 | 0.1% |
| Total | 31069198 | 188851844 | 194877242 | 391080 | - | - | 25043800 |  |  |

---

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 | 61117730 | 27131447 | 33986283 | - |
| Consumer Discretionary | 95433798 | 43652792 | 51781006 | - |
| Consumer Staples | 2145227 | 653757 | 1491470 | - |
| Energy | 3984375 | - | 3984375 | - |
| Financials | 57849722 | 1700726 | 56148996 | - |
| Health Care | 44534524 | 21110497 | 23424027 | - |
| Industrials | 56416589 | 3516812 | 51789777 | 1110000 |
| Information Technology | 107630950 | 23296300 | 84334650 | - |
| Materials | 595770 | - | 595770 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 2543234 | - | - | 2543234 |
| Consumer Discretionary | 243245 | - | - | 243245 |
| Health Care | 454822 | - | - | 454822 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 1091994 | - | 1091994 | - |
|  **Money Market Funds** | 25043800 | 25043800 | - | - |
| **Total Investments in Securities:** | 459085780 | 146106131 | 308628348 | 4351301 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)** |
| **Common Stocks** | 1322981 | (6672804) | 6734755 | - | (274932) | - | - | - | 1110000 | 408480 |
| **Convertible Preferred Stocks** | 3517085 | (20212) | (153537) | - | (102035) | - | - | - | 3241301 | (153537) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,808,810) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $314,591,820) | $434041980 |  |
| Fidelity Central Funds (cost $25,043,800) | 25043800 |  |
| Total Investment in Securities (cost $339,635,620) |  | $459085780 |
| Foreign currency held at value (cost $113,527) |  | 114594 |
| Receivable for fund shares sold |  | 60623 |
| Dividends receivable |  | 131024 |
| Distributions receivable from Fidelity Central Funds |  | 41624 |
| Prepaid expenses |  | 118 |
| Other receivables |  | 169917 |
| **Total assets** |  | 459603680 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $41574 |  |
| Payable for fund shares redeemed | 513932 |  |
| Accrued management fee | 296080 |  |
| Distribution and service plan fees payable | 48944 |  |
| Deferred taxes | 4045174 |  |
| Other payables and accrued expenses | 54931 |  |
| Collateral on securities loaned | 18462746 |  |
| **Total liabilities** |  | 23463381 |
| **Net Assets**  |  | $436140299 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $473928334 |
| Total accumulated earnings (loss) |  | (37788035) |
| **Net Assets** |  | $436140299 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($139,304,303 ÷ 2,891,168 shares)(a) |  | $48.18 |
| Maximum offering price per share (100/94.25 of $48.18) |  | $51.12 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($35,976,227 ÷ 784,906 shares)(a) |  | $45.84 |
| Maximum offering price per share (100/96.50 of $45.84) |  | $47.50 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($8,119,862 ÷ 199,659 shares)(a) |  | $40.67 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($184,912,425 ÷ 3,649,462 shares) |  | $50.67 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($67,827,482 ÷ 1,336,804 shares) |  | $50.74 |
| *(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  |  | $1428492 |
| Income from Fidelity Central Funds (including $283,094 from security lending)  |  | 391080 |
| Income before foreign taxes withheld |  | $1819572 |
| Less foreign taxes withheld |  | (211326) |
| **Total income** |  | 1608246 |
| **Expenses** |  |  |
| Management fee | $1833038 |  |
| Distribution and service plan fees | 311984 |  |
| Custodian fees and expenses | 79525 |  |
| Independent trustees' fees and expenses | 943 |  |
| Registration fees | 73645 |  |
| Audit fees | 62159 |  |
| Legal | 1229 |  |
| Interest | 6250 |  |
| Miscellaneous | 5519 |  |
| **Total expenses** |  | 2374292 |
| **Net Investment income (loss)** |  | (766046) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $310,688)  | 16016619 |  |
| Foreign currency transactions | (63253) |  |
| Total net realized gain (loss) |  | 15953366 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $230,770)  | (10969449) |  |
| Assets and liabilities in foreign currencies | 5622 |  |
| Total change in net unrealized appreciation (depreciation) |  | (10963827) |
| **Net gain (loss)** |  | 4989539 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4223493 |

---

---

| | | |
|:---|:---|:---|
| **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) | $(766046) | $400374 |
| &nbsp;&nbsp;Net realized gain (loss) | 15953366<br>| 17645019<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (10963827) | 105857871<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4223493<br>| 123903264<br>|
| Share transactions - net increase (decrease) | (13868986)<br>| (60857038)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (9645493)<br>| 63046226<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 445785792 | 382739566<br>|
| &nbsp;&nbsp;End of period | $436140299 | $445785792 |

---

**Financial Highlights** 

**Fidelity Advisor® Emerging Asia 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  | $47.74 | $34.91 | $29.31 | $61.78 | $56.33 | $39.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.12)  | (.02)  | (.10)  | (.25)  | (.40) C | (.18)  |
| Net realized and unrealized gain (loss)  | .56  | 12.85  | 5.70  | (25.86)  | 10.17  | 18.77  |
| Total from investment operations  | .44  | 12.83  | 5.60  | (26.11)  | 9.77  | 18.59  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.13) D |
| Distributions from net realized gain  | -  | -  | -  | (6.36)  | (4.32)  | (1.99) D |
| Total distributions  | -  | -  | -  | (6.36)  | (4.32)  | (2.11) E |
| Net asset value, end of period  | $48.18 | $47.74 | $34.91 | $29.31 | $61.78 | $56.33 |
| **Total Return** F,G,H | .92% <br>| 36.75%  | 19.11%  | (46.56)%  | 17.45%  | 49.18%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.24% K | 1.24%  | 1.28%  | 1.25%  | 1.20%  | 1.26%  |
| Expenses net of fee waivers, if any  | 1.24% K<br>| 1.24%  | 1.27%  | 1.25%  | 1.20%  | 1.26%  |
| Expenses net of all reductions, if any  | 1.24% K | 1.24%  | 1.27%  | 1.25%  | 1.20%  | 1.23%  |
| Net investment income (loss)  | (.49)% K | (.04)%  | (.28)%  | (.61)%  | (.61)% C | (.40)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $139304 | $145193 | $122142 | $115657 | $271275 | $208546 |
| Portfolio turnover rate L | 77% K<br>| 59%  | 58%  | 44%  | 79%  | 110%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.71)%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

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

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

H*Total returns do not include the effect of the sales charges.*

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

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

K*Annualized.*

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

**Fidelity Advisor® Emerging Asia 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  | $45.47 | $33.33 | $28.07 | $59.60 | $54.51 | $38.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.17)  | (.12)  | (.19)  | (.34)  | (.55) C | (.29)  |
| Net realized and unrealized gain (loss)  | .54  | 12.26  | 5.45  | (24.83)  | 9.87  | 18.19  |
| Total from investment operations  | .37  | 12.14  | 5.26  | (25.17)  | 9.32  | 17.90  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.01) D |
| Distributions from net realized gain  | -  | -  | -  | (6.36)  | (4.23)  | (1.99) D |
| Total distributions  | -  | -  | -  | (6.36)  | (4.23)  | (2.00)  |
| Net asset value, end of period  | $45.84 | $45.47 | $33.33 | $28.07 | $59.60 | $54.51 |
| **Total Return** E,F,G | .81% <br>| 36.42%  | 18.74%  | (46.70)%  | 17.18%  | 48.78%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.49% J | 1.49%  | 1.55%  | 1.52%  | 1.45%  | 1.54%  |
| Expenses net of fee waivers, if any  | 1.49% J<br>| 1.49%  | 1.55%  | 1.52%  | 1.45%  | 1.53%  |
| Expenses net of all reductions, if any  | 1.49% J | 1.49%  | 1.54%  | 1.52%  | 1.45%  | 1.51%  |
| Net investment income (loss)  | (.74)% J | (.29)%  | (.55)%  | (.88)%  | (.87)% C | (.68)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $35976 | $37386 | $30814 | $27239 | $60893 | $54436 |
| Portfolio turnover rate K | 77% J<br>| 59%  | 58%  | 44%  | 79%  | 110%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.96)%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

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

**Fidelity Advisor® Emerging Asia 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  | $40.44 | $29.79 | $25.21 | $54.45 | $50.22 | $35.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.25)  | (.27)  | (.31)  | (.48)  | (.80) C | (.47)  |
| Net realized and unrealized gain (loss)  | .48  | 10.92  | 4.89  | (22.40)  | 9.10  | 16.79  |
| Total from investment operations  | .23  | 10.65  | 4.58  | (22.88)  | 8.30  | 16.32  |
| Distributions from net realized gain  | -  | -  | -  | (6.36)  | (4.07)  | (1.87)  |
| Total distributions  | -  | -  | -  | (6.36)  | (4.07)  | (1.87)  |
| Net asset value, end of period  | $40.67 | $40.44 | $29.79 | $25.21 | $54.45 | $50.22 |
| **Total Return** D,E,F | .57% <br>| 35.75%  | 18.17%  | (46.94)%  | 16.58%  | 48.03%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.98% I | 1.97%  | 2.01%  | 1.99%  | 1.96%  | 2.03%  |
| Expenses net of fee waivers, if any  | 1.98% I<br>| 1.97%  | 2.01%  | 1.99%  | 1.96%  | 2.02%  |
| Expenses net of all reductions, if any  | 1.98% I | 1.97%  | 2.01%  | 1.99%  | 1.96%  | 1.99%  |
| Net investment income (loss)  | (1.23)% I | (.77)%  | (1.02)%  | (1.35)%  | (1.37)% C | (1.17)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8120 | $9501 | $8864 | $9087 | $26377 | $28233 |
| Portfolio turnover rate J | 77% I<br>| 59%  | 58%  | 44%  | 79%  | 110%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.47)%.*

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

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

F*Total returns do not include the effect of the contingent deferred sales charge.*

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

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

I*Annualized.*

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

**Fidelity Advisor® Emerging Asia 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  | $50.13 | $36.56 | $30.61 | $64.13 | $58.29 | $41.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | .10  | - C | (.14)  | (.24) D | (.07)  |
| Net realized and unrealized gain (loss)  | .60  | 13.47  | 5.95  | (26.95)  | 10.53  | 19.42  |
| Total from investment operations  | .54  | 13.57  | 5.95  | (27.09)  | 10.29  | 19.35  |
| Distributions from net investment income  | -  | -  | -  | (.07)  | -  | (.23) E |
| Distributions from net realized gain  | -  | -  | -  | (6.36)  | (4.45)  | (1.99) E |
| Total distributions  | -  | -  | -  | (6.43)  | (4.45)  | (2.22)  |
| Net asset value, end of period  | $50.67 | $50.13 | $36.56 | $30.61 | $64.13 | $58.29 |
| **Total Return** F,G | 1.08% <br>| 37.12%  | 19.44%  | (46.41)%  | 17.77%  | 49.59%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .96% J | .96%  | .99%  | .97%  | .94%  | 1.00%  |
| Expenses net of fee waivers, if any  | .96% J<br>| .95%  | .99%  | .97%  | .94%  | 1.00%  |
| Expenses net of all reductions, if any  | .96% J | .95%  | .99%  | .97%  | .94%  | .97%  |
| Net investment income (loss)  | (.22)% J | .24%  | -%  | (.33)%  | (.36)% D | (.14)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $184912 | $170909 | $152325 | $143659 | $472553 | $414664 |
| Portfolio turnover rate K | 77% J<br>| 59%  | 58%  | 44%  | 79%  | 110%  |

---

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

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

C*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45)%.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

J*Annualized.*

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

**Fidelity Advisor® Emerging Asia 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  | $50.17 | $36.53 | $30.55 | $64.10 | $58.22 | $41.12 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | .16  | .05  | (.08)  | (.15) C | - D |
| Net realized and unrealized gain (loss)  | .59  | 13.48  | 5.93  | (26.89)  | 10.50  | 19.38  |
| Total from investment operations  | .57  | 13.64  | 5.98  | (26.97)  | 10.35  | 19.38  |
| Distributions from net investment income  | -  | -  | -  | (.22)  | -  | (.30) E |
| Distributions from net realized gain  | -  | -  | -  | (6.36)  | (4.47)  | (1.99) E |
| Total distributions  | -  | -  | -  | (6.58)  | (4.47)  | (2.28) F |
| Net asset value, end of period  | $50.74 | $50.17 | $36.53 | $30.55 | $64.10 | $58.22 |
| **Total Return** G,H | 1.14% <br>| 37.34%  | 19.57%  | (46.34)%  | 17.92%  | 49.80%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .83% K | .83%  | .86%  | .84%  | .81%  | .86%  |
| Expenses net of fee waivers, if any  | .83% K<br>| .82%  | .85%  | .84%  | .81%  | .85%  |
| Expenses net of all reductions, if any  | .83% K | .82%  | .85%  | .84%  | .81%  | .82%  |
| Net investment income (loss)  | (.08)% K | .37%  | .14%  | (.20)%  | (.22)% C | -% L |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $67827 | $82797 | $68594 | $73190 | $264327 | $103477 |
| Portfolio turnover rate M | 77% K<br>| 59%  | 58%  | 44%  | 79%  | 110%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.32)%.*

D*Amount represents less than $.005 per share.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total distributions per share do not sum due to rounding.*

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

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

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

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

K*Annualized.*

L*Amount represents less than .005%.*

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

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

For the period ended April 30, 2025

**1. Organization.**

Fidelity Advisor Emerging Asia Fund (the Fund) is a fund of Fidelity Advisor Series VIII (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, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $151595295 |
| **Gross unrealized depreciation** | <u>(33534167)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$118061128</u> |
| **Tax cost** | <u>$341024652</u> |

---

The Fund elected to defer to its next fiscal year $1,539,758 of ordinary losses recognized during the period January 1, 2024 to October 31, 2024.

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 | $(80954333) |
| Long-term | <u>(81343332)</u> |
| **Total capital loss carryforward** | <u>$(162297665)</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 Advisor Emerging Asia Fund** | 166339083 | 181420361 |

---

**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** | .88 |
| **Class C** | .87 |
| **Class I** | .86 |
| **Class Z** | .72 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .88 |
| **Class M** | .88 |
| **Class C** | .87 |
| **Class I** | .86 |
| **Class Z** | .72 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 176833 | 2793 |
| **Class M** | .25% | .25% | 91286 | 1342 |
| **Class C** | .75% | .25% | <u>43865</u> | <u>4321</u> |
|  |  |  | <u>311984</u> | <u>8456</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** | 4510 |
| **Class M** | 651 |
| **Class C**A | <u>33</u> |
|  | <u>5194</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 Advisor Emerging Asia Fund** | 1523 |

---

**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 Advisor Emerging Asia Fund** | Borrower | 6745429 | 4.77% | 6250 |

---

**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 Advisor Emerging Asia Fund** | 15659759 | 20904816 | 9766904 |

---

**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 Advisor Emerging Asia Fund** | 339 |

---

**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 Advisor Emerging Asia Fund** | 29934 | - | - |

---

**8. 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 Advisor Emerging Asia Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 74770 | 191381 | $3614050 | $7914072 |
| Shares redeemed | <u>(225078)</u> | <u>(649067)</u> | <u>(10688119)</u> | <u>(26255484)</u> |
| Net increase (decrease) | <u>(150308)</u> | <u>(457686)</u> | <u>$(7074069)</u> | <u>$(18341412)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 22537 | 38179 | $1023092 | $1502781 |
| Shares redeemed | <u>(59879)</u> | <u>(140440)</u> | <u>(2727710)</u> | <u>(5379693)</u> |
| Net increase (decrease) | <u>(37342)</u> | <u>(102261)</u> | <u>$(1704618)</u> | <u>$(3876912)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 14063 | 26601 | $573350 | $903320 |
| Shares redeemed | <u>(49320)</u> | <u>(89219)</u> | <u>(2025385)</u> | <u>(3063176)</u> |
| Net increase (decrease) | <u>(35257)</u> | <u>(62618)</u> | <u>$(1452035)</u> | <u>$(2159856)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 968370 | 1139290 | $48445347 | $52290478 |
| Shares redeemed | <u>(728034)</u> | <u>(1896959)</u> | <u>(36415708)</u> | <u>(79983582)</u> |
| Net increase (decrease) | <u>240336</u> | <u>(757669)</u> | <u>$12029639</u> | <u>$(27693104)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 172573 | 340063 | $8602897 | $15181622 |
| Shares redeemed | <u>(486192)</u> | <u>(567266)</u> | <u>(24270800)</u> | <u>(23967376)</u> |
| Net increase (decrease) | <u>(313619)</u> | <u>(227203)</u> | <u>$(15667903)</u> | <u>$(8785754)</u> |

---

**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.

![](img109473_4.jpg)<br>

1.703637.127 AEA-SANN-0625

**Fidelity Advisor® Global Capital Appreciation Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109470_1.jpg)

![](img109470_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AGLO-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Global Capital Appreciation Fund](#Sub_Sec_Fund_751_AGLO-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements751_AGLO-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AGLO-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AGLO-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AGLO-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AGLO-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 1-877-208-0098 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 Advisor® Global Capital Appreciation Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 92.1%** | &nbsp;&nbsp;**Common Stocks - 92.1%** | &nbsp;&nbsp;**Common Stocks - 92.1%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| MercadoLibre Inc (a) | 600 | 1398510 |
| CANADA - 1.2%  |  |  |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Canadian Natural Resources Ltd (United States)  | 57800 | 1658282 |
| CHINA - 4.4%  |  |  |
| Communication Services - 2.1% |  |  |
| Interactive Media & Services - 2.1% |  |  |
| Tencent Holdings Ltd  | 46000 | 2817544 |
| Consumer Discretionary - 2.3% |  |  |
| Broadline Retail - 2.3% |  |  |
| Alibaba Group Holding Ltd ADR  | 11800 | 1409274 |
| JD.com Inc A Shares  | 98000 | 1595580 |
|  |  | 3004854 |
| TOTAL CHINA |  | 5822398 |
| DENMARK - 1.5%  |  |  |
| Industrials - 1.5% |  |  |
| Air Freight & Logistics - 1.5% |  |  |
| DSV A/S  | 9600 | 2034815 |
| FRANCE - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| Hermes International SCA  | 600 | 1625187 |
| GERMANY - 1.8%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Merck KGaA  | 4800 | 662853 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Rheinmetall AG  | 1050 | 1788205 |
| TOTAL GERMANY |  | 2451058 |
| INDIA - 2.7%  |  |  |
| Communication Services - 1.0% |  |  |
| Wireless Telecommunication Services - 1.0% |  |  |
| Bharti Airtel Ltd  | 64300 | 1416422 |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| HDFC Bank Ltd  | 100700 | 2284193 |
| TOTAL INDIA |  | 3700615 |
| ITALY - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Machinery - 1.0% |  |  |
| GVS SpA (a)(b)(c) | 286900 | 1389438 |
| JAPAN - 3.0%  |  |  |
| Industrials - 3.0% |  |  |
| Industrial Conglomerates - 3.0% |  |  |
| Hitachi Ltd  | 160000 | 3954482 |
| SPAIN - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Banco Santander SA  | 184500 | 1292104 |
| SWEDEN - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Trading Companies & Distributors - 1.1% |  |  |
| Bergman & Beving AB B Shares  | 50443 | 1526520 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 16800 | 2800392 |
| UNITED KINGDOM - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Lloyds Banking Group PLC  | 1503700 | 1477353 |
| Starling Bank Ltd Class D (a)(d)(e) | 72300 | 233177 |
| TOTAL UNITED KINGDOM |  | 1710530 |
| UNITED STATES - 68.8%  |  |  |
| Communication Services - 3.8% |  |  |
| Interactive Media & Services - 3.8% |  |  |
| Meta Platforms Inc Class A  | 9300 | 5105700 |
| Consumer Discretionary - 4.9% |  |  |
| Broadline Retail - 4.4% |  |  |
| Amazon.com Inc (a) | 31700 | 5846114 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Deckers Outdoor Corp (a) | 6300 | 698229 |
| TOTAL CONSUMER DISCRETIONARY |  | 6544343 |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Costco Wholesale Corp  | 1600 | 1591200 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Exxon Mobil Corp  | 18800 | 1985844 |
| Financials - 24.2% |  |  |
| Banks - 2.8% |  |  |
| JPMorgan Chase & Co  | 15200 | 3718224 |
| Capital Markets - 6.4% |  |  |
| Charles Schwab Corp/The  | 39500 | 3215300 |
| KKR & Co Inc Class A  | 7300 | 834171 |
| Moody's Corp  | 5000 | 2265600 |
| S&P Global Inc  | 4700 | 2350235 |
|  |  | 8665306 |
| Consumer Finance - 1.4% |  |  |
| American Express Co  | 7200 | 1918152 |
| Financial Services - 10.5% |  |  |
| Apollo Global Management Inc  | 22500 | 3070800 |
| Fiserv Inc (a) | 14450 | 2667037 |
| Mastercard Inc Class A  | 7300 | 4000838 |
| Visa Inc Class A  | 12400 | 4284200 |
|  |  | 14022875 |
| Insurance - 3.1% |  |  |
| Arthur J Gallagher & Co  | 8700 | 2790003 |
| Marsh & McLennan Cos Inc  | 6100 | 1375367 |
|  |  | 4165370 |
| TOTAL FINANCIALS |  | 32489927 |
| Health Care - 4.2% |  |  |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Boston Scientific Corp (a) | 36100 | 3713607 |
| Life Sciences Tools & Services - 1.4% |  |  |
| Thermo Fisher Scientific Inc  | 4600 | 1973400 |
| TOTAL HEALTH CARE |  | 5687007 |
| Industrials - 11.6% |  |  |
| Building Products - 1.9% |  |  |
| Trane Technologies PLC  | 6500 | 2491515 |
| Commercial Services & Supplies - 1.6% |  |  |
| Cintas Corp  | 10100 | 2137968 |
| Machinery - 3.8% |  |  |
| Allison Transmission Holdings Inc  | 27000 | 2490480 |
| Westinghouse Air Brake Technologies Corp  | 14400 | 2660256 |
|  |  | 5150736 |
| Professional Services - 1.6% |  |  |
| Paycom Software Inc  | 9300 | 2105427 |
| Trading Companies & Distributors - 2.7% |  |  |
| Watsco Inc (f) | 4200 | 1931328 |
| WW Grainger Inc  | 1700 | 1741327 |
|  |  | 3672655 |
| TOTAL INDUSTRIALS |  | 15558301 |
| Information Technology - 14.6% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Amphenol Corp Class A  | 38100 | 2931795 |
| Semiconductors & Semiconductor Equipment - 3.0% |  |  |
| NVIDIA Corp  | 37250 | 4057270 |
| Software - 6.5% |  |  |
| Microsoft Corp  | 17250 | 6818235 |
| Synopsys Inc (a) | 4100 | 1881941 |
|  |  | 8700176 |
| Technology Hardware, Storage & Peripherals - 3.0% |  |  |
| Apple Inc  | 14700 | 3123750 |
| Pure Storage Inc Class A (a) | 19500 | 884520 |
|  |  | 4008270 |
| TOTAL INFORMATION TECHNOLOGY |  | 19697511 |
| Materials - 2.8% |  |  |
| Construction Materials - 2.8% |  |  |
| CRH PLC  | 24600 | 2347332 |
| Holcim AG  | 13260 | 1481778 |
|  |  | 3829110 |
| TOTAL UNITED STATES |  | 92488943 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $88,091,900) |  | <br> **123853274** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Valsoft Corp Series A-1.2 (d)(e) | 7 | 81996 |
| Valsoft Corp Series A-1.3 (d)(e) | 3 | 35141 |
| Valsoft Corp Series A-1.4 (d)(e) | 3 | 35141 |
| TOTAL CANADA |  | 152278 |
| UNITED STATES - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Wasabi Holdings Inc Series C (a)(d)(e) | 50623 | 517874 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $701,260) |  | <br> **670152** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.2%** | &nbsp;&nbsp;**Money Market Funds - 8.2%** | &nbsp;&nbsp;**Money Market Funds - 8.2%** | &nbsp;&nbsp;**Money Market Funds - 8.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 10102765 | 10104785 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 975877 | 975975 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,080,760) |  |  | **11080760** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $99,873,920)<br>| <br>**135604186** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(1013068)** |
| **NET ASSETS - 100.0%** | **134591118** |

---

**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 $1,389,438 or 1.0% 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 $1,389,438 or 1.0% of net assets.

(d) Level 3 security

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $903,329 or 0.7% of net assets.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 138336 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 81996 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 29781 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 39484 |
| Wasabi Holdings Inc Series C | 3/31/21 - 4/30/21 | 549999 |

---

**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 | 2261769 | 39908132 | 32065116 | 206195 | - | - | 10104785 | 10102765 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 18399018 | 17423043 | 172 | - | - | 975975 | 975877 | 0.0% |
| Total | 2261769 | 58307150 | 49488159 | 206367 | - | - | 11080760 |  |  |

---

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 | 9339666 | 5105700 | 4233966 | - |
| Consumer Discretionary | 12572894 | 10977314 | 1595580 | - |
| Consumer Staples | 1591200 | 1591200 | - | - |
| Energy | 3644126 | 3644126 | - | - |
| Financials | 37776754 | 33782031 | 3761546 | 233177 |
| Health Care | 6349860 | 6349860 | - | - |
| Industrials | 26251761 | 18474259 | 7777502 | - |
| Information Technology | 22497903 | 22497903 | - | - |
| Materials | 3829110 | 2347332 | 1481778 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 670152 | - | - | 670152 |
|  **Money Market Funds** | 11080760 | 11080760 | - | - |
| **Total Investments in Securities:** | 135604186 | 115850485 | 18850372 | 903329 |

---

**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 $965,664) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $88,793,160) | $124523426 |  |
| Fidelity Central Funds (cost $11,080,760) | 11080760 |  |
| Total Investment in Securities (cost $99,873,920) |  | $135604186 |
| Foreign currency held at value (cost $1,482,458) |  | 1486910 |
| Receivable for investments sold |  | 22 |
| Receivable for fund shares sold |  | 24695 |
| Dividends receivable |  | 103849 |
| Distributions receivable from Fidelity Central Funds |  | 39418 |
| Prepaid expenses |  | 44 |
| Receivable from investment adviser for expense reductions |  | 3933 |
| Other receivables |  | 40243 |
| **Total assets** |  | 137303300 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1476492 |  |
| Payable for fund shares redeemed | 52861 |  |
| Accrued management fee | 108288 |  |
| Distribution and service plan fees payable | 23874 |  |
| Other payables and accrued expenses | 74692 |  |
| Collateral on securities loaned | 975975 |  |
| **Total liabilities** |  | 2712182 |
| **Net Assets**  |  | $134591118 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $89821682 |
| Total accumulated earnings (loss) |  | 44769436 |
| **Net Assets** |  | $134591118 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($46,636,900 ÷ 1,997,554 shares)(a) |  | $23.35 |
| Maximum offering price per share (100/94.25 of $23.35) |  | $24.77 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($22,236,404 ÷ 1,030,354 shares)(a) |  | $21.58 |
| Maximum offering price per share (100/96.50 of $21.58) |  | $22.36 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,203,932 ÷ 346,492 shares)(a) |  | $17.90 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($59,513,882 ÷ 2,342,615 shares) |  | $25.40 |
| *(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  |  | $633904 |
| Income from Fidelity Central Funds (including $172 from security lending)  |  | 206367 |
| Income before foreign taxes withheld |  | $840271 |
| Less foreign taxes withheld |  | (23726) |
| **Total income** |  | 816545 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $612797 |  |
| Performance adjustment | 91934 |  |
| Distribution and service plan fees | 170207 |  |
| Custodian fees and expenses | 3255 |  |
| Independent trustees' fees and expenses | 325 |  |
| Registration fees | 53056 |  |
| Audit fees | 40779 |  |
| Legal | 3352 |  |
| Miscellaneous | 1247 |  |
| Total expenses before reductions | 976952 |  |
| Expense reductions | (37161) |  |
| Total expenses after reductions |  | 939791 |
| **Net Investment income (loss)** |  | (123246) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9469876 |  |
| Foreign currency transactions | (23779) |  |
| Total net realized gain (loss) |  | 9446097 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $24,643)  | (14852397) |  |
| Assets and liabilities in foreign currencies | 3685 |  |
| Total change in net unrealized appreciation (depreciation) |  | (14848712) |
| **Net gain (loss)** |  | (5402615) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(5525861) |

---

---

| | | |
|:---|:---|:---|
| **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) | $(123246) | $(121651) |
| &nbsp;&nbsp;Net realized gain (loss) | 9446097<br>| 11219388<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (14848712) | 32492083<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (5525861)<br>| 43589820<br>|
| Distributions to shareholders | (10270655)<br>| (6869783)<br>|
| Share transactions - net increase (decrease) | 8966096<br>| 4986323<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (6830420)<br>| 41706360<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 141421538 | 99715178<br>|
| &nbsp;&nbsp;End of period | $134591118 | $141421538 |

---

**Financial Highlights** 

**Fidelity Advisor® Global Capital Appreciation 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  | $25.98 | $19.50 | $16.68 | $24.21 | $18.53 | $15.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | (.04)  | .08  | (.06)  | (.09) C | (.08)  |
| Net realized and unrealized gain (loss)  | (.78)  | 7.85  | 2.74  | (5.64)  | 5.77  | 3.03  |
| Total from investment operations  | (.80)  | 7.81  | 2.82  | (5.70)  | 5.68  | 2.95  |
| Distributions from net investment income  | -  | (.05)  | -  | -  | -  | (.07)  |
| Distributions from net realized gain  | (1.83)  | (1.27)  | -  | (1.83)  | -  | -  |
| Total distributions  | (1.83)  | (1.33) D | -  | (1.83)  | -  | (.07)  |
| Net asset value, end of period  | $23.35 | $25.98 | $19.50 | $16.68 | $24.21 | $18.53 |
| **Total Return** E,F,G | (3.71)% <br>| 42.09%  | 16.91%  | (25.40)%  | 30.65%  | 18.89%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.38% J | 1.33%  | 1.22%  | 1.31%  | 1.15%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.30% J<br>| 1.30%  | 1.22%  | 1.30%  | 1.15%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.30% J | 1.30%  | 1.22%  | 1.30%  | 1.15%  | 1.21%  |
| Net investment income (loss)  | (.19)% J | (.15)%  | .42%  | (.32)%  | (.42)% C | (.45)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $46637 | $52355 | $32433 | $28069 | $40398 | $31247 |
| Portfolio turnover rate K | 71% J<br>| 47%  | 39%  | 42%  | 58%  | 44%  |

---

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 (.50)%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

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

**Fidelity Advisor® Global Capital Appreciation 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  | $24.17 | $18.22 | $15.63 | $22.85 | $17.54 | $14.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | (.09)  | .03  | (.10)  | (.14) C | (.12)  |
| Net realized and unrealized gain (loss)  | (.71)  | 7.31  | 2.56  | (5.29)  | 5.45  | 2.87  |
| Total from investment operations  | (.76)  | 7.22  | 2.59  | (5.39)  | 5.31  | 2.75  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.03)  |
| Distributions from net realized gain  | (1.83)  | (1.27)  | -  | (1.83)  | -  | -  |
| Total distributions  | (1.83)  | (1.27)  | -  | (1.83)  | -  | (.03)  |
| Net asset value, end of period  | $21.58 | $24.17 | $18.22 | $15.63 | $22.85 | $17.54 |
| **Total Return** D,E,F | (3.83)% <br>| 41.72%  | 16.57%  | (25.56)%  | 30.27%  | 18.59%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.63% I | 1.58%  | 1.47%  | 1.56%  | 1.41%  | 1.51%  |
| Expenses net of fee waivers, if any  | 1.55% I<br>| 1.55%  | 1.47%  | 1.55%  | 1.41%  | 1.50%  |
| Expenses net of all reductions, if any  | 1.55% I | 1.55%  | 1.47%  | 1.55%  | 1.41%  | 1.49%  |
| Net investment income (loss)  | (.44)% I | (.40)%  | .18%  | (.58)%  | (.68)% C | (.73)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22236 | $23754 | $17748 | $16273 | $22618 | $18864 |
| Portfolio turnover rate J | 71% I<br>| 47%  | 39%  | 42%  | 58%  | 44%  |

---

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 (.76)%.*

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

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

F*Total returns do not include the effect of the sales charges.*

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

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

I*Annualized.*

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

**Fidelity Advisor® Global Capital Appreciation 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  | $20.40 | $15.62 | $13.47 | $20.04 | $15.46 | $13.10 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.09)  | (.17)  | (.06)  | (.17)  | (.22) C | (.17)  |
| Net realized and unrealized gain (loss)  | (.58)  | 6.21  | 2.21  | (4.57)  | 4.80  | 2.53  |
| Total from investment operations  | (.67)  | 6.04  | 2.15  | (4.74)  | 4.58  | 2.36  |
| Distributions from net realized gain  | (1.83)  | (1.26)  | -  | (1.83)  | -  | -  |
| Total distributions  | (1.83)  | (1.26)  | -  | (1.83)  | -  | -  |
| Net asset value, end of period  | $17.90 | $20.40 | $15.62 | $13.47 | $20.04 | $15.46 |
| **Total Return** D,E,F | (4.11)% <br>| 41.03%  | 15.96%  | (25.94)%  | 29.62%  | 18.02%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 2.13% I | 2.08%  | 2.01%  | 2.08%  | 1.92%  | 1.99%  |
| Expenses net of fee waivers, if any  | 2.05% I<br>| 2.05%  | 2.01%  | 2.05%  | 1.92%  | 1.98%  |
| Expenses net of all reductions, if any  | 2.05% I | 2.05%  | 2.01%  | 2.05%  | 1.92%  | 1.97%  |
| Net investment income (loss)  | (.93)% I | (.90)%  | (.36)%  | (1.07)%  | (1.19)% C | (1.21)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6204 | $6464 | $4192 | $4907 | $8044 | $9134 |
| Portfolio turnover rate J | 71% I<br>| 47%  | 39%  | 42%  | 58%  | 44%  |

---

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 $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.27)%.*

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

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

F*Total returns do not include the effect of the contingent deferred sales charge.*

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

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

I*Annualized.*

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

**Fidelity Advisor® Global Capital Appreciation 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  | $28.08 | $20.99 | $17.89 | $25.75 | $19.65 | $16.57 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .04  | .16  | - C | (.02) D | (.02)  |
| Net realized and unrealized gain (loss)  | (.86)  | 8.45  | 2.94  | (6.03)  | 6.12  | 3.21  |
| Total from investment operations  | (.85)  | 8.49  | 3.10  | (6.03)  | 6.10  | 3.19  |
| Distributions from net investment income  | -  | (.13)  | -  | -  | -  | (.11)  |
| Distributions from net realized gain  | (1.83)  | (1.27)  | -  | (1.83)  | -  | -  |
| Total distributions  | (1.83)  | (1.40)  | -  | (1.83)  | -  | (.11)  |
| Net asset value, end of period  | $25.40 | $28.08 | $20.99 | $17.89 | $25.75 | $19.65 |
| **Total Return** E,F | (3.61)% <br>| 42.47%  | 17.33%  | (25.14)%  | 31.04%  | 19.37%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.06% I | 1.01%  | .88%  | .97%  | .82%  | .89%  |
| Expenses net of fee waivers, if any  | 1.05% I<br>| 1.00%  | .88%  | .96%  | .82%  | .89%  |
| Expenses net of all reductions, if any  | 1.05% I | 1.00%  | .88%  | .96%  | .82%  | .87%  |
| Net investment income (loss)  | .06% I | .14%  | .76%  | .01%  | (.09)% D | (.11)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $59514 | $58849 | $45342 | $32058 | $49146 | $38359 |
| Portfolio turnover rate J | 71% I<br>| 47%  | 39%  | 42%  | 58%  | 44%  |

---

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

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

C*Amount represents less than $.005 per share.*

D*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 (.17)%.*

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 Advisor Global Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (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 and Class I shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in 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, net operating losses, certain foreign taxes, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $37849649 |
| **Gross unrealized depreciation** | <u>(2179704)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$35669945</u> |
| **Tax cost** | <u>$99934241</u> |

---

The Fund elected to defer to its next fiscal year approximately $191,804 of ordinary losses recognized during the period January 1, 2024 to October 31, 2024.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Global Capital Appreciation Fund** | 48643273 | 57883095 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .87 |
| **Class M** | .87 |
| **Class C** | .87 |
| **Class I** | .80 |

---

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** | .87 |
| **Class M** | .87 |
| **Class C** | .87 |
| **Class I** | .80 |

---

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 Advisor Global Capital Appreciation Fund** | MSCI All Country World Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .13%.

**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% | 65281 | 1833 |
| **Class M** | .25% | .25% | 60107 | 551 |
| **Class C** | .75% | .25% | <u>44819</u> | <u>17242</u> |
|  |  |  | <u>170207</u> | <u>19626</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** | 6951 |
| **Class M** | 410 |
| **Class C**A | <u>147</u> |
|  | <u>7508</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Global Capital Appreciation Fund** | 237 |

---

**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 Advisor Global Capital Appreciation Fund** | 2648056 | 2314020 | 1365157 |

---

**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 Advisor Global Capital Appreciation Fund** | 114 |

---

**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 Advisor Global Capital Appreciation Fund** | 18 | - | - |

---

**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** | 1.30% | 20466 |
| **Class M** | 1.55% | 9347 |
| **Class C** | 2.05% | 3702 |
| **Class I** | 1.05% | <u>3565</u> |
|  |  | <u>37080</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 $81.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Global Capital Appreciation Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3678544 | $2253708 |
| Class M | 1793510 | 1218995 |
| Class C | 900720 | 351095 |
| Class I | <u>3897881</u> | <u>3045985</u> |
| Total  | <u>$10270655</u> | <u>$6869783</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 Advisor Global Capital Appreciation Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 140136 | 580194 | $3558985 | $13581623 |
| Reinvestment of distributions | 140669 | 110134 | 3615183 | 2200473 |
| Shares redeemed | <u>(298774)</u> | <u>(338218)</u> | <u>(7330707)</u> | <u>(7868280)</u> |
| Net increase (decrease) | <u>(17969)</u> | <u>352110</u> | <u>$(156539)</u> | <u>$7913816</u> |
| **Class M** |  |  |  |  |
| Shares sold | 43008 | 74061 | $1009997 | $1615042 |
| Reinvestment of distributions | 75247 | 65309 | 1789366 | 1216704 |
| Shares redeemed | <u>(70644)</u> | <u>(130727)</u> | <u>(1602946)</u> | <u>(2882762)</u> |
| Net increase (decrease) | <u>47611</u> | <u>8643</u> | <u>$1196417</u> | <u>$(51016)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 208820 | 110150 | $4405902 | $2044519 |
| Reinvestment of distributions | 45577 | 22230 | 900600 | 351017 |
| Shares redeemed | <u>(224824)</u> | <u>(83851)</u> | <u>(4126554)</u> | <u>(1589146)</u> |
| Net increase (decrease) | <u>29573</u> | <u>48529</u> | <u>$1179948</u> | <u>$806390</u> |
| **Class I** |  |  |  |  |
| Shares sold | 267790 | 714022 | $7229672 | $18371174 |
| Reinvestment of distributions | 131334 | 134331 | 3669472 | 2893489 |
| Shares redeemed | <u>(152325)</u> | <u>(913085)</u> | <u>(4152874)</u> | <u>(24947530)</u> |
| Net increase (decrease) | <u>246799</u> | <u>(64732)</u> | <u>$6746270</u> | <u>$(3682867)</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109470_4.jpg)<br>

1.719689.126 AGLO-SANN-0625

**Fidelity Advisor® Diversified International Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109474_1.jpg)

![](img109474_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ADIF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Diversified International Fund](#Sub_Sec_Fund_731_ADIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements731_ADIF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ADIF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ADIF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ADIF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ADIF-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 1-877-208-0098 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 Advisor® Diversified International Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.0%** | &nbsp;&nbsp;**Common Stocks - 96.0%** | &nbsp;&nbsp;**Common Stocks - 96.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 189485 | 8092724 |
| BELGIUM - 1.1%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| KBC Group NV  | 90800 | 8338057 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 42158 | 7696313 |
| TOTAL BELGIUM |  | 16034370 |
| BRAZIL - 0.8%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| MercadoLibre Inc (a) | 3400 | 7924890 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA  | 322400 | 3002928 |
| TOTAL BRAZIL |  | 10927818 |
| CANADA - 4.8%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Alimentation Couche-Tard Inc  | 153816 | 8028869 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Cameco Corp  | 48284 | 2179540 |
| Canadian Natural Resources Ltd  | 379002 | 10875757 |
| Imperial Oil Ltd (b) | 141974 | 9576500 |
| MEG Energy Corp  | 124569 | 1747544 |
|  |  | 24379341 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| Thomson Reuters Corp  | 38547 | 7172829 |
| Information Technology - 1.2% |  |  |
| Software - 1.2% |  |  |
| Constellation Software Inc/Canada  | 4648 | 16750973 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 7474 | 0 |
|  |  | 16750973 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Franco-Nevada Corp  | 73289 | 12594587 |
| TOTAL CANADA |  | 68926599 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 207500 | 4515821 |
| CHINA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| Prosus NV Class N  | 198700 | 9315971 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mine Ltd Class A (a) | 275730 | 2448088 |
| DENMARK - 2.7%  |  |  |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| Novo Nordisk A/S Series B  | 283897 | 18981797 |
| Industrials - 1.4% |  |  |
| Air Freight & Logistics - 1.4% |  |  |
| DSV A/S  | 94800 | 20093799 |
| TOTAL DENMARK |  | 39075596 |
| FRANCE - 9.3%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Accor SA  | 65900 | 3221355 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 35856 | 19861687 |
| TOTAL CONSUMER DISCRETIONARY |  | 23083042 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Danone SA  | 41800 | 3596740 |
| Financials - 1.1% |  |  |
| Capital Markets - 0.2% |  |  |
| Amundi SA (d)(e) | 43400 | 3409640 |
| Insurance - 0.9% |  |  |
| AXA SA  | 276817 | 13092310 |
| TOTAL FINANCIALS |  | 16501950 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| EssilorLuxottica SA  | 59385 | 17000215 |
| Industrials - 3.2% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Safran SA  | 57558 | 15317310 |
| Thales SA  | 71593 | 20054801 |
|  |  | 35372111 |
| Electrical Equipment - 0.7% |  |  |
| Legrand SA  | 89241 | 9807571 |
| TOTAL INDUSTRIALS |  | 45179682 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 9460 | 792504 |
| Capgemini SE  | 28721 | 4585375 |
|  |  | 5377879 |
| Software - 0.3% |  |  |
| Dassault Systemes SE  | 128100 | 4800692 |
| TOTAL INFORMATION TECHNOLOGY |  | 10178571 |
| Materials - 1.2% |  |  |
| Chemicals - 1.2% |  |  |
| Air Liquide SA  | 86518 | 17777564 |
| TOTAL FRANCE |  | 133317764 |
| GERMANY - 11.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Deutsche Telekom AG  | 60100 | 2158643 |
| Financials - 5.5% |  |  |
| Capital Markets - 1.4% |  |  |
| Deutsche Boerse AG  | 60568 | 19508583 |
| Insurance - 4.1% |  |  |
| Allianz SE  | 70690 | 29235736 |
| Hannover Rueck SE  | 38436 | 12296324 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 25382 | 17376755 |
|  |  | 58908815 |
| TOTAL FINANCIALS |  | 78417398 |
| Health Care - 1.2% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Fresenius SE & Co KGaA (a) | 333300 | 15782799 |
| Pharmaceuticals - 0.1% |  |  |
| Merck KGaA  | 15096 | 2084673 |
| TOTAL HEALTH CARE |  | 17867472 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Rheinmetall AG  | 904 | 1539560 |
| Electrical Equipment - 0.6% |  |  |
| Siemens Energy AG (a) | 108400 | 8366711 |
| Industrial Conglomerates - 0.8% |  |  |
| Siemens AG  | 47580 | 10955833 |
| TOTAL INDUSTRIALS |  | 20862104 |
| Information Technology - 2.8% |  |  |
| Software - 2.8% |  |  |
| SAP SE  | 134274 | 39287047 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 60300 | 11903166 |
| TOTAL GERMANY |  | 170495830 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| AIA Group Ltd  | 190782 | 1429513 |
| INDIA - 1.5%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.1% |  |  |
| HDFC Bank Ltd  | 687200 | 15587858 |
| Capital Markets - 0.2% |  |  |
| Fairfax India Holdings Corp Subordinate Voting Shares (a)(d)(e) | 147824 | 2520399 |
| TOTAL FINANCIALS |  | 18108257 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Hindustan Aeronautics Ltd (e) | 63200 | 3346858 |
| TOTAL INDIA |  | 21455115 |
| INDONESIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bank Central Asia Tbk PT  | 11790469 | 6268882 |
| IRELAND - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Building Products - 0.5% |  |  |
| Kingspan Group PLC  | 79311 | 6675667 |
| ITALY - 3.0%  |  |  |
| Financials - 2.5% |  |  |
| Banks - 2.5% |  |  |
| FinecoBank Banca Fineco SpA  | 455767 | 9069084 |
| UniCredit SpA  | 464036 | 26998013 |
|  |  | 36067097 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 30800 | 1809138 |
| Industrials - 0.4% |  |  |
| Machinery - 0.1% |  |  |
| Interpump Group SpA  | 61800 | 2105905 |
| Passenger Airlines - 0.3% |  |  |
| Ryanair Holdings PLC ADR  | 62285 | 2980960 |
| TOTAL INDUSTRIALS |  | 5086865 |
| TOTAL ITALY |  | 42963100 |
| JAPAN - 17.6%  |  |  |
| Communication Services - 1.6% |  |  |
| Entertainment - 1.6% |  |  |
| Capcom Co Ltd  | 203750 | 5898176 |
| Nintendo Co Ltd  | 200000 | 16604002 |
|  |  | 22502178 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.0% |  |  |
| Toyota Motor Corp  | 74500 | 1422907 |
| Household Durables - 0.1% |  |  |
| Panasonic Holdings Corp  | 129900 | 1489429 |
| Specialty Retail - 0.8% |  |  |
| Fast Retailing Co Ltd  | 32916 | 10827550 |
| TOTAL CONSUMER DISCRETIONARY |  | 13739886 |
| Financials - 3.1% |  |  |
| Banks - 1.1% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 675130 | 16106721 |
| Financial Services - 0.6% |  |  |
| ORIX Corp  | 402171 | 8067562 |
| Insurance - 1.4% |  |  |
| Tokio Marine Holdings Inc  | 500771 | 20072092 |
| TOTAL FINANCIALS |  | 44246375 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Hoya Corp  | 132485 | 15589005 |
| Industrials - 7.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Fuji Electric Co Ltd  | 155450 | 6912357 |
| Industrial Conglomerates - 2.6% |  |  |
| Hitachi Ltd  | 1485740 | 36720829 |
| Machinery - 2.2% |  |  |
| Ebara Corp  | 178800 | 2685897 |
| IHI Corp  | 27600 | 2161968 |
| Kawasaki Heavy Industries Ltd  | 77700 | 4634937 |
| Mitsubishi Heavy Industries Ltd  | 1131818 | 22311355 |
|  |  | 31794157 |
| Professional Services - 0.4% |  |  |
| BayCurrent Inc  | 105259 | 5671734 |
| Trading Companies & Distributors - 1.8% |  |  |
| ITOCHU Corp  | 283415 | 14494677 |
| Mitsui & Co Ltd  | 432550 | 8746646 |
| MonotaRO Co Ltd  | 164600 | 3164101 |
|  |  | 26405424 |
| TOTAL INDUSTRIALS |  | 107504501 |
| Information Technology - 2.5% |  |  |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 434553 | 9653796 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Advantest Corp  | 129900 | 5434490 |
| Renesas Electronics Corp  | 400244 | 4696969 |
| Tokyo Electron Ltd  | 57230 | 8521455 |
|  |  | 18652914 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| FUJIFILM Holdings Corp  | 358314 | 7339126 |
| TOTAL INFORMATION TECHNOLOGY |  | 35645836 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| Shin-Etsu Chemical Co Ltd  | 465554 | 14167503 |
| TOTAL JAPAN |  | 253395284 |
| LUXEMBOURG - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| CVC Capital Partners PLC (a)(d)(e) | 396900 | 7023192 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV ADR  | 263700 | 1627028 |
| NETHERLANDS - 4.3%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE (a) | 5795 | 3746173 |
| Industrials - 2.1% |  |  |
| Professional Services - 1.6% |  |  |
| Wolters Kluwer NV  | 129739 | 22847237 |
| Trading Companies & Distributors - 0.5% |  |  |
| IMCD NV  | 51375 | 6800690 |
| TOTAL INDUSTRIALS |  | 29647927 |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| ASML Holding NV depository receipt  | 30650 | 20476652 |
| BE Semiconductor Industries NV  | 51945 | 5545637 |
| NXP Semiconductors NV  | 11295 | 2081781 |
|  |  | 28104070 |
| TOTAL NETHERLANDS |  | 61498170 |
| SPAIN - 2.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA (b) | 80170 | 4290364 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Banco Santander SA  | 3009605 | 21077103 |
| CaixaBank SA (b) | 1787222 | 13697636 |
|  |  | 34774739 |
| TOTAL SPAIN |  | 39065103 |
| SWEDEN - 3.1%  |  |  |
| Financials - 1.2% |  |  |
| Financial Services - 1.2% |  |  |
| Investor AB B Shares  | 593491 | 17518285 |
| Industrials - 1.9% |  |  |
| Machinery - 1.9% |  |  |
| Atlas Copco AB A Shares  | 622448 | 9650182 |
| Epiroc AB A Shares  | 106100 | 2292037 |
| Epiroc AB B Shares  | 51800 | 1013972 |
| Indutrade AB  | 493571 | 13317813 |
|  |  | 26274004 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (a)(c)(f) | 15457 | 304857 |
| TOTAL SWEDEN |  | 44097146 |
| SWITZERLAND - 2.5%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Cie Financiere Richemont SA Series A  | 80454 | 14216642 |
| Financials - 1.5% |  |  |
| Capital Markets - 1.5% |  |  |
| Partners Group Holding AG  | 6009 | 7830229 |
| UBS Group AG  | 442033 | 13330346 |
|  |  | 21160575 |
| TOTAL SWITZERLAND |  | 35377217 |
| TAIWAN - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 98167 | 16363457 |
| UNITED KINGDOM - 15.8%  |  |  |
| Consumer Discretionary - 2.3% |  |  |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Compass Group PLC  | 543958 | 18339448 |
| InterContinental Hotels Group PLC  | 102278 | 10914076 |
|  |  | 29253524 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 19728 | 4051521 |
| TOTAL CONSUMER DISCRETIONARY |  | 33305045 |
| Financials - 5.8% |  |  |
| Banks - 3.0% |  |  |
| HSBC Holdings PLC  | 441200 | 4918222 |
| Lloyds Banking Group PLC  | 17938500 | 17624189 |
| NatWest Group PLC  | 2463300 | 15844652 |
| Starling Bank Ltd Class D (a)(c)(f) | 1191700 | 3843392 |
|  |  | 42230455 |
| Capital Markets - 2.8% |  |  |
| 3i Group PLC  | 263381 | 14931343 |
| London Stock Exchange Group PLC  | 165955 | 25841106 |
|  |  | 40772449 |
| TOTAL FINANCIALS |  | 83002904 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| ConvaTec Group PLC (d)(e) | 2055000 | 7115139 |
| Pharmaceuticals - 1.6% |  |  |
| Astrazeneca PLC  | 158589 | 22720526 |
| TOTAL HEALTH CARE |  | 29835665 |
| Industrials - 5.7% |  |  |
| Aerospace & Defense - 3.1% |  |  |
| BAE Systems PLC  | 863893 | 20027317 |
| Rolls-Royce Holdings PLC  | 2469038 | 24992774 |
|  |  | 45020091 |
| Professional Services - 2.2% |  |  |
| Intertek Group PLC  | 59400 | 3628804 |
| RELX PLC (Netherlands)  | 507272 | 27457402 |
|  |  | 31086206 |
| Trading Companies & Distributors - 0.4% |  |  |
| Diploma PLC  | 27800 | 1467883 |
| RS GROUP PLC  | 595292 | 4089697 |
|  |  | 5557580 |
| TOTAL INDUSTRIALS |  | 81663877 |
| TOTAL UNITED KINGDOM |  | 227807491 |
| UNITED STATES - 10.7%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Spotify Technology SA (a) | 17600 | 10806048 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Shell PLC  | 598701 | 19321125 |
| Financials - 1.4% |  |  |
| Capital Markets - 0.2% |  |  |
| S&P Global Inc  | 7055 | 3527853 |
| Financial Services - 0.4% |  |  |
| Mastercard Inc Class A  | 9244 | 5066267 |
| Insurance - 0.8% |  |  |
| Marsh & McLennan Cos Inc  | 53177 | 11989818 |
| TOTAL FINANCIALS |  | 20583938 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Alcon AG  | 192054 | 18536405 |
| Industrials - 2.3% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Schneider Electric SE  | 69119 | 16149363 |
| Professional Services - 0.5% |  |  |
| Experian PLC  | 141490 | 7039274 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 58597 | 9847429 |
| TOTAL INDUSTRIALS |  | 33036066 |
| Materials - 3.6% |  |  |
| Chemicals - 0.9% |  |  |
| Linde PLC  | 31042 | 14069165 |
| Construction Materials - 2.7% |  |  |
| CRH PLC (United Kingdom)  | 178747 | 16756122 |
| Holcim AG  | 172839 | 19314410 |
| James Hardie Industries PLC depository receipt (a) | 97264 | 2283001 |
|  |  | 38353533 |
| TOTAL MATERIALS |  | 52422698 |
| TOTAL UNITED STATES |  | 154706280 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $886,540,598) |  | <br> **1382903226** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Valsoft Corp Series A-1.2 (c)(f) | 70 | 819960 |
| Valsoft Corp Series A-1.3 (c)(f) | 25 | 292842 |
| Valsoft Corp Series A-1.4 (c)(f) | 32 | 374839 |
| TOTAL CANADA |  | 1487641 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(c)(f) | 10541 | 2051767 |
| UNITED STATES - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Wasabi Holdings Inc Series C (a)(c)(f) | 372910 | 3814869 |
| Wasabi Holdings Inc Series D (a)(c)(f) | 39419 | 647260 |
| TOTAL UNITED STATES |  | 4462129 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $8,839,338) |  | <br> **8001537** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 45562055 | 45571167 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 27152457 | 27155172 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $72,725,987) |  |  | **72726339** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $968,105,923)<br>| <br>**1463631102** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(23054715)** |
| **NET ASSETS - 100.0%** | **1440576387** |

---

**Legend**

(a) Non-income producing

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

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,068,370 or 1.4% 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 $23,415,228 or 1.6% 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 $12,149,786 or 0.8% of net assets.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/03/22 | 2738515 |
| Kry International Ab | 5/14/21 - 10/30/24 | 1022024 |
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 2273444 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 819960 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 248172 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 421167 |
| Wasabi Holdings Inc Series C | 3/31/21 | 4051518 |
| Wasabi Holdings Inc Series D | 9/09/22 | 560006 |

---

**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 | 38826310 | 115251066 | 108506209 | 717143 | - | - | 45571167 | 45562055 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 7977214 | 109421949 | 90243991 | 26319 | - | - | 27155172 | 27152457 | 0.1% |
| Total | 46803524 | 224673015 | 198750200 | 743462 | - | - | 72726339 |  |  |

---

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 | 35466869 | 16704224 | 18762645 | - |
| Consumer Discretionary | 113968564 | 19488130 | 94480434 | - |
| Consumer Staples | 11625609 | 8028869 | 3596740 | - |
| Energy | 43700466 | 24379341 | 19321125 | - |
| Financials | 393441162 | 122996597 | 266601173 | 3843392 |
| Health Care | 131062183 | 70024682 | 61037501 | - |
| Industrials | 386544179 | 124512608 | 262031571 | - |
| Information Technology | 146634811 | 62011004 | 84318950 | 304857 |
| Materials | 120459383 | 66916905 | 53542478 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 8001537 | - | - | 8001537 |
|  **Money Market Funds** | 72726339 | 72726339 | - | - |
| **Total Investments in Securities:** | 1463631102 | 587788699 | 863692617 | 12149786 |

---

**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 $25,117,325) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $895,379,936) | $1390904763 |  |
| Fidelity Central Funds (cost $72,725,987) | 72726339 |  |
| Total Investment in Securities (cost $968,105,923) |  | $1463631102 |
| Cash |  | 10734 |
| Foreign currency held at value (cost $336,519) |  | 339665 |
| Receivable for investments sold |  | 5301045 |
| Receivable for fund shares sold |  | 529082 |
| Dividends receivable |  | 4370884 |
| Reclaims receivable |  | 4998892 |
| Distributions receivable from Fidelity Central Funds |  | 126744 |
| Prepaid expenses |  | 428 |
| Other receivables |  | 42484 |
| **Total assets** |  | 1479351060 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9300324 |  |
| Payable for fund shares redeemed | 581780 |  |
| Accrued management fee | 927202 |  |
| Distribution and service plan fees payable | 159619 |  |
| Other payables and accrued expenses | 650576 |  |
| Collateral on securities loaned | 27155172 |  |
| **Total liabilities** |  | 38774673 |
| **Net Assets**  |  | $1440576387 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $863630390 |
| Total accumulated earnings (loss) |  | 576945997 |
| **Net Assets** |  | $1440576387 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($478,626,097 ÷ 17,614,861 shares)(a) |  | $27.17 |
| Maximum offering price per share (100/94.25 of $27.17) |  | $28.83 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($133,630,225 ÷ 4,984,680 shares)(a) |  | $26.81 |
| Maximum offering price per share (100/96.50 of $26.81) |  | $27.78 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($15,497,577 ÷ 608,030 shares)(a) |  | $25.49 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($531,000,294 ÷ 19,079,118 shares) |  | $27.83 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($281,822,194 ÷ 10,150,072 shares) |  | $27.77 |
| *(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  |  | $12822371 |
| Foreign Tax Reclaims |  | 873053 |
| Income from Fidelity Central Funds (including $26,319 from security lending)  |  | 743462 |
| Income before foreign taxes withheld |  | $14438886 |
| Less foreign taxes withheld |  | (1223512) |
| **Total income** |  | 13215374 |
| **Expenses** |  |  |
| Management fee | $5666907 |  |
| Distribution and service plan fees | 993048 |  |
| Custodian fees and expenses | 42916 |  |
| Independent trustees' fees and expenses | 3058 |  |
| Registration fees | 60712 |  |
| Audit fees | 57644 |  |
| Legal | 2016 |  |
| Miscellaneous | 12071 |  |
| Total expenses before reductions | 6838372 |  |
| Expense reductions | (451) |  |
| Total expenses after reductions |  | 6837921 |
| **Net Investment income (loss)** |  | 6377453 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $732,597)  | 91179955 |  |
| Foreign currency transactions | (156191) |  |
| Total net realized gain (loss) |  | 91023764 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $701,299)  | (8252344) |  |
| Assets and liabilities in foreign currencies | 435178 |  |
| Total change in net unrealized appreciation (depreciation) |  | (7817166) |
| **Net gain (loss)** |  | 83206598 |
| **Net increase (decrease) in net assets resulting from operations** |  | $89584051 |

---

---

| | | |
|:---|:---|:---|
| **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) | $6377453 | $13784216 |
| &nbsp;&nbsp;Net realized gain (loss) | 91023764<br>| 110666017<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (7817166) | 188295758<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 89584051<br>| 312745991<br>|
| Distributions to shareholders | (80749855)<br>| (58941242)<br>|
| Share transactions - net increase (decrease) | 27700758<br>| (159236199)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 36534954<br>| 94568550<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1404041433 | 1309472883<br>|
| &nbsp;&nbsp;End of period | $1440576387 | $1404041433 |

---

**Financial Highlights** 

**Fidelity Advisor® Diversified International 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  | $27.05 | $22.68 | $20.71 | $32.52 | $25.10 | $23.28 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .21  | .23  | .16  | .09  | .04  |
| Net realized and unrealized gain (loss)  | 1.57  | 5.17  | 2.16  | (8.81)  | 7.33  | 2.11  |
| Total from investment operations  | 1.67  | 5.38  | 2.39  | (8.65)  | 7.42  | 2.15  |
| Distributions from net investment income  | (.41)  | (.31)  | (.02)  | (.31)  | -  | (.26)  |
| Distributions from net realized gain  | (1.14)  | (.71)  | (.40)  | (2.85)  | -  | (.07)  |
| Total distributions  | (1.55)  | (1.01) C | (.42)  | (3.16)  | -  | (.33)  |
| Net asset value, end of period  | $27.17 | $27.05 | $22.68 | $20.71 | $32.52 | $25.10 |
| **Total Return** D,E,F | 6.50% <br>| 24.35%  | 11.55%  | (29.28)%  | 29.56%  | 9.32%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.12% I | 1.14%  | 1.18%  | 1.16%  | 1.16%  | 1.18%  |
| Expenses net of fee waivers, if any  | 1.12% I<br>| 1.14%  | 1.17%  | 1.16%  | 1.15%  | 1.18%  |
| Expenses net of all reductions, if any  | 1.12% I | 1.14%  | 1.17%  | 1.16%  | 1.15%  | 1.17%  |
| Net investment income (loss)  | .78% I | .81%  | .98%  | .65%  | .30%  | .16%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $478626 | $480646 | $420844 | $400266 | $621221 | $513615 |
| Portfolio turnover rate J | 37% I<br>| 33% K | 23% K | 20%  | 30%  | 30%  |

---

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

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

C*Total distributions per share do not sum due to rounding.*

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

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

F*Total returns do not include the effect of the sales charges.*

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Diversified International 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  | $26.67 | $22.37 | $20.47 | $32.17 | $24.90 | $23.10 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .14  | .17  | .10  | .01  | (.03)  |
| Net realized and unrealized gain (loss)  | 1.55  | 5.11  | 2.13  | (8.72)  | 7.26  | 2.10  |
| Total from investment operations  | 1.62  | 5.25  | 2.30  | (8.62)  | 7.27  | 2.07  |
| Distributions from net investment income  | (.34)  | (.24)  | -  | (.23)  | -  | (.20)  |
| Distributions from net realized gain  | (1.14)  | (.71)  | (.40)  | (2.85)  | -  | (.07)  |
| Total distributions  | (1.48)  | (.95)  | (.40)  | (3.08)  | -  | (.27)  |
| Net asset value, end of period  | $26.81 | $26.67 | $22.37 | $20.47 | $32.17 | $24.90 |
| **Total Return** C,D,E | 6.41% <br>| 24.03%  | 11.24%  | (29.46)%  | 29.20%  | 9.04%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.37% H | 1.39%  | 1.44%  | 1.42%  | 1.41%  | 1.45%  |
| Expenses net of fee waivers, if any  | 1.37% H<br>| 1.39%  | 1.43%  | 1.41%  | 1.41%  | 1.45%  |
| Expenses net of all reductions, if any  | 1.37% H | 1.39%  | 1.43%  | 1.41%  | 1.41%  | 1.44%  |
| Net investment income (loss)  | .53% H | .56%  | .73%  | .39%  | .04%  | (.11)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $133630 | $132129 | $120050 | $117565 | $183285 | $158867 |
| Portfolio turnover rate I | 37% H<br>| 33% J | 23% J | 20%  | 30%  | 30%  |

---

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

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

C*Total returns 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.*

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

**Fidelity Advisor® Diversified International 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  | $25.35 | $21.27 | $19.58 | $30.84 | $23.99 | $22.20 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | -  | .02  | .04  | (.04)  | (.14)  | (.14)  |
| Net realized and unrealized gain (loss)  | 1.48  | 4.86  | 2.05  | (8.37)  | 6.99  | 2.01  |
| Total from investment operations  | 1.48  | 4.88  | 2.09  | (8.41)  | 6.85  | 1.87  |
| Distributions from net investment income  | (.20)  | (.09)  | -  | -  | -  | (.01)  |
| Distributions from net realized gain  | (1.14)  | (.71)  | (.40)  | (2.85)  | -  | (.07)  |
| Total distributions  | (1.34)  | (.80)  | (.40)  | (2.85)  | -  | (.08)  |
| Net asset value, end of period  | $25.49 | $25.35 | $21.27 | $19.58 | $30.84 | $23.99 |
| **Total Return** C,D,E | 6.12% <br>| 23.43%  | 10.67%  | (29.88)%  | 28.55%  | 8.44%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.87% H | 1.88%  | 1.99%  | 1.96%  | 1.95%  | 1.98%  |
| Expenses net of fee waivers, if any  | 1.87% H<br>| 1.88%  | 1.98%  | 1.96%  | 1.95%  | 1.98%  |
| Expenses net of all reductions, if any  | 1.87% H | 1.88%  | 1.98%  | 1.96%  | 1.95%  | 1.96%  |
| Net investment income (loss)  | .03% H | .07%  | .18%  | (.16)%  | (.50)%  | (.64)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15498 | $16784 | $18165 | $21370 | $39465 | $47750 |
| Portfolio turnover rate I | 37% H<br>| 33% J | 23% J | 20%  | 30%  | 30%  |

---

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

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

C*Total returns 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.*

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

**Fidelity Advisor® Diversified International 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  | $27.70 | $23.20 | $21.19 | $33.20 | $25.57 | $23.68 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .28  | .30  | .23  | .17  | .10  |
| Net realized and unrealized gain (loss)  | 1.61  | 5.29  | 2.20  | (9.00)  | 7.47  | 2.16  |
| Total from investment operations  | 1.75  | 5.57  | 2.50  | (8.77)  | 7.64  | 2.26  |
| Distributions from net investment income  | (.47)  | (.36)  | (.09)  | (.39)  | (.01)  | (.30)  |
| Distributions from net realized gain  | (1.14)  | (.71)  | (.40)  | (2.85)  | -  | (.07)  |
| Total distributions  | (1.62) C | (1.07)  | (.49)  | (3.24)  | (.01)  | (.37)  |
| Net asset value, end of period  | $27.83 | $27.70 | $23.20 | $21.19 | $33.20 | $25.57 |
| **Total Return** D,E | 6.65% <br>| 24.66%  | 11.80%  | (29.09)%  | 29.87%  | 9.63%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .87% H | .89%  | .94%  | .91%  | .90%  | .92%  |
| Expenses net of fee waivers, if any  | .87% H<br>| .89%  | .93%  | .91%  | .90%  | .92%  |
| Expenses net of all reductions, if any  | .87% H | .89%  | .93%  | .91%  | .90%  | .91%  |
| Net investment income (loss)  | 1.03% H | 1.06%  | 1.23%  | .90%  | .55%  | .42%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $531000 | $497901 | $456881 | $457292 | $725432 | $595094 |
| Portfolio turnover rate I | 37% H<br>| 33% J | 23% J | 20%  | 30%  | 30%  |

---

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

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

C*Total 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 Advisor® Diversified International 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  | $27.66 | $23.17 | $21.18 | $33.19 | $25.55 | $23.67 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .33  | .34  | .26  | .22  | .14  |
| Net realized and unrealized gain (loss)  | 1.60  | 5.27  | 2.19  | (8.98)  | 7.46  | 2.15  |
| Total from investment operations  | 1.76  | 5.60  | 2.53  | (8.72)  | 7.68  | 2.29  |
| Distributions from net investment income  | (.51)  | (.41)  | (.14)  | (.44)  | (.04)  | (.34)  |
| Distributions from net realized gain  | (1.14)  | (.71)  | (.40)  | (2.85)  | -  | (.07)  |
| Total distributions  | (1.65)  | (1.11) C | (.54)  | (3.29)  | (.04)  | (.41)  |
| Net asset value, end of period  | $27.77 | $27.66 | $23.17 | $21.18 | $33.19 | $25.55 |
| **Total Return** D,E | 6.70% <br>| 24.86%  | 11.96%  | (28.99)%  | 30.10%  | 9.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .73% H | .72%  | .77%  | .76%  | .76%  | .77%  |
| Expenses net of fee waivers, if any  | .73% H<br>| .72%  | .77%  | .75%  | .76%  | .77%  |
| Expenses net of all reductions, if any  | .73% H | .72%  | .77%  | .75%  | .76%  | .76%  |
| Net investment income (loss)  | 1.17% H | 1.23%  | 1.39%  | 1.05%  | .70%  | .57%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $281822 | $276581 | $293533 | $289878 | $392850 | $289202 |
| Portfolio turnover rate I | 37% H<br>| 33% J | 23% J | 20%  | 30%  | 30%  |

---

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

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

C*Total distributions per share do not sum due to rounding.*

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

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

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

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

H*Annualized.*

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

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

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

For the period ended April 30, 2025

**1. Organization.**

Fidelity Advisor Diversified International Fund (the Fund) is a fund of Fidelity Advisor Series VIII (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, 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.** Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

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

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

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

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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** | $503336344 |
| **Gross unrealized depreciation** | <u>(21510268)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$481826076</u> |
| **Tax cost** | <u>$981805026</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 Advisor Diversified International Fund** | 254334801 | 303964095 |

---

**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 Advisor Diversified International Fund** | 3978384 | 48796342 | 107774419 |

---

**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** | .85 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Class I** | .86 |
| **Class Z** | .70 |

---

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** | .84 |
| **Class M** | .84 |
| **Class C** | .84 |
| **Class I** | .84 |
| **Class Z** | .70 |

---

**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% | 586662 | 13367 |
| **Class M** | .25% | .25% | 327594 | 3338 |
| **Class C** | .75% | .25% | <u>78792</u> | <u>6870</u> |
|  |  |  | <u>993048</u> | <u>23575</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** | 14742 |
| **Class M** | 1936 |
| **Class C**A | <u>226</u> |
|  | <u>16904</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 Advisor Diversified International Fund** | 639 |

---

**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 Advisor Diversified International Fund** | 6528954 | 18062916 | 7743063 |

---

**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 Advisor Diversified International Fund** | 1085 |

---

**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 Advisor Diversified International Fund** | 2836 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $451.

**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 Advisor Diversified International Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $27160473 | $18578697 |
| Class M | 7358806 | 5021823 |
| Class C | 865930 | 661698 |
| Class I | 28895301 | 20546569 |
| Class Z | <u>16469345</u> | <u>14132455</u> |
| Total  | <u>$80749855</u> | <u>$58941242</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 Advisor Diversified International Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 532093 | 754494 | $13968863 | $19639654 |
| Reinvestment of distributions | 974130 | 731423 | 25005924 | 17371290 |
| Shares redeemed | <u>(1663355)</u> | <u>(2270387)</u> | <u>(43171256)</u> | <u>(59315186)</u> |
| Net increase (decrease) | <u>(157132)</u> | <u>(784470)</u> | <u>$(4196469)</u> | <u>$(22304242)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 196098 | 158888 | $5124873 | $4075303 |
| Reinvestment of distributions | 285480 | 209762 | 7236921 | 4923111 |
| Shares redeemed | <u>(450869)</u> | <u>(780233)</u> | <u>(11657161)</u> | <u>(20124425)</u> |
| Net increase (decrease) | <u>30709</u> | <u>(411583)</u> | <u>$704633</u> | <u>$(11126011)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 60674 | 59960 | $1492700 | $1469382 |
| Reinvestment of distributions | 35192 | 28372 | 849899 | 635808 |
| Shares redeemed | <u>(150041)</u> | <u>(280061)</u> | <u>(3684503)</u> | <u>(6854142)</u> |
| Net increase (decrease) | <u>(54175)</u> | <u>(191729)</u> | <u>$(1341904)</u> | <u>$(4748952)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2217999 | 2385971 | $59439830 | $63789812 |
| Reinvestment of distributions | 915515 | 692981 | 24050567 | 16818651 |
| Shares redeemed | <u>(2031106)</u> | <u>(4794224)</u> | <u>(54178786)</u> | <u>(127428483)</u> |
| Net increase (decrease) | <u>1102408</u> | <u>(1715272)</u> | <u>$29311611</u> | <u>$(46820020)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 973977 | 2708076 | $26003612 | $72751267 |
| Reinvestment of distributions | 578437 | 550391 | 15149261 | 13319449 |
| Shares redeemed | <u>(1403412)</u> | <u>(5924055)</u> | <u>(37929986)</u> | <u>(160307690)</u> |
| Net increase (decrease) | <u>149002</u> | <u>(2665588)</u> | <u>$3222887</u> | <u>$(74236974)</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109474_4.jpg)<br>

1.720067.126 ADIF-SANN-0625

**Fidelity Advisor® International Capital Appreciation Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109468_1.jpg)

![](img109468_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AICAP-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® International Capital Appreciation Fund](#Sub_Sec_Fund_288_AICAP-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements288_AICAP-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AICAP-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AICAP-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AICAP-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AICAP-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 1-877-208-0098 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 Advisor® International Capital Appreciation Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.6% |  |  |
| MercadoLibre Inc (a) | 67127 | 156462968 |
| CANADA - 7.0%  |  |  |
| Financials - 1.6% |  |  |
| Capital Markets - 1.6% |  |  |
| Brookfield Asset Management Ltd Class A (United States) (b) | 2955793 | 157632441 |
| Industrials - 1.3% |  |  |
| Professional Services - 1.3% |  |  |
| Thomson Reuters Corp  | 709392 | 132003720 |
| Information Technology - 4.1% |  |  |
| IT Services - 2.2% |  |  |
| Shopify Inc Class A (United States) (a) | 2178640 | 206970800 |
| Software - 1.9% |  |  |
| Constellation Software Inc/Canada  | 52784 | 190228773 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 50717 | 4 |
|  |  | 190228777 |
| TOTAL INFORMATION TECHNOLOGY |  | 397199577 |
| TOTAL CANADA |  | 686835738 |
| CHINA - 3.1%  |  |  |
| Communication Services - 2.9% |  |  |
| Interactive Media & Services - 2.9% |  |  |
| Tencent Holdings Ltd  | 4733065 | 289904749 |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Trip.com Group Ltd ADR  | 280978 | 16574892 |
| TOTAL CHINA |  | 306479641 |
| DENMARK - 1.7%  |  |  |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 1.7% |  |  |
| DSV A/S  | 801521 | 169890307 |
| FRANCE - 8.6%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Hermes International SCA  | 64191 | 173870589 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| EssilorLuxottica SA  | 509538 | 145866052 |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Safran SA  | 686178 | 182605402 |
| Building Products - 1.7% |  |  |
| Cie de Saint-Gobain SA  | 1553267 | 168868108 |
| TOTAL INDUSTRIALS |  | 351473510 |
| Materials - 1.8% |  |  |
| Chemicals - 1.8% |  |  |
| Air Liquide SA  | 844427 | 173511348 |
| TOTAL FRANCE |  | 844721499 |
| GERMANY - 12.3%  |  |  |
| Communication Services - 1.9% |  |  |
| Diversified Telecommunication Services - 1.9% |  |  |
| Deutsche Telekom AG  | 5204900 | 186947127 |
| Financials - 3.4% |  |  |
| Capital Markets - 1.5% |  |  |
| Deutsche Boerse AG  | 472774 | 152277620 |
| Insurance - 1.9% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 259946 | 177961471 |
| TOTAL FINANCIALS |  | 330239091 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| MTU Aero Engines AG  | 212125 | 73028934 |
| Electrical Equipment - 1.8% |  |  |
| Siemens Energy AG (a) | 2296215 | 177230329 |
| TOTAL INDUSTRIALS |  | 250259263 |
| Information Technology - 2.5% |  |  |
| Software - 2.5% |  |  |
| SAP SE  | 851374 | 249102360 |
| Materials - 2.0% |  |  |
| Construction Materials - 2.0% |  |  |
| Heidelberg Materials AG  | 977030 | 192864855 |
| TOTAL GERMANY |  | 1209412696 |
| INDIA - 7.0%  |  |  |
| Communication Services - 1.8% |  |  |
| Wireless Telecommunication Services - 1.8% |  |  |
| Bharti Airtel Ltd  | 7860071 | 173144253 |
| Financials - 3.7% |  |  |
| Banks - 3.7% |  |  |
| HDFC Bank Ltd  | 8229592 | 186673036 |
| ICICI Bank Ltd  | 10806340 | 181400445 |
|  |  | 368073481 |
| Industrials - 1.5% |  |  |
| Construction & Engineering - 1.5% |  |  |
| Larsen & Toubro Ltd  | 3702761 | 146366161 |
| TOTAL INDIA |  | 687583895 |
| ISRAEL - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Hapoalim BM  | 5585303 | 81806144 |
| ITALY - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Automobiles - 1.2% |  |  |
| Ferrari NV (Italy)  | 260569 | 118546534 |
| JAPAN - 6.0%  |  |  |
| Consumer Discretionary - 1.9% |  |  |
| Household Durables - 1.9% |  |  |
| Sony Group Corp  | 7314827 | 192985599 |
| Industrials - 4.1% |  |  |
| Industrial Conglomerates - 2.1% |  |  |
| Hitachi Ltd  | 8421059 | 208130809 |
| Machinery - 2.0% |  |  |
| Mitsubishi Heavy Industries Ltd  | 9803519 | 193255269 |
| TOTAL INDUSTRIALS |  | 401386078 |
| TOTAL JAPAN |  | 594371677 |
| NETHERLANDS - 5.4%  |  |  |
| Industrials - 1.7% |  |  |
| Professional Services - 1.7% |  |  |
| Wolters Kluwer NV  | 968470 | 170549051 |
| Information Technology - 3.7% |  |  |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| ASM International NV  | 297654 | 143410026 |
| ASML Holding NV  | 328321 | 216654144 |
|  |  | 360064170 |
| TOTAL NETHERLANDS |  | 530613221 |
| SPAIN - 1.4%  |  |  |
| Industrials - 1.3% |  |  |
| Transportation Infrastructure - 1.3% |  |  |
| Aena SME SA (d)(e) | 497800 | 124854706 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Iberdrola SA  | 769897 | 13878056 |
| TOTAL SPAIN |  | 138732762 |
| SWEDEN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Machinery - 0.6% |  |  |
| Atlas Copco AB A Shares  | 3663495 | 56797344 |
| SWITZERLAND - 4.9%  |  |  |
| Financials - 4.9% |  |  |
| Capital Markets - 3.2% |  |  |
| Partners Group Holding AG  | 106490 | 138765366 |
| UBS Group AG  | 5752308 | 173471795 |
|  |  | 312237161 |
| Insurance - 1.7% |  |  |
| Zurich Insurance Group AG  | 243343 | 172596092 |
| TOTAL SWITZERLAND |  | 484833253 |
| TAIWAN - 4.2%  |  |  |
| Information Technology - 4.2% |  |  |
| Semiconductors & Semiconductor Equipment - 4.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 14542283 | 411226214 |
| UNITED KINGDOM - 8.5%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| InterContinental Hotels Group PLC  | 1218361 | 130011192 |
| Financials - 3.3% |  |  |
| Capital Markets - 3.3% |  |  |
| 3i Group PLC  | 3085560 | 174923605 |
| London Stock Exchange Group PLC  | 975459 | 151890210 |
|  |  | 326813815 |
| Industrials - 3.9% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Rolls-Royce Holdings PLC  | 20117050 | 203634326 |
| Professional Services - 1.8% |  |  |
| RELX PLC  | 3236244 | 176618501 |
| TOTAL INDUSTRIALS |  | 380252827 |
| TOTAL UNITED KINGDOM |  | 837077834 |
| UNITED STATES - 24.0%  |  |  |
| Communication Services - 1.9% |  |  |
| Entertainment - 1.9% |  |  |
| Spotify Technology SA (a) | 309448 | 189994883 |
| Financials - 8.3% |  |  |
| Capital Markets - 2.6% |  |  |
| Moody's Corp  | 280286 | 127003192 |
| S&P Global Inc  | 259830 | 129927992 |
|  |  | 256931184 |
| Financial Services - 3.0% |  |  |
| Mastercard Inc Class A  | 258331 | 141580888 |
| Visa Inc Class A  | 424671 | 146723831 |
|  |  | 288304719 |
| Insurance - 2.7% |  |  |
| Arthur J Gallagher & Co  | 414507 | 132928250 |
| Marsh & McLennan Cos Inc  | 565356 | 127470817 |
|  |  | 260399067 |
| TOTAL FINANCIALS |  | 805634970 |
| Industrials - 7.9% |  |  |
| Building Products - 1.5% |  |  |
| Trane Technologies PLC  | 388115 | 148768361 |
| Commercial Services & Supplies - 1.3% |  |  |
| Waste Connections Inc  | 644571 | 127301136 |
| Construction & Engineering - 1.5% |  |  |
| Ferrovial SE  | 3127800 | 151937914 |
| Electrical Equipment - 2.1% |  |  |
| Schneider Electric SE  | 868334 | 202882578 |
| Professional Services - 1.5% |  |  |
| Experian PLC  | 2892353 | 143897560 |
| TOTAL INDUSTRIALS |  | 774787549 |
| Information Technology - 3.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Broadcom Inc  | 873146 | 168054411 |
| Software - 1.4% |  |  |
| Synopsys Inc (a) | 298641 | 137079205 |
| TOTAL INFORMATION TECHNOLOGY |  | 305133616 |
| Materials - 2.8% |  |  |
| Chemicals - 1.2% |  |  |
| Linde PLC  | 272731 | 123609871 |
| Construction Materials - 1.6% |  |  |
| Holcim AG  | 1386729 | 154964168 |
| TOTAL MATERIALS |  | 278574039 |
| TOTAL UNITED STATES |  | 2354125057 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,001,881,122) |  | <br> **9669516784** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 97279006 | 97298462 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 50990901 | 50996000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $148,294,462) |  |  | **148294462** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $7,150,175,584)<br>| <br>**9817811246** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **23241941** |
| **NET ASSETS - 100.0%** | **9841053187** |

---

**Legend**

(a) Non-income producing

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

(c) Level 3 security

(d) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $124,854,706 or 1.3% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $124,854,706 or 1.3% of net assets.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 56108485 | 1722779581 | 1681589604 | 2028384 | - | - | 97298462 | 97279006 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 141768000 | 216548766 | 307320766 | 43353 | - | - | 50996000 | 50990901 | 0.2% |
| Total | 197876485 | 1939328347 | 1988910370 | 2071737 | - | - | 148294462 |  |  |

---

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 | 839991012 | 189994883 | 649996129 | - |
| Consumer Discretionary | 788451774 | 465454983 | 322996791 | - |
| Financials | 2555033195 | 1357310716 | 1197722479 | - |
| Health Care | 145866052 | 145866052 | - | - |
| Industrials | 2958620516 | 985241166 | 1973379350 | - |
| Information Technology | 1722725937 | 1062397359 | 660328574 | 4 |
| Materials | 644950242 | 316474726 | 328475516 | - |
| Utilities | 13878056 | - | 13878056 | - |
|  **Money Market Funds** | 148294462 | 148294462 | - | - |
| **Total Investments in Securities:** | 9817811246 | 4671034347 | 5146776895 | 4 |

---

**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 $49,447,576) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,001,881,122) | $9669516784 |  |
| Fidelity Central Funds (cost $148,294,462) | 148294462 |  |
| Total Investment in Securities (cost $7,150,175,584) |  | $9817811246 |
| Foreign currency held at value (cost $14,326,152) |  | 14326406 |
| Receivable for investments sold |  | 116096638 |
| Receivable for fund shares sold |  | 8418818 |
| Dividends receivable |  | 11360802 |
| Reclaims receivable |  | 15918924 |
| Distributions receivable from Fidelity Central Funds |  | 319942 |
| Prepaid expenses |  | 2513 |
| Other receivables |  | 2357062 |
| **Total assets** |  | 9986612351 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $50643093 |  |
| Payable for fund shares redeemed | 7142276 |  |
| Accrued management fee | 7058057 |  |
| Distribution and service plan fees payable | 288669 |  |
| Deferred taxes | 29149944 |  |
| Other payables and accrued expenses | 281125 |  |
| Collateral on securities loaned | 50996000 |  |
| **Total liabilities** |  | 145559164 |
| **Net Assets**  |  | $9841053187 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7451301747 |
| Total accumulated earnings (loss) |  | 2389751440 |
| **Net Assets** |  | $9841053187 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($674,119,067 ÷ 21,241,922 shares)(a) |  | $31.74 |
| Maximum offering price per share (100/94.25 of $31.74) |  | $33.68 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($201,043,757 ÷ 6,550,677 shares)(a) |  | $30.69 |
| Maximum offering price per share (100/96.50 of $30.69) |  | $31.80 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($97,508,441 ÷ 3,626,905 shares)(a) |  | $26.88 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,291,846,970 ÷ 183,930,096 shares) |  | $34.21 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,576,534,952 ÷ 75,097,156 shares) |  | $34.31 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $50912791 |
| Foreign Tax Reclaims |  | 5218217 |
| Income from Fidelity Central Funds (including $43,353 from security lending)  |  | 2071737 |
| Income before foreign taxes withheld |  | $58202745 |
| Less foreign taxes withheld |  | (6708049) |
| **Total income** |  | 51494696 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $35001236 |  |
| Performance adjustment | 3128373 |  |
| Distribution and service plan fees | 1790367 |  |
| Custodian fees and expenses | 443763 |  |
| Independent trustees' fees and expenses | 19448 |  |
| Registration fees | 354556 |  |
| Audit fees | 106173 |  |
| Legal | 7181 |  |
| Interest | 149837 |  |
| Miscellaneous | 37750 |  |
| Total expenses before reductions | 41038684 |  |
| Expense reductions | (27320) |  |
| Total expenses after reductions |  | 41011364 |
| **Net Investment income (loss)** |  | 10483332 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $971,713)  | 64543422 |  |
| Foreign currency transactions | 1893578 |  |
| Total net realized gain (loss) |  | 66437000 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $172,473)  | 418634093 |  |
| Assets and liabilities in foreign currencies | 1311537 |  |
| Total change in net unrealized appreciation (depreciation) |  | 419945630 |
| **Net gain (loss)** |  | 486382630 |
| **Net increase (decrease) in net assets resulting from operations** |  | $496865962 |

---

---

| | | |
|:---|:---|:---|
| **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) | $10483332 | $33926687 |
| &nbsp;&nbsp;Net realized gain (loss) | 66437000<br>| 365993014<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 419945630 | 1340886889<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 496865962<br>| 1740806590<br>|
| Distributions to shareholders | (61118672)<br>| (23553740)<br>|
| Share transactions - net increase (decrease) | 691275813<br>| 1277028450<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1127023103<br>| 2994281300<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8714030084 | 5719748784<br>|
| &nbsp;&nbsp;End of period | $9841053187 | $8714030084 |

---

**Financial Highlights** 

**Fidelity Advisor® International Capital Appreciation 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  | $30.27 | $23.51 | $20.33 | $30.72 | $24.14 | $21.45 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | .06  | .06  | (.04)  | (.09)  | - C |
| Net realized and unrealized gain (loss)  | 1.63  | 6.74  | 3.12  | (9.21)  | 6.67  | 2.77  |
| Total from investment operations  | 1.63  | 6.80  | 3.18  | (9.25)  | 6.58  | 2.77  |
| Distributions from net investment income  | (.16)  | (.04)  | -  | -  | -  | (.08)  |
| Distributions from net realized gain  | -  | -  | -  | (1.14)  | -  | -  |
| Total distributions  | (.16)  | (.04)  | -  | (1.14)  | -  | (.08)  |
| Net asset value, end of period  | $31.74 | $30.27 | $23.51 | $20.33 | $30.72 | $24.14 |
| **Total Return** D,E,F | 5.40% <br>| 28.97%  | 15.64%  | (31.18)%  | 27.26%  | 12.97%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.14% I | 1.14%  | 1.06%  | 1.24%  | 1.23%  | 1.28%  |
| Expenses net of fee waivers, if any  | 1.14% I<br>| 1.14%  | 1.06%  | 1.24%  | 1.23%  | 1.28%  |
| Expenses net of all reductions, if any  | 1.14% I | 1.14%  | 1.06%  | 1.24%  | 1.23%  | 1.24%  |
| Net investment income (loss)  | (.01)% I | .19%  | .23%  | (.18)%  | (.30)%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $674119 | $643559 | $464374 | $400112 | $592640 | $382795 |
| Portfolio turnover rate J | 86% I<br>| 63%  | 80%  | 110% K | 128%  | 121%  |

---

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

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

C*Amount represents less than $.005 per share.*

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

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

F*Total returns do not include the effect of the sales charges.*

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

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

I*Annualized.*

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

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

**Fidelity Advisor® International Capital Appreciation 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  | $29.26 | $22.74 | $19.71 | $29.82 | $23.49 | $20.89 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | (.02)  | (.01)  | (.10)  | (.15)  | (.06)  |
| Net realized and unrealized gain (loss)  | 1.57  | 6.54  | 3.04  | (8.95)  | 6.48  | 2.70  |
| Total from investment operations  | 1.53  | 6.52  | 3.03  | (9.05)  | 6.33  | 2.64  |
| Distributions from net investment income  | (.10)  | -  | -  | -  | -  | (.04)  |
| Distributions from net realized gain  | -  | -  | -  | (1.06)  | -  | -  |
| Total distributions  | (.10)  | -  | -  | (1.06)  | -  | (.04)  |
| Net asset value, end of period  | $30.69 | $29.26 | $22.74 | $19.71 | $29.82 | $23.49 |
| **Total Return** C,D,E | 5.24% <br>| 28.67%  | 15.37%  | (31.39)%  | 26.95%  | 12.67%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.39% H | 1.39%  | 1.31%  | 1.49%  | 1.49%  | 1.53%  |
| Expenses net of fee waivers, if any  | 1.39% H<br>| 1.39%  | 1.31%  | 1.49%  | 1.48%  | 1.53%  |
| Expenses net of all reductions, if any  | 1.39% H | 1.39%  | 1.31%  | 1.49%  | 1.48%  | 1.49%  |
| Net investment income (loss)  | (.26)% H | (.06)%  | (.02)%  | (.43)%  | (.55)%  | (.26)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $201044 | $192004 | $149358 | $126232 | $191997 | $143072 |
| Portfolio turnover rate I | 86% H<br>| 63%  | 80%  | 110% J | 128%  | 121%  |

---

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.*

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

**Fidelity Advisor® International Capital Appreciation 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  | $25.61 | $20.00 | $17.43 | $26.58 | $21.04 | $18.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.10)  | (.14)  | (.11)  | (.20)  | (.26)  | (.15)  |
| Net realized and unrealized gain (loss)  | 1.37  | 5.75  | 2.68  | (7.92)  | 5.80  | 2.42  |
| Total from investment operations  | 1.27  | 5.61  | 2.57  | (8.12)  | 5.54  | 2.27  |
| Distributions from net realized gain  | -  | -  | -  | (1.03)  | -  | -  |
| Total distributions  | -  | -  | -  | (1.03)  | -  | -  |
| Net asset value, end of period  | $26.88 | $25.61 | $20.00 | $17.43 | $26.58 | $21.04 |
| **Total Return** C,D,E | 4.96% <br>| 28.05%  | 14.74%  | (31.70)%  | 26.33%  | 12.09%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.89% H | 1.90%  | 1.81%  | 1.99%  | 1.98%  | 2.02%  |
| Expenses net of fee waivers, if any  | 1.89% H<br>| 1.89%  | 1.81%  | 1.99%  | 1.98%  | 2.02%  |
| Expenses net of all reductions, if any  | 1.89% H | 1.89%  | 1.81%  | 1.99%  | 1.98%  | 1.99%  |
| Net investment income (loss)  | (.76)% H | (.56)%  | (.52)%  | (.93)%  | (1.05)%  | (.75)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $97508 | $105449 | $96072 | $97124 | $169018 | $125630 |
| Portfolio turnover rate I | 86% H<br>| 63%  | 80%  | 110% J | 128%  | 121%  |

---

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.*

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

**Fidelity Advisor® International Capital Appreciation Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.64 | $25.33 | $21.85 | $32.92 | $25.83 | $22.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .14  | .13  | .02  | (.01)  | .06  |
| Net realized and unrealized gain (loss)  | 1.75  | 7.28  | 3.35  | (9.88)  | 7.13  | 2.97  |
| Total from investment operations  | 1.79  | 7.42  | 3.48  | (9.86)  | 7.12  | 3.03  |
| Distributions from net investment income  | (.22)  | (.11)  | -  | -  | (.03)  | (.13)  |
| Distributions from net realized gain  | -  | -  | -  | (1.21)  | -  | -  |
| Total distributions  | (.22)  | (.11)  | -  | (1.21)  | (.03)  | (.13)  |
| Net asset value, end of period  | $34.21 | $32.64 | $25.33 | $21.85 | $32.92 | $25.83 |
| **Total Return** C,D | 5.52% <br>| 29.34%  | 15.93%  | (31.01)%  | 27.60%  | 13.28%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .89% G | .89%  | .80%  | .98%  | .97%  | 1.01%  |
| Expenses net of fee waivers, if any  | .89% G<br>| .88%  | .79%  | .97%  | .97%  | 1.01%  |
| Expenses net of all reductions, if any  | .89% G | .88%  | .79%  | .97%  | .97%  | .97%  |
| Net investment income (loss)  | .24% G | .45%  | .49%  | .08%  | (.04)%  | .26%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6291847 | $5528021 | $3758357 | $3228604 | $6128293 | $3883309 |
| Portfolio turnover rate H | 86% G<br>| 63%  | 80%  | 110% I | 128%  | 121%  |

---

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 Advisor® International Capital Appreciation Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.76 | $25.43 | $21.90 | $32.99 | $25.88 | $22.96 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .18  | .16  | .06  | .03  | .09  |
| Net realized and unrealized gain (loss)  | 1.76  | 7.29  | 3.37  | (9.91)  | 7.14  | 2.98  |
| Total from investment operations  | 1.82  | 7.47  | 3.53  | (9.85)  | 7.17  | 3.07  |
| Distributions from net investment income  | (.27)  | (.14)  | -  | -  | (.06)  | (.15)  |
| Distributions from net realized gain  | -  | -  | -  | (1.24)  | -  | -  |
| Total distributions  | (.27)  | (.14)  | -  | (1.24)  | (.06)  | (.15)  |
| Net asset value, end of period  | $34.31 | $32.76 | $25.43 | $21.90 | $32.99 | $25.88 |
| **Total Return** C,D | 5.58% <br>| 29.44%  | 16.12%  | (30.93)%  | 27.73%  | 13.45%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .77% G | .76%  | .67%  | .85%  | .85%  | .88%  |
| Expenses net of fee waivers, if any  | .77% G<br>| .76%  | .67%  | .85%  | .85%  | .88%  |
| Expenses net of all reductions, if any  | .77% G | .76%  | .67%  | .85%  | .85%  | .84%  |
| Net investment income (loss)  | .35% G | .57%  | .62%  | .21%  | .09%  | .39%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2576535 | $2244997 | $1251587 | $893180 | $1845967 | $1130329 |
| Portfolio turnover rate H | 86% G<br>| 63%  | 80%  | 110% I | 128%  | 121%  |

---

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 Advisor International Capital Appreciation Fund (the Fund) is a fund of Fidelity Advisor Series VIII (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, 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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** | $2690592280 |
| **Gross unrealized depreciation** | <u>(71087650)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2619504630</u> |
| **Tax cost** | <u>$7198306616</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 | $(283412891) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(283412891)</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 Advisor International Capital Appreciation Fund** | 4453326485 | 3929752445 |

---

**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** | .85 |
| **Class M** | .85 |
| **Class C** | .85 |
| **Class I** | .84 |
| **Class Z** | .71 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .80 |
| **Class M** | .80 |
| **Class C** | .80 |
| **Class I** | .80 |
| **Class Z** | .68 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor International Capital Appreciation Fund** | MSCI All Country World ex USA Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. 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 .07%.

**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% | 802543 | 45997 |
| **Class M** | .25% | .25% | 485792 | 5245 |
| **Class C** | .75% | .25% | <u>502032</u> | <u>54188</u> |
|  |  |  | <u>1790367</u> | <u>105430</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** | 98350 |
| **Class M** | 3928 |
| **Class C**A | <u>190</u> |
|  | <u>102468</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 Advisor International Capital Appreciation Fund** | 2860 |

---

**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 Advisor International Capital Appreciation Fund**  | Borrower | 34629382 | 4.58% | 149837 |

---

**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 Advisor International Capital Appreciation Fund** | 279915338 | 172427001 | 9739412 |

---

**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 Advisor International Capital Appreciation Fund** | 7029 |

---

**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 Advisor International Capital Appreciation Fund** | 4864 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $27,320.

**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 Advisor International Capital Appreciation Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3327848 | $870929 |
| Class M | 649115 | - |
| Class I | 38185601 | 15991995 |
| Class Z | <u>18956108</u> | <u>6690816</u> |
| Total  | <u>$61118672</u> | <u>$23553740</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 Advisor International Capital Appreciation Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2598015 | 5808743 | $79625836 | $169048534 |
| Reinvestment of distributions | 102808 | 31487 | 3161339 | 831259 |
| Shares redeemed | <u>(2719583)</u> | <u>(4334796)</u> | <u>(83183757)</u> | <u>(125148012)</u> |
| Net increase (decrease) | <u>(18760)</u> | <u>1505434</u> | <u>$(396582)</u> | <u>$44731781</u> |
| **Class M** |  |  |  |  |
| Shares sold | 450825 | 1113295 | $13252771 | $31447656 |
| Reinvestment of distributions | 21718 | - | 646547 | - |
| Shares redeemed | <u>(484942)</u> | <u>(1119030)</u> | <u>(14271847)</u> | <u>(31087875)</u> |
| Net increase (decrease) | <u>(12399)</u> | <u>(5735)</u> | <u>$(372529)</u> | <u>$359781</u> |
| **Class C** |  |  |  |  |
| Shares sold | 228317 | 529931 | $5919489 | $13012983 |
| Shares redeemed | <u>(719476)</u> | <u>(1215180)</u> | <u>(18699767)</u> | <u>(29852476)</u> |
| Net increase (decrease) | <u>(491159)</u> | <u>(685249)</u> | <u>$(12780278)</u> | <u>$(16839493)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 39827032 | 70383221 | $1314185106 | $2192561556 |
| Reinvestment of distributions | 974811 | 460990 | 32285754 | 13087499 |
| Shares redeemed | <u>(26249884)</u> | <u>(49827073)</u> | <u>(859970132)</u> | <u>(1569187346)</u> |
| Net increase (decrease) | <u>14551959</u> | <u>21017138</u> | <u>$486500728</u> | <u>$636461709</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 16606263 | 36793530 | $549332105 | $1169069923 |
| Reinvestment of distributions | 453801 | 186982 | 15066192 | 5323368 |
| Shares redeemed | <u>(10490461)</u> | <u>(17679228)</u> | <u>(346073823)</u> | <u>(562078619)</u> |
| Net increase (decrease) | <u>6569603</u> | <u>19301284</u> | <u>$218324474</u> | <u>$612314672</u> |

---

**11. Other**.

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

**12. Risk and Uncertainties.**

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

**13. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity International Capital Appreciation Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on July 17, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity International Capital Appreciation Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity International Capital Appreciation Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity International Capital Appreciation Fund access to a larger portfolio with a similar investment objective.

The Fidelity International Capital Appreciation Fund shareholders approved the reorganization which is expected to become effective during July 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Investment Advisory Contract and Management Fees**

**Fidelity Advisor International Capital Appreciation Fund**

At its January 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for Retail Class of the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its January 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to Retail Class of the fund under the Amended Contract will continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of Retail Class of the fund and the estimated total expense ratio of Retail Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for Retail Class of the fund is below the median fee rate of funds with similar Morningstar classifications and the proposed maximum class-level management fee rate for Retail Class of the fund is above the median fee rate of funds with similar Morningstar classifications because the majority of such competitor funds do not have a management fee that covers expenses for services beyond portfolio management. The Board also considered that the estimated total net expense ratio of Retail Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

In connection with its consideration of the Retail Class's management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I employs a standard expense structure and does not include fund paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of Retail Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.

**Economies of Scale.** The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for Retail Class was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.

![](img109468_4.jpg)<br>

1.703428.127 AICAP-SANN-0625

**Fidelity Advisor® Overseas Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109467_1.jpg)

![](img109467_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_OS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Overseas Fund](#Sub_Sec_Fund_229_OS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements229_OS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_OS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_OS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_OS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_OS-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 1-877-208-0098 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 Advisor® Overseas Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.1%** | &nbsp;&nbsp;**Common Stocks - 97.1%** | &nbsp;&nbsp;**Common Stocks - 97.1%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| JTC PLC (a)(b) | 129400 | 1438244 |
| BELGIUM - 1.1%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KBC Group NV  | 41875 | 3845332 |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| Azelis Group NV  | 40800 | 630445 |
| TOTAL BELGIUM |  | 4475777 |
| CANADA - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Software - 1.9% |  |  |
| Constellation Software Inc/Canada  | 1980 | 7135742 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(d) | 2780 | 0 |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 22141 | 715816 |
| TOTAL CANADA |  | 7851558 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Trip.com Group Ltd ADR  | 2800 | 165171 |
| DENMARK - 2.8%  |  |  |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Novo Nordisk A/S Series B  | 44400 | 2968653 |
| Industrials - 1.6% |  |  |
| Air Freight & Logistics - 1.6% |  |  |
| DSV A/S  | 31900 | 6761521 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Novonesis Novozymes B Series B  | 28830 | 1864390 |
| TOTAL DENMARK |  | 11594564 |
| FRANCE - 11.3%  |  |  |
| Consumer Discretionary - 2.5% |  |  |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Accor SA  | 89000 | 4350540 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Hermes International SCA  | 418 | 1132213 |
| LVMH Moet Hennessy Louis Vuitton SE  | 8836 | 4894520 |
|  |  | 6026733 |
| TOTAL CONSUMER DISCRETIONARY |  | 10377273 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| EssilorLuxottica SA  | 18825 | 5389055 |
| Industrials - 3.7% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| Safran SA  | 33200 | 8835170 |
| Thales SA  | 22100 | 6190704 |
|  |  | 15025874 |
| Information Technology - 1.8% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 22075 | 1849317 |
| Software - 1.4% |  |  |
| Dassault Systemes SE  | 150500 | 5640157 |
| TOTAL INFORMATION TECHNOLOGY |  | 7489474 |
| Materials - 2.0% |  |  |
| Chemicals - 2.0% |  |  |
| Air Liquide SA  | 39511 | 8118650 |
| TOTAL FRANCE |  | 46400326 |
| GERMANY - 12.2%  |  |  |
| Communication Services - 1.7% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| Deutsche Telekom AG  | 190300 | 6835105 |
| Financials - 5.9% |  |  |
| Capital Markets - 2.0% |  |  |
| Deutsche Boerse AG  | 25803 | 8310989 |
| Insurance - 3.9% |  |  |
| Allianz SE  | 21523 | 8901411 |
| Hannover Rueck SE  | 22829 | 7303382 |
|  |  | 16204793 |
| TOTAL FINANCIALS |  | 24515782 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius SE & Co KGaA (c) | 56300 | 2665981 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| MTU Aero Engines AG  | 6685 | 2301466 |
| Information Technology - 3.4% |  |  |
| Software - 3.4% |  |  |
| SAP SE  | 47400 | 13868701 |
| TOTAL GERMANY |  | 50187035 |
| INDIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| HDFC Bank Ltd  | 175084 | 3971456 |
| INDONESIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Bank Central Asia Tbk PT  | 6722900 | 3574502 |
| IRELAND - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Building Products - 1.0% |  |  |
| Kingspan Group PLC  | 51400 | 4326377 |
| ITALY - 4.2%  |  |  |
| Financials - 3.0% |  |  |
| Banks - 3.0% |  |  |
| FinecoBank Banca Fineco SpA  | 219863 | 4374946 |
| UniCredit SpA  | 136889 | 7964320 |
|  |  | 12339266 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 71320 | 4189214 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| GVS SpA (a)(b)(c) | 28462 | 137839 |
| Interpump Group SpA  | 18000 | 613370 |
|  |  | 751209 |
| TOTAL ITALY |  | 17279689 |
| JAPAN - 13.6%  |  |  |
| Communication Services - 2.4% |  |  |
| Entertainment - 2.4% |  |  |
| Capcom Co Ltd  | 103800 | 3004813 |
| Nintendo Co Ltd  | 84700 | 7031795 |
|  |  | 10036608 |
| Consumer Staples - 1.3% |  |  |
| Food Products - 1.3% |  |  |
| Ajinomoto Co Inc  | 259300 | 5303746 |
| Financials - 2.2% |  |  |
| Insurance - 2.2% |  |  |
| Tokio Marine Holdings Inc  | 221389 | 8873797 |
| Health Care - 1.5% |  |  |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Hoya Corp  | 52131 | 6134056 |
| Industrials - 4.4% |  |  |
| Industrial Conglomerates - 2.3% |  |  |
| Hitachi Ltd  | 388000 | 9589620 |
| Machinery - 1.4% |  |  |
| Ebara Corp  | 71000 | 1066547 |
| Mitsubishi Heavy Industries Ltd  | 233300 | 4599008 |
|  |  | 5665555 |
| Professional Services - 0.7% |  |  |
| BayCurrent Inc  | 57300 | 3087530 |
| TOTAL INDUSTRIALS |  | 18342705 |
| Information Technology - 1.8% |  |  |
| IT Services - 0.3% |  |  |
| TIS Inc  | 42727 | 1234475 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Tokyo Electron Ltd  | 16081 | 2394435 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| FUJIFILM Holdings Corp  | 175300 | 3590563 |
| TOTAL INFORMATION TECHNOLOGY |  | 7219473 |
| TOTAL JAPAN |  | 55910385 |
| NETHERLANDS - 6.4%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Universal Music Group NV  | 210100 | 6178089 |
| Industrials - 3.0% |  |  |
| Professional Services - 2.1% |  |  |
| Wolters Kluwer NV  | 47041 | 8283992 |
| Trading Companies & Distributors - 0.9% |  |  |
| IMCD NV  | 29550 | 3911638 |
| TOTAL INDUSTRIALS |  | 12195630 |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| ASML Holding NV  | 10938 | 7217824 |
| Software - 0.1% |  |  |
| Topicus.com Inc (c) | 6230 | 745557 |
| TOTAL INFORMATION TECHNOLOGY |  | 7963381 |
| TOTAL NETHERLANDS |  | 26337100 |
| SPAIN - 3.2%  |  |  |
| Financials - 3.2% |  |  |
| Banks - 3.2% |  |  |
| Banco Santander SA  | 951800 | 6665721 |
| CaixaBank SA (e) | 849100 | 6507676 |
| TOTAL SPAIN |  | 13173397 |
| SWEDEN - 2.9%  |  |  |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.6% |  |  |
| AddLife AB B Shares  | 124837 | 2363579 |
| Industrials - 2.3% |  |  |
| Machinery - 2.3% |  |  |
| Atlas Copco AB A Shares  | 298392 | 4626149 |
| Indutrade AB  | 180725 | 4876424 |
|  |  | 9502573 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (c)(d)(f) | 7253 | 143050 |
| TOTAL SWEDEN |  | 12009202 |
| SWITZERLAND - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Capital Markets - 1.4% |  |  |
| Partners Group Holding AG  | 4440 | 5785691 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 143300 | 4052233 |
| UNITED KINGDOM - 16.8%  |  |  |
| Consumer Discretionary - 3.2% |  |  |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Compass Group PLC  | 240054 | 8093378 |
| InterContinental Hotels Group PLC  | 46928 | 5007683 |
|  |  | 13101061 |
| Financials - 5.8% |  |  |
| Banks - 1.7% |  |  |
| NatWest Group PLC  | 1088900 | 7004117 |
| Capital Markets - 4.1% |  |  |
| 3i Group PLC  | 144700 | 8203193 |
| London Stock Exchange Group PLC  | 55400 | 8626419 |
|  |  | 16829612 |
| TOTAL FINANCIALS |  | 23833729 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| ConvaTec Group PLC (a)(b) | 479500 | 1660199 |
| Industrials - 6.5% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| BAE Systems PLC  | 140500 | 3257160 |
| Rolls-Royce Holdings PLC  | 796900 | 8066600 |
|  |  | 11323760 |
| Professional Services - 3.0% |  |  |
| Intertek Group PLC  | 37900 | 2315348 |
| RELX PLC  | 181784 | 9920889 |
|  |  | 12236237 |
| Trading Companies & Distributors - 0.8% |  |  |
| Diploma PLC  | 61267 | 3234994 |
| TOTAL INDUSTRIALS |  | 26794991 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Halma PLC  | 108067 | 3969216 |
| TOTAL UNITED KINGDOM |  | 69359196 |
| UNITED STATES - 15.1%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.9% |  |  |
| Spotify Technology SA (c) | 6200 | 3806675 |
| Financials - 4.4% |  |  |
| Capital Markets - 1.6% |  |  |
| S&P Global Inc  | 12831 | 6416142 |
| Financial Services - 1.2% |  |  |
| Visa Inc Class A  | 15100 | 5217050 |
| Insurance - 1.6% |  |  |
| Marsh & McLennan Cos Inc  | 29530 | 6658129 |
| TOTAL FINANCIALS |  | 18291321 |
| Health Care - 2.3% |  |  |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Alcon AG  | 66390 | 6407739 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Thermo Fisher Scientific Inc  | 7100 | 3045900 |
| TOTAL HEALTH CARE |  | 9453639 |
| Industrials - 3.2% |  |  |
| Electrical Equipment - 1.4% |  |  |
| Schneider Electric SE  | 24700 | 5771051 |
| Professional Services - 1.7% |  |  |
| Experian PLC  | 137200 | 6825842 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 3900 | 655409 |
| TOTAL INDUSTRIALS |  | 13252302 |
| Materials - 4.3% |  |  |
| Chemicals - 1.6% |  |  |
| Linde PLC  | 14134 | 6405953 |
| Construction Materials - 2.7% |  |  |
| CRH PLC  | 50000 | 4771000 |
| Holcim AG  | 57630 | 6440036 |
|  |  | 11211036 |
| TOTAL MATERIALS |  | 17616989 |
| TOTAL UNITED STATES |  | 62420926 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $263,110,314) |  | <br> **400312829** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 10133642 | 10135669 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 6339271 | 6339904 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $16,475,573) |  |  | **16475573** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.1%**<br> (Cost $279,585,887)<br>| <br>**416788402** |
| **NET OTHER ASSETS (LIABILITIES) - (1.1)%**  | **(4550087)** |
| **NET ASSETS - 100.0%** | **412238315** |

---

**Legend**

(a) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,952,098 or 1.0% of net assets.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,236,282 or 0.8% of net assets.

(c) Non-income producing

(d) Level 3 security

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

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $143,050 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 | 479694 |

---

**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 | 5788487 | 51312057 | 46964875 | 126227 | - | - | 10135669 | 10133642 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 141774 | 11538870 | 5340740 | 5694 | - | - | 6339904 | 6339271 | 0.0% |
| Total | 5930261 | 62850927 | 52305615 | 131921 | - | - | 16475573 |  |  |

---

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 | 26856477 | 6811488 | 20044989 | - |
| Consumer Discretionary | 23643505 | 5647924 | 17995581 | - |
| Consumer Staples | 5303746 | - | 5303746 | - |
| Financials | 119642517 | 47704637 | 71937880 | - |
| Health Care | 34824376 | 25721667 | 9102709 | - |
| Industrials | 109885093 | 35913451 | 73971642 | - |
| Information Technology | 52557086 | 22867947 | 29546089 | 143050 |
| Materials | 27600029 | 13041343 | 14558686 | - |
|  **Money Market Funds** | 16475573 | 16475573 | - | - |
| **Total Investments in Securities:** | 416788402 | 174184030 | 242461322 | 143050 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,810,390) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $263,110,314) | $400312829 |  |
| Fidelity Central Funds (cost $16,475,573) | 16475573 |  |
| Total Investment in Securities (cost $279,585,887) |  | $416788402 |
| Foreign currency held at value (cost $1,821) |  | 1820 |
| Receivable for investments sold |  | 2263804 |
| Receivable for fund shares sold |  | 180438 |
| Dividends receivable |  | 951924 |
| Reclaims receivable |  | 2130994 |
| Distributions receivable from Fidelity Central Funds |  | 35915 |
| Prepaid expenses |  | 118 |
| Receivable from investment adviser for expense reductions |  | 36261 |
| Other receivables |  | 72817 |
| **Total assets** |  | 422462493 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2981829 |  |
| Payable for fund shares redeemed | 400801 |  |
| Accrued management fee | 236153 |  |
| Distribution and service plan fees payable | 83355 |  |
| Other payables and accrued expenses | 182135 |  |
| Collateral on securities loaned | 6339905 |  |
| **Total liabilities** |  | 10224178 |
| **Net Assets**  |  | $412238315 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $278745138 |
| Total accumulated earnings (loss) |  | 133493177 |
| **Net Assets** |  | $412238315 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($49,921,174 ÷ 1,437,140 shares)(a) |  | $34.74 |
| Maximum offering price per share (100/94.25 of $34.74) |  | $36.86 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($180,102,738 ÷ 5,048,176 shares)(a) |  | $35.68 |
| Maximum offering price per share (100/96.50 of $35.68) |  | $36.97 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($2,766,788 ÷ 83,664 shares)(a) |  | $33.07 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($60,797,228 ÷ 1,697,243 shares) |  | $35.82 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($118,650,387 ÷ 3,319,174 shares) |  | $35.75 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3084205 |
| Foreign Tax Reclaims |  | 438802 |
| Income from Fidelity Central Funds (including $5,694 from security lending)  |  | 131921 |
| Income before foreign taxes withheld |  | $3654928 |
| Less foreign taxes withheld |  | (294987) |
| **Total income** |  | 3359941 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $1557456 |  |
| Performance adjustment | (248561) |  |
| Distribution and service plan fees | 507821 |  |
| Custodian fees and expenses | 20449 |  |
| Independent trustees' fees and expenses | 851 |  |
| Registration fees | 51413 |  |
| Audit fees | 54194 |  |
| Legal | 2015 |  |
| Miscellaneous | 38818 |  |
| Total expenses before reductions | 1984456 |  |
| Expense reductions | (36355) |  |
| Total expenses after reductions |  | 1948101 |
| **Net Investment income (loss)** |  | 1411840 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12903433 |  |
| Foreign currency transactions | 28362 |  |
| Total net realized gain (loss) |  | 12931795 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $60,207)  | 17461337 |  |
| Assets and liabilities in foreign currencies | 132147 |  |
| Total change in net unrealized appreciation (depreciation) |  | 17593484 |
| **Net gain (loss)** |  | 30525279 |
| **Net increase (decrease) in net assets resulting from operations** |  | $31937119 |

---

---

| | | |
|:---|:---|:---|
| **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) | $1411840 | $3093963 |
| &nbsp;&nbsp;Net realized gain (loss) | 12931795<br>| 18580473<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 17593484 | 60166706<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 31937119<br>| 81841142<br>|
| Distributions to shareholders | (4968066)<br>| (2839067)<br>|
| Share transactions - net increase (decrease) | 1414651<br>| (22452954)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 28383704<br>| 56549121<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 383854611 | 327305490<br>|
| &nbsp;&nbsp;End of period | $412238315 | $383854611 |

---

**Financial Highlights** 

**Fidelity Advisor® Overseas 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  | $32.49 | $26.09 | $23.29 | $34.07 | $24.73 | $24.27 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .24  | .23  | .14  | (.04)  | (.02)  |
| Net realized and unrealized gain (loss)  | 2.56  | 6.39  | 2.67  | (10.20)  | 9.38  | .83  |
| Total from investment operations  | 2.67  | 6.63  | 2.90  | (10.06)  | 9.34  | .81  |
| Distributions from net investment income  | (.42)  | (.23)  | (.10)  | -  | -  | (.35)  |
| Distributions from net realized gain  | -  | -  | -  | (.72)  | -  | -  |
| Total distributions  | (.42)  | (.23)  | (.10)  | (.72)  | -  | (.35)  |
| Net asset value, end of period  | $34.74 | $32.49 | $26.09 | $23.29 | $34.07 | $24.73 |
| **Total Return** C,D,E | 8.30% <br>| 25.50%  | 12.43%  | (30.12)%  | 37.77%  | 3.33%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.07% H,I | 1.07%  | 1.13%  | 1.36%  | 1.43%  | 1.49%  |
| Expenses net of fee waivers, if any  | 1.05% H,I<br>| 1.06%  | 1.12%  | 1.36%  | 1.43%  | 1.49%  |
| Expenses net of all reductions, if any  | 1.05% H,I | 1.06%  | 1.12%  | 1.36%  | 1.43%  | 1.48%  |
| Net investment income (loss)  | .67% H,I | .77%  | .84%  | .51%  | (.12)%  | (.08)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $49921 | $45467 | $37604 | $35010 | $55939 | $45695 |
| Portfolio turnover rate J | 49% I<br>| 34%  | 37%  | 46%  | 33% K | 46%  |

---

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

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

C*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*Proxy expenses are not annualized.*

I*Annualized.*

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

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

**Fidelity Advisor® Overseas 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  | $33.29 | $26.73 | $23.85 | $34.94 | $25.41 | $24.94 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .18  | .18  | .09  | (.11)  | (.07)  |
| Net realized and unrealized gain (loss)  | 2.62  | 6.54  | 2.73  | (10.46)  | 9.64  | .84  |
| Total from investment operations  | 2.70  | 6.72  | 2.91  | (10.37)  | 9.53  | .77  |
| Distributions from net investment income  | (.31)  | (.16)  | (.03)  | -  | -  | (.30)  |
| Distributions from net realized gain  | -  | -  | -  | (.72)  | -  | -  |
| Total distributions  | (.31)  | (.16)  | (.03)  | (.72)  | -  | (.30)  |
| Net asset value, end of period  | $35.68 | $33.29 | $26.73 | $23.85 | $34.94 | $25.41 |
| **Total Return** C,D,E | 8.17% <br>| 25.21%  | 12.21%  | (30.26)%  | 37.50%  | 3.09%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.29% H,I | 1.28%  | 1.33%  | 1.57%  | 1.65%  | 1.71%  |
| Expenses net of fee waivers, if any  | 1.27% H,I<br>| 1.28%  | 1.33%  | 1.57%  | 1.65%  | 1.70%  |
| Expenses net of all reductions, if any  | 1.27% H,I | 1.28%  | 1.33%  | 1.57%  | 1.65%  | 1.70%  |
| Net investment income (loss)  | .44% H,I | .55%  | .64%  | .30%  | (.34)%  | (.29)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $180103 | $175287 | $155184 | $149628 | $238278 | $193693 |
| Portfolio turnover rate J | 49% I<br>| 34%  | 37%  | 46%  | 33% K | 46%  |

---

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

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

C*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*Proxy expenses are not annualized.*

I*Annualized.*

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

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

**Fidelity Advisor® Overseas 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  | $30.78 | $24.71 | $22.15 | $32.69 | $23.92 | $23.46 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .01  | .01  | (.08)  | (.28)  | (.21)  |
| Net realized and unrealized gain (loss)  | 2.42  | 6.06  | 2.55  | (9.74)  | 9.05  | .80  |
| Total from investment operations  | 2.41  | 6.07  | 2.56  | (9.82)  | 8.77  | .59  |
| Distributions from net investment income  | (.12)  | -  | -  | -  | -  | (.13)  |
| Distributions from net realized gain  | -  | -  | -  | (.72)  | -  | -  |
| Total distributions  | (.12)  | -  | -  | (.72)  | -  | (.13)  |
| Net asset value, end of period  | $33.07 | $30.78 | $24.71 | $22.15 | $32.69 | $23.92 |
| **Total Return** C,D,E | 7.85% <br>| 24.56%  | 11.56%  | (30.66)%  | 36.66%  | 2.50%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.82% H,I | 1.81%  | 1.92%  | 2.16%  | 2.25%  | 2.31%  |
| Expenses net of fee waivers, if any  | 1.80% H,I<br>| 1.81%  | 1.91%  | 2.16%  | 2.25%  | 2.31%  |
| Expenses net of all reductions, if any  | 1.80% H,I | 1.81%  | 1.91%  | 2.16%  | 2.25%  | 2.30%  |
| Net investment income (loss)  | (.08)% H,I | .02%  | .05%  | (.29)%  | (.94)%  | (.89)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2767 | $2615 | $2426 | $2673 | $4879 | $5356 |
| Portfolio turnover rate J | 49% H<br>| 34%  | 37%  | 46%  | 33% K | 46%  |

---

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

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

C*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*Proxy expenses 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.*

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

**Fidelity Advisor® Overseas 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  | $33.57 | $26.94 | $24.03 | $35.03 | $25.35 | $24.79 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .35  | .32  | .23  | .06  | .07  |
| Net realized and unrealized gain (loss)  | 2.63  | 6.58  | 2.75  | (10.51)  | 9.62  | .84  |
| Total from investment operations  | 2.79  | 6.93  | 3.07  | (10.28)  | 9.68  | .91  |
| Distributions from net investment income  | (.54)  | (.30)  | (.16)  | -  | -  | (.35)  |
| Distributions from net realized gain  | -  | -  | -  | (.72)  | -  | -  |
| Total distributions  | (.54)  | (.30)  | (.16)  | (.72)  | -  | (.35)  |
| Net asset value, end of period  | $35.82 | $33.57 | $26.94 | $24.03 | $35.03 | $25.35 |
| **Total Return** C,D | 8.41% <br>| 25.87%  | 12.78%  | (29.91)%  | 38.19%  | 3.68%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .78% G,H | .77%  | .83%  | 1.08%  | 1.12%  | 1.15%  |
| Expenses net of fee waivers, if any  | .76% G,H<br>| .77%  | .83%  | 1.08%  | 1.12%  | 1.15%  |
| Expenses net of all reductions, if any  | .76% G,H | .77%  | .83%  | 1.08%  | 1.12%  | 1.14%  |
| Net investment income (loss)  | .96% G,H | 1.06%  | 1.14%  | .79%  | .19%  | .27%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $60797 | $50814 | $48960 | $47661 | $84715 | $121290 |
| Portfolio turnover rate I | 49% H<br>| 34%  | 37%  | 46%  | 33% J | 46%  |

---

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

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

C*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*Proxy expenses are not annualized.*

H*Annualized.*

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

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

**Fidelity Advisor® Overseas 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  | $33.52 | $26.91 | $24.03 | $34.97 | $25.28 | $24.79 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .38  | .36  | .27  | .09  | .09  |
| Net realized and unrealized gain (loss)  | 2.63  | 6.58  | 2.74  | (10.49)  | 9.60  | .84  |
| Total from investment operations  | 2.81  | 6.96  | 3.10  | (10.22)  | 9.69  | .93  |
| Distributions from net investment income  | (.58)  | (.35)  | (.22)  | -  | -  | (.44)  |
| Distributions from net realized gain  | -  | -  | -  | (.72)  | -  | -  |
| Total distributions  | (.58)  | (.35)  | (.22)  | (.72)  | -  | (.44)  |
| Net asset value, end of period  | $35.75 | $33.52 | $26.91 | $24.03 | $34.97 | $25.28 |
| **Total Return** C,D | 8.50% <br>| 26.03%  | 12.90%  | (29.79)%  | 38.33%  | 3.77%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .66% G,H | .66%  | .70%  | .94%  | 1.02%  | 1.07%  |
| Expenses net of fee waivers, if any  | .64% G,H<br>| .66%  | .69%  | .93%  | 1.02%  | 1.06%  |
| Expenses net of all reductions, if any  | .64% G,H | .66%  | .69%  | .93%  | 1.02%  | 1.05%  |
| Net investment income (loss)  | 1.07% G,H | 1.17%  | 1.27%  | .94%  | .29%  | .35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $118650 | $109672 | $83131 | $79568 | $107764 | $46571 |
| Portfolio turnover rate I | 49% H<br>| 34%  | 37%  | 46%  | 33% J | 46%  |

---

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

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

C*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*Proxy expenses are not annualized.*

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 Advisor Overseas Fund (the Fund) is a fund of Fidelity Advisor Series VIII (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, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $138595478 |
| **Gross unrealized depreciation** | <u>(3879402)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$134716076</u> |
| **Tax cost** | <u>$282072326</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 | $(15438634) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(15438634)</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 Advisor Overseas Fund** | 94741671 | 101419797 |

---

**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** | .86 |
| **Class M** | .83 |
| **Class C** | .86 |
| **Class I** | .82 |
| **Class Z** | .70 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .83 |
| **Class C** | .86 |
| **Class I** | .82 |
| **Class Z** | .70 |

---

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 Advisor Overseas Fund** | MSCI EAFE Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the asset-weighted return of all classes. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.13)%.

**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% | 57596 | - |
| **Class M** | .25% | .25% | 437322 | 5864 |
| **Class C** | .75% | .25% | <u>12903</u> | <u>1421</u> |
|  |  |  | <u>507821</u> | <u>7285</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** | 2526 |
| **Class M** | <u>442</u> |
|  | <u>2968</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 Advisor Overseas Fund** | 7 |

---

**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 Advisor Overseas Fund** | 2851798 | 1302790 | (83650) |

---

**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 Advisor Overseas Fund** | 304 |

---

**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 Advisor Overseas Fund** | 591 | - | - |

---

**8. Expense Reductions.** 

During the period, custodian credits reduced the Fund's expenses by $94.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $36,261.

**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 Advisor Overseas Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $575423 | $322961 |
| Class M | 1610528 | 921678 |
| Class C | 9847 | - |
| Class I | 901414 | 510753 |
| Class Z | <u>1870854</u> | <u>1083675</u> |
| Total  | <u>$4968066</u> | <u>$2839067</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 Advisor Overseas Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 116428 | 109483 | $3954751 | $3492188 |
| Reinvestment of distributions | 16715 | 10517 | 541053 | 304062 |
| Shares redeemed | <u>(95253)</u> | <u>(161894)</u> | <u>(3141127)</u> | <u>(5130298)</u> |
| Net increase (decrease) | <u>37890</u> | <u>(41894)</u> | <u>$1354677</u> | <u>$(1334048)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 288755 | 474765 | $9797830 | $15411043 |
| Reinvestment of distributions | 47769 | 30541 | 1589282 | 908018 |
| Shares redeemed | <u>(553444)</u> | <u>(1046054)</u> | <u>(18784019)</u> | <u>(34047798)</u> |
| Net increase (decrease) | <u>(216920)</u> | <u>(540748)</u> | <u>$(7396907)</u> | <u>$(17728737)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 12471 | 10796 | $401190 | $330624 |
| Reinvestment of distributions | 319 | - | 9847 | - |
| Shares redeemed | <u>(14095)</u> | <u>(24036)</u> | <u>(446498)</u> | <u>(737343)</u> |
| Net increase (decrease) | <u>(1305)</u> | <u>(13240)</u> | <u>$(35461)</u> | <u>$(406719)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 447961 | 432882 | $14934711 | $14036284 |
| Reinvestment of distributions | 23423 | 14969 | 780916 | 445314 |
| Shares redeemed | <u>(288032)</u> | <u>(751526)</u> | <u>(9792203)</u> | <u>(23940401)</u> |
| Net increase (decrease) | <u>183352</u> | <u>(303675)</u> | <u>$5923424</u> | <u>$(9458803)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 366250 | 841696 | $12397519 | $27812602 |
| Reinvestment of distributions | 17879 | 9399 | 594645 | 278724 |
| Shares redeemed | <u>(336931)</u> | <u>(668145)</u> | <u>(11423246)</u> | <u>(21613973)</u> |
| Net increase (decrease) | <u>47198</u> | <u>182950</u> | <u>$1568918</u> | <u>$6477353</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

**13. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Overseas Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Overseas Fund equal in value to the net assets of the Fund on the day the reorganization is effective.

A meeting of shareholders of the Fund is expected to be held during the third quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during November 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**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.

![](img109467_4.jpg)<br>

1.703565.127 OS-SANN-0625

**Fidelity Advisor® Focused Emerging Markets Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109472_1.jpg)

![](img109472_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FAEM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Focused Emerging Markets Fund](#Sub_Sec_Fund_1286_FAEM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1286_FAEM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FAEM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FAEM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FAEM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FAEM-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 1-877-208-0098 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 Advisor® Focused Emerging Markets Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 8.5%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Petroleo Brasileiro SA ADR  | 10908047 | 123151851 |
| Financials - 2.5% |  |  |
| Banks - 2.5% |  |  |
| Itau Unibanco Holding SA  | 29350798 | 184013003 |
| Industrials - 1.6% |  |  |
| Ground Transportation - 1.6% |  |  |
| Localiza Rent a Car SA  | 15363000 | 116295512 |
| Materials - 2.7% |  |  |
| Metals & Mining - 2.7% |  |  |
| Gerdau SA ADR  | 28667049 | 74820998 |
| Vale SA ADR (a) | 12960920 | 120666165 |
|  |  | 195487163 |
| TOTAL BRAZIL |  | 618947529 |
| CHILE - 1.1%  |  |  |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Antofagasta PLC  | 3623118 | 78849884 |
| CHINA - 32.8%  |  |  |
| Communication Services - 9.3% |  |  |
| Interactive Media & Services - 9.3% |  |  |
| Tencent Holdings Ltd  | 11047040 | 676641744 |
| Consumer Discretionary - 10.6% |  |  |
| Broadline Retail - 6.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 2415582 | 288492958 |
| PDD Holdings Inc Class A ADR (b) | 1395617 | 147335287 |
|  |  | 435828245 |
| Diversified Consumer Services - 0.9% |  |  |
| TAL Education Group Class A ADR (b) | 7899741 | 69122734 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Meituan B Shares (b)(c)(d) | 7407545 | 122649966 |
| Shangri-La Asia Ltd  | 70454426 | 39425990 |
|  |  | 162075956 |
| Household Durables - 1.4% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 29889125 | 102043754 |
| TOTAL CONSUMER DISCRETIONARY |  | 769070689 |
| Financials - 5.4% |  |  |
| Banks - 1.6% |  |  |
| China Construction Bank Corp H Shares  | 141525407 | 116423242 |
| Insurance - 3.8% |  |  |
| China Life Insurance Co Ltd H Shares  | 102341518 | 187380674 |
| PICC Property & Casualty Co Ltd H Shares  | 50421785 | 92969148 |
|  |  | 280349822 |
| TOTAL FINANCIALS |  | 396773064 |
| Health Care - 3.6% |  |  |
| Biotechnology - 0.3% |  |  |
| Akeso Inc (b)(c)(d) | 1988000 | 22108541 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Wuxi Apptec Co Ltd H Shares (a)(c)(d) | 15776208 | 122355319 |
| Pharmaceuticals - 1.6% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 37101330 | 115289862 |
| TOTAL HEALTH CARE |  | 259753722 |
| Industrials - 3.9% |  |  |
| Ground Transportation - 1.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 7687989 | 87335555 |
| Machinery - 2.7% |  |  |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 20316274 | 199743589 |
| TOTAL INDUSTRIALS |  | 287079144 |
| TOTAL CHINA |  | 2389318363 |
| GREECE - 3.4%  |  |  |
| Financials - 3.4% |  |  |
| Banks - 3.4% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 32355582 | 91825960 |
| National Bank of Greece SA  | 15078306 | 158755079 |
| TOTAL GREECE |  | 250581039 |
| HUNGARY - 2.9%  |  |  |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| OTP Bank Nyrt  | 1718250 | 126487065 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Richter Gedeon Nyrt  | 2734391 | 82721570 |
| TOTAL HUNGARY |  | 209208635 |
| INDIA - 8.6%  |  |  |
| Financials - 4.3% |  |  |
| Banks - 4.3% |  |  |
| HDFC Bank Ltd  | 7957896 | 180510116 |
| ICICI Bank Ltd  | 7854300 | 131846075 |
|  |  | 312356191 |
| Industrials - 1.6% |  |  |
| Construction & Engineering - 1.6% |  |  |
| Larsen & Toubro Ltd  | 2908545 | 114971657 |
| Information Technology - 1.5% |  |  |
| IT Services - 1.5% |  |  |
| Tata Consultancy Services Ltd  | 2753200 | 112232931 |
| Materials - 1.2% |  |  |
| Construction Materials - 1.2% |  |  |
| JK Cement Ltd  | 1407100 | 84733540 |
| TOTAL INDIA |  | 624294319 |
| KOREA (SOUTH) - 9.3%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Automobile Components - 1.3% |  |  |
| Hyundai Mobis Co Ltd  | 511110 | 95743108 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Korea Aerospace Industries Ltd  | 2041090 | 119221418 |
| Information Technology - 6.4% |  |  |
| Technology Hardware, Storage & Peripherals - 6.4% |  |  |
| Samsung Electronics Co Ltd  | 11923121 | 464257171 |
| TOTAL KOREA (SOUTH) |  | 679221697 |
| MALAYSIA - 1.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| CIMB Group Holdings Bhd  | 67776200 | 111959822 |
| MEXICO - 7.8%  |  |  |
| Communication Services - 0.6% |  |  |
| Wireless Telecommunication Services - 0.6% |  |  |
| America Movil SAB de CV ADR  | 2687451 | 46331655 |
| Consumer Staples - 5.4% |  |  |
| Beverages - 1.5% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 1076426 | 113358422 |
| Consumer Staples Distribution & Retail - 3.9% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 88715330 | 281158449 |
| TOTAL CONSUMER STAPLES |  | 394516871 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Grupo Financiero Banorte SAB de CV  | 4707253 | 40451099 |
| Materials - 1.2% |  |  |
| Construction Materials - 1.2% |  |  |
| Cemex SAB de CV ADR  | 14757999 | 91056854 |
| TOTAL MEXICO |  | 572356479 |
| PERU - 2.2%  |  |  |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| Credicorp Ltd  | 795078 | 160756821 |
| POLAND - 2.0%  |  |  |
| Financials - 2.0% |  |  |
| Banks - 2.0% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 7755819 | 148515465 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| LUKOIL PJSC ADR (b)(e) | 782000 | 7 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC ADR (b)(e) | 3242100 | 32 |
| TOTAL RUSSIA |  | 39 |
| SOUTH AFRICA - 4.0%  |  |  |
| Communication Services - 1.4% |  |  |
| Wireless Telecommunication Services - 1.4% |  |  |
| MTN Group Ltd (a) | 14996809 | 98931977 |
| Financials - 1.0% |  |  |
| Financial Services - 1.0% |  |  |
| FirstRand Ltd  | 19729423 | 77035038 |
| Materials - 1.6% |  |  |
| Metals & Mining - 1.6% |  |  |
| Impala Platinum Holdings Ltd (b) | 19211554 | 114253557 |
| TOTAL SOUTH AFRICA |  | 290220572 |
| TAIWAN - 10.9%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Textiles, Apparel & Luxury Goods - 1.6% |  |  |
| Eclat Textile Co Ltd (b) | 8736000 | 113640966 |
| Industrials - 1.1% |  |  |
| Machinery - 1.1% |  |  |
| Hiwin Technologies Corp  | 11697660 | 80585838 |
| Information Technology - 8.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Yageo Corp  | 4396230 | 62908083 |
| Semiconductors & Semiconductor Equipment - 7.3% |  |  |
| MediaTek Inc  | 2612000 | 110770324 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 15007554 | 424383133 |
|  |  | 535153457 |
| TOTAL INFORMATION TECHNOLOGY |  | 598061540 |
| TOTAL TAIWAN |  | 792288344 |
| TURKEY - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.6% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 18718251 | 48868592 |
| UNITED ARAB EMIRATES - 1.6%  |  |  |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Adnoc Gas PLC  | 133958300 | 115611770 |
| UNITED KINGDOM - 2.1%  |  |  |
| Materials - 2.1% |  |  |
| Metals & Mining - 2.1% |  |  |
| Anglogold Ashanti Plc  | 3555200 | 149887232 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,498,641,553) |  | <br> **7240886602** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 69150005 | 69163835 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 144184496 | 144198914 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $213,362,749) |  |  | **213362749** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $6,712,004,302)<br>| <br>**7454249351** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(162565482)** |
| **NET ASSETS - 100.0%** | **7291683869** |

---

**Legend**

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

(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 $382,403,688 or 5.2% 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 $382,403,688 or 5.2% 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.

**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 | 159696342 | 2312010739 | 2402543246 | 3657316 | - | - | 69163835 | 69150005 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 98704412 | 598499867 | 553005365 | 631736 | - | - | 144198914 | 144184496 | 0.5% |
| Total | 258400754 | 2910510606 | 2955548611 | 4289052 | - | - | 213362749 |  |  |

---

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 | 821905376 | 145263632 | 676641744 | - |
| Consumer Discretionary | 978454763 | 544376969 | 434077794 | - |
| Consumer Staples | 394516871 | 394516871 | - | - |
| Energy | 238763628 | 238763621 | - | 7 |
| Financials | 1808928639 | 1292786634 | 516141973 | 32 |
| Health Care | 342475292 | 342475292 | - | - |
| Industrials | 767022161 | 252499659 | 514522502 | - |
| Information Technology | 1174551642 | - | 1174551642 | - |
| Materials | 714268230 | 515281133 | 198987097 | - |
|  **Money Market Funds** | 213362749 | 213362749 | - | - |
| **Total Investments in Securities:** | 7454249351 | 3939326560 | 3514922752 | 39 |

---

**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 $148,958,062) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,498,641,553) | $7240886602 |  |
| Fidelity Central Funds (cost $213,362,749) | 213362749 |  |
| Total Investment in Securities (cost $6,712,004,302) |  | $7454249351 |
| Foreign currency held at value (cost $6,289) |  | 77132 |
| Receivable for investments sold |  | 14535 |
| Receivable for fund shares sold |  | 6561737 |
| Dividends receivable |  | 12909049 |
| Interest receivable |  | 1094 |
| Distributions receivable from Fidelity Central Funds |  | 640528 |
| Prepaid expenses |  | 1444 |
| Other receivables |  | 3123547 |
| **Total assets** |  | 7477578417 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7520237 |  |
| Payable for fund shares redeemed | 21815567 |  |
| Accrued management fee | 5064322 |  |
| Distribution and service plan fees payable | 58482 |  |
| Other payables and accrued expenses | 7237026 |  |
| Collateral on securities loaned | 144198914 |  |
| **Total liabilities** |  | 185894548 |
| **Net Assets**  |  | $7291683869 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6980153025 |
| Total accumulated earnings (loss) |  | 311530844 |
| **Net Assets** |  | $7291683869 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($155,557,854 ÷ 4,846,823 shares)(a) |  | $32.09 |
| Maximum offering price per share (100/94.25 of $32.09) |  | $34.05 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($31,098,985 ÷ 982,373 shares)(a) |  | $31.66 |
| Maximum offering price per share (100/96.50 of $31.66) |  | $32.81 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($16,501,743 ÷ 553,790 shares)(a) |  | $29.80 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,310,018,834 ÷ 133,944,890 shares) |  | $32.18 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,778,506,453 ÷ 86,551,988 shares) |  | $32.10 |
| *(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  |  | $74406833 |
| Income from Fidelity Central Funds (including $631,736 from security lending)  |  | 4289052 |
| Income before foreign taxes withheld |  | $78695885 |
| Less foreign taxes withheld |  | (7013276) |
| **Total income** |  | 71682609 |
| **Expenses** |  |  |
| Management fee | $27082261 |  |
| Distribution and service plan fees | 371484 |  |
| Custodian fees and expenses | 696684 |  |
| Independent trustees' fees and expenses | 12965 |  |
| Registration fees | 336630 |  |
| Audit fees | 56003 |  |
| Legal | 4982 |  |
| Interest | 54076 |  |
| Miscellaneous | 64068 |  |
| Total expenses before reductions | 28679153 |  |
| Expense reductions | (458) |  |
| Total expenses after reductions |  | 28678695 |
| **Net Investment income (loss)** |  | 43003914 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $4,704,100)  | (178403251) |  |
| Foreign currency transactions | (1231083) |  |
| Total net realized gain (loss) |  | (179634334) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $5,624,577)  | 103461070 |  |
| Assets and liabilities in foreign currencies | 339785 |  |
| Total change in net unrealized appreciation (depreciation) |  | 103800855 |
| **Net gain (loss)** |  | (75833479) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(32829565) |

---

---

| | | |
|:---|:---|:---|
| **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) | $43003914 | $73483711 |
| &nbsp;&nbsp;Net realized gain (loss) | (179634334)<br>| 33833603<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 103800855 | 950874743<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (32829565)<br>| 1058192057<br>|
| Distributions to shareholders | (70243035)<br>| (63079567)<br>|
| Share transactions - net increase (decrease) | 1606725316<br>| 1094846532<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1503652716<br>| 2089959022<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5788031153 | 3698072131<br>|
| &nbsp;&nbsp;End of period | $7291683869 | $5788031153 |

---

**Financial Highlights** 

**Fidelity Advisor® Focused Emerging Markets 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  | $32.37 | $25.58 | $22.89 | $36.01 | $30.73 | $26.18 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .40  | .47 C | .59  | .31  | .15  |
| Net realized and unrealized gain (loss)  | (.22)  | 6.75  | 2.42  | (12.07)  | 5.64  | 4.48  |
| Total from investment operations  | (.05)  | 7.15  | 2.89  | (11.48)  | 5.95  | 4.63  |
| Distributions from net investment income  | (.23)  | (.36)  | (.20)  | (.52)  | (.05)  | (.08)  |
| Distributions from net realized gain  | -  | -  | -  | (1.12)  | (.62)  | -  |
| Total distributions  | (.23)  | (.36)  | (.20)  | (1.64)  | (.67)  | (.08)  |
| Net asset value, end of period  | $32.09 | $32.37 | $25.58 | $22.89 | $36.01 | $30.73 |
| **Total Return** D,E,F | (.15)% <br>| 28.20%  | 12.59%  | (33.30)%  | 19.43%  | 17.71%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.18% I | 1.20%  | 1.33%  | 1.34%  | 1.32%  | 1.39%  |
| Expenses net of fee waivers, if any  | 1.18% I<br>| 1.20%  | 1.33%  | 1.34%  | 1.32%  | 1.39%  |
| Expenses net of all reductions, if any  | 1.18% I | 1.20%  | 1.33%  | 1.34%  | 1.32%  | 1.36%  |
| Net investment income (loss)  | 1.06% I | 1.34%  | 1.72% C | 1.99%  | .83%  | .54%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $155558 | $155871 | $130156 | $117404 | $191955 | $150749 |
| Portfolio turnover rate J | 61% I,K<br>| 46%  | 33%  | 63%  | 51%  | 66%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.37%.*

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

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

F*Total returns do not include the effect of the sales charges.*

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Focused Emerging Markets Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.98 | $25.26 | $22.60 | $35.56 | $30.36 | $25.86 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .32  | .39 C | .50  | .20  | .07  |
| Net realized and unrealized gain (loss)  | (.21)  | 6.68  | 2.40  | (11.94)  | 5.58  | 4.43  |
| Total from investment operations  | (.08)  | 7.00  | 2.79  | (11.44)  | 5.78  | 4.50  |
| Distributions from net investment income  | (.24)  | (.28)  | (.13)  | (.41)  | -  | -  |
| Distributions from net realized gain  | -  | -  | -  | (1.12)  | (.58)  | -  |
| Total distributions  | (.24)  | (.28)  | (.13)  | (1.52) D | (.58)  | -  |
| Net asset value, end of period  | $31.66 | $31.98 | $25.26 | $22.60 | $35.56 | $30.36 |
| **Total Return** E,F,G | (.26)% <br>| 27.90%  | 12.30%  | (33.50)%  | 19.10%  | 17.40%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.43% J | 1.44%  | 1.60%  | 1.62%  | 1.61%  | 1.68%  |
| Expenses net of fee waivers, if any  | 1.43% J<br>| 1.43%  | 1.60%  | 1.62%  | 1.60%  | 1.67%  |
| Expenses net of all reductions, if any  | 1.43% J | 1.43%  | 1.59%  | 1.62%  | 1.60%  | 1.64%  |
| Net investment income (loss)  | .80% J | 1.10%  | 1.45% C | 1.71%  | .55%  | .25%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $31099 | $32971 | $29402 | $28497 | $48494 | $42509 |
| Portfolio turnover rate K | 61% J,L<br>| 46%  | 33%  | 63%  | 51%  | 66%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.10%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

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

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

**Fidelity Advisor® Focused Emerging Markets Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.98 | $23.69 | $21.21 | $33.42 | $28.57 | $24.46 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .17  | .24 C | .33  | .01  | (.06)  |
| Net realized and unrealized gain (loss)  | (.20)  | 6.26  | 2.24  | (11.21)  | 5.27  | 4.17  |
| Total from investment operations  | (.15)  | 6.43  | 2.48  | (10.88)  | 5.28  | 4.11  |
| Distributions from net investment income  | (.03)  | (.14)  | -  | (.21)  | -  | -  |
| Distributions from net realized gain  | -  | -  | -  | (1.12)  | (.43)  | -  |
| Total distributions  | (.03)  | (.14)  | -  | (1.33)  | (.43)  | -  |
| Net asset value, end of period  | $29.80 | $29.98 | $23.69 | $21.21 | $33.42 | $28.57 |
| **Total Return** D,E,F | (.49)% <br>| 27.25%  | 11.69%  | (33.82)%  | 18.52%  | 16.80%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.93% I | 1.93%  | 2.10%  | 2.12%  | 2.11%  | 2.18%  |
| Expenses net of fee waivers, if any  | 1.93% I<br>| 1.93%  | 2.10%  | 2.12%  | 2.11%  | 2.17%  |
| Expenses net of all reductions, if any  | 1.93% I | 1.93%  | 2.10%  | 2.12%  | 2.11%  | 2.14%  |
| Net investment income (loss)  | .30% I | .61%  | .95% C | 1.21%  | .04%  | (.25)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16502 | $19447 | $19041 | $19733 | $37777 | $35268 |
| Portfolio turnover rate J | 61% I,K<br>| 46%  | 33%  | 63%  | 51%  | 66%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .60%.*

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

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

F*Total returns do not include the effect of the contingent deferred sales charge.*

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Focused Emerging Markets Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.55 | $25.75 | $23.06 | $36.27 | $30.94 | $26.34 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .48  | .56 C | .66  | .42  | .24  |
| Net realized and unrealized gain (loss)  | (.21)  | 6.78  | 2.43  | (12.12)  | 5.67  | 4.51  |
| Total from investment operations  | -  | 7.26  | 2.99  | (11.46)  | 6.09  | 4.75  |
| Distributions from net investment income  | (.37)  | (.46)  | (.30)  | (.63)  | (.15)  | (.15)  |
| Distributions from net realized gain  | -  | -  | -  | (1.12)  | (.62)  | -  |
| Total distributions  | (.37)  | (.46)  | (.30)  | (1.75)  | (.76) D | (.15)  |
| Net asset value, end of period  | $32.18 | $32.55 | $25.75 | $23.06 | $36.27 | $30.94 |
| **Total Return** E,F | .01% <br>| 28.53%  | 12.92%  | (33.08)%  | 19.77%  | 18.13%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .93% I | .96%  | 1.02%  | 1.03%  | 1.03%  | 1.06%  |
| Expenses net of fee waivers, if any  | .93% I<br>| .95%  | 1.01%  | 1.03%  | 1.03%  | 1.06%  |
| Expenses net of all reductions, if any  | .93% I | .95%  | 1.01%  | 1.03%  | 1.03%  | 1.03%  |
| Net investment income (loss)  | 1.31% I | 1.58%  | 2.04% C | 2.31%  | 1.13%  | .86%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4310019 | $3373539 | $2063159 | $696741 | $660307 | $312731 |
| Portfolio turnover rate J | 61% I,K<br>| 46%  | 33%  | 63%  | 51%  | 66%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.69%.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Focused Emerging Markets Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.51 | $25.71 | $23.01 | $36.21 | $30.89 | $26.33 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .52  | .59 C | .71  | .47  | .28  |
| Net realized and unrealized gain (loss)  | (.22)  | 6.76  | 2.44  | (12.11)  | 5.66  | 4.50  |
| Total from investment operations  | .01  | 7.28  | 3.03  | (11.40)  | 6.13  | 4.78  |
| Distributions from net investment income  | (.42)  | (.48)  | (.33)  | (.68)  | (.20)  | (.22)  |
| Distributions from net realized gain  | -  | -  | -  | (1.12)  | (.62)  | -  |
| Total distributions  | (.42)  | (.48)  | (.33)  | (1.80)  | (.81) D | (.22)  |
| Net asset value, end of period  | $32.10 | $32.51 | $25.71 | $23.01 | $36.21 | $30.89 |
| **Total Return** E,F | .04% <br>| 28.69%  | 13.10%  | (33.01)%  | 19.94%  | 18.29%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .81% I | .83%  | .89%  | .90%  | .90%  | .94%  |
| Expenses net of fee waivers, if any  | .81% I<br>| .82%  | .88%  | .90%  | .90%  | .93%  |
| Expenses net of all reductions, if any  | .81% I | .82%  | .88%  | .90%  | .90%  | .90%  |
| Net investment income (loss)  | 1.42% I | 1.71%  | 2.16% C | 2.43%  | 1.25%  | .99%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2778506 | $2206202 | $1456314 | $856213 | $1127699 | $542418 |
| Portfolio turnover rate J | 61% I,K<br>| 46%  | 33%  | 63%  | 51%  | 66%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.81%.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

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

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

For the period ended April 30, 2025

**1. Organization.**

Fidelity Advisor Focused Emerging Markets Fund (the Fund) is a fund of Fidelity Advisor Series VIII (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, 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. Effective the close of business on March 31, 2025, new positions in the Fund may no longer be opened with certain exceptions. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1194094784 |
| **Gross unrealized depreciation** | <u>(550971510)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$643123274</u> |
| **Tax Cost** | <u>$6811126077</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 | $(169854699) |
| Long-term | <u>(54156439)</u> |
| **Total capital loss carryforward** | <u>$(224011138)</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 Advisor Focused Emerging Markets Fund** | 3620657664 | 1917602822 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Advisor Focused Emerging Markets Fund** | 677548 | 22000000 |

---

**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** | .98 |
| **Class M** | .98 |
| **Class C** | .98 |
| **Class I** | .95 |
| **Class Z** | .83 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .89 |
| **Class M** | .89 |
| **Class C** | .89 |
| **Class I** | .89 |
| **Class Z** | .77 |

---

**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% | 190884 | 4240 |
| **Class M** | .25% | .25% | 92313 | 1175 |
| **Class C** | .75% | .25% | <u>88287</u> | <u>8870</u> |
|  |  |  | <u>371484</u> | <u>14285</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** | 9479 |
| **Class M** | 758 |
| **Class C**A | <u>116</u> |
|  | <u>10353</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 Advisor Focused Emerging Markets Fund** | 14050 |

---

**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 Advisor Focused Emerging Markets Fund**  | Borrower | 47149889 | 4.59% | 54076 |

---

**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 Advisor Focused Emerging Markets Fund** | 134048741 | 17728440 | (555155) |

---

**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 Advisor Focused Emerging Markets Fund** | 4792 |

---

**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 Advisor Focused Emerging Markets Fund** | 68447 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Focused Emerging Markets Fund** | 10632307 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $458.

**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 Advisor Focused Emerging Markets Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1075878 | $1789296 |
| Class M | 286229 | 312730 |
| Class C | 20142 | 108628 |
| Class I | 38797356 | 36223237 |
| Class Z | <u>30063430</u> | <u>24645676</u> |
| Total  | <u>$70243035</u> | <u>$63079567</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 Advisor Focused Emerging Markets Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 651301 | 1883136 | $20684704 | $53501106 |
| Reinvestment of distributions | 32931 | 64490 | 1049197 | 1745982 |
| Shares redeemed | <u>(652584)</u> | <u>(2220913)</u> | <u>(20649698)</u> | <u>(66776382)</u> |
| Net increase (decrease) | <u>31648</u> | <u>(273287)</u> | <u>$1084203</u> | <u>$(11529294)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 247805 | 55108 | $7979673 | $1622702 |
| Reinvestment of distributions | 8855 | 11291 | 278570 | 302725 |
| Shares redeemed | <u>(305311)</u> | <u>(199270)</u> | <u>(9245504)</u> | <u>(5740822)</u> |
| Net increase (decrease) | <u>(48651)</u> | <u>(132871)</u> | <u>$(987261)</u> | <u>$(3815395)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 34662 | 77449 | $1032464 | $2145140 |
| Reinvestment of distributions | 667 | 4219 | 19780 | 106700 |
| Shares redeemed | <u>(130129)</u> | <u>(236770)</u> | <u>(3849506)</u> | <u>(6482078)</u> |
| Net increase (decrease) | <u>(94800)</u> | <u>(155102)</u> | <u>$(2797262)</u> | <u>$(4230238)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 49829501 | 47240845 | $1623876955 | $1423685697 |
| Reinvestment of distributions | 1070182 | 1180312 | 34160198 | 32052946 |
| Shares redeemed | <u>(20581988)</u> | <u>(24916196)</u> | <u>(652645190)</u> | <u>(732811436)</u> |
| Net increase (decrease) | <u>30317695</u> | <u>23504961</u> | <u>$1005391963</u> | <u>$722927207</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 33671143 | 37027090 | $1067997141 | $1135617648 |
| Reinvestment of distributions | 400949 | 360193 | 12762198 | 9755940 |
| Shares redeemed | <u>(15382724)</u> | <u>(26176147)</u> | <u>(476725666)</u> | <u>(753879336)</u> |
| Net increase (decrease) | <u>18689368</u> | <u>11211136</u> | <u>$604033673</u> | <u>$391494252</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img109472_4.jpg)<br>

1.800638.121 FAEM-SANN-0625

**Fidelity Advisor® Value Leaders Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109465_1.jpg)

![](img109465_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AVLF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Value Leaders Fund](#Sub_Sec_Fund_1266_AVLF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1266_AVLF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AVLF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AVLF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AVLF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AVLF-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 1-877-208-0098 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 Advisor® Value Leaders Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.6%** | &nbsp;&nbsp;**Common Stocks - 96.6%** | &nbsp;&nbsp;**Common Stocks - 96.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.9%  |  |  |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Alimentation Couche-Tard Inc  | 6201 | 323678 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Parex Resources Inc  | 48900 | 393726 |
| Materials - 1.3% |  |  |
| Chemicals - 1.3% |  |  |
| Nutrien Ltd (United States) (a) | 6276 | 358046 |
| TOTAL CANADA |  | 1075450 |
| UNITED KINGDOM - 5.6%  |  |  |
| Health Care - 2.8% |  |  |
| Pharmaceuticals - 2.8% |  |  |
| Astrazeneca PLC ADR  | 10843 | 778419 |
| Utilities - 2.8% |  |  |
| Multi-Utilities - 2.8% |  |  |
| National Grid PLC  | 53493 | 772123 |
| TOTAL UNITED KINGDOM |  | 1550542 |
| UNITED STATES - 87.1%  |  |  |
| Communication Services - 4.1% |  |  |
| Interactive Media & Services - 1.4% |  |  |
| Alphabet Inc Class A  | 2424 | 384931 |
| Media - 2.7% |  |  |
| Comcast Corp Class A  | 21560 | 737352 |
| TOTAL COMMUNICATION SERVICES |  | 1122283 |
| Consumer Discretionary - 4.1% |  |  |
| Diversified Consumer Services - 4.1% |  |  |
| H&R Block Inc  | 18863 | 1138759 |
| Consumer Staples - 9.2% |  |  |
| Beverages - 4.2% |  |  |
| Keurig Dr Pepper Inc  | 33011 | 1141851 |
| Food Products - 2.0% |  |  |
| Mondelez International Inc  | 8055 | 548787 |
| Personal Care Products - 3.0% |  |  |
| Kenvue Inc  | 35450 | 836620 |
| TOTAL CONSUMER STAPLES |  | 2527258 |
| Energy - 9.8% |  |  |
| Oil, Gas & Consumable Fuels - 9.8% |  |  |
| Exxon Mobil Corp  | 12539 | 1324495 |
| Shell PLC ADR  | 21323 | 1374907 |
|  |  | 2699402 |
| Financials - 23.4% |  |  |
| Banks - 13.5% |  |  |
| Bank of America Corp  | 36631 | 1460844 |
| PNC Financial Services Group Inc/The  | 5350 | 859692 |
| US Bancorp  | 10782 | 434946 |
| Wells Fargo & Co  | 13474 | 956789 |
|  |  | 3712271 |
| Financial Services - 2.2% |  |  |
| Berkshire Hathaway Inc Class B (b) | 1152 | 614304 |
| Insurance - 7.7% |  |  |
| Chubb Ltd  | 3404 | 973816 |
| The Travelers Companies, Inc.  | 4297 | 1134967 |
|  |  | 2108783 |
| TOTAL FINANCIALS |  | 6435358 |
| Health Care - 19.5% |  |  |
| Health Care Providers & Services - 18.5% |  |  |
| Centene Corp (b) | 25927 | 1551731 |
| Cigna Group/The  | 6303 | 2143273 |
| UnitedHealth Group Inc  | 3342 | 1375032 |
|  |  | 5070036 |
| Pharmaceuticals - 1.0% |  |  |
| GSK PLC ADR  | 7200 | 286920 |
| TOTAL HEALTH CARE |  | 5356956 |
| Industrials - 10.7% |  |  |
| Building Products - 1.6% |  |  |
| Johnson Controls International plc  | 5100 | 427890 |
| Electrical Equipment - 1.1% |  |  |
| Regal Rexnord Corp  | 3074 | 325352 |
| Ground Transportation - 1.5% |  |  |
| CSX Corp  | 14690 | 412348 |
| Machinery - 3.5% |  |  |
| Deere & Co  | 2051 | 950762 |
| Trading Companies & Distributors - 3.0% |  |  |
| Ferguson Enterprises Inc  | 4902 | 831673 |
| TOTAL INDUSTRIALS |  | 2948025 |
| Information Technology - 3.5% |  |  |
| Software - 3.5% |  |  |
| Gen Digital Inc  | 36736 | 950360 |
| Materials - 1.1% |  |  |
| Construction Materials - 1.1% |  |  |
| CRH PLC  | 3452 | 329390 |
| Utilities - 1.7% |  |  |
| Electric Utilities - 1.7% |  |  |
| PG&E Corp  | 27773 | 458810 |
| TOTAL UNITED STATES |  | 23966601 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $22,460,400) |  | <br> **26592593** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 2.3%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Technology Hardware, Storage & Peripherals - 2.3% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $709,835)<br>| 19052 | **627630** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 233775 | 233822 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 359564 | 359600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $593,422) |  |  | **593422** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $23,763,657)<br>| <br>**27813645** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(280218)** |
| **NET ASSETS - 100.0%** | **27533427** |

---

**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 | 173620 | 5544919 | 5484717 | 15562 | - | - | 233822 | 233775 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 3106228 | 2746628 | 22 | - | - | 359600 | 359564 | 0.0% |
| Total | 173620 | 8651147 | 8231345 | 15584 | - | - | 593422 |  |  |

---

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 | 1122283 | 1122283 | - | - |
| Consumer Discretionary | 1138759 | 1138759 | - | - |
| Consumer Staples | 2850936 | 2850936 | - | - |
| Energy | 3093128 | 3093128 | - | - |
| Financials | 6435358 | 6435358 | - | - |
| Health Care | 6135375 | 6135375 | - | - |
| Industrials | 2948025 | 2948025 | - | - |
| Information Technology | 950360 | 950360 | - | - |
| Materials | 687436 | 687436 | - | - |
| Utilities | 1230933 | 458810 | 772123 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 627630 | - | 627630 | - |
|  **Money Market Funds** | 593422 | 593422 | - | - |
| **Total Investments in Securities:** | 27813645 | 26413892 | 1399753 | - |

---

**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 $353,710) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $23,170,235) | $27220223 |  |
| Fidelity Central Funds (cost $593,422) | 593422 |  |
| Total Investment in Securities (cost $23,763,657) |  | $27813645 |
| Receivable for investments sold |  | 62150 |
| Receivable for fund shares sold |  | 3398 |
| Dividends receivable |  | 31089 |
| Distributions receivable from Fidelity Central Funds |  | 4226 |
| Prepaid expenses |  | 10 |
| Receivable from investment adviser for expense reductions |  | 11872 |
| **Total assets** |  | 27926390 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1451 |  |
| Accrued management fee | 11190 |  |
| Distribution and service plan fees payable | 7356 |  |
| Other payables and accrued expenses | 13366 |  |
| Collateral on securities loaned | 359600 |  |
| **Total liabilities** |  | 392963 |
| **Net Assets**  |  | $27533427 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22369383 |
| Total accumulated earnings (loss) |  | 5164044 |
| **Net Assets** |  | $27533427 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($17,297,957 ÷ 878,257 shares)(a) |  | $19.70 |
| Maximum offering price per share (100/94.25 of $19.70) |  | $20.90 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($4,957,159 ÷ 250,141 shares)(a) |  | $19.82 |
| Maximum offering price per share (100/96.50 of $19.82) |  | $20.54 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,843,365 ÷ 96,977 shares)(a) |  | $19.01 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,434,946 ÷ 172,945 shares) |  | $19.86 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $342772 |
| Income from Fidelity Central Funds (including $22 from security lending)  |  | 15584 |
| **Total income** |  | 358356 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $107185 |  |
| Performance adjustment | (24079) |  |
| Distribution and service plan fees | 47576 |  |
| Custodian fees and expenses | 1850 |  |
| Independent trustees' fees and expenses | 69 |  |
| Registration fees | 34141 |  |
| Audit fees | 29029 |  |
| Legal | 9741 |  |
| Miscellaneous | 3124 |  |
| Total expenses before reductions | 208636 |  |
| Expense reductions | (24117) |  |
| Total expenses after reductions |  | 184519 |
| **Net Investment income (loss)** |  | 173837 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1102427 |  |
| Foreign currency transactions | 1997 |  |
| Total net realized gain (loss) |  | 1104424 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2795914) |  |
| Assets and liabilities in foreign currencies | 688 |  |
| Total change in net unrealized appreciation (depreciation) |  | (2795226) |
| **Net gain (loss)** |  | (1690802) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(1516965) |

---

---

| | | |
|:---|:---|:---|
| **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) | $173837 | $386055 |
| &nbsp;&nbsp;Net realized gain (loss) | 1104424<br>| 2807808<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (2795226) | 2406005<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1516965)<br>| 5599868<br>|
| Distributions to shareholders | (3158241)<br>| (1690795)<br>|
| Share transactions - net increase (decrease) | (243199)<br>| (3182801)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (4918405)<br>| 726272<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 32451832 | 31725560<br>|
| &nbsp;&nbsp;End of period | $27533427 | $32451832 |

---

**Financial Highlights** 

**Fidelity Advisor® Value Leaders 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  | $23.00 | $20.54 | $20.97 | $22.22 | $15.67 | $18.62 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .26  | .23  | .17  | .17  | .15  |
| Net realized and unrealized gain (loss)  | (1.15)  | 3.33  | (.26)  | .18  | 6.49  | (2.81)  |
| Total from investment operations  | (1.02)  | 3.59  | (.03)  | .35  | 6.66  | (2.66)  |
| Distributions from net investment income  | (.30)  | (.29)  | (.13)  | (.15)  | (.11)  | (.20)  |
| Distributions from net realized gain  | (1.98)  | (.84)  | (.27)  | (1.45)  | -  | (.09)  |
| Total distributions  | (2.28)  | (1.13)  | (.40)  | (1.60)  | (.11)  | (.29)  |
| Net asset value, end of period  | $19.70 | $23.00 | $20.54 | $20.97 | $22.22 | $15.67 |
| **Total Return** C,D,E | (4.86)% <br>| 18.13%  | (.21)%  | 1.92%  | 42.68%  | (14.57)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.31% H | 1.38%  | 1.41%  | 1.29%  | 1.27%  | 1.35%  |
| Expenses net of fee waivers, if any  | 1.15% H<br>| 1.15%  | 1.14%  | 1.15%  | 1.15%  | 1.25%  |
| Expenses net of all reductions, if any  | 1.15% H | 1.14%  | 1.14%  | 1.15%  | 1.15%  | 1.24%  |
| Net investment income (loss)  | 1.22% H | 1.19%  | 1.11%  | .83%  | .83%  | .91%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17298 | $20390 | $18484 | $20328 | $16513 | $10954 |
| Portfolio turnover rate I | 56% H<br>| 32%  | 40%  | 39%  | 51%  | 144%  |

---

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® Value Leaders 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  | $23.10 | $20.62 | $21.05 | $22.30 | $15.72 | $18.68 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .21  | .18  | .12  | .12  | .11  |
| Net realized and unrealized gain (loss)  | (1.15)  | 3.34  | (.26)  | .17  | 6.52  | (2.83)  |
| Total from investment operations  | (1.05)  | 3.55  | (.08)  | .29  | 6.64  | (2.72)  |
| Distributions from net investment income  | (.25)  | (.23)  | (.08)  | (.09)  | (.06)  | (.15)  |
| Distributions from net realized gain  | (1.98)  | (.84)  | (.27)  | (1.45)  | -  | (.09)  |
| Total distributions  | (2.23)  | (1.07)  | (.35)  | (1.54)  | (.06)  | (.24)  |
| Net asset value, end of period  | $19.82 | $23.10 | $20.62 | $21.05 | $22.30 | $15.72 |
| **Total Return** C,D,E | (4.99)% <br>| 17.83%  | (.43)%  | 1.63%  | 42.32%  | (14.79)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.56% H | 1.62%  | 1.65%  | 1.55%  | 1.54%  | 1.64%  |
| Expenses net of fee waivers, if any  | 1.39% H<br>| 1.40%  | 1.40%  | 1.40%  | 1.41%  | 1.50%  |
| Expenses net of all reductions, if any  | 1.39% H | 1.39%  | 1.39%  | 1.40%  | 1.41%  | 1.49%  |
| Net investment income (loss)  | .98% H | .94%  | .86%  | .57%  | .57%  | .66%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4957 | $5610 | $5376 | $5569 | $5275 | $3821 |
| Portfolio turnover rate I | 56% H<br>| 32%  | 40%  | 39%  | 51%  | 144%  |

---

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® Value Leaders 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  | $22.17 | $19.81 | $20.29 | $21.49 | $15.18 | $17.99 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .09  | .07  | .02  | .01  | .03  |
| Net realized and unrealized gain (loss)  | (1.11)  | 3.22  | (.26)  | .18  | 6.30  | (2.75)  |
| Total from investment operations  | (1.06)  | 3.31  | (.19)  | .20  | 6.31  | (2.72)  |
| Distributions from net investment income  | (.12)  | (.12)  | (.02)  | -  | -  | -  |
| Distributions from net realized gain  | (1.98)  | (.84)  | (.27)  | (1.40)  | -  | (.09)  |
| Total distributions  | (2.10)  | (.95) C | (.29)  | (1.40)  | -  | (.09)  |
| Net asset value, end of period  | $19.01 | $22.17 | $19.81 | $20.29 | $21.49 | $15.18 |
| **Total Return** D,E,F | (5.22)% <br>| 17.27%  | (.99)%  | 1.19%  | 41.57%  | (15.22)%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 2.06% I | 2.14%  | 2.21%  | 2.10%  | 2.09%  | 2.18%  |
| Expenses net of fee waivers, if any  | 1.90% I<br>| 1.90%  | 1.90%  | 1.90%  | 1.93%  | 2.00%  |
| Expenses net of all reductions, if any  | 1.90% I | 1.89%  | 1.90%  | 1.89%  | 1.93%  | 1.99%  |
| Net investment income (loss)  | .47% I | .44%  | .36%  | .08%  | .05%  | .16%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1843 | $2300 | $2469 | $2847 | $1875 | $1763 |
| Portfolio turnover rate J | 56% I<br>| 32%  | 40%  | 39%  | 51%  | 144%  |

---

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

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

C*Total distributions per share do not sum due to rounding.*

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

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

F*Total returns do not include the effect of the contingent deferred sales charge.*

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

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

I*Annualized.*

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

**Fidelity Advisor® Value Leaders 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  | $23.18 | $20.70 | $21.12 | $22.39 | $15.80 | $18.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .32  | .29  | .22  | .23  | .20  |
| Net realized and unrealized gain (loss)  | (1.15)  | 3.34  | (.27)  | .18  | 6.54  | (2.82)  |
| Total from investment operations  | (1.00)  | 3.66  | .02  | .40  | 6.77  | (2.62)  |
| Distributions from net investment income  | (.34)  | (.35)  | (.17)  | (.22)  | (.18)  | (.27)  |
| Distributions from net realized gain  | (1.98)  | (.84)  | (.27)  | (1.45)  | -  | (.09)  |
| Total distributions  | (2.32)  | (1.18) C | (.44)  | (1.67)  | (.18)  | (.36)  |
| Net asset value, end of period  | $19.86 | $23.18 | $20.70 | $21.12 | $22.39 | $15.80 |
| **Total Return** D,E | (4.76)% <br>| 18.40%  | .05%  | 2.16%  | 43.08%  | (14.31)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.00% H | 1.07%  | 1.08%  | .94%  | .94%  | .99%  |
| Expenses net of fee waivers, if any  | .89% H<br>| .90%  | .90%  | .89%  | .87%  | .99%  |
| Expenses net of all reductions, if any  | .89% H | .89%  | .90%  | .89%  | .87%  | .98%  |
| Net investment income (loss)  | 1.47% H | 1.44%  | 1.36%  | 1.08%  | 1.11%  | 1.17%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3435 | $4152 | $5397 | $9872 | $3041 | $1898 |
| Portfolio turnover rate I | 56% H<br>| 32%  | 40%  | 39%  | 51%  | 144%  |

---

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

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

C*Total distributions per share do not sum due to rounding.*

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

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

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

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

H*Annualized.*

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

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

For the period ended April 30, 2025

**1. Organization.**

Fidelity Advisor Value Leaders Fund (the Fund) is a fund of Fidelity Advisor Series VIII (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 and Class I shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions 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** | $5474968 |
| **Gross unrealized depreciation** | <u>(1487066)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3987902</u> |
| **Tax cost** | <u>$23825743</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 Advisor Value Leaders Fund** | 8364991 | 11587421 |

---

**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** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Class I** | .66 |

---

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** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Class I** | .66 |

---

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 Advisor Value Leaders Fund** | Russell 1000 Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. 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 (.16)%.

**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% | 24149 | 620 |
| **Class M** | .25% | .25% | 12920 | 108 |
| **Class C** | .75% | .25% | <u>10507</u> | <u>921</u> |
|  |  |  | <u>47576</u> | <u>1649</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** | 976 |
| **Class M** | 144 |
| **Class C**A | <u>84</u> |
|  | <u>1204</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Value Leaders Fund** | 153 |

---

**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 Advisor Value Leaders Fund** | 60219 | 495591 | 81276 |

---

**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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Value Leaders Fund** | 24 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Value Leaders Fund** | 2 | - | - |

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**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** | 1.15% | 6480 |
| **Class M** | 1.40% | 1792 |
| **Class C** | 1.90% | 679 |
| **Class I** | .90% | <u>236</u> |
|  |  | <u>9187</u> |

---

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14,930.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Value Leaders Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2002897 | $996266 |
| Class M | 537279 | 278249 |
| Class C | 208491 | 116715 |
| Class I | <u>409574</u> | <u>299565</u> |
| Total  | <u>$3158241</u> | <u>$1690795</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 Advisor Value Leaders Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 20517 | 104532 | $421771 | $2300788 |
| Reinvestment of distributions | 95180 | 47737 | 1961663 | 979093 |
| Shares redeemed | <u>(123965)</u> | <u>(165731)</u> | <u>(2511323)</u> | <u>(3672368)</u> |
| Net increase (decrease) | <u>(8268)</u> | <u>(13462)</u> | <u>$(127889)</u> | <u>$(392487)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 19108 | 24106 | $378345 | $545486 |
| Reinvestment of distributions | 25775 | 13265 | 535097 | 273788 |
| Shares redeemed | <u>(37628)</u> | <u>(55253)</u> | <u>(769583)</u> | <u>(1235122)</u> |
| Net increase (decrease) | <u>7255</u> | <u>(17882)</u> | <u>$143859</u> | <u>$(415848)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 4890 | 14503 | $96889 | $307709 |
| Reinvestment of distributions | 10451 | 5865 | 208491 | 116715 |
| Shares redeemed | <u>(22119)</u> | <u>(41219)</u> | <u>(444353)</u> | <u>(872635)</u> |
| Net increase (decrease) | <u>(6778)</u> | <u>(20851)</u> | <u>$(138973)</u> | <u>$(448211)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 11598 | 27338 | $247629 | $626350 |
| Reinvestment of distributions | 18411 | 14510 | 382393 | 299341 |
| Shares redeemed | <u>(36165)</u> | <u>(123521)</u> | <u>(750218)</u> | <u>(2851946)</u> |
| Net increase (decrease) | <u>(6156)</u> | <u>(81673)</u> | <u>$(120196)</u> | <u>$(1926255)</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

**13. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Blue Chip Value Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Blue Chip Value Fund equal in value to the net assets of the Fund on the day the reorganization is effective.

A meeting of shareholders of the Fund is expected to be held during the third quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during September 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**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.

![](img109465_4.jpg)<br>

1.800656.121 AVLF-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 Advisor Series VIII'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 Advisor Series VIII'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 Advisor Series VIII

---

| | |
|:---|:---|
| 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 Advisor Series VIII;

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 Advisor Series VIII;

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 Advisor Series VIII (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>