Fidelity International Discovery Fund

[Pages:10]PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

Fidelity? International Discovery Fund

Key Takeaways

? For the semiannual reporting period ending April 30, 2023, the fund's

Retail Class shares gained 16.90%, notably lagging the 24.34% advance of the benchmark, the MSCI EAFE Index.

? Portfolio Manager Bill Kennedy believes his bias for high-quality,

durable companies with above-average revenue- and earnings-growth prospects, as well as a reasonable valuation, detracted from the performance versus the benchmark the past six months.

? More specifically, he says not having much exposure to low-quality

and economically sensitive stocks, which saw some of the biggest gains this period, hurt. He adds that overweighting some benchmark components that were sizable laggards also detracted.

? Security selection in the health care and energy sectors notably

hampered the portfolio's relative result, with added pressure from picks among financials and consumer staples stocks.

? Geographically, investment choices in Europe ex U.K and non-

benchmark exposure to emerging markets were additional performance headwinds.

? An average overweight in Norway-based exploration & production

company Equinor was the fund's biggest individual detractor. A largerthan-benchmark position in Japanese medical equipment firm Olympus and untimely trading in Swiss pharmaceutical giant Roche Holding also hurt relative performance.

? Conversely, an underweight in Australia and positioning in Japan

modestly contributed to the fund's result versus the benchmark. Overweighting luxury goods company LVMH Mo?t Hennessy Louis Vuitton in France and avoiding benchmark component Toyota Motor in Japan were the top individual relative contributors.

? As of April 30, Bill believes many companies are better positioned

than before the pandemic, attractively valued relative to history, and poised to benefit from less inflation and better economic viability in China and Europe.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

MARKET RECAP

International equities gained 20.77% for the six months ending April 30, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as asset prices around the world experienced a near-synchronous upturn after a challenging period the prior six months, including record-high inflation, which prompted the U.S. Federal Reserve and other central banks to aggressively raise interest rates and tighten monetary policy. The past six months, however, optimism about inflation and policy easing in some markets, lower global commodity prices and easing of global supply-chain snarls allowed riskier assets to rally. Reflecting these improved market dynamics, the index rose 11.81% in November and 20.00% in the first half of the six-month period. In the second half, the index gained 0.64% amid growing concerns about the health of the global economy, given the failure of two U.S. regional banks in March. Against this backdrop, all regions in the index gained for the six months. Europe ex U.K. (+30%) led by a wide margin, followed by the United Kingdom (+23%), Japan, emerging markets and Asia Pacific ex Japan (+17% each). Conversely, Canada (+9%) was the weakest-performing region. By sector, 10 of 11 groups posted a double-digit gain for the period. Consumer discretionary (+29%) was the top performer, followed by communication services (28%), industrials (+24%) and information technology (+23%). In contrast, energy (+9%) lagged amid declining prices for crude oil and natural gas.

PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

Q&A

William Kennedy Portfolio Manager

Fund Facts

Trading Symbol: Start Date: Size (in millions):

FIGRX December 31, 1986 $8,004.03

Investment Approach

? Fidelity? International Discovery Fund is a diversified international equity strategy that seeks capital growth by investing primarily in non-U.S. stocks.

? We manage the fund with a long-term view, focusing on high-quality companies with above-average growth prospects that are trading at reasonable prices.

? Layered into this investment framework is a desire to own businesses that have stable and high returns on capital, durable competitive positions, consistent profitability, solid free-cash-flow generation, good balance sheets and management teams whose interests are aligned with those of shareholders.

? We strive to uncover these companies through in-depth fundamental, technical and quantitative analysis, working in concert with Fidelity's global research team, with the goal of producing above-index performance over a full market cycle.

An interview with Portfolio Manager William Kennedy

Q: Bill, how did the fund perform for the six months ending April 30, 2023

The fund's Retail Class shares gained 16.90%, notably lagging the 24.34% gain of the benchmark, the MSCI EAFE Index. The fund trailed the peer group average by a smaller margin.

Looking slightly longer term, the fund gained 1.19% for the past 12 months, meaningfully trailing the 8.66% advance of the benchmark and underperforming the peer group average by roughly three percentage points.

Q: What factors drove the sizable gain of the MSCI EAFE Index the past six months

Heading into this period, investors were pretty pessimistic, given expectations that energy supply shortages ? along with high oil and gas prices ? would likely push Europe into a recession. However, demand-suppression strategies and the switch to alternative fuel sources, most notably in Germany, plus a warmer-than-expected winter, actually led to a dramatic decline in natural gas prices. Plus, inflation in the region started to come down, fueling hope that the biggest interest rate hikes were in the past. As the likelihood of a dire recession dissipated, investors breathed a huge sigh of relief and international equity markets rallied.

Within the MSCI EAFE Index, economically sensitive (or cyclical) and low-quality stocks saw the biggest bounce, as visibility into their earnings outlook improved dramatically. Of the 11 sectors in the benchmark, three ? consumer discretionary, utilities and industrials ? outpaced the index as a whole. Another four ? consumer staples, financials, information technology and materials ? performed about in line. By geography, Europe ex U.K., which represents about 50% of the index, stood out.

Q: Why did the fund lag the benchmark

I favor high-quality companies with durable revenue- and earnings-growth prospects, as well as a reasonable valuation. As a result, the fund didn't have much exposure to cyclical and low-quality stocks, which were the big winners in the rally the past six months. Although high-quality stocks rose, they were largely left behind. As a result, my quality bias meaningfully hampered relative performance this period,

2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

especially in continental Europe, which represented about 43% of the fund's assets, on average, and was its single largest geographic concentration. In addition, the fund had non-benchmark exposure to emerging markets, which only had a modest gain, largely because the economic reopening in China has been slower than anticipated.

Q: Which sectors and stocks were the biggest detractors this period

By sector, stock picks in health care and energy notably hampered the portfolio's relative result, with added pressure from picks among financials and consumer staples stocks.

One of the biggest individual detractors was an overweight stake in Japan-based medical device manufacturer Olympus. The stock returned -17% this period, declining after the U.S. Food and Drug Administration issued a warning letter regarding quality failings for the company's endoscopes. I decreased the fund's exposure to the stock prior to April 30.

The untimely sale of Switzerland-based pharmaceuticals giant Roche Holding (-10%) also hurt relative performance. I view Roche as a high-quality business with a decent pipeline of new products, in addition to good long-term revenue and earnings-growth prospects. However, the stock slid because investors favored companies with higher earnings-growth prospects. I eliminated Roche from the portfolio in favor of health-care companies that I thought had a better earnings growth-outlook.

Q: What was the story in energy

Versus the benchmark, an average overweight in Norwaybased Equinor (-23%) and a non-benchmark stake in Canadian Natural Resources (+2%) notably detracted. Both exploration & production stocks fit my criteria for earnings growth at a reasonable price at the time of purchase and had rallied sharply when oil and gas prices were rising in the first half of 2022. That said, each came under pressure this period amid declining commodity prices. As a result, I parted ways with Equinor in the portfolio before period end and reduced our stake in Canadian Natural Resources.

Non-benchmark exposure to India-based conglomerate Reliance Industries (-7%), also within the energy sector, proved detrimental. The stock fell because overcapacity issues in the petrochemicals industry pressured that business, prompting me to sell the position from the fund before April 30. The fund ended the period with a reduced stake in energy stocks, which was an underweight and less than 2% of assets.

Q: Which investment choices helped

A sizable underweight in Asia Pacific ex Japan, Australia in particular, aided the fund's result performance this period. Stock picks and underweight exposure to Japan also helped.

In terms of individual contributors, the most notable was an overweight in French luxury goods company LVMH Mo?t Hennessy Louis Vuitton, our No. 1 holding on April 30. The stock rose 54% this period, as good execution by management led to positive earnings growth. I view LMVH as a high-quality, well-managed company with durable earnings-growth prospects, given its brand power, worldwide footprint, and loyal customer base.

The portfolio also benefited from avoiding Japan-based auto manufacturer Toyota Motor. Shares of the firm were largely flat in a rising market, held back by a lack of offerings in the critical next-generation electric vehicles market. We didn't own Toyota because I didn't think it had durable earningsgrowth prospects, given this hole in its lineup.

An outsized position in Japan-based Renesas Electronics ? formed in 2002 from the merging of semiconductor businesses owned by Hitachi, Mitsubishi and NEC ? boosted the fund's relative result. Renesas makes semiconductor chips used in autos, industrial products and mobile phones. At the time of purchase, I viewed it as a company with good earnings-growth prospects that was priced for slow earnings growth due to its amalgamated history. The stock gained 55% this period, buoyed by strong demand for semiconductors especially in the auto industry.

Lastly, BE Semiconductor (+48%) in the Netherlands, a new addition to the portfolio this period, rallied amid growing appreciation for the innovative hybrid bonding technology the firm pioneered to make semiconductor "chips."

Q: What changes did you make

I added to the fund's growth exposure, especially in the first quarter of 2023. I mostly bought shares of companies that I had been watching and whose revenue- and earningsgrowth prospects I expected to improve, in conjunction with their valuation. Many of these stocks looked cheap by late 2022 and early 2023. In terms of sectors, I added to the financials, consumer discretionary and information technology sectors, whereas I cut back on our weights in energy, health care and consumer staples.

Q: What's your outlook, Bill

As of April 30, I'm encouraged. We're seeing inflation ease and interest rate hikes slow. Plus, expectations among investors are that the global economy won't go into a deep recession. Given this backdrop, we could see more earnings visibility, which is good for stock picking. I'm especially optimistic about prospects for growth stocks, particularly those the fund owns. I believe many international growth companies are better positioned than they were before COVID-19, with greater market share, a higher competitive moat and a cheaper valuation.

3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

Portfolio Manager Bill Kennedy on his optimistic view of stocks in India:

"As of April 30, roughly half the fund's nonbenchmark exposure to emerging markets is in India, a country I've been visiting and investing in for roughly 30 years. I believe India has a lot of structural drivers working to its advantage.

"To start, India has favorable demographics, recently overtaking China as the most populous country on the planet. Moreover, the population in India is very young, and its workforce is rapidly expanding. More people moving into the workforce drives good income growth, which means money to spend on houses, autos and financial services products, all of which can help fuel economic growth. Moreover, the nation has one of the highest savings rates of any emerging market economy, with little debt on consumer balance sheets. That savings can be channeled into investments.

"I've been impressed by the highly talented and knowledgeable management teams I've met in India. For years, capital there has been scarce, forcing management to get the most out of existing assets. As a result, India-based companies often have a better balance sheet and higher return on equity (a measure of profitability) than many of their emerging-markets peers.

"Plus, India's government is pro-business. Prime Minister Modi wants to create a manufacturing sector and ensure the average Indian citizen has a better economic life. He has clamped down on corruption and simplified the tax system. Moreover, India is a democracy that has been politically neutral. As geopolitical risk rises in other emerging markets, I expect more foreign investors will shift assets to India.

"On April 30, our top holdings in India are mortgage lender Housing Development Finance Corporation and its subsidiary HDFC Bank. I believe each of these financial services firms has a big market opportunity, especially given that loans as a percentage of gross domestic product are very low in India. Both also have a history of great business execution and solid brand recognition."

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

LVMH Moet Hennessy Consumer

Louis Vuitton SE

Discretionary

Toyota Motor Corp.

Consumer Discretionary

Renesas Electronics Corp.

Information Technology

BE Semiconductor Industries NV

Information Technology

Commonwealth Bank of Australia

Financials

* 1 basis point = 0.01%.

Average Relative Relative Contribution Weight (basis points)*

1.77%

43

-1.01%

27

0.88%

24

0.51%

22

-0.80%

21

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Equinor ASA

Energy

Olympus Corp.

Health Care

Roche Holding AG (participation certificate)

Health Care

Canadian Natural Resources Ltd.

Energy

Reliance Industries Ltd.

Energy

* 1 basis point = 0.01%.

Average Relative Relative Contribution Weight (basis points)*

1.23%

-102

0.95%

-48

-0.04%

-47

1.29%

-43

0.97%

-41

4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

ASSET ALLOCATION

Asset Class

Portfolio Weight Index Weight

Relative Weight

Relative Change From Six Months

Ago

International Equities

94.18%

100.00%

-5.82%

0.48%

Developed Markets

80.72%

100.00%

-19.28%

-2.96%

Emerging Markets

13.46%

0.00%

13.46%

3.44%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Domestic Equities

2.44%

0.00%

2.44%

1.61%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets

3.38%

0.00%

3.38%

-2.09%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Financials Consumer Discretionary Information Technology Industrials Health Care Consumer Staples Materials Communication Services Energy Real Estate Utilities Other

Portfolio Weight 22.62% 15.94% 14.89% 13.16% 12.46% 6.49% 5.52% 2.74% 1.46% 1.35% 0.00% 0.00%

Index Weight 18.27% 12.15% 7.39% 15.62% 13.52% 10.65% 7.40% 4.50% 4.59% 2.41% 3.50% 0.00%

Relative Weight 4.35% 3.79% 7.50% -2.46% -1.06% -4.16% -1.88% -1.76% -3.13% -1.06% -3.50% 0.00%

Relative Change From Six Months

Ago 5.34% 5.59% 1.29% -0.99% -3.67% -1.81% 0.24% 1.48% -4.63% 0.06% -0.82% 0.00%

5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

COUNTRY DIVERSIFICATION

Country Japan France United Kingdom India Germany Netherlands Switzerland China Ireland Sweden Denmark Canada United States Italy Taiwan Belgium Australia Hong Kong Spain Singapore Korea (South) Other Countries Cash & Net Other Assets

Portfolio Weight 17.05% 13.78% 11.80% 6.06% 5.83% 5.27% 4.03% 3.70% 3.10% 3.00% 2.84% 2.55% 2.44% 2.22% 2.08% 1.96% 1.88% 1.63% 1.23% 1.20% 1.01% 1.98% 3.36%

Index Weight 21.07% 12.76% 15.12% -8.71% 4.39% 10.26% -0.78% 3.40% 3.11% --2.50% -1.00% 7.30% 2.68% 2.59% 1.45% -N/A 0.00%

Relative Weight -4.02% 1.02% -3.32% 6.06% -2.88% 0.88% -6.23% 3.70% 2.32% -0.40% -0.27% 2.55% 2.44% -0.28% 2.08% 0.96% -5.42% -1.05% -1.36% -0.25% 1.01% N/A 3.36%

Relative Change From Six Months

Ago -0.10% 1.78% 0.78% -1.25% -0.59% 0.23% -4.38% 3.70% 1.21% 0.42% 1.05% -1.89% 2.44% -0.28% 1.02% 0.32% -0.20% -0.35% -0.62% -0.25% 1.01%

N/A -2.05%

6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

10 LARGEST HOLDINGS

Holding

Market Segment

Portfolio Weight

Portfolio Weight Six Months Ago

LVMH Moet Hennessy Louis Vuitton SE

Consumer Discretionary

3.67%

2.81%

AstraZeneca PLC (United Kingdom)

Health Care

2.87%

2.67%

Nestle SA (Reg. S)

Consumer Staples

2.68%

3.92%

ASML Holding NV (Netherlands)

Information Technology

2.30%

1.86%

HDFC Bank Ltd.

Financials

2.05%

2.12%

Novo Nordisk A/S Series B

Health Care

1.91%

--

Taiwan Semiconductor Manufacturing Co. Ltd.

Information Technology

1.80%

0.58%

Housing Development Finance Corp. Ltd.

Financials

1.80%

1.83%

AIA Group Ltd.

Financials

1.63%

1.34%

Compass Group PLC

Consumer Discretionary

1.60%

1.48%

10 Largest Holdings as a % of Net Assets

22.30%

25.26%

Total Number of Holdings

152

151

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

FISCAL PERFORMANCE SUMMARY: Periods ending April 30, 2023

Cumulative

6 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

Fidelity International Discovery Fund Gross Expense Ratio: 0.98%2

16.90%

8.83%

1.19%

8.38%

3.25%

4.96%

MSCI EAFE Index (Net MA)

24.34%

11.65%

8.66%

11.91%

3.85%

4.96%

Morningstar Fund Foreign Large Growth

20.80%

10.94%

4.20%

7.98%

4.15%

5.61%

% Rank in Morningstar Category (1% = Best)

--

--

80%

58%

62%

64%

# of Funds in Morningstar Category

--

--

449

403

350

234

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/31/1986. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional. , or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.

7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2023

Definitions and Important Information

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

FUND RISKS

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.

timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary.

IMPORTANT FUND INFORMATION

Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES

It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

MSCI EAFE Index (Net MA Tax) is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. & Canada. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts (NR).

MSCI ACWI (All Country World Index) ex USA Index is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of large- and mid-cap stocks in developed and emerging markets, excluding the United States.

MARKET-SEGMENT WEIGHTS

Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION

? 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or

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