Fidelity Emerging Markets Fund

QUARTERLY FUND REVIEW | AS OF SEPTEMBER 30, 2023

Fidelity? Emerging Markets Fund

Investment Approach

? Fidelity? Emerging Markets Fund is a diversified emerging-markets equity strategy that seeks capital appreciation.

? Our investment approach is anchored by the philosophy that markets are not wholly efficient, due to investor psychology, market microstructure and asymmetric information, which can lead to mispricings and create opportunities for active management. We also believe that owning companies with strong, stable growth characteristics increases the likelihood of adding value over the long term, and that sound risk management can help enhance returns.

? We strive to exploit these principles through in-depth fundamental analysis, working in concert with Fidelity's global research team. Our disciplined stock selection process focuses on companies with high potential for structural growth, solid free cash flow and consistently high returns ? driven by strong business models and capable, focused management teams.

? Portfolio construction is an important part of our investment process, and we use a proprietary risk-aware approach to help manage position sizing.

PERFORMANCE SUMMARY

Fidelity Emerging Markets Fund Gross Expense Ratio: 0.90%2

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

-4.52% 6.11% 15.62% -2.87% 4.68% 5.06%

MSCI Emerging Markets Net MA Index Morningstar Fund Diversified Emerging Mkts % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

-2.92% -2.96%

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1.84% 3.99%

---

11.74% 13.97%

37% 817

-1.70% -0.35%

69% 718

0.58% 1.45% 12%

652

2.11% 2.09%

3% 391

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/1990. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent 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.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): John Dance

Trading Symbol: FEMKX

Start Date: November 01, 1990

Size (in millions): $7,146.74

Morningstar Category: Fund Diversified Emerging Mkts 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.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Emerging Markets Fund | AS OF SEPTEMBER 30, 2023

Performance Review

For the three months ending September 30, 2023, the fund's Retail Class shares returned -4.52%, trailing the -2.92% result of the benchmark MSCI Emerging Markets (Net MA) Index.

Despite a strong start, the benchmark ended the quarter in negative territory. Concerns that strength in the U.S. economy might keep interest rates higher for longer had a negative impact on investors' risk appetite. Ongoing weakness in the Chinese economy and concerns about the property sector there were additional headwinds.

Against this backdrop, equity markets in Poland (-12%) and Chile (-10%) posted the biggest declines within the benchmark. The latter was hurt by falling lithium prices, a key export for the country. In Poland, political uncertainty ahead of October's parliamentary elections prompted an unexpected interest rate cut that was poorly received by market participants. Taiwan and Korea (-7% each) were also notably weak, reflecting the subpar performance of information technology, the worst-performing sector the past three months. Mexico (-6%) underperformed due to mixed macroeconomic data, while South Africa (-4%) continued to be plagued by its ongoing electricity crisis. Brazil (-3%) was another laggard, even as economic data improved and the central bank cut policy rates.

China (-2%) slightly outperformed the broader benchmark, as indicators continued to point to a lackluster economic recovery while problems in the property sector resurfaced. Limited policy stimulus has been announced to address both issues, but macroeconomic data released towards the end of the quarter was more positive than anticipated. Colombia, Hungary and the Czech Republic each rose 1% and outperformed the broader index, with India (+3%) and the United Arab Emirates (+6%) also posting positive returns. The best results, however, were generated by Egypt (+15%) and Turkey (+33%). In the latter case, two interest rate hikes in the quarter were viewed as a sign the central bank may be becoming more orthodox in its policy approach, which supported investor sentiment.

Versus the benchmark, security selection in financials ? especially banks ? along with the fund's positioning in information technology, notably weighed on performance. Geographically, out-ofbenchmark exposure to Europe ex-U.K. was a notable detractor this past quarter. Within the benchmark, picks in Taiwan, India and Brazil pressured the portfolio relative result most.

In terms of individual holdings, an out-of-benchmark stake in ASML Holding returned -18% the past three months and was among the fund 's largest detractors. In July, the Netherlands-based supplier of lithography systems to the global chipmaking industry reported Q2 financial results that topped expectations, driven by strong demand in China, and raised its revenue forecast for 2023. Nonetheless, the stock slid on concern about management's warning of macroeconomic uncertainty and high inventory for the extremely small chips its equipment helps produce, with the CEO noting that ASML's customers are cautious and waiting for a clear recovery in their markets before placing new orders.

Outsized exposure to Taiwan Semiconductor Manufacturing (-12%) also proved detrimental to relative performance this period. In July, the manufacturer of circuits and other semiconductor devices reported its first quarterly revenue decline in four years, with the firm attributing the slowdown to slumping demand for personal computers and smartphones. Looking ahead, company management cut its revenue forecast for 2023, projecting a roughly 10% decline for the year.

Conversely, favorable investment choices in the consumer discretionary, materials and utilities sectors all contributed modestly to the portfolio's relative return. By country, China and Mexico stood out to the upside. On a stock-specific basis, the leading relative contributor was an overweight in PDD Holdings (+42%). Shares of the firm rose sharply after the China-based e-commerce platform reported better-than-expected financial results for the second quarter. Revenue grew 66% year over year to $7.2 billion, while adjusted net profit grew 42% to $2.1 billion. This bolstered investors' confidence in China's economic recovery, sending the stock higher after its recent slump. Co-CEO Jiazhen Zhao noted a "positive shift in consumer sentiment, leading to a rise in demand across various product sectors."

Elsewhere, a sizable non-benchmark position in U.S.-based Nvidia also helped. Shares of the firm gained 3% in the third quarter, as the chipmaker continued to capitalize on booming interest in languagegenerating artificial intelligence. After years of investment in the development of chips and software for AI, Nvidia dominates the market for advanced graphics chips that are the lifeblood of new generative AI systems, including the viral chatbot ChatGPT. In August, the firm reported quarterly financial results that far exceeded expectations and raised its forecast for Q3. But the stock trended lower in September amid concerns about its high valuation and the long-term strength of the AI boom.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

PDD Holdings, Inc. ADR

Consumer Discretionary

1.92%

70

Larsen & Toubro Ltd.

Industrials

1.15%

26

Kaspi.KZ JSC GDR (Reg. S)

Financials

1.09%

25

NVIDIA Corp.

Information Technology

4.38%

23

Kweichow Moutai Co. Ltd. (A Shares)

Consumer Staples 2.33%

18

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Dino Polska SA

Consumer Staples 1.06%

-33

ASML Holding NV (Netherlands)

Information Technology

1.60%

-27

Taiwan Semiconductor Manufacturing Co. Ltd.

Information Technology

2.21%

-23

AIA Group Ltd.

Financials

1.30%

-23

Localiza Rent a Car SA Industrials

1.37%

-22

* 1 basis point = 0.01%.

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Emerging Markets Fund | AS OF SEPTEMBER 30, 2023

Outlook and Positioning

Although central-bank tightening, inflation and the conflict in Ukraine could remain problematic for equity markets in the short term, a number of stocks in the EM universe have sold off to valuations that seem quite attractive on a three- to five-year view, which is what we concentrate on.

The fund's top country overweight at quarter-end was India. The nation has been through several challenges over the past decade or so, including overbuilding its power grid and then a banking crisis focused on the nation's state-owned lenders. As of September 30, however, it appears to be moving past those problems. Broadly speaking, we see India as roughly equivalent to the China of 20 to 30 years ago, with comparable opportunity. The main hurdle with India's market at present is that many stocks are overvalued, in our view, and corporate governance is often not as robust as we would prefer. Thus, we are being quite selective but still finding many investments that we believe are attractive.

China and South Korea were roughly tied for the portfolio's largest country underweight at quarter-end. We are seeing weakness in a variety of reports on China, including consumer spending, business confidence, and youth unemployment. Notably, the jobless rate for those ages 16 to 24 reached a record 21.3% in June, following which the government announced it would no longer publish the statistic. Moreover, the property market is still mired in its worst downturn on record. Additionally, weakness in other economies is weighing on demand for China's exports.

The portfolio carried a non-benchmark stake of roughly 6% in U.S. stocks at quarter-end, about the same as three months prior. We like the U.S. market for the many firms there that offer significant economic exposure to EM countries, as well as the quality and transparency of operations we look for. We would also highlight notable out-of-benchmark exposure to France and the Netherlands at the end of Q3.

The fund's largest sector overweights were information technology, health care and consumer staples at the end of the period, whereas financials and materials were the two most prominent underweights.

As of September 30, the fund's three largest individual overweights were HDFC Bank, Kweichow Moutai and Bank Central Asia. Meanwhile, the portfolio's three largest out-of-benchmark holdings included Nvidia, ASML Holding and Grupo Aero Centro Norte. In contrast, the portfolio's largest underweights were Petroleo Brasileiro (Petrobras), ICICI Bank Limited and Infosys Limited.

As always, we thank you for your confidence in us, and in Fidelity's investment-management capabilities.

MARKET-SEGMENT DIVERSIFICATION

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

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

25.78% 19.13%

20.22% 22.25%

5.56% -3.12%

-1.42% -0.30%

13.04%

13.71% -0.67%

1.04%

8.67% 7.50% 7.44% 5.81% 5.60% 5.40% 2.01% 0.22% 0.00%

9.56% 6.18% 6.74% 5.25% 3.77% 7.97% 2.61% 1.73% 0.00%

-0.89% 1.32% 0.70% 0.56% 1.83% -2.57% -0.60% -1.51% 0.00%

0.83% 1.11% 0.06% 0.10% -0.74% 0.19% 0.13% 0.06% 0.00%

REGIONAL DIVERSIFICATION

Region Emerging Asia Developed Markets Latin America Middle East Emerging Europe Africa Other Cash & Net Other Assets

Portfolio Weight 65.91% 13.82% 11.08% 6.44% 2.29% 1.18% -0.04%

-0.68%

Index Weight 78.47%

-8.77% 7.28% 2.35% 3.13% 0.00%

Relative Weight

Relative Change From Prior Quarter

-12.56% 0.54%

13.82% -1.51%

2.31%

1.82%

-0.84% -0.08%

-0.06% -0.05%

-1.95%

0.30%

-0.04% -0.04%

0.00% -0.68% -0.98%

3-YEAR RISK/RETURN STATISTICS

Beta Standard Deviation Sharpe Ratio Tracking Error Information Ratio R-Squared

Portfolio 1.07

19.75% -0.24 5.29% -0.22 0.93

Index 1.00 17.90% -0.19

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3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Emerging Markets Fund | AS OF SEPTEMBER 30, 2023

LARGEST OVERWEIGHTS BY HOLDING

10 LARGEST HOLDINGS

Holding

NVIDIA Corp. HDFC Bank Ltd. Kweichow Moutai Co. Ltd. (A Shares) PT Bank Central Asia Tbk PDD Holdings, Inc. ADR

Market Segment Information Technology Financials

Consumer Staples

Financials Consumer Discretionary

LARGEST UNDERWEIGHTS BY HOLDING

Holding

Petroleo Brasileiro SA Petrobras (ON) ICICI Bank Ltd. Infosys Ltd. China Construction Bank Corp. (A Shares) SK Hynix, Inc.

Market Segment Energy Financials Information Technology Financials Information Technology

Relative Weight 4.42% 2.91% 2.39% 2.36% 2.23%

Relative Weight -0.94% -0.91% -0.88% -0.84% -0.71%

Holding Taiwan Semiconductor Manufacturing Co. Ltd. Tencent Holdings Ltd. Samsung Electronics Co. Ltd. NVIDIA Corp. HDFC Bank Ltd. Alibaba Group Holding Ltd. PDD Holdings, Inc. ADR PT Bank Central Asia Tbk Reliance Industries Ltd. Kweichow Moutai Co. Ltd. (A Shares) 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment

Information Technology

Communication Services Information Technology Information Technology Financials Consumer Discretionary Consumer Discretionary Financials Energy Consumer Staples

41.04%

89

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.

CHARACTERISTICS

ASSET ALLOCATION

Asset Class

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

International Equities

94.09% 100.00% -5.91% 0.68%

Emerging Markets

86.33% 100.00% -13.67% 2.08%

Developed Markets

7.76%

0.00%

7.76%

-1.40%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Domestic Equities

6.06%

0.00%

6.06%

-0.11%

Bonds

0.43%

0.00%

0.43%

0.43%

Cash & Net Other Assets -0.58% 0.00% -0.58% -1.00%

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.

Portfolio

Valuation

Price/Earnings Trailing

21.3x

Price/Earnings (IBES 1-Year Forecast)

17.8x

Price/Book

3.2x

Price/Cash Flow

13.4x

Return on Equity (5-Year Trailing)

15.7%

Growth

Sales/Share Growth 1-Year (Trailing)

13.4%

Earnings/Share Growth 1-Year (Trailing)

8.1%

Earnings/Share Growth 1-Year (IBES Forecast)

10.0%

Earnings/Share Growth 5-Year (Trailing)

16.9%

Size

Weighted Average Market Cap ($ Billions) 191.8

Weighted Median Market Cap ($ Billions) 72.4

Median Market Cap ($ Billions)

16.5

Index

13.7x 11.8x 1.6x 7.3x 11.8%

12.1% -10.7% 10.2% 13.9%

96.8 26.9 6.1

4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Emerging Markets Fund | AS OF SEPTEMBER 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.

CHARACTERISTICS Earnings-Per-Share Growth Trailing measures the growth in reported earnings per share over trailing one- and five-year periods.

Earnings-Per-Share Growth (IBES 1-Year Forecast) measures the growth in reported earnings per share as estimated by Wall Street analysts.

Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps.

Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital.

Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share.

Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings.

Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share.

Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth.

Sales-Per-Share Growth measures the growth in reported sales over the specified past time period.

Weighted Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark.

Weighted Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark.

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 Emerging Markets Net MA Index represents the performance of the MSCI Emerging Markets (Net Massachusetts tax) since January 1, 2004, and the MSCI Emerging Markets (G) prior to that date.

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 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.

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