PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021

Fidelity® Latin America Fund

Key Takeaways MARKET RECAP

• For the semiannual reporting period ending April 30, 2021, the fund's The MSCI ACWI (All Country World Retail Class shares returned 25.01%, notably lagging the 33.98% result Index) ex USA Index gained 27.51% for of the benchmark, the MSCI Emerging Markets Latin America Index. the six months ending April 30, 2021, with international equities rising amid improved global economic growth, • Latin American markets benefited from a strong rebound for cyclical widespread COVID-19 vaccinations, fiscal stocks the past six months, most notably in the materials and energy stimulus in the U.S. and abroad, and sectors, amid optimism for a global economic recovery. fresh government spending programs. In addition, foreign securities were • Portfolio Manager Will Pruett's decision to underweight materials bolstered in part by general U.S.-dollar stocks hurt the fund's relative performance the most by far. weakness. The period began with a shift in momentum. In November, • Significantly overweighting stocks that primarily conduct business in international stocks shrugged off a two- Latin America, especially in the consumer discretionary and health month retreat by gaining roughly 13%. care sectors, also detracted, as did Will's picks in health care and The momentum continued in December, materials. as positive news on the effectiveness of vaccines provided a notable boost to international equities. In late December, • In contrast, security selection added value versus the benchmark, as vaccines were approved by especially in the consumer discretionary, industrials and information government regulatory authorities, technology sectors. investors gained more confidence in the • outlook for the global economy. As the By country, positioning in Brazil and Mexico meaningfully hurt the new year began, many economists raised fund's relative return, whereas stock picks and market selection in their expectations for a powerful most other Latin American countries contributed. economic recovery in the U.S. and elsewhere, as opposed to the sluggish • As of April 30, Will's strategy is to maintain exposure to high-quality rebound they had been anticipating. By consumer and health care holdings he thinks could add value, while region, the U.K. (+37%) and Canada avoiding exposure to expensive iron-ore producers. (+35%) led the way. Europe ex U.K. (+33%) and Asia Pacific ex Japan (+31%) also outperformed. Conversely, Japan (+17%) and emerging markets (+23%) lagged. Looking at sectors, energy (+45%) and financials (+40%) fared best, followed by information technology and materials (+39% each). In contrast, notable "laggards" included health care (+13%), consumer staples (+15%) and utilities (+17%).

Not FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021

Q&A

An interview with Portfolio Manager Will Pruett

Q: Will, how did the fund perform for the six Will Pruett Portfolio Manager months ending April 30, 2021฀ The fund's Retail Class shares returned 25.01% the past six Fund Facts months, notably lagging the 33.98% result of the benchmark, the MSCI Emerging Markets Latin America Index. The fund Trading Symbol: FLATX also trailed the peer group average by a significant margin. Start Date: April 19, 1993 Looking slightly longer term, the fund returned 32.98% the past 12 months, again meaningfully trailing the benchmark Size (in millions): $362.66 and the peer average.

Q: How did the market backdrop influence the fund's performance the past six months฀ Investment Approach As many longer-term investors know, I tend to focus on smaller-cap, value-oriented companies tied closely to the • Fidelity® Latin America Fund is a regional equity local economies in which these firms operate, and I'm biased strategy that invests primarily in the common stocks of companies located, or with primary operations, in against large and expensive exporters of raw materials, Latin America. which I've found to exhibit frequent stock volatility. • The fund employs an actively managed investment This strategy worked against the fund the past six months. approach emphasizing diligent bottom-up stock The materials and energy sectors led Latin American markets selection, focused portfolio construction and a low amid optimism for a global economic recovery and potential turnover rate. for inflation. I significantly underweighted materials and my picks in this sector also underperformed, together resulting • In particular, we seek to own companies with in a large majority of the fund's relative underperformance. attractive risk/reward characteristics, including those with strong business models, good management Significantly overweighting stocks that primarily conduct teams, healthy balance sheets, high free-cash-flow business in Latin America, especially in the consumer yields and sustainably high returns on equity. discretionary and health care sectors, also detracted, as did my picks in health care. Many of these stocks posted double- • We strive to uncover these companies through in- depth fundamental analysis, working in concert with digit gains for the period, but they lagged materials, which Fidelity's global research organization, which includes rose 73% within the benchmark. a team of dedicated "on-the-ground" emerging- Within materials, producers of iron ore posted the strongest markets specialists. results. A combination of limited output, limited shipping, and very strong demand for steel boosted iron-ore prices to levels not seen in a decade. By country, positioning in Brazil and Mexico, the two largest positions in the benchmark, hurt the fund's relative return meaningfully, whereas stock picks and market selections in most other Latin American countries added value.

Q: Which stock decisions held back the fund's relative result the most฀ Not owning iron-ore producer Vale, which makes up about 10% of the fund's benchmark, hurt more than any other stock decision by far. Early in the period, I worried about Vale's

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continued output challenges related to the Brumadinho dam A non-benchmark stake in CVC Brasil Operadora (+114%), failure in 2019 that killed hundreds. I also didn't like its which offers travel-agency services, added more value than exposure to what I viewed as declining longer-term price any other fund position. I added to this stock before the start dynamics for iron ore, largely due to reduced demand for of the period at attractive prices, and this decision steelmaking in China. contributed for the past six months. Much like in the U.S., demand for travel began to recover significantly by period I didn't anticipate the supply squeeze that drove prices near end. Similarly, owning airline holding company Azul (+79%), new records, partly influenced by production cuts in China's another non-benchmark position, added relative value. I Hebei province. Vale shares doubled for the period. reduced our stake by period end. Also in materials, it hurt not to own Mexico's Cemex, a major Not owning Magazine Luiza (-13%), a Brazilian retailer of global producer of cement. This company continued to electronics and appliances, contributed as well. This struggle with billions in debt in excess of its cash on hand, so company runs a successful e-commerce business, but its I didn't want to own it in the fund. shares suffered as many investors worried the company Its shares rose 94% for the period, as healthier demand would not be able to easily top year-ago comparisons. I trends and higher cement prices helped the company reduce believe the earnings are fine, but many, including me, its leverage and, in April, report its highest quarterly profit worried about this stock's high valuation. since the third quarter of 2007. I'll also mention that owning a non-benchmark stake in The fund didn't own either Vale or Cemex at period end. Mexico-based Banco del Bajio (+92%) and avoiding several Outside of materials, exposure to several education stocks other financial firms, such as Brasil Bolsa Balcao (+10%), detracted, including a large non-benchmark stake in Afya, a Creditcorp (+4%), and Itau Unibanco Holding (+27%), company that specializes in medical education and runs a contributed versus the benchmark. medical technology business. Q: Did you make any major changes in the The company did fine fundamentally the past six months, but portfolio's positioning this period฀ returned about -7% for the fund, driven by negative currency effects that hurt this Brazilian company's U.S.-listed stock. I added notably to the fund's materials position by period Similarly, owning Vasta Platform, an out-of-benchmark Brazil- end, focusing on the segments I believed had solid longer- based company that sells learning systems for private K-12 term outlooks, such as copper, lithium, and pulp and paper. I schools, returned -15% for the fund. It also suffered due to added a non-benchmark position in Canada-based copper declining enrollment in private schools. I added to our stake company First Quantum Minerals, and lithium company in each of these companies this period. Sociedad Química y Minera de Chile. I also slightly added to the fund's stake in Brazil's Suzano, a provider of hardwood A few other non-index names in the fund suffered due to pulp and paper products. lackluster sentiment for defensively oriented, domestic- focused Brazilian companies. Genomma Lab Internacional, a I'm still avoiding iron-ore producers because I see a lot of personal care products company, gained about 13% the past speculation among these stocks – and very high prices. six months, but significantly lagged the benchmark. The Elsewhere, I reduced the fund's stake in information same is true for health care equipment services company technology companies and added exposure to consumer Qualicorp Consultoria (+11%), which the fund did not own at staples, while maintaining overweightings among higher- the end of the six-month period. quality health care and consumer discretionary firms. I Several financials stocks also stood out to the downside, believe health care stocks add ballast for the fund and can be even though picks in financials added overall value for the more conservative than consumer staples and real estate. I fund this period. Non-benchmark stakes in Crédito Real SAB see consumer discretionary benefiting from a fuller (-14%) and Banco BMG (+11%) detracted, as each faced economic reopening in Latin American countries. profit margin headwinds in their payroll-lending businesses. An overweighted stake in Banco Do Brasil (+1%) also hurt. Q: What is your outlook as of April 30, Will฀ We sold the latter position from the fund as of April 30 and pared our stake in Banco BMG. I still feel confident about my approach for the longer term, which is to balance the fund between defense and offense, Q: What contributed฀ with a healthy mix of value-oriented stocks that provide domestic exposure to Latin American economies. ■ Security selection added value overall, especially in the consumer discretionary, industrials and information technology sectors. By country, picks in the U.S. and Canada helped as well.

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LARGEST CONTRIBUTORS VS. BENCHMARK

Average Relative Portfolio Manager Will Pruett on Relative Contribution Holding Market Segment Weight (basis points)* Brazil's political landscape: CVC Brasil Operadora Consumer e Agencia de Viagens 2.40% 147 Discretionary "I remain optimistic about the political landscape in SA Consumer Brazil, which I think could make it a good place to Magazine Luiza SA -2.19% 127 invest in the coming years, even if Jair Bolsonaro is Discretionary replaced as president in next year's elections. Banco del Bajio SA Financials 2.51% 119 Vamos Locacao de Consumer "In 2018, Brazil elected right-wing candidate Caminhoes Maquinas 1.09% 113 Discretionary Bolsonaro. Investors warmed to his promises to e Equipamentos SA jump-start Brazil's economy, reduce the country's Azul SA sponsored Industrials 3.01% 103 corruption, cut public debt and enact more ADR business-friendly legislation. * 1 basis point = 0.01%. "Not everything went smoothly under Bolsonaro. As of period end, he's unpopular because Brazil's deficit sits near a record high, the economy LARGEST DETRACTORS VS. BENCHMARK contracted for much of 2020 and the country suffered some of the worst death rates in the world Average Relative due to COVID-19. Relative Contribution Holding Market Segment Weight (basis points)* "Still, I believe he deserves credit for introducing Vale SA Materials -10.40% -539 helpful policy measures from an investor's Consumer perspective, including cutting tariffs and Afya Ltd. 7.29% -328 Discretionary protectionism, and reforming the country's social Consumer security system, the latter of which is expected to Vasta Platform Ltd. 3.77% -214 Discretionary save hundreds of billions over the coming years. Genomma Lab Health Care 7.32% -165 "And, earlier this year, Bolsonaro signed legislation Internacional SA de CV to establish autonomy for the country's central Credito Real S.A.B. de Financials 2.12% -122 bank, freeing it from pressure to make changes to CV policy rates based on political whims and the * 1 basis point = 0.01%. election cycle. "Reform efforts in Brazil stalled in many other areas in 2020 and 2021. As of period end, tax reform in Brazil, which could boost revenues and economic growth, remains elusive, as does the privatization of certain state-owned companies. "Looking ahead to next year's presidential election, some polls show leftist candidate and former president Luiz Inácio Lula da Silva, who served jail time in 2018 and 2019 for corruption, winning versus Bolsonaro. "Yet I believe that even if Lula wins, he will face pressure to move toward the political center, limit corruption and somehow address Brazil's deficit. Due to these pressures and Bolsonaro's economic reforms, I remain optimistic about Brazil as one of the better places to invest in Latin America."

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ASSET ALLOCATION

Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago International Equities 97.79% 100.00% -2.21% 0.69% Emerging Markets 93.71% 100.00% -6.29% -3.28% Developed Markets 4.08% 0.00% 4.08% 3.97% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Domestic Equities 2.11% 0.00% 2.11% -0.52% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.10% 0.00% 0.10% -0.17% 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.

COUNTRY DIVERSIFICATION

Relative Change From Six Months Country Portfolio Weight Index Weight Relative Weight Ago Brazil 63.20% 63.10% 0.10% -4.53% Mexico 24.48% 23.87% 0.61% -0.45% Chile 3.21% 6.78% -3.57% -3.57% Peru 2.90% 2.66% 0.24% 0.76% Canada 2.48% -- 2.48% 2.48% United States 2.11% -- 2.11% -0.52% Sweden 1.59% -- 1.59% 1.59% Other Countries 0.00% N/A N/A N/A Cash & Net Other Assets 0.03% 0.00% 0.03% -0.49%

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10 LARGEST HOLDINGS

Portfolio Weight Market Segment Portfolio Weight Holding Six Months Ago Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) Energy 8.09% 8.84% Afya Ltd. Consumer Discretionary 8.07% 8.32% Genomma Lab Internacional SA de CV Health Care 7.55% 7.81% Qualitas Controladora S.A.B. de CV Financials 7.30% 6.91% Hypermarcas SA Health Care 4.90% 3.03% Suzano Papel e Celulose SA Materials 4.78% 3.70% Atacadao SA Consumer Staples 4.19% 2.72% Itausa-Investimentos Itau SA (PN) Financials 3.70% 4.45% CVC Brasil Operadora e Agencia de Viagens SA Consumer Discretionary 3.36% 1.59% Vasta Platform Ltd. Consumer Discretionary 3.25% 4.12% 10 Largest Holdings as a % of Net Assets 55.16% 53.86% Total Number of Holdings 30 33 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.

MARKET-SEGMENT DIVERSIFICATION

Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Financials 27.41% 23.76% 3.65% -0.18% Consumer Discretionary 20.00% 5.59% 14.41% 2.06% Health Care 16.85% 2.18% 14.67% 0.02% Materials 10.48% 25.32% -14.84% 0.74% Industrials 9.72% 5.98% 3.74% -0.44% Energy 8.09% 8.54% -0.45% -1.08% Consumer Staples 4.19% 14.57% -10.38% 2.02% Information Technology 3.17% 1.90% 1.27% -4.50% Communication Services 0.00% 6.44% -6.44% 0.30% Utilities 0.00% 4.95% -4.95% 1.14% Real Estate 0.00% 0.78% -0.78% 0.09% Other 0.00% 0.00% 0.00% 0.00%

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FISCAL PERFORMANCE SUMMARY: Cumulative Annualized Periods ending April 30, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Latin America Fund 25.01% -7.03% 32.98% -4.54% 4.27% -4.88% Gross Expense Ratio: 1.06%2 MSCI Emerging Markets Latin America Net MA Index 33.98% -1.79% 46.56% -4.36% 3.77% -3.57% Morningstar Fund Latin America Stock 32.37% -2.06% 47.82% -0.84% 8.30% -3.25% % Rank in Morningstar Category (1% = Best) -- -- 96% 76% 72% 70% # of Funds in Morningstar Category -- -- 25 22 19 18 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/19/1993. 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. 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 fidelity.com/performance, institutional.fidelity.com, or 401k.com. 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, 2021

Definitions and Important Information 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 Information provided in this document is for informational and mutual fund performance, you should check the fund's current educational purposes only. To the extent any investment information prospectus for the most up-to-date information concerning in this material is deemed to be a recommendation, it is not meant to applicable loads, fees and expenses. be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's % Rank in Morningstar Category is the fund's total-return investment decisions. Fidelity, and its representatives may have a percentile rank relative to all funds that have the same Morningstar conflict of interest in the products or services mentioned in this Category. The highest (or most favorable) percentile rank is 1 and material because they have a financial interest in, and receive the lowest (or least favorable) percentile rank is 100. The top- compensation, directly or indirectly, in connection with the performing fund in a category will always receive a rank of 1%. % management, distribution and/or servicing of these products or Rank in Morningstar Category is based on total returns which services including Fidelity funds, certain third-party funds and include reinvested dividends and capital gains, if any, and exclude products, and certain investment services. sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. FUND RISKS Stock markets, especially foreign markets, are volatile and can RELATIVE WEIGHTS decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities Relative weights represents the % of fund assets in a particular are subject to interest rate, currency exchange rate, economic, and market segment, asset class or credit quality relative to the political risks, all of which are magnified in emerging markets. The benchmark. A positive number represents an overweight, and a risks are particularly significant for funds that focus on a single negative number is an underweight. The fund's benchmark is listed country or region. The fund may have additional volatility because it immediately under the fund name in the Performance Summary. can invest a significant portion of assets in securities of a small number of individual issuers.

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 Latin America Net MA Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in the emerging market countries of Latin America.

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 © 2021 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

8 | PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021

Manager Facts

Will Pruett is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Pruett is responsible for managing Fidelity Latin America Fund and Fidelity Advisor Latin America Fund.

Prior to assuming his current role in September 2015, Mr. Pruett worked as an equity research analyst covering financial companies, global mining, and the international consumer segment.

Before joining Fidelity in 2008, Mr. Pruett was an international manager at HSBC. He has been in the financial industry since 2001.

Mr. Pruett earned his bachelor of arts degree in economics from the University of Chicago and his master of business administration degree from Harvard University.

9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PERFORMANCE SUMMARY: Annualized Quarter ending June 30, 2021 1 3 5 10 Year/ Year Year Year LOF1 Fidelity Latin America Fund 27.79% 6.46% 5.37% -3.75% Gross Expense Ratio: 1.06%2 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/19/1993. 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. 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 fidelity.com/performance, institutional.fidelity.com, or 401k.com. 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.

Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, responsibility to update such views. These views may not be relied on as Smithfield, RI 02917. investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 726971.13.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.