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

Fidelity Advisor® Japan Fund

Key Takeaways MARKET RECAP

• For the semiannual reporting period ending April 30, 2021, the fund's The MSCI ACWI (All Country World Class I shares gained 15.03%, trailing the 16.18% advance of the Index) ex USA Index gained 27.51% for benchmark Tokyo Stock Price Index (TOPIX). the six months ending April 30, 2021, with international equities rising amid improved global economic growth, • Japan's equity market began the period in robust fashion, rallying in widespread COVID-19 vaccinations, fiscal response to U.S. election results, favorable vaccine news and further stimulus in the U.S. and abroad, and stimulus from both the U.S. and Japanese governments. However, fresh government spending programs. In ® Japan's stocks underperformed the S&P 500 index from roughly mid- addition, foreign securities were February onward, reflecting higher U.S. interest rates, a weaker yen bolstered in part by general U.S.-dollar and a resurgence of COVID-19 infections in Japan. weakness. The period began with a shift in momentum. In November, • The past six months, Portfolio Manager Kirk Neureiter remained international stocks shrugged off a two- focused on investing in high-quality, longer-term growth companies. month retreat by gaining roughly 13%. At the margin, he continued to look for underappreciated stocks he The momentum continued in December, thought positioned to benefit from a reopening of Japan's economy. as positive news on the effectiveness of vaccines provided a notable boost to • Versus the benchmark, security selection in the industrials and international equities. In late December, as vaccines were approved by materials sectors notably detracted from performance. A cash position government regulatory authorities, averaging about 1% also weighed a bit on the fund's relative result in investors gained more confidence in the an uptrending market. outlook for the global economy. As the • new year began, many economists raised Conversely, investment choices in financials and communication their expectations for a powerful services lifted relative performance, along with an overweighting in economic recovery in the U.S. and information technology, the benchmark's third-best-performing elsewhere, as opposed to the sluggish sector. rebound they had been anticipating. By region, the U.K. (+37%) and Canada • As of April 30, Kirk believes investors are underestimating the (+35%) led the way. Europe ex U.K. Japanese economy. Although Japan's economy has lagged both the (+33%) and Asia Pacific ex Japan (+31%) U.S. and China in its recovery from the pandemic – partly due to a also outperformed. Conversely, Japan delayed vaccine rollout – Kirk says Japan could be poised to catch up (+17%) and emerging markets (+23%) in the next year or so. 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 Kirk Neureiter

Kirk Neureiter Q: Kirk, how did the fund perform for the six Portfolio Manager months ending April 30, 2021฀ The fund's Class I shares gained 15.03%, trailing the 16.18% Fund Facts advance of the benchmark Tokyo Stock Price Index (TOPIX). Trading Symbol: FJPIX The fund lagged its peer group average by a similar margin. Looking a bit longer term, the fund rose 40.28% for the Start Date: September 15, 1992 trailing 12 months, comfortably ahead of both the Size (in millions): $760.37 benchmark and the peer average.

Q: What was noteworthy about the investment backdrop the past six months฀ Investment Approach Japan's equity market began the period in robust fashion, rallying in response to U.S. election results, favorable COVID- • Fidelity Advisor® Japan Fund is a concentrated Japanese 19 vaccine news, and further stimulus from both the U.S. and equity strategy that seeks long-term growth of capital. Japanese governments. In early December, the • We try to outperform the benchmark over a full market administration of Japanese Prime Minister Yoshihide Suga cycle by investing in companies that we believe have the announced a fresh stimulus package worth $708 billion, ability to improve their returns on equity (ROE) over aimed at speeding up the recovery from the nation's COVID- time. 19 slump, while targeting investment in areas such as green • This focus on improving returns involves identifying energy and digital innovation. The package brings the total good businesses that are attractively priced relative to value of coronavirus-related stimulus in Japan to about $3 the market and that are benefiting from new market trillion, roughly two-thirds the size of the economy. development, evolving capital structures, efficiency However, Japanese stocks underperformed the S&P 500® improvements, pricing power or a change in index from roughly mid-February onward, reflecting higher management incentives. U.S. interest rates, a weaker yen and a resurgence of COVID- • The fund considers security valuations relative to peers, 19 infection in Japan. After falling sharply early in 2021 to history and the benchmark as key screening criteria. roughly 1,000 new cases a day, the seven-day average of • The fund targets 70 to 100 holdings, the majority of new COVID-19 infections spiked to about 5,000 by the end which we believe to be "long-term winners," along with of April. a much smaller "opportunistic" bucket composed of Until recently, Japanese citizens could take comfort in cyclical or event-related trading opportunities. knowing their country had responded better to the pandemic than its peers in the West. Since there hadn't been a dizzying surge in cases and death, people didn't clamor for COVID-19 shots. But with the Tokyo Olympics coming up in July and a third state of emergency imposed in late April, public frustration with the government was growing.

Q: How did you respond to these developments฀ Since about the middle of 2020, with an eye toward the reopening of Japan's economy following the pandemic, we've been discussing the potential for a rotation of investor

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capital into value and cyclical stocks, and away from growth pandemic, it has been recovering since about the middle of stocks. I've looked for opportunities to invest in stocks that I 2020, and the company's other businesses remained healthy. thought might benefit from such a rotation. Meanwhile, Hoya continued to buy back its stock. I viewed this as a high-quality, long-term holding with great To be clear, I did not abandon the primary positioning of the management. fund, which focuses on high-quality, longer-term growth companies. At the margin, though, I looked for chances to make the fund a little more responsive to an improving Q: What about contributors฀ cyclical trend. Investment choices in financials and communication services One notable addition in this area was Hitachi, a lifted relative performance, along with an overweighting in conglomerate with businesses in information technology, information technology, the benchmark's third-best- energy, industry, mobility and smart life solutions. I liked that performing sector. the company was selling some of its legacy businesses and Among individual holdings, SoftBank Group was the top becoming more software-centric, which I believed would relative contributor, as well as the fund's largest holding at result in steadier, more-rapid earnings growth. One period end. Shares of the technology conglomerate important step in this transition was the March advanced about 39% in the portfolio. SoftBank stock has announcement of the company's plans to acquire typically traded at a significant discount to the aggregate GlobalLogic, a privately held digital engineering services value of the firm's many incubator investments. Lately, it has provider based in Silicon Valley, for $9.6 billion. been divesting itself of some of these holdings and using the Hitachi made the acquisition to strengthen the digital proceeds to buy back stock. One of the more successful portfolio of Lumada, its digital solutions business focused on transactions involved DoorDash, an online food ordering and what it calls "social infrastructure," which includes areas such delivery platform. SoftBank's Vision Fund had invested a total as rail, energy and health care. Lumada sees itself as an of $680 million in DoorDash over a three-year period. Based engine of value creation for its customers and partners, on DoorDash's $182 price per share on its first day of trading focused on insight derived from data. In turn, GlobalLogic, on December 9, 2020, that meant SoftBank's stake was worth with its 20,000-strong workforce possessing deep capabilities about $11.5 billion. in software product engineering and vertical industry know- Nonbank finance company Orix also contributed, rewarding how, is seen as a growth engine for Lumada. Hitachi (+26%) our overweighted position with a 41% advance. Orix was a top-10 contributor for the fund this period. engages in aircraft leasing, mezzanine financing and real estate investment. It also operates the Kansai Airport, which Q: What detracted most from the fund's makes it a good reopening play. Orix has been a long-term performance versus the benchmark฀ holding for the fund and provides exposure to the financials sector while enabling us to limit exposure to banks, which Security selection in the industrials and materials sectors have long suffered from Japan's rock-bottom interest rates. notably detracted from performance compared with the benchmark. A cash position of about 1%, on average, also Q: What's your outlook as of April 30, Kirk฀ weighed on the fund's relative result in a rising market. I believe investors are underestimating the Japanese The largest individual relative detractor was an overweighted economy. Although the economy has lagged both the U.S. stake in Z Holding (-33%). The e-commerce and online and China in its recovery from the pandemic – partly due to a advertising platform has been growing rapidly, with recent delayed vaccine rollout – Japan could be poised to catch up acquisitions, including Zozo, Japan's leading online fashion in the next year or so. retailer, as well as messaging app LINE and mobile payments provider PayPay. The company's ultimate goal is to build an Meanwhile, I'll maintain my focus on finding growth at a entire online ecosystem fashioned along the lines of China's reasonable price, as well as certain cyclical stocks that e-commerce titan Alibaba. For the time being, however, the investors might be overlooking. ■ company has had to endure higher costs related to restructuring and integrating its various acquisitions. Longer term, I believe these acquisitions could be solid investments. Also weighing on performance was a sizable overweighting in Hoya (+1%), the fund's third-largest holding as of period end. The company is a leading supplier of lenses for reading glasses, and it also has a strong presence in photomasks for semiconductor substrates and glass disks for hard-disk drives. Although the lens business slowed amid the

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LARGEST CONTRIBUTORS VS. BENCHMARK

Average Relative Kirk Neureiter on Japan's digital Relative Contribution Holding Market Segment Weight (basis points)* COVID-19 vaccine passport: Communication SoftBank Group Corp. 2.34% 48 Services "Because of the difficulty in building consensus, ORIX Corp. Financials 2.28% 45 Japan is frequently behind other countries in Information Dexerials Corp. 0.91% 40 making decisions, and this has affected some facets Technology of the nation's vaccine rollout. However, once the Renesas Electronics Information 1.38% 31 country commits to a course of action, it typically Corp. Technology does an effective job of following through. Kenedix, Inc. Real Estate 0.16% 30 "As of April 30, the puzzle pieces are falling into * 1 basis point = 0.01%. place that should facilitate rapid vaccination of Japan's population. For one thing, Japan secured enough of the Pfizer/BioNTech and Moderna LARGEST DETRACTORS VS. BENCHMARK vaccines to cover the entire Japanese population. This should help the country ramp up the Average Relative vaccination rate quickly – a pressing matter, not only Relative Contribution for the lives it could save, but also because of the Holding Market Segment Weight (basis points)* Communication imminent arrival of the 2021 summer Olympics, Z Holdings Corp. 0.80% -54 which are scheduled in Tokyo for July 23 through Services August 8. Hoya Corp. Health Care 3.38% -51 Information Tokyo Electron Ltd. -0.96% -40 "There also are plans to launch a digital vaccine Technology passport. It is anticipated that the passport will be Ain Holdings, Inc. Consumer Staples 0.83% -34 accessible via a smartphone app that will be linked Misumi Group, Inc. Industrials 1.41% -32 to the Vaccination Record System, the government's * 1 basis point = 0.01%. database of who has been vaccinated. "It will also list any COVID-19 test results an individual has received. This last item is important because it is anticipated that, for some individuals, these results could function in place of proof of vaccination to demonstrate that an individual is free of COVID-19. This measure is an important step to address fears of discrimination. Critics of vaccine passports have previously called attention to the fact that some people are unable or unwilling to be vaccinated due to allergies or potential side effects. "With the freedom of movement made possible by a nationwide vaccination program, Japan is hoping for, not just a successful Olympic games, but also a revival of its domestic services economy, which has been struggling under successive waves of COVID- 19 infections."

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ASSET ALLOCATION

Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago International Equities 97.93% 100.00% -2.07% 1.41% Developed Markets 97.07% 100.00% -2.93% 0.55% Emerging Markets 0.86% 0.00% 0.86% 0.86% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Domestic Equities 0.02% 0.00% 0.02% 0.02% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 2.05% 0.00% 2.05% -1.43% 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

Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Industrials 19.14% 22.96% -3.82% -1.37% Information Technology 19.13% 13.84% 5.29% 2.38% Consumer Discretionary 14.38% 17.42% -3.04% 1.15% Health Care 9.42% 8.81% 0.61% -1.38% Consumer Staples 9.04% 7.73% 1.31% 1.03% Communication Services 8.99% 9.31% -0.32% 0.61% Financials 8.94% 9.10% -0.16% 1.27% Materials 6.98% 6.57% 0.41% -0.65% Real Estate 1.39% 2.23% -0.84% -2.15% Energy 0.54% 0.69% -0.15% 0.45% Utilities 0.00% 1.31% -1.31% 0.12% Other 0.00% 0.00% 0.00% 0.00%

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COUNTRY DIVERSIFICATION

Relative Change From Six Months Country Portfolio Weight Index Weight Relative Weight Ago Japan 96.57% 100.00% -3.43% 0.21% Other Countries 1.22% N/A N/A N/A Cash & Net Other Assets 2.21% 0.00% 2.21% -1.18%

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10 LARGEST HOLDINGS

Portfolio Weight Market Segment Portfolio Weight Holding Six Months Ago SoftBank Group Corp. Communication Services 5.44% 4.62% Sony Corp. Consumer Discretionary 4.75% 4.69% Hoya Corp. Health Care 4.01% 4.62% Sumitomo Mitsui Financial Group, Inc. Financials 3.05% -- ORIX Corp. Financials 2.82% 2.22% Hitachi Ltd. Information Technology 2.71% -- Shin-Etsu Chemical Co. Ltd. Materials 2.41% 2.24% Olympus Corp. Health Care 2.06% 1.61% Daikin Industries Ltd. Industrials 1.99% 2.16% DENSO Corp. Consumer Discretionary 1.98% 1.59% 10 Largest Holdings as a % of Net Assets 31.22% 28.41% Total Number of Holdings 99 94 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: Cumulative Annualized Periods ending April 30, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Advisor Japan Fund - Class I 15.03% -1.05% 40.28% 9.36% 13.09% 7.75% Gross Expense Ratio: 1.01%2 Tokyo Stock Exchange TOPIX Total Return Index 16.18% 0.27% 29.47% 4.69% 9.18% 7.48% Morningstar Fund Japan Stock 15.94% 1.24% 30.64% 4.44% 9.73% 8.36% % Rank in Morningstar Category (1% = Best) -- -- 4% 3% 9% 64% # of Funds in Morningstar Category -- -- 42 34 29 20 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/15/1992. 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 Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus. Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class performance, visit 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 document for most-recent calendar-quarter performance.

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

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.

Tokyo Stock Price Index (TOPIX) is a market-capitalization-weighted index of the common stock of the large companies that make up the First Section of the Tokyo Stock Exchange.

MSCI ACWI (All Country World Index) ex USA Index is a market- capitalization-weighted index that is designed to measure the investable equity market performance for global investors of 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 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

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

Manager Facts

Kirk Neureiter 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. Neureiter is primarily responsible for managing Fidelity Japan Fund and co-managing the Fidelity Pacific Basin Fund. He also serves as the president of Fidelity Management & Research Company's office in Japan.

Prior to assuming his current role, Mr. Neureiter worked as a research analyst at Fidelity from 2008 to 2014, where he was primarily responsible for identifying investment opportunities within the top 500 names by market cap for all Fidelity group companies. His previous positions with Fidelity include that of portfolio manager at Fidelity International (Japan) Limited from 2003 to 2008, director of Japan research from 2000 to 2003, associate director of research from 1999 to 2000, research analyst from 1997 to 2000, and research associate for Fidelity Investments Japan starting in 1994.

Before joining Fidelity, Mr. Neureiter worked for Sony Corporation in the consumer products planning and administration group in Tokyo. He has been in the financial industry since 1994.

Mr. Neureiter earned his bachelor of arts degree from the College of Wooster.

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 Advisor Japan Fund - Class I 29.45% 10.50% 12.62% 8.06% Gross Expense Ratio: 1.01%2 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/15/1992. 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 Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus. Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class performance, visit 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 726190.14.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.