Summary

• For the three months ending March 31, 2026, Fidelity International Small Cap Fund's Retail Class shares returned -0.22%, a bit better than the -0.45% result of the benchmark index.
• Positioning in emerging markets, especially a sizable underweight in India and stock selection in South Korea, notably the Fund's performance versus the MSCI index.
• An out-of-benchmark position in Vitzrocell rewarded the Fund with robust performance this quarter.
• Management reduced the portfolio's share count in Vitzrocell for risk-management purposes but continued to like the firm's prospects.
• The Fund sold its stake in TIS this quarter as part of a broader effort to limit AI disruption exposure to certain software and IT stocks.

Performance Review

For the three months ending March 31, 2026, the fund's Retail Class shares returned -0.22%, a bit better than the -0.45% result of the benchmark MSCI All Country World Index ex U. S. Small Cap Net MA Linked Index.

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