N-CSRS 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 4008

Fidelity Investment Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

October 31

Date of reporting period:

April 30, 2004

Item 1. Reports to Stockholders

Fidelity's

Broadly Diversified International Equity

Funds

Fidelity® Global Balanced Fund

Fidelity International Growth & Income Fund

Fidelity Diversified International Fund

Fidelity Aggressive International Fund

Fidelity Overseas Fund

Fidelity Worldwide Fund

Semiannual Report

April 30, 2004
(2_fidelity_logos) (Registered_Trademark)

Contents

Global Balanced Fund

3

Investment Changes

4

Investments

11

Financial Statements

International Growth & Income Fund

13

Investment Changes

14

Investments

19

Financial Statements

Diversified International Fund

21

Investment Changes

22

Investments

29

Financial Statements

Aggressive International Fund

31

Investment Changes

32

Investments

34

Financial Statements

Overseas Fund

36

Investment Changes

37

Investments

41

Financial Statements

Worldwide Fund

43

Investment Changes

44

Investments

50

Financial Statements

Notes to Financial Statements

52

Notes to the Financial Statements

For a free copy of the funds' proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by
Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the funds nor Fidelity Distributors Corporation is a bank. For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Global Balanced

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

United States of America

43.8%

Japan

23.1%

United Kingdom

11.0%

Germany

5.6%

Switzerland

2.4%

France

1.6%

Spain

1.2%

Canada

1.2%

Norway

1.1%

Other

9.0%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

United States of America

41.8%

Japan

22.2%

United Kingdom

12.2%

Germany

7.7%

France

3.2%

Switzerland

2.0%

Italy

1.7%

Canada

1.1%

Netherlands

1.1%

Other

7.0%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

67.9

64.6

Bonds

21.4

27.1

Short-Term Investments
and Net Other Assets

10.7

8.3

Top Five Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Pfizer, Inc. (United States of America)

1.6

0.0

Microsoft Corp. (United States of America)

1.1

0.9

Toyota Motor Corp. (Japan)

1.0

0.9

General Electric Co. (United States of America)

1.0

0.8

Genentech, Inc. (United States of America)

0.9

0.6

5.6

Top Five Bond Issuers as of April 30, 2004

(with maturities greater than one year)

% of fund's
net assets

% of fund's net assets
6 months ago

Japan Government

8.9

7.7

Telewest PLC

3.5

3.5

German Federal Republic

2.0

4.0

Kreditanstalt Fuer Wiederaufbau

1.3

1.5

Norway Kingdom of

1.0

0.0

16.7

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

17.1

16.5

Financials

14.4

15.5

Information Technology

10.3

11.3

Industrials

7.2

5.5

Health Care

7.1

6.3

Telecommunication Services

5.2

6.4

Energy

4.6

3.3

Consumer Staples

4.5

3.4

Materials

2.0

2.5

Utilities

0.8

0.7

Semiannual Report

Global Balanced

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 67.5%

Shares

Value (Note 1)

Australia - 0.9%

Australia & New Zealand Banking Group Ltd.

8,590

$ 115,243

BHP Steel Ltd.

16,596

70,500

CSL Ltd.

10,455

166,624

Fosters Group Ltd.

70,924

250,559

News Corp. Ltd.

19

174

News Corp. Ltd. ADR

7,300

266,888

PaperlinX Ltd.

25,862

93,420

QBE Insurance Group Ltd.

298

2,508

Woodside Petroleum Ltd.

19,669

235,031

TOTAL AUSTRALIA

1,200,947

Belgium - 0.2%

Colruyt NV

1,500

161,294

Mobistar SA (a)

2,100

135,865

TOTAL BELGIUM

297,159

Bermuda - 0.0%

Noble Group Ltd.

36,000

68,954

Brazil - 0.0%

Uniao de Bancos Brasileiros SA (Unibanco) GDR

1,650

32,340

Canada - 1.2%

Alcan, Inc.

700

28,132

Bro-X Minerals Ltd. (a)

600

0

EnCana Corp.

16,300

639,379

Newmont Mining Corp. of Canada Ltd. (exchangeable shares)

400

14,979

Talisman Energy, Inc.

15,670

890,810

TOTAL CANADA

1,573,300

Cayman Islands - 0.0%

Garmin Ltd.

1,400

45,024

China - 0.4%

Beijing Datang Power Generation Co. Ltd.

290,000

226,798

Global Bio-Chem Technology Group Co. Ltd.

144,000

105,232

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

18,000

0

People's Food Holdings Ltd.

149,000

115,558

Weiqiao Textile Co. Ltd. (H Shares)

18,000

23,308

TOTAL CHINA

470,896

Denmark - 0.5%

Coloplast AS Series B

1,900

178,954

Danske Bank AS

7,400

166,202

Novo Nordisk AS Series B

4,450

211,355

Novozymes AS Series B

3,000

123,167

TOTAL DENMARK

679,678

Egypt - 0.1%

Orascom Telecom SAE unit (a)

12,500

116,625

Shares

Value (Note 1)

Estonia - 0.1%

Hansabank SA

13,600

$ 104,120

Finland - 0.1%

Nokia Corp. sponsored ADR

6,300

88,263

Sampo Oyj (A Shares)

7,200

68,924

TOTAL FINLAND

157,187

France - 1.6%

Alcatel SA (RFD) (a)

11,300

165,658

AXA SA

8,200

168,838

AXA SA sponsored ADR

4,800

98,832

BNP Paribas SA

5,100

306,127

Business Objects SA (a)

4,300

94,299

France Telecom SA

3,700

89,236

France Telecom SA sponsored ADR

1,600

38,320

NRJ Group

4,600

98,817

Orpea (a)

6,534

150,305

Pernod-Ricard

1,425

179,778

Renault SA

1,400

104,414

Total SA Series B

2,423

446,414

Vivendi Universal SA sponsored ADR (a)

9,800

242,256

TOTAL FRANCE

2,183,294

Germany - 1.9%

Adidas-Salomon AG

1,270

146,590

Allianz AG:

(Reg.)

400

42,160

sponsored ADR

20,500

216,070

BASF AG

900

46,593

Bijou Brigitte Modische Accessoires AG

2,700

159,479

Continental AG

3,163

137,221

DAB Bank AG (a)

12,700

111,076

Deutsche Bank AG

2,500

205,075

Deutsche Bank AG (NY Shares)

700

57,421

Deutsche Telekom AG (Reg.) (a)

19,300

329,644

Fielmann AG

2,104

110,285

Merck KGaA

4,100

219,478

Metro AG

4,500

199,430

RWE AG

3,136

136,050

SAP AG sponsored ADR

2,800

104,384

Siemens AG (Reg.)

3,800

271,244

TOTAL GERMANY

2,492,200

Greece - 0.5%

Cosmote Mobile Telecommunications SA

6,600

105,960

EFG Eurobank Ergasias SA

5,700

121,149

Folli Follie SA

4,000

119,714

Greek Organization of Football Prognostics SA

7,940

151,446

Public Power Corp. of Greece

7,900

200,279

TOTAL GREECE

698,548

Hong Kong - 0.9%

ASM Pacific Technology Ltd.

54,000

223,618

Common Stocks - continued

Shares

Value (Note 1)

Hong Kong - continued

Esprit Holdings Ltd.

70,000

$ 287,183

Hong Kong & China Gas Co. Ltd.

67,000

115,104

Hong Kong Land Holdings Ltd.

60,000

103,800

Sa Sa International Holdings Ltd.

676,000

262,170

Wing Hang Bank Ltd.

24,500

155,483

TOTAL HONG KONG

1,147,358

Indonesia - 0.4%

PT Bank Mandiri Persero Tbk

2,500,000

412,728

PT Indosat Tbk

266,215

120,483

TOTAL INDONESIA

533,211

Ireland - 0.3%

DEPFA BANK PLC

647

96,989

IAWS Group PLC (Ireland)

15,100

171,867

Paddy Power PLC

16,000

183,070

TOTAL IRELAND

451,926

Italy - 0.3%

Bulgari Spa

14,200

134,913

ENI Spa sponsored ADR

2,000

203,760

Telecom Italia Spa

31,800

101,878

TOTAL ITALY

440,551

Japan - 14.2%

Aisin Seiki Co. Ltd.

8,100

139,695

Anritsu Corp. (a)

15,000

107,023

Asahi Glass Co. Ltd.

29,000

300,962

Bridgestone Corp.

14,000

232,368

Canon, Inc.

13,000

680,030

D&M Holdings, Inc. (a)

25,000

89,519

Daikin Industries Ltd.

7,000

160,779

Daito Trust Construction Co.

2,600

86,400

Denso Corp.

8,500

175,595

Don Quijote Co. Ltd.

4,300

300,304

Dowa Mining Co. Ltd.

24,000

130,294

East Japan Railway Co.

43

215,486

Fast Retailing Co. Ltd.

2,500

191,033

FCC Co. Ltd.

2,400

86,791

Fuji Photo Film Co. Ltd.

7,000

223,300

Fujitsu Ltd.

24,000

163,560

Fukuoka City Bank Ltd. (a)

38,000

126,277

H.I.S. Co. Ltd.

4,100

110,382

Hitachi Cable Ltd.

16,000

79,043

Hitachi Ltd.

21,000

149,520

Hoya Corp.

2,300

244,007

Ito Yokado Ltd.

7,000

285,484

Japan Radio Co. Ltd. (a)

15,000

62,108

Japan Retail Fund Investment Corp.

26

168,873

Kadokawa Shoten Publishing Co. Ltd.

300

10,716

Kamigumi Co. Ltd.

17,000

115,553

Shares

Value (Note 1)

Kaneka Corp.

11,000

$ 99,595

KDDI Corp.

119

698,906

Keio Electric Railway Co. Ltd.

14,000

76,875

Keyence Corp.

900

211,914

Konica Minolta Holdings, Inc.

41,500

563,433

Kubota Corp.

26,000

110,657

Kyocera Corp.

2,700

224,262

Matsushita Electric Industrial Co. Ltd.

12,000

177,360

Meitec Corp.

2,900

100,235

Millea Holdings, Inc.

20

278,997

Mitsubishi Rayon Co. Ltd.

44,000

151,298

Mitsubishi Securities Co. Ltd.

20,000

253,230

Mitsui & Co. Ltd.

33,000

266,825

Mitsui Fudosan Co. Ltd.

18,000

194,321

Mizuho Financial Group, Inc. (a)

98

454,535

Murata Manufacturing Co. Ltd.

2,500

160,823

NEC Electronics Corp.

1,500

103,558

NEC System Integration & Constuction Ltd.

4,900

45,453

Nichicon Corp.

7,700

87,778

Nidec Copal Corp.

3,700

60,885

Nikon Corp. (a)

11,000

126,180

Nippon Electric Glass Co. Ltd.

8,000

184,814

Nippon Oil Corp.

22,000

118,849

Nippon Steel Corp.

91,000

186,777

Nippon Telegraph & Telephone Corp.

77

399,938

Nissen Co. Ltd.

5,700

120,538

Nitto Denko Corp.

4,000

217,867

NOK Corp.

5,300

201,083

Nomura Holdings, Inc.

26,000

425,880

Nomura Research Institute Ltd.

1,400

141,933

NS Solutions Corp.

1,600

102,785

Okasan Holdings, Inc.

5,000

31,409

ORIX Corp.

2,100

218,311

Pal Co. Ltd.

1,300

66,879

Ricoh Co. Ltd.

14,000

273,666

Salomon & Taylor Made Co. Ltd.

11,000

116,308

Sanken Electric Co. Ltd.

10,000

128,214

Sanyo Electric Co. Ltd.

27,000

119,951

Senshukai Co. Ltd.

4,000

41,476

SFCG Co. Ltd.

940

189,093

Shin-Etsu Chemical Co. Ltd.

4,400

174,365

Shinko Electric Industries Co.Ltd.

3,900

117,819

Skylark Co. Ltd.

6,700

128,885

SMC Corp.

1,500

168,598

Sony Corp.

14,900

572,160

Stanley Electric Co. Ltd.

11,200

207,489

Sumisho Lease Co. Ltd.

6,300

211,594

Sumitomo Corp.

23,000

173,094

Sumitomo Electric Industries Ltd.

16,000

145,008

Sumitomo Forestry Co. Ltd.

14,000

144,670

Sumitomo Mitsui Financial Group, Inc.

96

711,390

Sumitomo Osaka Cement Co. Ltd.

51,000

125,069

Takeda Chemical Industries Ltd.

5,300

209,559

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Telewave, Inc.

16

$ 136,478

Tokyo Electric Power Co.

14,300

300,495

Tokyo Electron Ltd.

2,800

167,185

Toyoda Gosei Co. Ltd.

3,600

96,601

Toyota Motor Corp.

37,900

1,387,330

UFJ Holdings, Inc. (a)

134

813,198

UFJ Tsubasa Securities Co. Ltd.

11,000

51,019

Uniden Corp.

6,000

103,691

USS Co. Ltd.

1,290

106,940

Yamanouchi Pharmaceutical Co. Ltd.

2,500

81,744

Yokogawa Electric Corp.

9,000

119,871

York-Benimaru Co. Ltd.

3,600

109,076

TOTAL JAPAN

18,931,321

Korea (South) - 0.6%

Korea Gas Corp.

4,640

124,962

Samsung Electronics Co. Ltd.

440

208,872

Samsung Fire & Marine Insurance Co. Ltd.

2,000

132,953

Shinsegae Co. Ltd.

700

158,094

SK Corp.

2,830

118,665

TOTAL KOREA (SOUTH)

743,546

Luxembourg - 0.1%

Millicom International Cellular SA (a)

4,100

103,033

Malaysia - 0.4%

IOI Corp. BHD

45,700

108,838

Maxis Communications BHD

73,700

168,734

Telekom Malaysia BHD

105,700

262,859

TOTAL MALAYSIA

540,431

Netherlands - 0.7%

EADS NV

4,600

116,288

ING Groep NV (Certificaten Van Aandelen)

5,400

114,588

Koninklijke Philips Electronics NV

5,600

150,136

Koninklijke Philips Electronics NV
(NY Shares)

4,800

128,688

Trader Classified Media NV
(A Shares) (a)

7,900

87,078

Unilever NV (NY Shares)

1,610

106,147

VNU NV

3,700

103,466

Wolters Kluwer NV (Certificaten Van Aandelen)

6,200

104,366

TOTAL NETHERLANDS

910,757

Norway - 0.1%

TANDBERG Television ASA (a)

30,000

179,180

Portugal - 0.2%

Media Capital SGPS SA

18,700

96,787

Portugal Telecom SGPS SA (Reg.)

10,600

114,934

TOTAL PORTUGAL

211,721

Shares

Value (Note 1)

Russia - 0.2%

Vimpel Communications sponsored ADR (a)

1,100

$ 98,736

YUKOS Corp. sponsored ADR

2,663

118,504

TOTAL RUSSIA

217,240

Singapore - 0.1%

Keppel Corp. Ltd.

26,000

109,224

South Africa - 0.2%

MTN Group Ltd. (a)

58,300

242,531

Spain - 1.2%

Actividades de Construccion y Servicios SA (ACS)

2,000

97,118

Altadis SA (Spain)

3,400

96,054

Antena 3 Television SA (a)

3,900

198,118

Banco Bilbao Vizcaya Argentaria SA

15,800

208,086

Banco Espanol de Credito SA (Reg.)

8,000

96,423

Compania de Distribucion Integral Logista SA

3,900

121,534

Corporacion Mapfre SA (Reg.)

7,223

86,539

Fadesa Inmobiliaria SA

1,386

21,504

Grupo Auxiliar Metalurgico SA (Gamesa)

3,624

150,100

Repsol YPF SA

6,300

131,544

Telefonica SA sponsored ADR

8,500

375,105

TOTAL SPAIN

1,582,125

Sweden - 0.7%

Eniro AB

14,900

120,889

Modern Times Group AB (MTG)
(B Shares) (a)

5,700

96,222

OMHEX AB

11,950

161,070

Skandinaviska Enskilda Banken AB
(A Shares)

3,900

56,650

Tele2 AB (B Shares)

4,050

183,905

Telefonaktiebolaget LM Ericsson ADR (a)

11,000

293,370

TOTAL SWEDEN

912,106

Switzerland - 2.4%

Actelion Ltd. (Reg.) (a)

1,300

142,744

Barry Callebaut AG

850

176,824

Compagnie Financiere Richemont unit

9,740

250,736

Credit Suisse Group sponsored ADR

7,700

269,192

Micronas Semiconductor Holding AG

2,226

103,697

Nobel Biocare Holding AG (Switzerland)

660

89,537

Novartis AG (Reg.)

12,620

565,376

Roche Holding AG (participation certificate)

5,470

574,234

Saurer AG (Reg.)

1,080

48,769

Swiss Life Holding (a)

790

107,935

Temenos Group AG (a)

14,780

124,355

The Swatch Group AG (Reg.)

4,469

120,392

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - continued

UBS AG (NY Shares)

6,200

$ 438,960

Zurich Financial Services AG

740

117,098

TOTAL SWITZERLAND

3,129,849

Taiwan - 0.3%

AU Optronics Corp.

65,000

133,092

Chinatrust Financial Holding Co.

118,770

127,675

Hon Hai Precision Industries Co. Ltd.

32,400

127,805

TOTAL TAIWAN

388,572

United Kingdom - 6.1%

3i Group PLC

10,700

114,696

Anglo American PLC (United Kingdom)

1,700

34,300

AstraZeneca PLC (United Kingdom)

7,400

354,090

BAE Systems PLC

13,500

50,336

BP PLC sponsored ADR

10,800

571,320

British Land Co. PLC

9,400

108,531

British Sky Broadcasting Group PLC (BSkyB)

1,800

21,310

British Sky Broadcasting Group PLC (BSkyB) sponsored ADR

2,750

130,873

Caffe Nero Group PLC (a)

53,300

81,010

Corin Group PLC

32,200

154,263

Dixons Group PLC

42,100

116,188

Domino's Pizza UK & IRL PLC

13,664

49,916

Enterprise Inns PLC

18,400

199,523

French Connection Group PLC

16,200

127,719

Galen Holdings PLC sponsored ADR

1,900

106,590

Hilton Group PLC

34,000

150,194

HSBC Holdings PLC (United Kingdom) (Reg.)

43,541

627,861

Icap PLC

16,000

78,359

Intermediate Capital Group PLC

6,600

140,907

Intertek Group PLC

9,900

90,501

ITE Group PLC

61,400

60,577

ITV PLC

60,400

132,602

Kesa Electricals PLC

24,200

121,314

LA Fitness PLC

15,000

49,196

Lastminute.com PLC (a)

20,300

69,376

London Clubs International PLC (a)

32,500

75,828

London Stock Exchange PLC

14,100

87,414

Man Group PLC

7,600

228,051

Next PLC

4,700

116,552

Prudential PLC

16,100

126,787

Reckitt Benckiser PLC

4,800

125,090

Reuters Group PLC

20,500

135,928

Robert Walters PLC

34,300

75,302

Royal Bank of Scotland Group PLC

11,972

360,305

SABMiller PLC

14,102

153,419

Schroder Venture International Investment Trust PLC (a)

5,400

46,749

Schroders PLC

10,300

115,809

Shell Transport & Trading Co. PLC (Reg.)

56,700

397,562

Shares

Value (Note 1)

Shire Pharmaceuticals Group PLC (a)

10,400

$ 96,200

Signet Group PLC

52,000

106,997

SkyePharma PLC (a)

63,100

66,461

Standard Chartered PLC

18,333

281,575

Stanley Leisure PLC

15,400

136,058

Ted Baker PLC

17,700

137,499

Tesco PLC

34,900

154,324

Trinity Mirror PLC

13,700

149,898

Unilever PLC

13,500

129,836

Urbium PLC

12,400

125,424

Vodafone Group PLC sponsored ADR

31,700

777,918

William Hill PLC

16,200

154,357

Xstrata PLC

5,700

64,291

TOTAL UNITED KINGDOM

8,167,186

United States of America - 30.6%

3M Co.

3,300

285,384

Accredo Health, Inc. (a)

2,300

88,895

AFLAC, Inc.

5,100

215,373

Agere Systems, Inc.:

Class A (a)

287

649

Class B (a)

463

1,005

Agilent Technologies, Inc. (a)

4,100

110,741

Allergan, Inc.

1,200

105,660

AMBAC Financial Group, Inc.

1,000

69,000

American Eagle Outfitters, Inc. (a)

50

1,285

American Express Co.

17,900

876,205

American International Group, Inc.

11,887

851,704

American Standard Companies, Inc. (a)

1,500

157,785

AmerisourceBergen Corp.

3,000

173,670

Amphenol Corp. Class A (a)

5,800

183,338

Analog Devices, Inc.

3,300

140,580

Anthem, Inc. (a)

43

3,809

Apache Corp.

80

3,350

Apple Computer, Inc. (a)

5,000

128,650

Applied Materials, Inc. (a)

8,000

145,840

AT&T Corp.

160

2,744

Autoliv, Inc.

2,400

102,072

Avon Products, Inc.

5,000

420,000

Baker Hughes, Inc.

2,400

88,032

BEA Systems, Inc. (a)

6,900

78,729

BellSouth Corp.

13,100

338,111

Biomet, Inc.

7,200

284,400

BJ Services Co. (a)

2,700

120,150

Boeing Co.

8,700

371,403

Bowater, Inc.

2,400

100,680

Brunswick Corp.

10,800

443,988

CDI Corp.

7,900

254,854

Celgene Corp. (a)

2,800

144,732

Ceridian Corp. (a)

4,800

102,624

Champion Enterprises, Inc. (a)

17,100

186,219

Charles River Laboratories International, Inc. (a)

3,100

142,600

ChevronTexaco Corp.

3,300

301,950

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

Cintas Corp.

3,900

$ 175,344

Cisco Systems, Inc. (a)

25,000

521,750

Citigroup, Inc.

21,068

1,013,160

Clear Channel Communications, Inc.

96

3,983

Colgate-Palmolive Co.

7,900

457,252

Comcast Corp. Class A (a)

75

2,258

ConocoPhillips

23

1,640

Cumulus Media, Inc. Class A (a)

7,800

163,956

CVS Corp.

3,900

150,657

Danaher Corp.

1,700

157,284

Dean Foods Co. (a)

2,700

90,666

Dell, Inc. (a)

14,300

496,353

Delta Air Lines, Inc.

100

622

Dow Chemical Co.

10,900

432,621

E.W. Scripps Co. Class A

2,300

242,765

East West Bancorp, Inc.

3,400

191,522

EMC Corp. (a)

8,500

94,860

ENSCO International, Inc.

7,000

191,590

Fannie Mae

5,200

357,344

FedEx Corp.

3,900

280,449

First Data Corp.

10,436

473,690

Florida Rock Industries, Inc.

1,800

71,622

Fluor Corp.

3,200

122,112

Forest Laboratories, Inc. (a)

5,900

380,432

Fox Entertainment Group, Inc. Class A (a)

14,100

392,685

Genentech, Inc. (a)

9,900

1,215,720

General Electric Co.

43,500

1,302,825

Golden Telecom, Inc.

3,400

96,118

Goldman Sachs Group, Inc.

5,400

522,450

Grant Prideco, Inc. (a)

500

7,625

Hewlett-Packard Co.

18,000

354,600

Home Depot, Inc.

15,150

533,129

Honeywell International, Inc.

11,000

380,380

Intel Corp.

24,900

640,677

InterActiveCorp (a)

2,700

86,049

International Paper Co.

2,000

80,640

Intersil Corp. Class A

4,100

80,975

Labor Ready, Inc. (a)

11,100

140,304

Lam Research Corp. (a)

3,300

73,062

Lamar Advertising Co. Class A (a)

4,700

192,982

Lehman Brothers Holdings, Inc.

3,200

234,880

Liberty Media Corp. Class A (a)

12,648

138,369

Lucent Technologies, Inc. (a)

500

1,685

Lyondell Chemical Co.

10,800

176,580

Manitowoc Co., Inc.

6,400

194,624

Manpower, Inc.

3,700

173,530

ManTech International Corp. Class A (a)

5,600

140,560

MBIA, Inc.

2,450

144,281

MBNA Corp.

11,300

275,494

McCormick & Co., Inc. (non-vtg.)

2,600

88,816

McDonald's Corp.

27,000

735,210

Medco Health Solutions, Inc. (a)

13

460

Shares

Value (Note 1)

Merrill Lynch & Co., Inc.

6,500

$ 352,495

MetLife, Inc.

5,300

182,850

Micron Technology, Inc. (a)

100

1,362

Microsoft Corp.

56,800

1,475,096

Millennium Chemicals, Inc.

11,800

193,166

Monsanto Co.

170

5,880

Morgan Stanley

9,900

508,761

Motorola, Inc.

7,700

140,525

Nabors Industries Ltd. (a)

3,800

168,568

National Semiconductor Corp. (a)

1,700

69,343

National-Oilwell, Inc. (a)

100

2,792

Network Associates, Inc. (a)

100

1,568

New York Community Bancorp, Inc.

8,667

217,273

Newell Rubbermaid, Inc.

4,100

96,924

NIKE, Inc. Class B

3,500

251,825

Nordstrom, Inc.

7,500

267,225

NTL, Inc. (a)

1,922

109,112

Occidental Petroleum Corp.

22,100

1,043,120

Oracle Corp. (a)

100

1,122

Outback Steakhouse, Inc.

2,500

109,825

PDF Solutions, Inc. (a)

2,300

22,770

PepsiCo, Inc.

20,590

1,121,949

Pfizer, Inc.

59,965

2,144,348

Polo Ralph Lauren Corp. Class A

4,800

166,080

PPG Industries, Inc.

1,600

94,896

Praxair, Inc.

5,300

193,715

Precision Castparts Corp.

6,100

274,561

Pride International, Inc. (a)

4,600

77,602

PrivateBancorp, Inc.

3,300

182,556

Procter & Gamble Co.

7,400

782,550

Radio One, Inc. Class A (a)

100

1,908

Robert Half International, Inc. (a)

16,200

441,774

Rowan Companies, Inc. (a)

9,000

200,700

SBC Communications, Inc.

25,800

642,420

Schering-Plough Corp.

100

1,673

SLM Corp.

5,900

226,029

Southwest Airlines Co.

50

714

Sovereign Bancorp, Inc.

10,100

201,798

Spanish Broadcasting System, Inc.
Class A (a)

11,300

109,836

SpectraSite, Inc. (a)

2,800

104,636

St. Paul Companies, Inc.

40

1,627

Staples, Inc.

5,620

144,771

Sun Microsystems, Inc. (a)

300

1,170

Synthes-Stratec, Inc.

245

266,465

Texas Instruments, Inc.

13,000

326,300

The DIRECTV Group, Inc. (a)

95

1,701

The J.M. Smucker Co.

60

3,138

Time Warner, Inc. (a)

24,100

405,362

Toys 'R' Us, Inc. (a)

25,300

390,885

Tyco International Ltd.

42,800

1,174,860

U.S. Bancorp, Delaware

6,500

166,660

UICI (a)

100

1,731

United Natural Foods, Inc. (a)

8,400

210,420

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

United Parcel Service, Inc. Class B

5,700

$ 399,855

UnitedHealth Group, Inc.

4,200

258,216

Verizon Communications, Inc.

12,300

464,202

Viacom, Inc.:

Class A

4,100

160,556

Class B (non-vtg.)

10,241

395,815

Wachovia Corp.

21

961

Weatherford International Ltd. (a)

1,600

69,568

Wendy's International, Inc.

5,000

195,000

Williams-Sonoma, Inc. (a)

3,300

107,184

Xerox Corp. (a)

54,900

737,307

Yahoo!, Inc. (a)

11,100

560,106

Zimmer Holdings, Inc. (a)

6,100

487,085

TOTAL UNITED STATES OF AMERICA

40,627,145

TOTAL COMMON STOCKS

(Cost $74,382,627)

89,689,285

Nonconvertible Preferred Stocks - 0.4%

Germany - 0.4%

Fresenius Medical Care AG

4,500

214,741

Porsche AG (non-vtg.)

358

221,975

ProSiebenSat.1 Media AG

4,300

84,490

ProSiebenSat.1 Media AG New

537

10,539

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $442,841)

531,745

Nonconvertible Bonds - 5.3%

Principal Amount (d)

Germany - 1.3%

Kreditanstalt Fuer Wiederaufbau 3.5% 11/15/05

EUR

1,450,000

1,764,172

United Kingdom - 4.0%

Telewest Communications PLC yankee:

0% 2/1/10 (c)(e)

45,000

20,475

9.25% 4/15/09 (c)

235,000

117,500

9.875% 2/1/10 (c)

570,000

339,150

11.25% 11/1/08 (c)

205,000

127,100

Telewest PLC:

11% 10/1/07 (c)

4,305,000

2,712,150

yankee 9.625% 10/1/06 (c)

3,195,000

1,948,950

TOTAL UNITED KINGDOM

5,265,325

TOTAL NONCONVERTIBLE BONDS

(Cost $4,918,873)

7,029,497

Government Obligations - 16.1%

Principal Amount (d)

Value
(Note 1)

Germany - 2.0%

German Federal Republic 4.5% 8/18/06

EUR

2,125,000

$ 2,652,231

Italy - 0.8%

Italian Republic 4.75% 7/1/05

EUR

850,000

1,047,348

Japan - 8.9%

Japan Government:

0.1% 8/20/05

JPY

466,000,000

4,219,046

3% 9/20/05

JPY

810,000,000

7,622,805

TOTAL JAPAN

11,841,851

Norway - 1.0%

Norway Kingdom of 6.75% 1/15/07

NOK

8,500,000

1,348,663

United Kingdom - 0.9%

United Kingdom, Great Britain & Northern Ireland 8.5% 12/7/05

GBP

675,000

1,271,417

United States of America - 2.5%

U.S. Treasury Notes:

2% 11/30/04

2,125,000

2,134,048

2% 5/15/06

1,200,000

1,191,937

TOTAL UNITED STATES OF AMERICA

3,325,985

TOTAL GOVERNMENT OBLIGATIONS

(Cost $20,385,127)

21,487,495

Money Market Funds - 9.4%

Shares

Fidelity Cash Central Fund, 1.06% (b)

12,408,775

12,408,775

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

42,300

42,300

TOTAL MONEY MARKET FUNDS

(Cost $12,451,075)

12,451,075

TOTAL INVESTMENT PORTFOLIO - 98.7%

(Cost $112,580,543)

131,189,097

NET OTHER ASSETS - 1.3%

1,728,514

NET ASSETS - 100%

$ 132,917,611

Currency Abbreviations

EUR

-

European Monetary Unit

GBP

-

British pound

JPY

-

Japanese yen

NOK

-

Norwegian krone

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Principal amount is stated in United States dollars unless otherwise noted.

(e) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations

2.5%

AAA,AA,A

14.9%

BBB

0.0%

BB

0.0%

B

0.0%

CCC,CC,C

4.0%

Equities

67.9%

Short-Term Investments and Net Other Assets

10.7%

100.0%

We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings. Percentages are adjusted for the effect of futures contracts, if applicable.

Purchases and sales of securities, other than short-term securities, aggregated $42,683,079 and $38,260,573, respectively, of which long-term U.S. government and government agency obligations aggregated $0 and $1,005,469, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2,024 for the period.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $7,285,000 of which $390,000 and $6,895,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Global Balanced

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $40,409) (cost $112,580,543) - See accompanying schedule

$ 131,189,097

Foreign currency held at value (cost $1,516,251)

1,555,129

Receivable for investments sold

867,202

Receivable for fund shares sold

120,712

Dividends receivable

243,700

Interest receivable

252,191

Prepaid expenses

371

Other affiliated receivables

54,267

Other receivables

4,156

Total assets

134,286,825

Liabilities

Payable for investments purchased

$ 1,100,820

Payable for fund shares redeemed

64,369

Accrued management fee

81,288

Other affiliated payables

35,470

Other payables and accrued expenses

44,967

Collateral on securities loaned, at value

42,300

Total liabilities

1,369,214

Net Assets

$ 132,917,611

Net Assets consist of:

Paid in capital

$ 116,368,206

Distributions in excess of net investment income

(49,374)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(2,045,224)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

18,644,003

Net Assets, for 6,974,823 shares outstanding

$ 132,917,611

Net Asset Value, offering price and redemption price per share ($132,917,611 ÷ 6,974,823 shares)

$ 19.06

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 661,590

Interest

328,833

Security lending

1,906

992,329

Less foreign taxes withheld

(40,420)

Total income

951,909

Expenses

Management fee

$ 464,732

Transfer agent fees

169,109

Accounting and security lending fees

34,130

Non-interested trustees' compensation

493

Custodian fees and expenses

58,309

Registration fees

15,821

Audit

34,313

Legal

216

Miscellaneous

913

Total expenses before reductions

778,036

Expense reductions

(11,366)

766,670

Net investment income (loss)

185,239

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

5,602,116

Foreign currency transactions

(83,675)

Total net realized gain (loss)

5,518,441

Change in net unrealized appreciation (depreciation) on:

Investment securities

2,775,249

Assets and liabilities in foreign currencies

(5,258)

Total change in net unrealized appreciation (depreciation)

2,769,991

Net gain (loss)

8,288,432

Net increase (decrease) in net assets resulting from operations

$ 8,473,671

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Global Balanced
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2004 (Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 185,239

$ 925,605

Net realized gain (loss)

5,518,441

3,180,488

Change in net unrealized appreciation (depreciation)

2,769,991

16,613,655

Net increase (decrease) in net assets resulting from operations

8,473,671

20,719,748

Distributions to shareholders from net investment income

(2,085,080)

(1,305,719)

Share transactions
Net proceeds from sales of shares

27,348,793

25,393,629

Reinvestment of distributions

1,937,941

1,224,318

Cost of shares redeemed

(18,633,605)

(18,441,176)

Net increase (decrease) in net assets resulting from share transactions

10,653,129

8,176,771

Redemption fees

11,926

9,980

Total increase (decrease) in net assets

17,053,646

27,600,780

Net Assets

Beginning of period

115,863,965

88,263,185

End of period (including distributions in excess of net investment income of $49,374 and undistributed net investment income of $1,850,467, respectively)

$ 132,917,611

$ 115,863,965

Other Information

Shares

Sold

1,430,486

1,574,668

Issued in reinvestment of distributions

105,592

82,114

Redeemed

(975,625)

(1,190,847)

Net increase (decrease)

560,453

465,935

Financial Highlights

Six months ended April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999I

1999J

Selected Per-Share Data

Net asset value, beginning of period

$ 18.06

$ 14.84

$ 15.36

$ 19.10

$ 18.67

$ 18.02

$ 16.62

Income from Investment Operations

Net investment income (loss)D

.03

.15

.17G

.28

.36E

.08

.31

Net realized and unrealized gain (loss)

1.29

3.29

(.66)G

(2.46)

.47

.74

1.37

Total from investment operations

1.32

3.44

(.49)

(2.18)

.83

.82

1.68

Distributions from net investment income

(.32)

(.22)

(.03)

(.32)

(.15)

(.17)

(.28)

Distributions from net realized gain

-

-

-

(1.24)

(.25)

-

-

Total distributions

(.32)

(.22)

(.03)

(1.56)

(.40)

(.17)

(.28)

Redemption fees added to paid in capitalD

-H

-H

-H

-H

-H

-

-

Net asset value, end of period

$ 19.06

$ 18.06

$ 14.84

$ 15.36

$ 19.10

$ 18.67

$ 18.02

Total ReturnB,C

7.38%

23.49%

(3.20)%

(12.36)%

4.45%

4.57%

10.39%

Ratios to Average Net AssetsF

Expenses before expense reductions

1.21%A

1.29%

1.29%

1.29%

1.26%

1.20%A

1.32%

Expenses net of voluntary waivers, if any

1.21%A

1.29%

1.29%

1.29%

1.26%

1.20%A

1.32%

Expenses net of all reductions

1.20%A

1.28%

1.27%

1.27%

1.25%

1.19%A

1.30%

Net investment income (loss)

.29%A

.98%

1.07%G

1.69%

1.81%

1.74%A

1.83%

Supplemental Data

Net assets, end of period (000 omitted)

$ 132,918

$ 115,864

$ 88,263

$ 88,809

$ 104,820

$ 97,468

$ 101,756

Portfolio turnover rate

67%A

113%

126%

102%

62%

80%A

100%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Investment income per share reflects a special dividend which amounted to $.04 per share. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Effective November 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change. H Amount represents less than $.01 per share. I Three months ended October 31. J Year ended July 31.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

International Growth & Income

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan

20.2%

United Kingdom

16.1%

France

11.1%

Switzerland

9.2%

Germany

7.9%

Netherlands

5.5%

United States of America

4.5%

Italy

3.7%

Spain

2.5%

Other

19.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan

20.9%

United Kingdom

16.8%

Switzerland

9.3%

France

8.9%

Germany

7.9%

United States of America

6.0%

Netherlands

5.1%

Spain

2.9%

Italy

2.6%

Other

19.6%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks and Equity Futures

97.5

96.7

Bonds

0.6

1.1

Short-Term Investments
and Net Other Assets

1.9

2.2

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Total SA (France, Oil & Gas)

2.7

3.2

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

2.5

2.7

BP PLC sponsored ADR (United Kingdom, Oil & Gas)

2.2

1.9

Shell Transport & Trading Co. PLC (Reg.) (United Kingdom,
Oil & Gas)

1.7

2.0

Novartis AG (Reg.)
(Switzerland, Pharmaceuticals)

1.5

1.9

Allianz AG (Reg.)
(Germany, Insurance)

1.5

1.2

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

1.4

1.1

AstraZeneca PLC sponsored ADR (United Kingdom, Pharmaceuticals)

1.2

0.5

Nikko Cordial Corp.
(Japan, Capital Markets)

1.1

1.2

Telefonaktiebolaget LM Ericsson ADR (Sweden, Communications Equipment)

1.1

0.6

16.9

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.6

27.0

Consumer Discretionary

14.7

11.9

Information Technology

13.2

14.9

Health Care

10.0

10.3

Telecommunication Services

9.7

10.1

Energy

7.9

8.5

Industrials

5.3

3.4

Consumer Staples

5.3

6.6

Materials

2.1

2.8

Utilities

1.8

2.3

Semiannual Report

International Growth & Income

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.3%

Shares

Value (Note 1)

Australia - 1.3%

CSL Ltd.

116,300

$ 1,853,502

News Corp. Ltd. ADR

234,300

8,566,008

Pacific Brands Ltd.

2,119,390

3,766,637

PaperlinX Ltd.

996,785

3,600,637

Publishing & Broadcasting Ltd.

451,648

3,974,250

Suncorp-Metway Ltd.

183,100

1,772,560

TOTAL AUSTRALIA

23,533,594

Austria - 0.2%

Bank Austria Creditanstalt AG

62,275

3,532,863

Belgium - 0.7%

Delhaize Group

106,870

5,076,325

Fortis

329,700

7,173,446

TOTAL BELGIUM

12,249,771

Brazil - 1.5%

Banco Bradesco SA sponsored ADR

137,500

5,589,375

Banco Itau Holding Financeira SA (PN)

102,307,000

8,155,260

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

74,600

1,924,680

Tele Norte Leste Participacoes SA ADR

208,500

2,468,640

Telebras sponsored ADR

140,800

4,028,288

Uniao de Bancos Brasileiros SA (Unibanco) GDR

245,000

4,802,000

TOTAL BRAZIL

26,968,243

Canada - 0.3%

Abitibi-Consolidated, Inc.

306,000

2,141,810

Celestica, Inc. (sub. vtg.) (a)

205,600

3,623,165

TOTAL CANADA

5,764,975

Cayman Islands - 0.1%

Nam Tai Electronic & Electrical
Products Ltd.

2,688,000

1,223,400

Semiconductor Manufacturing International Corp. sponsored ADR

15,900

185,871

TOTAL CAYMAN ISLANDS

1,409,271

Denmark - 1.5%

Danske Bank AS

812,100

18,239,595

GN Store Nordic AS

1,206,400

9,362,026

TOTAL DENMARK

27,601,621

Estonia - 0.1%

Hansabank SA

280,400

2,146,703

Finland - 0.8%

Nokia Corp. sponsored ADR

1,069,100

14,978,091

France - 11.1%

Accor SA

281,600

11,848,960

Alcatel SA sponsored ADR (a)

962,800

14,114,648

Assurances Generales France SA (Bearer)

170,665

10,417,937

Shares

Value (Note 1)

Autoroutes du Sud de la France

119,659

$ 4,649,277

AXA SA

460,400

9,479,636

Bacou Dalloz

26,183

1,976,301

BNP Paribas SA

148,800

8,931,692

Business Objects SA sponsored ADR (a)

201,500

4,418,895

CNP Assurances

202,900

12,033,177

Credit Agricole SA

306,880

7,566,709

Dassault Systemes SA sponsored ADR

111,400

4,456,000

Eiffage SA

16,113

2,675,671

Elior SA

287,612

2,570,626

France Telecom SA sponsored ADR

457,900

10,966,705

Medidep SA (a)

131,192

2,789,965

NRJ Group

282,100

6,060,053

Orpea (a)

133,464

3,070,142

Pernod-Ricard

33,500

4,226,358

Peugeot Citroen SA

128,100

6,878,822

Suez SA (France)

156,300

3,131,038

Total SA:

Series B

223,744

41,222,595

sponsored ADR

68,400

6,301,008

Vivendi Universal SA (a)

75,000

1,854,000

Vivendi Universal SA sponsored ADR (a)

662,000

16,364,640

TOTAL FRANCE

198,004,855

Germany - 7.4%

Adidas-Salomon AG

85,854

9,909,694

Allianz AG (Reg.)

249,311

26,277,379

AWD Holding AG

44,400

1,492,670

BASF AG sponsored ADR

140,600

7,278,862

Bayerische Hypo-und Vereinsbank AG (a)

149,660

2,596,375

Celesio AG

131,900

7,349,947

DAB Bank AG (a)

389,700

3,408,367

Deutsche Bank AG

33,500

2,748,005

Deutsche Telekom AG sponsored ADR (a)

1,014,800

17,332,784

E.ON AG

113,000

7,508,850

Fielmann AG

36,735

1,925,534

Freenet.de AG (a)

30,500

2,671,589

Fresenius AG

58,637

4,812,330

Hypo Real Estate Holding AG (a)

278,083

7,592,973

MAN AG

101,600

3,729,714

RWE AG

110,879

4,810,286

Siemens AG sponsored ADR

164,000

11,706,320

T-Online International AG (a)

534,693

5,810,384

United Internet AG

133,282

3,353,388

TOTAL GERMANY

132,315,451

Greece - 1.7%

Bank of Piraeus (Reg.)

443,400

5,227,377

Cosmote Mobile Telecommunications SA

135,300

2,172,179

EFG Eurobank Ergasias SA

351,360

7,467,909

Greek Organization of Football Prognostics SA

542,020

10,338,355

Common Stocks - continued

Shares

Value (Note 1)

Greece - continued

Public Power Corp. of Greece

192,400

$ 4,877,686

Public Power Corp. of Greece GDR (a)(d)

25,000

633,795

TOTAL GREECE

30,717,301

Hong Kong - 1.2%

Cheung Kong Holdings Ltd.

594,000

4,550,251

Giordano International Ltd.

3,312,000

1,900,178

Hong Kong Land Holdings Ltd.

2,186,000

3,781,780

PCCW Ltd. (a)

8,035,000

5,511,257

Sino Land Co.

7,398,000

4,481,538

Techtronic Industries Co. Ltd.

882,000

2,363,338

TOTAL HONG KONG

22,588,342

India - 1.4%

Infosys Technologies Ltd.

83,631

9,679,437

Satyam Computer Services Ltd.

1,419,500

10,241,659

Sun Pharmaceutical Industries Ltd.

60,974

1,029,648

Wipro Ltd.

130,800

4,542,704

TOTAL INDIA

25,493,448

Ireland - 1.0%

Allied Irish Banks PLC

359,500

5,255,890

DEPFA BANK PLC

39,150

5,868,831

Independent News & Media PLC (Ireland)

1,598,113

3,637,928

Jurys Doyle Hotel Group PLC (Ireland)

341,800

4,177,008

TOTAL IRELAND

18,939,657

Italy - 2.5%

Assicurazioni Generali Spa

200,000

5,271,640

Banca Intesa Spa

101,029

334,320

Banco Popolare di Verona e Novara

470,900

7,830,328

Buzzi Unicem Spa

148,058

1,968,478

Cassa Di Risparmio Di Firenze

2,248,700

3,911,931

ENI Spa sponsored ADR

160,000

16,300,800

Fiat Spa (a)

1,019,500

7,169,988

Telecom Italia Spa

502,587

1,610,148

TOTAL ITALY

44,397,633

Japan - 18.7%

Aisin Seiki Co. Ltd.

257,500

4,440,924

Anritsu Corp. (a)

363,000

2,589,958

C&S Co. Ltd.

199,100

4,440,334

Canon Sales Co., Inc.

403,000

5,195,688

Canon, Inc.

229,000

11,978,990

Daiwa Securities Group, Inc.

1,044,000

7,699,264

Diamond Lease Co. Ltd.

3,700

145,310

Don Quijote Co. Ltd.

26,500

1,850,713

East Japan Railway Co.

2,065

10,348,318

FamilyMart Co. Ltd.

183,000

5,154,434

Fuji Photo Film Co. Ltd.

184,000

5,869,600

Fujitsu Ltd.

313,000

2,133,096

Fukuoka City Bank Ltd. (a)

301,000

1,000,250

Shares

Value (Note 1)

Hitachi Information Systems Co. Ltd.

147,300

$ 4,358,305

Ito Yokado Ltd.

110,000

4,486,173

JAFCO Co. Ltd.

116,400

9,308,208

KDDI Corp.

1,846

10,841,859

Kyocera Corp.

124,400

10,332,664

Matsushita Electric Industrial Co. Ltd.

681,000

10,065,180

Millea Holdings, Inc.

557

7,770,079

Mitsubishi Tokyo Financial Group, Inc. (MTFG)

1,304

11,605,600

Mizuho Financial Group, Inc. (a)

2,704

12,541,451

Nichicon Corp.

385,000

4,388,923

Nikko Cordial Corp.

3,625,000

20,227,316

Nippon Telegraph & Telephone Corp.

592

3,074,848

Nishi-Nippon Bank Ltd. (a)

149,000

602,377

Nishimatsuya Chain Co. Ltd.

59,100

2,131,985

Nitto Denko Corp.

166,400

9,063,259

Nomura Holdings, Inc.

719,000

11,777,220

Nomura Holdings, Inc. sponsored ADR

300,000

4,914,000

Ricoh Co. Ltd.

610,000

11,924,032

Sanyo Electric Co. Ltd.

482,000

2,141,350

Shinko Electric Industries Co.Ltd.

120,900

3,652,379

Skylark Co. Ltd.

245,000

4,712,969

Sumitomo Electric Industries Ltd.

982,000

8,899,841

Sumitomo Forestry Co. Ltd.

353,000

3,647,750

Sumitomo Heavy Industries Ltd. (a)

2,320,000

5,957,396

Sumitomo Mitsui Financial Group, Inc.

2,467

18,281,247

Sumitomo Osaka Cement Co. Ltd.

2,850,000

6,989,153

Taiyo Yuden Co. Ltd.

266,000

4,360,624

Takeda Chemical Industries Ltd.

90,300

3,570,412

Tokyo Electron Ltd.

82,000

4,896,139

Toyota Motor Corp.

484,000

17,716,820

Toys R Us Japan Ltd.

49,500

1,099,552

UFJ Holdings, Inc. (a)

1,732

10,510,883

UMC Japan (a)

4,038

3,587,872

UNY Co. Ltd.

333,000

3,822,763

Yamanouchi Pharmaceutical Co. Ltd.

249,300

8,151,560

Yamato Transport Co. Ltd.

474,000

7,062,883

York-Benimaru Co. Ltd.

77,000

2,333,005

TOTAL JAPAN

333,654,956

Korea (South) - 1.3%

Kia Motors Corp.

245,580

2,281,351

Kookmin Bank (a)

106,050

3,958,744

LG Electronics, Inc.

61,800

3,750,085

Samsung Electro-Mechanics Co. Ltd. (a)

203,170

7,653,401

Shinhan Financial Group Co. Ltd.

282,080

4,916,298

TOTAL KOREA (SOUTH)

22,559,879

Luxembourg - 0.4%

Millicom International Cellular SA (a)

184,800

4,644,024

RTL Group

53,800

3,287,347

TOTAL LUXEMBOURG

7,931,371

Common Stocks - continued

Shares

Value (Note 1)

Mexico - 0.3%

Telefonos de Mexico SA de CV sponsored ADR

141,900

$ 4,844,466

Netherlands - 5.5%

ASML Holding NV (NY Shares) (a)

746,900

11,614,295

EADS NV

304,000

7,685,093

Euronext NV

166,331

4,836,554

ING Groep NV (Certificaten Van Aandelen)

530,444

11,256,022

Koninklijke Ahold NV sponsored ADR

860,700

6,627,390

Koninklijke KPN NV

1,176,500

8,471,484

Koninklijke Numico NV (Certificaten Van Aandelen) (a)

103,400

2,861,710

Koninklijke Philips Electronics NV
(NY Shares)

230,300

6,174,343

STMicroelectronics NV

137,530

2,994,028

Unilever NV (NY Shares)

267,000

17,603,310

VNU NV

209,775

5,866,076

Vopak NV

232,284

4,035,342

Wolters Kluwer NV (Certificaten Van Aandelen)

450,614

7,585,323

TOTAL NETHERLANDS

97,610,970

Norway - 0.3%

TANDBERG Television ASA (a)

830,400

4,959,706

Poland - 0.2%

Bank Polska Kasa Opieki

110,000

3,428,928

Portugal - 0.2%

Portugal Telecom SGPS SA (Reg.)

318,441

3,452,794

Singapore - 0.7%

DBS Group Holdings Ltd.

659,000

5,536,839

Flextronics International Ltd. (a)

196,800

3,168,480

Oversea-Chinese Banking Corp. Ltd.

466,000

3,312,926

TOTAL SINGAPORE

12,018,245

South Africa - 0.4%

African Bank Investments Ltd.

540,100

818,439

MTN Group Ltd. (a)

1,450,000

6,032,080

TOTAL SOUTH AFRICA

6,850,519

Spain - 2.5%

Banco Bilbao Vizcaya Argentaria SA

463,100

6,099,027

Banco Espanol de Credito SA (Reg.)

620,000

7,472,789

Grupo Auxiliar Metalurgico SA (Gamesa)

189,800

7,861,197

Repsol YPF SA sponsored ADR

295,000

6,159,600

Telefonica SA

260,000

3,824,600

Telefonica SA sponsored ADR

290,776

12,831,945

TOTAL SPAIN

44,249,158

Sweden - 2.0%

D. Carnegie & Co. AB

298,400

3,182,486

Eniro AB

727,500

5,902,482

Shares

Value (Note 1)

OMHEX AB

487,900

$ 6,576,246

Telefonaktiebolaget LM Ericsson ADR (a)

737,200

19,661,124

TOTAL SWEDEN

35,322,338

Switzerland - 9.2%

Actelion Ltd. (Reg.) (a)

49,355

5,419,335

Adecco SA sponsored ADR

367,800

4,089,936

Barry Callebaut AG

40,071

8,335,882

Compagnie Financiere Richemont unit

259,980

6,692,654

Converium Holding AG

117,710

6,155,811

Credit Suisse Group (Reg.)

443,600

15,508,256

Julius Baer Holding AG (Bearer)

7,820

2,112,698

Nestle SA (Reg.)

22,427

5,678,160

Nobel Biocare Holding AG (Switzerland)

40,200

5,453,609

Novartis AG (Reg.)

601,520

26,948,096

Phonak Holding AG

292,000

7,798,688

Roche Holding AG (participation certificate)

232,179

24,373,866

Sika AG (Bearer)

12,200

5,744,500

Swiss Life Holding (a)

104,175

14,233,095

Syngenta AG sponsored ADR

123,300

1,964,169

UBS AG (NY Shares)

224,650

15,905,220

Zurich Financial Services AG

56,281

8,905,909

TOTAL SWITZERLAND

165,319,884

Taiwan - 1.7%

Asia Optical Co., Inc.

448,000

3,156,640

Compal Electronics, Inc.

3,783,000

4,260,289

Hon Hai Precision Industries Co. Ltd.

927,000

3,656,640

Quanta Computer, Inc.

1,146,000

2,415,537

Taiwan Cellular Co. Ltd.

3,816,000

3,504,607

Taiwan Semiconductor Manufacturing Co. Ltd. (a)

1,799,000

3,114,800

United Microelectronics Corp. (a)

6,550,252

5,877,673

Yageo Corp. sponsored GDR (a)

1,478,900

3,919,085

TOTAL TAIWAN

29,905,271

United Kingdom - 15.5%

3i Group PLC

711,400

7,625,660

Allied Domecq PLC

758,150

6,061,395

AstraZeneca PLC sponsored ADR

429,800

20,565,930

Aviva PLC

806,690

7,901,409

BAE Systems PLC

1,419,700

5,293,523

BP PLC sponsored ADR

726,600

38,437,140

British Airways PLC (a)

620,000

3,139,060

Centrica PLC

1,695,000

6,583,660

Dixons Group PLC

1,682,400

4,643,090

Eircom Group PLC

2,864,700

5,011,008

Enterprise Inns PLC

574,970

6,234,782

FirstGroup PLC

826,900

3,946,786

GlaxoSmithKline PLC

524,043

11,004,903

HSBC Holdings PLC (Hong Kong) (Reg.)

721,600

10,405,472

J.D. Wetherspoon PLC

781,164

4,221,454

Kesa Electricals PLC

997,500

5,000,441

Marconi Corp. PLC (a)

186,305

1,990,422

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Pennon Group PLC

215,000

$ 2,648,610

Premier Farnell PLC

1,169,764

5,240,166

Prudential PLC

343,426

2,704,476

Punch Taverns Ltd.

732,000

7,091,757

Rank Group PLC

1,363,307

7,706,675

Reuters Group PLC sponsored ADR

220,100

8,757,779

Severn Trent PLC

145,000

2,018,255

Shell Transport & Trading Co. PLC (Reg.)

4,348,100

30,487,428

Unilever PLC sponsored ADR

460,000

17,696,200

Vodafone Group PLC

18,029,381

44,244,089

TOTAL UNITED KINGDOM

276,661,570

United States of America - 2.6%

Affiliated Computer Services, Inc.
Class A (a)

107,800

5,228,300

Covad Communications Group, Inc. (a)

997,800

1,995,600

Fox Entertainment Group, Inc.
Class A (a)

135,000

3,759,750

Ingram Micro, Inc. Class A (a)

252,000

3,011,400

Merck & Co., Inc.

150,000

7,050,000

NTL, Inc. (a)

85,476

4,852,473

Pfizer, Inc.

363,100

12,984,456

Wyeth

210,000

7,994,700

TOTAL UNITED STATES OF AMERICA

46,876,679

TOTAL COMMON STOCKS

(Cost $1,501,818,938)

1,686,288,553

Nonconvertible Preferred Stocks - 1.7%

Germany - 0.5%

Fresenius Medical Care AG

112,880

5,386,670

ProSiebenSat.1 Media AG

180,546

3,547,519

Rheinmetall AG

24,380

993,129

TOTAL GERMANY

9,927,318

Italy - 1.2%

Banca Intesa Spa (Risp)

3,068,402

7,694,396

Telecom Italia Spa (Risp)

5,824,085

13,571,891

TOTAL ITALY

21,266,287

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $24,428,335)

31,193,605

Nonconvertible Bonds - 0.6%

Principal Amount

United Kingdom - 0.6%

Telewest Communications PLC yankee:

9.875% 2/1/10 (c)

$ 225,000

133,875

11.25% 11/1/08 (c)

4,400,000

2,728,000

Principal Amount

Value (Note 1)

Telewest PLC:

11% 10/1/07 (c)

$ 4,735,000

$ 2,983,050

yankee 9.625% 10/1/06 (c)

6,860,000

4,184,600

TOTAL NONCONVERTIBLE BONDS

(Cost $6,806,531)

10,029,525

Government Obligations - 0.2%

United States of America - 0.2%

U.S. Treasury Bills, yield at date of purchase 0.93% to 0.94% 6/3/04 to 6/10/04 (e)
(Cost $3,396,724)

3,400,000

3,397,292

Money Market Funds - 8.1%

Shares

Fidelity Cash Central Fund, 1.06% (b)

31,085,533

31,085,533

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

113,418,944

113,418,944

TOTAL MONEY MARKET FUNDS

(Cost $144,504,477)

144,504,477

TOTAL INVESTMENT PORTFOLIO - 104.9%

(Cost $1,680,955,005)

1,875,413,452

NET OTHER ASSETS - (4.9)%

(87,444,169)

NET ASSETS - 100%

$ 1,787,969,283

Futures Contracts

Expiration
Date

Underlying Face Amount
at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

450 Nikkei 225 Index Contracts

June 2004

$ 25,998,751

$ 260,693

The face value of futures purchased as a percentage of net assets - 1.5%

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $633,795 or 0.0% of net assets.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,297,383.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $957,550,509 and $594,551,713, respectively.

The fund participated in the security lending program during the period. Cash collateral includes amounts received for unsettled security loans.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $76,617,000 of which $40,721,000 and $35,896,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

International Growth & Income

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $106,006,416) (cost $1,680,955,005) - See accompanying schedule

$ 1,875,413,452

Foreign currency held at value (cost $10,056,819)

9,972,343

Receivable for investments sold

17,087,122

Receivable for fund shares sold

3,001,095

Dividends receivable

4,840,573

Interest receivable

52,392

Prepaid expenses

3,871

Other affiliated receivables

4,236

Other receivables

398,665

Total assets

1,910,773,749

Liabilities

Payable for investments purchased

$ 4,195,610

Payable for fund shares redeemed

1,646,471

Accrued management fee

1,107,292

Payable for daily variation on futures contracts

191,250

Other affiliated payables

448,452

Other payables and accrued expenses

1,796,447

Collateral on securities loaned, at value

113,418,944

Total liabilities

122,804,466

Net Assets

$ 1,787,969,283

Net Assets consist of:

Paid in capital

$ 1,569,278,378

Undistributed net investment income

5,373,033

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

20,408,038

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

192,909,834

Net Assets, for 73,344,156 shares outstanding

$ 1,787,969,283

Net Asset Value, offering price and redemption price per share ($1,787,969,283 ÷ 73,344,156 shares)

$ 24.38

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 15,256,866

Interest

382,253

Security lending

683,515

16,322,634

Less foreign taxes withheld

(1,983,377)

Total income

14,339,257

Expenses

Management fee

$ 5,814,266

Transfer agent fees

2,099,193

Accounting and security lending fees

369,977

Non-interested trustees' compensation

5,236

Custodian fees and expenses

325,326

Registration fees

78,538

Audit

38,944

Legal

2,052

Miscellaneous

8,150

Total expenses before reductions

8,741,682

Expense reductions

(270,105)

8,471,577

Net investment income (loss)

5,867,680

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

99,332,673

Foreign currency transactions

217,303

Futures contracts

516,101

Total net realized gain (loss)

100,066,077

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $1,198,345)

49,707,257

Assets and liabilities in foreign currencies

(149,850)

Futures contracts

260,693

Total change in net unrealized appreciation (depreciation)

49,818,100

Net gain (loss)

149,884,177

Net increase (decrease) in net assets resulting from operations

$ 155,751,857

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

International Growth & Income
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 5,867,680

$ 10,436,136

Net realized gain (loss)

100,066,077

23,168,119

Change in net unrealized appreciation (depreciation)

49,818,100

249,188,580

Net increase (decrease) in net assets resulting from operations

155,751,857

282,792,835

Distributions to shareholders from net investment income

(10,817,688)

(4,820,830)

Share transactions
Net proceeds from sales of shares

566,453,383

324,768,068

Reinvestment of distributions

9,888,484

4,358,550

Cost of shares redeemed

(176,258,955)

(254,428,741)

Net increase (decrease) in net assets resulting from share transactions

400,082,912

74,697,877

Redemption fees

85,332

66,892

Total increase (decrease) in net assets

545,102,413

352,736,774

Net Assets

Beginning of period

1,242,866,870

890,130,096

End of period (including undistributed net investment income of $5,373,033 and undistributed net investment income of $10,323,041, respectively)

$ 1,787,969,283

$ 1,242,866,870

Other Information

Shares

Sold

23,305,861

17,590,450

Issued in reinvestment of distributions

435,616

257,142

Redeemed

(7,227,875)

(14,446,125)

Net increase (decrease)

16,513,602

3,401,467

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 21.87

$ 16.66

$ 17.61

$ 26.70

$ 26.02

$ 19.75

Income from Investment Operations

Net investment income (loss)E

.09

.19

.11

.19G

.18F

.15

Net realized and unrealized gain (loss)

2.60

5.11

(1.06)

(6.11)

2.33

6.84

Total from investment operations

2.69

5.30

(.95)

(5.92)

2.51

6.99

Distributions from net investment income

(.18)

(.09)

-

(.51)

(.33)

(.09)

Distributions from net realized gain

-

-

-

(2.66)

(1.50)

(.63)

Total distributions

(.18)

(.09)

-

(3.17)

(1.83)

(.72)

Redemption fees added to paid in capitalE

-I

-I

-I

-I

-I

-

Net asset value, end of period

$ 24.38

$ 21.87

$ 16.66

$ 17.61

$ 26.70

$ 26.02

Total ReturnB,C,D

12.36%

31.97%

(5.39)%

(24.91)%

9.57%

36.51%

Ratios to Average Net AssetsH

Expenses before expense reductions

1.09%A

1.14%

1.14%

1.14%

1.07%

1.13%

Expenses net of voluntary waivers, if any

1.09%A

1.14%

1.14%

1.14%

1.07%

1.13%

Expenses net of all reductions

1.06%A

1.11%

1.12%

1.09%

1.05%

1.10%

Net investment income (loss)

.73%A

1.08%

.59%

.91%

.63%

.69%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,787,969

$ 1,242,867

$ 890,130

$ 882,454

$ 1,252,584

$ 1,080,055

Portfolio turnover rate

78%A

81%

63%

81%

104%

94%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FInvestment income per share reflects a special dividend which amounted to $.07 per share. GInvestment income per share reflects a special dividend which amounted to $.04 per share. HExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. IAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Diversified International

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

United Kingdom

18.9%

Japan

15.7%

United States of America

8.9%

Switzerland

8.8%

France

7.8%

Canada

4.9%

Spain

4.1%

Netherlands

3.9%

Germany

3.6%

Other

23.4%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

United Kingdom

17.1%

Japan

15.5%

United States of America

8.2%

Switzerland

6.9%

France

5.7%

Canada

5.6%

Netherlands

5.4%

Spain

4.3%

Germany

4.1%

Other

27.2%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks and Investment Companies

93.4

95.0

Bonds

0.9

1.1

Short-Term Investments
and Net Other Assets

5.7

3.9

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)

2.3

1.4

Novartis AG sponsored ADR (Switzerland, Pharmaceuticals)

2.1

2.0

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

1.5

0.8

Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)

1.3

0.9

Total SA sponsored ADR (France, Oil & Gas)

1.2

1.0

BP PLC sponsored ADR (United Kingdom, Oil & Gas)

1.1

0.7

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

1.0

0.9

Toyota Motor Corp. ADR (Japan, Automobiles)

1.0

0.7

AstraZeneca PLC sponsored ADR (United Kingdom, Pharmaceuticals)

1.0

1.1

Smith & Nephew PLC (United Kingdom, Health Care Equipment & Supplies)

0.9

0.6

13.4

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.5

22.5

Consumer Discretionary

14.0

12.5

Health Care

13.8

13.8

Information Technology

9.2

10.9

Consumer Staples

8.1

9.5

Energy

8.0

7.8

Telecommunication Services

6.1

4.7

Industrials

5.9

5.6

Materials

4.7

6.5

Utilities

1.5

1.4

Semiannual Report

Diversified International

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.0%

Shares

Value (Note 1)

Australia - 2.8%

Australia & New Zealand Banking Group Ltd.

3,155,007

$ 42,327,247

Australian Gas Light Co.

881,290

7,417,415

Billabong International Ltd.

1,794,200

9,851,270

Brambles Industries Ltd.

8,384,940

33,620,234

CSL Ltd.

7,052,485

112,397,195

Hardman Resources Ltd. (a)

6,930,410

7,760,656

Macquarie Bank Ltd.

1,390,553

34,809,564

News Corp. Ltd.:

ADR

752,900

27,526,024

sponsored ADR

2,412,300

81,415,125

Promina Group Ltd.

10,274,227

27,834,807

QBE Insurance Group Ltd.

9,513,645

80,071,997

Suncorp-Metway Ltd.

956,355

9,258,310

TOTAL AUSTRALIA

474,289,844

Bermuda - 0.2%

Aquarius Platinum Ltd. (Australia)

3,069,696

14,525,947

Clear Media Ltd. (a)(e)

26,746,500

23,832,123

Skyworth Digital Holdings Ltd.

7,638,000

2,252,260

TOTAL BERMUDA

40,610,330

Brazil - 0.9%

Companhia Vale do Rio Doce sponsored ADR

1,251,800

56,956,900

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

1,567,900

40,451,820

Petroleo Brasileiro SA Petrobras sponsored ADR

1,020,500

29,492,450

Uniao de Bancos Brasileiros SA (Unibanco) GDR

888,400

17,412,640

TOTAL BRAZIL

144,313,810

Canada - 4.9%

Aber Diamond Corp. (a)

469,500

12,977,103

Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (a)

85,400

1,457,009

Astral Media, Inc. Class A (non-vtg.)

604,900

12,591,517

Barrick Gold Corp.

754,700

14,378,120

Bombardier, Inc. Class B (sub. vtg.)

8,447,700

37,201,785

Canadian Imperial Bank of Commerce

344,400

16,871,595

Canadian Natural Resources Ltd.

386,900

21,269,556

Canadian Western Bank, Edmonton

200,000

5,803,653

CGI Group, Inc.:

rights 7/1/04 (a)(g)

4,274,400

22,438,613

Class A (sub. vtg.) (a)

445,600

2,599,103

EnCana Corp.

2,372,441

93,060,644

Falconbridge Ltd.

412,100

8,863,658

Gabriel Resources Ltd. (a)

1,751,500

3,167,015

ITF Optical Technologies, Inc. Series A (g)

39,827

49,784

Kinross Gold Corp. (a)(f)

903,300

5,005,344

Kinross Gold Corp. (a)

2,474,865

13,713,663

Loblaw Companies Ltd.

709,800

30,404,105

Shares

Value (Note 1)

Meridian Gold, Inc. (a)

461,800

$ 4,643,084

Metro, Inc. Class A (sub. vtg.)

570,600

7,821,282

National Bank of Canada

1,098,000

35,608,647

Novagold Resources, Inc. (a)

263,200

1,009,392

OZ Optics Ltd. unit (g)

102,000

1,504,500

Petro-Canada

1,958,000

86,540,017

PetroKazakhstan, Inc. Class A

990,300

26,873,950

Power Corp. of Canada (sub. vtg.)

1,257,800

49,750,757

Precision Drilling Corp. (a)

1,456,000

69,267,617

Research in Motion Ltd. (a)

680,104

59,355,072

Sun Life Financial, Inc.

2,177,105

57,699,513

Talisman Energy, Inc.

765,600

43,522,899

TimberWest Forest Corp. unit

2,704,900

25,361,827

TransCanada Corp.

1,063,400

21,050,133

Trican Well Service Ltd. (a)

592,600

16,202,472

Wheaton River Minerals Ltd. (a)

10,956,600

28,039,565

TOTAL CANADA

836,102,994

Cayman Islands - 0.2%

Apex Silver Mines Ltd. (a)

1,709,700

27,970,692

China - 0.9%

Byd Co. Ltd. (H Shares) (e)

9,015,500

26,815,677

Global Bio-Chem Technology
Group Co. Ltd.

81,577,600

59,615,164

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

10,197,200

13

People's Food Holdings Ltd.

42,397,000

32,881,340

Sinopec Shanghai Petrochemical Co. Ltd. sponsored ADR

215,300

7,033,851

Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)

34,932,000

31,573,559

TOTAL CHINA

157,919,604

Denmark - 2.1%

A.P. Moller - Maersk AS Series B

1,605

10,103,766

Coloplast AS Series B

466,500

43,937,869

Danske Bank AS

3,376,550

75,836,603

Group 4 Falck AS

1,729,742

42,887,776

Novo Nordisk AS Series B

2,425,072

115,180,281

Novozymes AS Series B

1,490,400

61,189,161

TOTAL DENMARK

349,135,456

France - 7.8%

Alcatel SA sponsored ADR (a)

3,023,300

44,321,578

April Group

384,874

7,511,605

Assurances Generales France SA (Bearer)

304,037

18,559,390

Aventis SA sponsored ADR

480,000

36,244,800

AXA SA sponsored ADR

2,621,400

53,974,626

Bacou Dalloz

290,166

21,901,817

BNP Paribas SA

1,856,300

111,424,055

Business Objects SA sponsored ADR (a)(e)

723,300

15,861,969

Canal Plus SA

2,358,300

16,218,251

CNP Assurances

901,207

53,446,937

Common Stocks - continued

Shares

Value (Note 1)

France - continued

Credit Agricole SA

2,358,500

$ 58,153,294

Dassault Aviation SA

35,265

17,107,428

Essilor International SA

1,019,322

59,609,197

Financiere Marc de Lacharriere SA (Fimalac)

490,587

19,220,154

Ipsos SA

238,905

24,573,024

L'Oreal SA

904,279

68,146,909

Lagardere S.C.A. (Reg.)

1,200,253

72,260,662

Medidep SA (a)

386,497

8,219,351

Neopost SA

1,170,940

64,547,577

NRJ Group

713,954

15,337,112

Pernod-Ricard

550,731

69,480,184

Sanofi-Synthelabo SA sponsored ADR

4,249,100

132,147,010

Suez SA (France)

1,589,400

31,839,230

Total SA sponsored ADR

2,124,800

195,736,576

Vinci SA

211,876

20,612,509

Vivendi Universal SA sponsored ADR (a)

3,326,500

82,231,080

TOTAL FRANCE

1,318,686,325

Germany - 3.2%

Adidas-Salomon AG

118,876

13,721,257

Allianz AG sponsored ADR

10,324,100

108,816,014

Altana AG sponsored ADR

696,550

44,203,063

AWD Holding AG

179,100

6,021,107

Celesio AG

495,757

27,625,380

Deutsche Boerse AG

750,804

41,270,816

Deutsche Telekom AG sponsored ADR (a)

2,335,800

39,895,464

E.ON AG sponsored ADR

469,100

31,171,695

Fielmann AG

169,873

8,904,212

Fresenius Medical Care AG sponsored ADR

2,079,500

47,994,860

GFK AG

621,408

21,010,042

K&S AG

257,800

8,598,946

Metro AG

609,516

27,012,359

Puma AG

152,624

35,090,606

RWE AG

1,134,500

49,218,242

Siemens AG sponsored ADR

445,500

31,799,790

TOTAL GERMANY

542,353,853

Greece - 0.7%

Cosmote Mobile Telecommunications SA

1,700,000

27,292,718

Greek Organization of Football Prognostics SA

2,981,090

56,860,571

Public Power Corp. of Greece

1,593,830

40,406,453

TOTAL GREECE

124,559,742

Hong Kong - 1.5%

Aeon Credit Service (Asia) Co. Ltd.

6,062,000

4,157,964

CNOOC Ltd. sponsored ADR

1,077,600

39,095,328

Esprit Holdings Ltd.

5,091,000

20,886,422

Fong's Industries Co. Ltd.

9,708,000

8,463,493

Giordano International Ltd.

21,550,000

12,363,780

Shares

Value (Note 1)

Hengan International Group Co. Ltd.

19,752,000

$ 11,648,765

Kingboard Chemical Holdings Ltd.

7,266,000

13,693,791

Techtronic Industries Co. Ltd.

24,429,500

65,459,371

Television Broadcasts Ltd.

6,648,000

31,024,398

Wing Hang Bank Ltd.

2,058,000

13,060,552

Yue Yuen Industrial Holdings Ltd.

9,141,447

24,670,503

TOTAL HONG KONG

244,524,367

India - 2.2%

ABB Ltd. India

123,436

2,175,188

Bajaj Auto Ltd.

869,632

18,004,726

Divi's Laboratories Ltd.

171,622

5,987,860

Dr. Reddy's Laboratories Ltd.

728,352

14,241,108

HDFC Bank Ltd.

2,123,518

17,949,863

Housing Development Finance Corp. Ltd.

4,835,850

64,680,989

I-Flex Solutions Ltd.

1,475,742

17,569,858

ICICI Bank Ltd.

1,744,600

12,365,593

Infosys Technologies Ltd.

526,725

60,963,059

Matrix Laboratories Ltd.

85,284

2,972,570

Oil & Natural Gas Corp. Ltd.

410,600

7,755,880

Ranbaxy Laboratories Ltd.

1,418,576

33,894,939

Reliance Industries Ltd. (a)

850,175

10,063,686

Satyam Computer Services Ltd.

4,873,900

35,165,074

Siemens India Ltd. (a)

84,778

2,001,920

State Bank of India

4,811,149

69,522,023

TOTAL INDIA

375,314,336

Ireland - 1.2%

Allied Irish Banks PLC

3,438,754

50,274,583

Bank of Ireland

2,819,715

34,154,618

CRH PLC

1,253,000

26,601,606

DEPFA BANK PLC

223,224

33,462,678

IAWS Group PLC (Ireland)

3,716,027

42,295,634

Independent News & Media PLC (Ireland)

9,833,818

22,385,605

TOTAL IRELAND

209,174,724

Israel - 0.2%

Teva Pharmaceutical Industries Ltd. sponsored ADR

611,000

37,613,160

Italy - 2.0%

Banca Intesa Spa

18,548,675

61,380,389

Banco Popolare di Verona e Novara

1,480,782

24,623,080

Bulgari Spa

1,177,200

11,184,498

Cassa Di Risparmio Di Firenze

4,251,975

7,396,911

ENI Spa sponsored ADR

1,360,600

138,617,928

Saipem Spa

1,715,300

16,068,834

Telecom Italia Spa ADR

2,197,719

70,392,940

TOTAL ITALY

329,664,580

Japan - 15.2%

Acom Co. Ltd.

255,000

17,808,746

Aiful Corp.

220,350

21,928,134

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Aisin Seiki Co. Ltd.

867,000

$ 14,952,549

Asahi Glass Co. Ltd.

6,599,000

68,484,388

Canon, Inc. ADR

2,696,600

141,059,146

Credit Saison Co. Ltd.

930,800

26,713,421

Daiwa Securities Group, Inc.

13,238,000

97,627,255

Enplas Corp.

331,000

10,881,790

Hoya Corp.

573,100

60,800,247

Ito Yokado Ltd.

1,100,000

44,861,726

JAFCO Co. Ltd.

360,700

28,844,251

Kao Corp.

602,000

14,094,437

KDDI Corp.

15,603

91,638,965

Keyence Corp.

188,900

44,478,327

Konica Minolta Holdings, Inc.

2,427,000

32,950,631

Kubota Corp.

853,000

3,630,406

Kyocera Corp.

550,800

45,749,448

Millea Holdings, Inc.

4,569

63,736,971

Mitsubishi Electric Corp.

2,412,000

11,958,649

Mitsubishi Securities Co. Ltd.

876,000

11,091,482

Mitsubishi Tokyo Financial Group, Inc. (MTFG)

4,899

43,601,100

Mitsui Trust Holdings, Inc.

2,737,000

18,993,126

Mizuho Financial Group, Inc. (a)

22,661

105,104,227

Murata Manufacturing Co. Ltd.

702,800

45,210,668

Nikko Cordial Corp.

27,452,000

153,180,768

Nippon Telegraph & Telephone Corp. sponsored ADR

849,900

22,071,903

Nitori Co. Ltd.

86,550

5,483,113

Nitto Denko Corp.

2,022,600

110,164,352

NOK Corp.

112,000

4,249,291

Nomura Holdings, Inc.

8,534,000

139,786,919

Olympus Corp.

1,265,000

24,053,313

ORIX Corp.

857,700

89,164,480

Promise Co. Ltd.

176,900

11,474,171

Ricoh Co. Ltd.

3,156,000

61,692,204

Rohm Co. Ltd.

234,400

28,678,878

Seiyu Ltd. (a)

7,922,000

27,874,086

Shinko Electric Industries Co.Ltd.

426,100

12,872,445

Softbank Corp.

657,700

29,219,209

Sony Corp. sponsored ADR

782,700

30,055,680

Stanley Electric Co. Ltd.

1,035,300

19,179,747

Sumitomo Mitsui Financial Group, Inc.

30,493

225,962,729

TDK Corp.

410,400

28,734,535

Tokyo Electron Ltd.

1,213,700

72,468,827

Toyota Industries Corp.

800,000

17,059,718

Toyota Motor Corp. ADR

2,305,550

168,789,316

Trend Micro, Inc.

416,000

15,635,231

UFJ Holdings, Inc. (a)

26,198

158,986,207

USS Co. Ltd.

90,330

7,488,318

Shares

Value (Note 1)

Yahoo Japan Corp. (a)

1,521

$ 16,893,119

Yahoo Japan Corp. New (a)

2,921

32,442,340

TOTAL JAPAN

2,579,860,989

Korea (South) - 2.4%

Amorepacific Corp.

157,810

25,217,870

Honam Petrochemical Corp.

353,210

13,154,885

Kookmin Bank sponsored ADR

1,522,390

56,480,669

KT&G Corp.

595,310

15,119,313

LG Electronics, Inc.

1,696,790

102,962,885

Samsung Electronics Co. Ltd.

358,190

170,036,152

Shinhan Financial Group Co. Ltd.

1,321,750

23,036,434

TOTAL KOREA (SOUTH)

406,008,208

Luxembourg - 0.1%

SES Global unit

1,087,299

10,395,490

Mexico - 1.1%

America Movil SA de CV sponsored ADR

1,187,100

40,123,980

Cemex SA de CV sponsored ADR

297,600

8,764,320

Empresas ICA Sociedad Controladora SA de CV sponsored ADR (a)

5,439,100

11,422,110

Fomento Economico Mexicano SA de CV sponsored ADR

1,159,600

50,697,712

Grupo Radio Centro SA de CV sponsored ADR (e)

991,900

4,165,980

Telefonos de Mexico SA de CV sponsored ADR

2,014,700

68,781,858

TOTAL MEXICO

183,955,960

Netherlands - 3.9%

ASML Holding NV (NY Shares) (a)

3,019,433

46,952,183

EADS NV

2,834,175

71,647,689

Euronext NV

1,117,995

32,508,932

Fugro NV (Certificaten Van Aandelen)

530,900

30,734,965

Koninklijke Ahold NV sponsored ADR

2,625,200

20,214,040

Koninklijke Numico NV (Certificaten Van Aandelen) (a)

1,319,500

36,518,627

Koninklijke Philips Electronics NV (NY Shares)

3,499,100

93,810,871

Nutreco Holding NV

359,500

12,805,215

OPG Groep NV (A Shares)

495,000

23,514,809

QIAGEN NV (a)

2,127,782

25,214,217

Reed Elsevier NV

3,268,883

45,900,779

Unilever NV (NY Shares)

2,221,800

146,483,274

VNU NV

1,940,819

54,272,391

Wolters Kluwer NV (Certificaten Van Aandelen)

1,198,899

20,181,433

TOTAL NETHERLANDS

660,759,425

Netherlands Antilles - 0.2%

Schlumberger Ltd. (NY Shares)

599,800

35,106,294

Norway - 0.7%

DnB NOR ASA

10,697,690

67,789,750

Common Stocks - continued

Shares

Value (Note 1)

Norway - continued

Schibsted AS (B Shares)

963,150

$ 18,134,653

Storebrand ASA (A Shares)

6,394,200

39,867,110

TOTAL NORWAY

125,791,513

Panama - 0.1%

Banco Latin Americano de Exporaciones SA (BLADEX) Series E

1,126,372

16,670,306

Portugal - 0.2%

Brisa Auto-Estradas de Portugal SA

2,515,179

17,116,316

Portugal Telecom SGPS SA sponsored ADR

1,995,200

21,608,016

TOTAL PORTUGAL

38,724,332

Russia - 1.4%

JSC MMC 'Norilsk Nickel' sponsored ADR

712,400

42,245,320

Lukoil Oil Co. sponsored ADR

189,600

20,666,400

OAO Gazprom sponsored ADR

1,518,100

46,909,290

Sibneft sponsored ADR

1,031,700

31,621,605

YUKOS Corp. sponsored ADR

2,097,943

93,358,464

TOTAL RUSSIA

234,801,079

Singapore - 0.1%

Fraser & Neave Ltd.

307,600

2,403,690

Want Want Holdings Ltd.

15,471,000

16,553,970

TOTAL SINGAPORE

18,957,660

South Africa - 0.0%

MTN Group Ltd. (a)

1,511,210

6,286,717

Spain - 4.1%

Actividades de Construccion y Servicios SA (ACS)

1,079,293

52,409,381

Altadis SA (Spain)

1,965,779

55,535,612

Antena 3 Television SA (a)

171,100

8,691,784

Banco Bilbao Vizcaya Argentaria SA

2,820,500

37,145,985

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

5,604,000

73,804,680

Banco Espanol de Credito SA (Reg.)

876,655

10,566,223

Banco Popular Espanol SA (Reg.)

634,516

34,992,633

Banco Santander Central Hispano SA ADR

9,432,600

100,174,212

Compania de Distribucion Integral Logista SA

647,820

20,187,743

Fomento Construcciones y Contratas SA (FOCSA)

602,932

21,403,907

Grupo Auxiliar Metalurgico SA (Gamesa)

1,084,180

44,904,911

Grupo Ferrovial SA

836,229

33,332,746

Inditex SA

1,750,792

38,050,897

Prosegur Comp Securidad SA (Reg.)

1,277,771

20,835,514

Repsol YPF SA sponsored ADR

1,536,800

32,088,384

Telefonica SA sponsored ADR

2,361,100

104,195,343

TOTAL SPAIN

688,319,955

Shares

Value (Note 1)

Sweden - 1.7%

Getinge AB (B Shares)

586,300

$ 6,751,691

OMHEX AB

1,195,200

16,109,714

Securitas AB (B Shares)

2,109,300

30,362,746

Skandinaviska Enskilda Banken AB (A Shares)

634,400

9,215,018

Svenska Cellulosa AB (SCA) (B Shares)

710,650

27,852,399

Swedish Match Co.

1,905,900

19,204,405

Tele2 AB (B Shares)

1,502,250

68,215,286

Telefonaktiebolaget LM Ericsson ADR (a)

4,084,700

108,938,949

TOTAL SWEDEN

286,650,208

Switzerland - 8.8%

ABB Ltd. (Switzerland) (Reg.) (a)

12,018,499

67,722,920

Actelion Ltd. (Reg.) (a)

329,985

36,233,397

Alcon, Inc.

931,100

69,134,175

Compagnie Financiere Richemont unit

1,878,392

48,355,363

Converium Holding AG

457,786

23,940,565

Credit Suisse Group sponsored ADR

1,640,800

57,362,368

INFICON Holding AG (a)(e)

185,142

16,577,748

Nestle SA (Reg.)

274,827

69,581,826

Nobel Biocare Holding AG (Switzerland)

907,181

123,069,904

Novartis AG sponsored ADR

7,782,999

348,678,355

Roche Holding AG (participation certificate)

2,403,980

252,366,870

Schindler Holding AG (Reg.)

71,680

20,970,066

SIG Holding AG

137,382

23,330,019

Swiss Life Holding (a)

300,253

41,022,602

Syngenta AG sponsored ADR

428,300

6,822,819

Tecan Group AG (e)

755,003

28,556,655

The Swatch Group AG (Reg.)

2,738,062

73,761,763

UBS AG (NY Shares)

2,016,253

142,750,712

Zurich Financial Services AG

188,010

29,750,714

TOTAL SWITZERLAND

1,479,988,841

Taiwan - 0.5%

Fubon Financial Holding Co. Ltd.

13,584,910

12,967,228

Hon Hai Precision Industries Co. Ltd.

10,027,000

39,552,454

Taishin Financial Holdings Co. Ltd.

21,361,000

18,717,407

Yageo Corp. (a)

6,104,000

3,326,781

Yuen Foong Yu Paper Manufacturing Co.

14,717,000

7,976,694

TOTAL TAIWAN

82,540,564

United Kingdom - 18.5%

Amdocs Ltd. (a)

1,944,700

51,631,785

AstraZeneca PLC sponsored ADR

3,447,600

164,967,660

BAE Systems PLC

2,139,400

7,977,012

Barclays PLC

909,948

8,321,474

BOC Group PLC

2,945,873

47,470,968

BP PLC sponsored ADR

3,575,200

189,128,080

British American Tobacco PLC sponsored ADR

3,208,200

98,652,150

British Land Co. PLC

3,029,512

34,978,251

Cadbury Schweppes PLC sponsored ADR

2,049,200

66,906,380

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Capita Group PLC

16,467,400

$ 90,747,148

Carnival PLC ADR

1,667,400

74,215,974

Celltech Group PLC (a)

3,166,588

23,656,230

Centrica PLC

19,613,859

76,183,470

Daily Mail & General Trust PLC Class A

3,852,336

45,916,545

Danka Business Systems PLC sponsored ADR (a)

1,877,700

7,642,239

Diageo PLC sponsored ADR

1,079,800

58,849,100

Enterprise Inns PLC

3,863,274

41,892,049

French Connection Group PLC

2,620,262

20,657,825

Hilton Group PLC

12,638,119

55,828,388

HSBC Holdings PLC sponsored ADR

1,584,700

114,256,870

Inchcape PLC

1,358,940

36,259,953

Intertek Group PLC

2,853,900

26,089,113

ITV PLC

25,000,024

54,884,996

Johnston Press PLC

1,827,000

17,830,238

Kesa Electricals PLC

5,320,074

26,669,387

London Stock Exchange PLC

2,532,277

15,698,989

Maiden Group PLC

1,585,000

6,790,356

mmO2 PLC (a)

46,915,360

83,399,090

Next PLC

1,854,700

45,993,254

Northern Rock PLC

2,243,000

29,625,408

PHS Group PLC

9,354,392

13,968,221

Provident Financial PLC

4,523,707

57,899,288

Prudential PLC

9,232,300

72,704,266

Punch Taverns Ltd.

2,894,500

28,042,473

Rank Group PLC

5,393,400

30,488,496

Reckitt Benckiser PLC

5,028,200

131,036,647

Reuters Group PLC sponsored ADR

629,500

25,047,805

Rio Tinto PLC (Reg.)

1,957,500

43,848,000

Royal Bank of Scotland Group PLC

1,462,551

44,016,371

SABMiller PLC

1,529,731

16,642,277

Serco Group PLC

8,971,300

34,287,838

Shire Pharmaceuticals Group PLC sponsored ADR (a)

1,599,500

44,386,125

SMG PLC

6,890,643

14,086,524

Smith & Nephew PLC

14,953,784

160,005,488

Standard Chartered PLC

3,254,789

49,989,966

Taylor Nelson Sofres PLC

7,273,320

25,600,246

Tesco PLC

30,718,500

135,834,270

Trinity Mirror PLC

2,160,505

23,639,027

United Business Media PLC

1,359,691

11,118,452

Vodafone Group PLC sponsored ADR

15,760,500

386,762,663

William Hill PLC

5,140,690

48,981,543

Xstrata PLC

4,758,807

53,675,485

Yell Group PLC

9,132,830

51,546,046

TOTAL UNITED KINGDOM

3,126,727,899

United States of America - 3.2%

AFLAC, Inc.

1,038,500

43,855,855

Shares

Value (Note 1)

Amkor Technology, Inc. (a)

982,500

$ 7,938,600

Covance, Inc. (a)

516,600

17,430,084

Fox Entertainment Group, Inc. Class A (a)

508,400

14,158,940

Freeport-McMoRan Copper & Gold, Inc. Class B

592,100

18,059,050

Mettler-Toledo International, Inc. (a)

833,800

37,370,916

Newmont Mining Corp.

757,680

28,337,232

NTL, Inc. (a)

1,721,081

97,705,768

Orthofix International NV (a)

720,500

32,422,500

Phelps Dodge Corp. (a)

341,800

22,500,694

Shaw Group, Inc. (a)

1,313,500

15,762,000

Stillwater Mining Co. (a)

1,666,000

22,374,380

Synthes-Stratec, Inc.

130,996

142,472,685

Transocean, Inc. (a)

1,395,200

38,744,704

UnitedGlobalCom, Inc. Class A (a)

557,659

4,171,289

TOTAL UNITED STATES OF AMERICA

543,304,697

TOTAL COMMON STOCKS

(Cost $12,727,210,433)

15,737,083,954

Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%

Canada - 0.0%

Metrophotonics, Inc. Series 2 (g)

198,000

851,400

Nonconvertible Preferred Stocks - 0.4%

Germany - 0.4%

Fresenius Medical Care AG

536,400

25,597,181

Porsche AG (non-vtg.)

65,800

40,798,679

TOTAL GERMANY

66,395,860

Italy - 0.0%

Banca Intesa Spa (Risp)

3,010,500

7,549,200

TOTAL NONCONVERTIBLE PREFERRED STOCKS

73,945,060

TOTAL PREFERRED STOCKS

(Cost $61,611,807)

74,796,460

Investment Companies - 0.0%

Multi-National - 0.0%

Templeton Dragon Fund, Inc.
(Cost $4,532,861)

558,800

7,208,520

Nonconvertible Bonds - 0.4%

Principal Amount (h)

Value
(Note 1)

United Kingdom - 0.4%

Telewest Communications PLC yankee:

0% 2/1/10 (c)(d)

$ 17,540,000

$ 7,980,700

9.25% 4/15/09 (c)

7,850,000

3,925,000

9.875% 2/1/10 (c)

22,770,000

13,548,150

11.25% 11/1/08 (c)

2,010,000

1,246,200

Telewest PLC:

11% 10/1/07 (c)

57,825,000

36,429,750

yankee 9.625% 10/1/06 (c)

8,384,000

5,114,240

TOTAL NONCONVERTIBLE BONDS

(Cost $45,456,894)

68,244,040

Government Obligations - 0.5%

Japan - 0.5%

Japan Government:

0.1% 1/20/06

JPY

4,619,700,000

41,803,018

0.1% 2/20/06

JPY

4,560,000,000

41,241,057

TOTAL GOVERNMENT OBLIGATIONS

(Cost $86,736,164)

83,044,075

Money Market Funds - 6.8%

Shares

Fidelity Cash Central Fund, 1.06% (b)

749,843,466

749,843,466

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

396,186,465

396,186,465

TOTAL MONEY MARKET FUNDS

(Cost $1,146,029,931)

1,146,029,931

Cash Equivalents - 0.2%

Maturity
Amount

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 0.94%, dated 4/30/04 due 5/3/04)
(Cost $35,621,000)

$ 35,623,777

35,621,000

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $14,107,199,090)

17,152,027,980

NET OTHER ASSETS - (1.3)%

(226,154,737)

NET ASSETS - 100%

$ 16,925,873,243

Currency Abbreviations

JPY

-

Japanese yen

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $5,005,344 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,844,297 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

CGI Group, Inc. rights 7/1/04

3/11/04

$ 25,916,253

ITF Optical Technologies, Inc. Series A

10/11/00

$ 1,999,935

Metrophotonics, Inc. Series 2

9/29/00

$ 1,980,000

OZ Optics Ltd. unit

8/18/00

$ 1,505,520

(h) Principal amount is stated in United States dollars unless otherwise noted.

Other Information

Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Banco Latin Americano de Exporciones SA (BLADEX) Series E

$ 27,404,760

$ -

$ 11,791,312

$ 128,257

$ 16,670,306

Business Objects SA sponsored ADR

-

21,249,034

-

-

15,861,969

Byd Co. Ltd (H shares)

23,084,259

457,117

-

557,504

26,815,677

Clear Media Ltd.

17,565,565

-

-

-

23,832,123

Grupo Radio Centro SA de CV sponsored ADR

6,732,237

140,244

1,015,620

-

4,165,980

INFICON Holding AG

14,630,912

-

986,642

-

16,577,748

Orthofix International NV

26,298,250

-

-

-

32,422,500

Tecan Group AG

14,116,998

16,023,138

-

-

28,556,655

TOTALS

$ 129,832,981

$ 37,869,533

$ 13,793,574

$ 685,761

$ 164,902,958

Purchases and sales of securities, other than short-term securities, aggregated $7,586,803,098 and $4,161,482,299, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $10,629 for the period.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $843,477,000 of which $376,613,000 and $466,864,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Diversified International

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $373,123,896 and repurchase agreements of $35,621,000) (cost $14,107,199,090) - See accompanying schedule

$ 17,152,027,980

Cash

621

Foreign currency held at value (cost $31,304,750)

31,378,718

Receivable for investments sold

212,047,173

Receivable for fund shares sold

86,170,377

Dividends receivable

57,279,823

Interest receivable

666,197

Prepaid expenses

35,758

Other affiliated receivables

55,194

Other receivables

2,404,122

Total assets

17,542,065,963

Liabilities

Payable for investments purchased

$ 170,026,456

Payable for fund shares redeemed

14,831,159

Accrued management fee

11,839,270

Other affiliated payables

3,746,988

Other payables and accrued expenses

19,562,382

Collateral on securities loaned, at value

396,186,465

Total liabilities

616,192,720

Net Assets

$ 16,925,873,243

Net Assets consist of:

Paid in capital

$ 14,241,496,959

Undistributed net investment income

12,275,849

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(354,277,576)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

3,026,378,011

Net Assets, for 680,376,426 shares outstanding

$ 16,925,873,243

Net Asset Value, offering price and redemption price per share ($16,925,873,243 ÷ 680,376,426 shares)

$ 24.88

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends (including $685,761 received from affiliated issuers)

$ 141,823,693

Interest

3,839,790

Security lending

1,880,632

147,544,115

Less foreign taxes withheld

(14,796,302)

Total income

132,747,813

Expenses

Management fee
Basic fee

$ 53,151,744

Performance adjustment

7,904,372

Transfer agent fees

19,127,202

Accounting and security lending fees

944,574

Non-interested trustees' compensation

40,599

Appreciation in deferred trustee compensation account

9,030

Custodian fees and expenses

2,160,261

Registration fees

996,845

Audit

65,631

Legal

10,124

Miscellaneous

73,892

Total expenses before reductions

84,484,274

Expense reductions

(3,130,214)

81,354,060

Net investment income (loss)

51,393,753

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of $(5,290,917) on sales of investments in affiliated issuers) (net of foreign tax of $1,360,601)

521,979,148

Foreign currency transactions

1,515,123

Total net realized gain (loss)

523,494,271

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $72,721)

931,922,833

Assets and liabilities in foreign currencies

(722,701)

Total change in net unrealized appreciation (depreciation)

931,200,132

Net gain (loss)

1,454,694,403

Net increase (decrease) in net assets resulting from operations

$ 1,506,088,156

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Diversified International
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 51,393,753

$ 80,996,234

Net realized gain (loss)

523,494,271

163,805,573

Change in net unrealized appreciation (depreciation)

931,200,132

2,381,925,774

Net increase (decrease) in net assets resulting from operations

1,506,088,156

2,626,727,581

Distributions to shareholders from net investment income

(162,070,346)

(53,240,295)

Share transactions
Net proceeds from sales of shares

5,417,544,040

3,892,882,628

Reinvestment of distributions

153,854,145

50,696,237

Cost of shares redeemed

(1,532,771,576)

(1,710,750,521)

Net increase (decrease) in net assets resulting from share transactions

4,038,626,609

2,232,828,344

Redemption fees

842,477

598,391

Total increase (decrease) in net assets

5,383,486,896

4,806,914,021

Net Assets

Beginning of period

11,542,386,347

6,735,472,326

End of period (including undistributed net investment income of $12,275,849
and undistributed net investment income of $122,952,442, respectively)

$ 16,925,873,243

$ 11,542,386,347

Other Information

Shares

Sold

219,787,290

207,041,717

Issued in reinvestment of distributions

6,640,238

2,989,169

Redeemed

(62,384,341)

(92,290,398)

Net increase (decrease)

164,043,187

117,740,488

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 22.35

$ 16.90

$ 18.06

$ 22.98

$ 21.34

$ 17.21

Income from Investment Operations

Net investment income (loss) D

.09

.18

.14

.22

.39 G

.18

Net realized and unrealized gain (loss)

2.74

5.40

(1.29)

(3.78)

2.20

4.65

Total from investment operations

2.83

5.58

(1.15)

(3.56)

2.59

4.83

Distributions from net investment income

(.30)

(.13)

(.01)

(.55)

(.25)

(.23)

Distributions from net realized gain

-

-

-

(.81)

(.70)

(.47)

Total distributions

(.30)

(.13)

(.01)

(1.36)

(.95)

(.70)

Redemption fees added to paid in capital D

- F

- F

-F

- F

- F

-

Net asset value, end of period

$ 24.88

$ 22.35

$ 16.90

$ 18.06

$ 22.98

$ 21.34

Total Return B,C

12.76%

33.26%

(6.37)%

(16.45)%

12.20%

29.12%

Ratios to Average Net Assets E

Expenses before expense reductions

1.15%A

1.24%

1.22%

1.21%

1.14%

1.21%

Expenses net of voluntary waivers, if any

1.15% A

1.24%

1.22%

1.21%

1.14%

1.21%

Expenses net of all reductions

1.11% A

1.22%

1.19%

1.16%

1.12%

1.18%

Net investment income (loss)

.70% A

.96%

.77%

1.08%

1.62%

.94%

Supplemental Data

Net assets, end of period (000 omitted)

$ 16,925,873

$ 11,542,386

$ 6,735,472

$ 5,843,745

$ 6,287,669

$ 3,579,586

Portfolio turnover rate

60% A

51%

55%

86%

94%

73%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. FAmount represents less than $.01 per share. GInvestment income per share reflects a special dividend which amounted to $.19 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Aggressive International

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan

17.3%

United Kingdom

14.1%

Switzerland

13.3%

United States of America

11.3%

India

7.8%

Canada

5.1%

France

5.0%

Korea (South)

4.9%

Germany

4.0%

Other

17.2%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan

19.5%

United Kingdom

12.8%

Switzerland

8.7%

Germany

8.6%

India

8.6%

United States of America

7.5%

Netherlands

6.0%

Sweden

4.9%

Canada

4.7%

Other

18.7%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

89.1

92.5

Short-Term Investments
and Net Other Assets

10.9

7.5

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

UFJ Holdings, Inc. (Japan, Commercial Banks)

3.7

0.0

LG Electronics, Inc. (Korea (South), Household Durables)

3.3

0.0

The Swatch Group AG (Reg.) (Switzerland, Textiles Apparel & Luxury Goods)

3.2

1.2

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

3.2

0.6

State Bank of India (India, Commercial Banks)

3.2

1.5

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

3.0

1.6

Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)

3.0

1.4

KDDI Corp. (Japan, Wireless Telecommunication Services)

2.8

0.0

Actelion Ltd. (Reg.) (Switzerland, Biotechnology)

2.3

2.7

United Microelectronics Corp. (Taiwan, Semiconductors & Semiconductor Equipment)

2.3

4.0

30.0

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

23.7

29.0

Health Care

15.6

13.0

Consumer Discretionary

12.8

10.1

Telecommunication Services

10.0

7.3

Information Technology

7.9

18.2

Consumer Staples

5.4

4.6

Materials

4.8

3.2

Energy

4.4

3.8

Industrials

3.7

3.3

Utilities

0.8

0.0

Semiannual Report

Aggressive International

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.8%

Shares

Value (Note 1)

Australia - 1.5%

CSL Ltd.

675,114

$ 10,759,459

Brazil - 3.1%

Aracruz Celulose SA sponsored ADR

537,200

16,728,408

Votorantim Celulose e Papel SA sponsored ADR

210,000

6,594,000

TOTAL BRAZIL

23,322,408

Canada - 5.1%

Angiotech Pharmaceuticals, Inc. (a)

247,800

5,214,180

EnCana Corp.

433,390

17,000,023

Precision Drilling Corp. (a)

329,400

15,670,847

TOTAL CANADA

37,885,050

China - 1.7%

China Telecom Corp. Ltd. (H Shares) (a)

28,024,000

8,084,924

People's Food Holdings Ltd.

6,040,000

4,684,371

TOTAL CHINA

12,769,295

Denmark - 1.1%

Novo Nordisk AS Series B

164,200

7,798,780

France - 5.0%

Business Objects SA (a)

231,626

5,079,558

Dassault Systemes SA

245,593

10,021,984

NRJ Group

364,500

7,830,165

Pernod-Ricard

112,900

14,243,456

TOTAL FRANCE

37,175,163

Germany - 4.0%

Adidas-Salomon AG

75,390

8,701,887

Allianz AG (Reg.)

103,900

10,951,060

Altana AG

102,500

6,522,187

HeidelbergCement AG

82,112

3,702,963

TOTAL GERMANY

29,878,097

Hong Kong - 1.1%

Techtronic Industries Co. Ltd.

2,970,500

7,959,519

India - 7.8%

Bank of Baroda

2,467,676

12,543,696

Bank of India

8,264,294

13,157,455

I-Flex Solutions Ltd.

332,129

3,954,255

State Bank of India

1,629,644

23,548,667

Zee Telefilms Ltd.

1,676,849

4,809,582

TOTAL INDIA

58,013,655

Japan - 17.3%

Asahi Glass Co. Ltd.

794,000

8,240,128

Bank of Nagoya Ltd.

155,000

812,558

Furukawa Electric Co. Ltd.

1,040,000

3,936,530

JAFCO Co. Ltd.

93,000

7,436,971

KDDI Corp.

3,596

21,119,895

Konica Minolta Holdings, Inc.

638,500

8,668,718

Shares

Value (Note 1)

Nikko Cordial Corp.

1,127,000

$ 6,288,603

Nitto Denko Corp.

169,600

9,237,553

SKY Perfect Communications, Inc. (a)

267

348,738

Sumitomo Mitsui Financial Group, Inc.

2,961

21,941,942

The Daishi Bank Ltd., Niigata

247,000

862,502

Tv Asahi Corp.

6,348

11,675,564

UFJ Holdings, Inc. (a)

4,558

27,660,852

TOTAL JAPAN

128,230,554

Korea (South) - 3.6%

Internet Auction Co. Ltd. (a)

29,316

2,573,443

LG Electronics, Inc.

399,350

24,232,951

TOTAL KOREA (SOUTH)

26,806,394

Netherlands - 3.1%

ASM International NV (Netherlands) (a)

231,087

4,789,770

QIAGEN NV (a)

476,240

5,643,444

Versatel Telecom International NV (a)

5,835,000

12,513,735

TOTAL NETHERLANDS

22,946,949

South Africa - 1.4%

MTN Group Ltd. (a)

2,404,216

10,001,671

Spain - 1.2%

Banco Popular Espanol SA (Reg.)

167,300

9,226,351

Switzerland - 13.3%

Actelion Ltd. (Reg.) (a)

155,731

17,099,757

Adecco SA

273,689

12,173,687

Barry Callebaut AG

30,784

6,403,927

Roche Holding AG (participation certificate)

224,330

23,549,888

The Swatch Group AG (Reg.)

895,970

24,136,899

UBS AG (Reg.)

218,600

15,476,880

TOTAL SWITZERLAND

98,841,038

Taiwan - 2.3%

United Microelectronics Corp. (a)

19,044,308

17,088,840

Turkey - 0.7%

Akbank T. A. S.

1,185,538,292

5,508,485

United Kingdom - 14.1%

AstraZeneca PLC (United Kingdom)

193,700

9,268,545

Capita Group PLC

699,900

3,856,949

Celltech Group PLC (a)

1,104,317

8,249,882

Centrica PLC

1,609,900

6,253,118

Collins Stewart Tullett PLC

1,146,182

8,496,419

Man Group PLC

399,800

11,996,691

Shire Pharmaceuticals Group PLC (a)

903,253

8,355,090

Smith & Nephew PLC

1,072,700

11,477,890

Unilever PLC

1,530,139

14,716,112

Vodafone Group PLC

9,038,300

22,179,988

TOTAL UNITED KINGDOM

104,850,684

Common Stocks - continued

Shares

Value (Note 1)

United States of America - 0.4%

NTL, Inc. (a)

57,300

$ 3,252,921

TOTAL COMMON STOCKS

(Cost $608,784,492)

652,315,313

Nonconvertible Preferred Stocks - 1.3%

Korea (South) - 1.3%

Samsung Electronics Co. Ltd.
(Cost $10,592,574)

34,180

9,438,211

Money Market Funds - 6.9%

Fidelity Cash Central Fund, 1.06% (b)

45,393,939

45,393,939

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

5,958,938

5,958,938

TOTAL MONEY MARKET FUNDS

(Cost $51,352,877)

51,352,877

TOTAL INVESTMENT PORTFOLIO - 96.0%

(Cost $670,729,943)

713,106,401

NET OTHER ASSETS - 4.0%

30,013,469

NET ASSETS - 100%

$ 743,119,870

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $639,506,645 and $527,535,099, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $85 for the period.

The fund participated in the security lending program during the period. Cash Collateral includes amounts received for unsettled security loans.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $84,118,000 of which $63,645,000 and $20,473,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Aggressive International

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $5,365,735) (cost $670,729,943) - See accompanying schedule

$ 713,106,401

Foreign currency held at value (cost $15,680,760)

15,567,009

Receivable for investments sold

26,495,057

Receivable for fund shares sold

673,126

Dividends receivable

2,307,678

Interest receivable

58,853

Prepaid expenses

1,742

Other affiliated receivables

1,396

Other receivables

196,480

Total assets

758,407,742

Liabilities

Payable for investments purchased

$ 6,073,469

Payable for fund shares redeemed

1,646,202

Accrued management fee

527,698

Other affiliated payables

184,405

Other payables and accrued expenses

897,160

Collateral on securities loaned, at value

5,958,938

Total liabilities

15,287,872

Net Assets

$ 743,119,870

Net Assets consist of:

Paid in capital

$ 715,329,312

Undistributed net investment income

794,382

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(14,458,656)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

41,454,832

Net Assets, for 48,530,295 shares outstanding

$ 743,119,870

Net Asset Value, offering price and redemption price per share ($743,119,870 ÷ 48,530,295 shares)

$ 15.31

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 5,112,841

Interest

261,443

Security lending

79,893

5,454,177

Less foreign taxes withheld

(391,179)

Total income

5,062,998

Expenses

Management fee
Basic fee

$ 2,327,421

Performance adjustment

346,554

Transfer agent fees

896,589

Accounting and security lending fees

164,707

Non-interested trustees' compensation

1,839

Custodian fees and expenses

219,101

Registration fees

48,341

Audit

28,152

Legal

819

Miscellaneous

3,404

Total expenses before reductions

4,036,927

Expense reductions

(253,590)

3,783,337

Net investment income (loss)

1,279,661

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

70,067,184

Foreign currency transactions

(355,639)

Total net realized gain (loss)

69,711,545

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $668,765)

(34,328,928)

Assets and liabilities in foreign currencies

(99,455)

Total change in net unrealized appreciation (depreciation)

(34,428,383)

Net gain (loss)

35,283,162

Net increase (decrease) in net assets resulting from operations

$ 36,562,823

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Aggressive International
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2004 (Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,279,661

$ 1,907,618

Net realized gain (loss)

69,711,545

37,939,727

Change in net unrealized appreciation (depreciation)

(34,428,383)

78,049,577

Net increase (decrease) in net assets resulting from operations

36,562,823

117,896,922

Distributions to shareholders from net investment income

(3,891,060)

(285,614)

Share transactions
Net proceeds from sales of shares

246,065,503

284,514,275

Reinvestment of distributions

3,653,262

266,849

Cost of shares redeemed

(94,165,762)

(146,077,268)

Net increase (decrease) in net assets resulting from share transactions

155,553,003

138,703,856

Redemption fees

41,987

60,094

Total increase (decrease) in net assets

188,266,753

256,375,258

Net Assets

Beginning of period

554,853,117

298,477,859

End of period (including undistributed net investment income of $794,382 and undistributed net investment income of $3,405,781, respectively)

$ 743,119,870

$ 554,853,117

Other Information

Shares

Sold

15,825,597

23,076,146

Issued in reinvestment of distributions

252,472

24,685

Redeemed

(6,180,605)

(12,147,104)

Net increase (decrease)

9,897,464

10,953,727

Financial Highlights

Six months ended April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 14.36

$ 10.78

$ 10.78

$ 15.08

$ 16.68

$ 12.36

Income from Investment Operations

Net investment income (loss)D

.03

.06

.02

.04

.02

.11

Net realized and unrealized gain (loss)

1.02

3.53

.04

(3.63)

(.65)

4.26

Total from investment operations

1.05

3.59

.06

(3.59)

(.63)

4.37

Distributions from net investment income

(.10)

(.01)

(.06)

(.02)

(.08)

(.05)

Distributions from net realized gain

-

-

-

(.70)

(.90)

-

Total distributions

(.10)

(.01)

(.06)

(.72)

(.98)

(.05)

Redemption fees added to paid in capitalD

-F

-F

-F

.01

.01

-

Net asset value, end of period

$ 15.31

$ 14.36

$ 10.78

$ 10.78

$ 15.08

$ 16.68

Total ReturnB,C

7.35%

33.33%

.50%

(24.71)%

(4.66)%

35.47%

Ratios to Average Net AssetsE

Expenses before expense reductions

1.26%A

1.23%

1.54%

1.16%

1.21%

1.21%

Expenses net of voluntary waivers, if any

1.26%A

1.23%

1.54%

1.16%

1.21%

1.21%

Expenses net of all reductions

1.18%A

1.16%

1.40%

1.02%

1.16%

1.14%

Net investment income (loss)

.40%A

.50%

.13%

.35%

.12%

.75%

Supplemental Data

Net assets, end of period (000 omitted)

$ 743,120

$ 554,853

$ 298,478

$ 203,107

$ 459,222

$ 535,941

Portfolio turnover rate

182%A

212%

188%

242%

344%

173%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. F Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Overseas

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan

21.0%

United Kingdom

14.9%

United States of America

13.1%

France

8.2%

Germany

6.4%

Switzerland

6.1%

Korea (South)

5.4%

Netherlands

5.3%

Canada

4.1%

Other

15.5%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan

17.7%

United Kingdom

15.5%

United States of America

13.7%

Germany

8.4%

France

7.4%

Netherlands

6.6%

Switzerland

6.6%

Canada

3.7%

Korea (South)

2.8%

Other

17.6%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

90.4

90.1

Bonds

0.5

0.6

Short-Term Investments
and Net Other Assets

9.1

9.3

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

2.9

2.5

Total SA Series B (France, Oil & Gas)

2.6

2.4

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

2.4

1.7

UFJ Holdings, Inc. (Japan, Commercial Banks)

2.1

0.3

Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)

1.9

0.6

Nomura Holdings, Inc. (Japan, Capital Markets)

1.9

1.7

Allianz AG (Reg.) (Germany, Insurance)

1.7

2.2

Novartis AG (Reg.) (Switzerland, Pharmaceuticals)

1.6

2.3

LG Electronics, Inc. (Korea (South), Household Durables)

1.6

0.0

Nikko Cordial Corp. (Japan, Capital Markets)

1.5

1.2

20.2

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

25.3

26.0

Information Technology

14.4

17.5

Consumer Discretionary

12.1

9.7

Energy

12.0

10.1

Health Care

8.5

9.0

Telecommunication Services

6.3

7.3

Consumer Staples

6.1

5.3

Materials

3.9

3.4

Industrials

1.7

2.1

Utilities

0.6

0.3

Semiannual Report

Overseas

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.7%

Shares

Value (Note 1)

Australia - 1.8%

CSL Ltd.

1,409,544

$ 22,464,251

Newcrest Mining Ltd.

302,656

2,492,654

News Corp. Ltd. sponsored ADR

1,423,100

48,029,625

TOTAL AUSTRALIA

72,986,530

Belgium - 0.2%

Fortis

433,100

9,423,172

Bermuda - 0.1%

Golar LNG Ltd. (a)

206,600

2,671,059

Brazil - 0.1%

Petroleo Brasileiro SA Petrobras sponsored ADR

97,800

2,826,420

Canada - 4.1%

Agnico-Eagle Mines Ltd.

200,100

2,430,583

Bombardier, Inc. Class B (sub. vtg.)

1,939,300

8,540,244

Canadian Natural Resources Ltd.

325,000

17,866,647

EnCana Corp.

1,222,000

47,933,798

Kinross Gold Corp. (a)

1,969,210

10,911,739

Meridian Gold, Inc. (a)

240,900

2,422,085

Petro-Canada

166,800

7,372,255

Precision Drilling Corp. (a)

305,400

14,529,073

Talisman Energy, Inc.

919,200

52,254,766

Wheaton River Minerals Ltd. (a)

1,735,700

4,441,914

TOTAL CANADA

168,703,104

Cayman Islands - 0.5%

Noble Corp. (a)

589,800

21,916,968

China - 0.4%

Byd Co. Ltd. (H Shares)

1,422,500

4,231,080

Global Bio-Chem Technology Group Co. Ltd.

8,434,000

6,163,387

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

1,054,250

1

People's Food Holdings Ltd.

3,432,000

2,661,716

TOTAL CHINA

13,056,184

Denmark - 0.6%

Coloplast AS Series B

56,100

5,283,847

Danske Bank AS

337,550

7,581,302

Novo Nordisk AS Series B

226,500

10,757,756

TOTAL DENMARK

23,622,905

Finland - 0.4%

Nokia Corp.

1,032,510

14,465,465

France - 8.2%

Alcatel SA sponsored ADR (a)

1,743,300

25,556,778

Assurances Generales France SA (Bearer)

104,400

6,372,910

AXA SA

1,370,760

28,223,948

BNP Paribas SA

726,498

43,607,904

Business Objects SA sponsored ADR (a)

318,500

6,984,705

Credit Agricole SA

244,400

6,026,146

Shares

Value (Note 1)

Dassault Systemes SA

116,400

$ 4,749,968

France Telecom SA

677,200

16,332,542

L'Oreal SA

252,700

19,043,596

Pernod-Ricard

186,300

23,503,595

Peugeot Citroen SA

95,100

5,106,760

Television Francaise 1 SA

201,200

6,212,057

Total SA Series B

595,669

109,746,057

Vivendi Universal SA sponsored ADR (a)

1,600,700

39,569,304

TOTAL FRANCE

341,036,270

Germany - 5.7%

Adidas-Salomon AG

109,200

12,604,405

Allianz AG (Reg.)

676,800

71,334,720

Altana AG sponsored ADR

65,300

4,143,938

BASF AG

491,900

25,465,663

Deutsche Bank AG (NY Shares)

114,100

9,359,623

Deutsche Boerse AG

268,546

14,761,659

Deutsche Telekom AG sponsored ADR (a)

1,521,100

25,980,388

E.ON AG

73,518

4,885,271

Fresenius Medical Care AG

351,400

24,469,237

Infineon Technologies AG sponsored ADR (a)

1,149,400

14,505,428

Merck KGaA

134,800

7,215,993

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

120,700

13,045,329

RWE AG

215,196

9,335,891

TOTAL GERMANY

237,107,545

Greece - 0.2%

Cosmote Mobile Telecommunications SA

322,200

5,172,773

Greek Organization of Football Prognostics SA

261,790

4,993,318

TOTAL GREECE

10,166,091

Hong Kong - 1.0%

Esprit Holdings Ltd.

448,500

1,840,024

Hong Kong Exchanges & Clearing Ltd.

4,078,000

8,156,105

Hutchison Whampoa Ltd.

1,834,300

12,346,408

Techtronic Industries Co.

6,312,000

16,913,140

Television Broadcasts Ltd.

1,037,000

4,839,395

TOTAL HONG KONG

44,095,072

India - 2.6%

Cipla Ltd.

268,300

8,254,735

Dr. Reddy's Laboratories Ltd.

322,800

6,311,549

Housing Development Finance Corp. Ltd.

1,959,516

26,209,132

I-Flex Solutions Ltd.

668,719

7,961,621

Infosys Technologies Ltd.

242,918

28,115,287

Reliance Industries Ltd. (a)

745,900

8,829,363

Satyam Computer Services Ltd.

2,155,200

15,549,717

State Bank of India

363,400

5,251,199

TOTAL INDIA

106,482,603

Common Stocks - continued

Shares

Value (Note 1)

Indonesia - 0.1%

PT Bank Mandiri Persero Tbk

28,402,500

$ 4,689,003

Italy - 0.4%

ENI Spa

913,050

18,604,307

Japan - 21.0%

Advantest Corp.

258,300

19,255,596

Aeon Credit Service Ltd.

233,800

14,562,406

Asahi Glass Co. Ltd.

742,000

7,700,472

Canon, Inc.

470,000

24,585,700

Daiwa Securities Group, Inc.

3,973,000

29,299,976

FamilyMart Co. Ltd.

533,800

15,035,173

Ito Yokado Ltd.

1,200,600

48,964,535

JAFCO Co. Ltd.

478,000

38,224,430

KDDI Corp.

7,502

44,060,470

Kyocera Corp.

265,600

22,060,736

Millea Holdings, Inc.

1,021

14,242,821

Mizuho Financial Group, Inc. (a)

12,152

56,362,321

Murata Manufacturing Co. Ltd.

350,200

22,528,139

Nikko Cordial Corp.

11,473,000

64,018,758

Nippon System Development Co. Ltd.

205,300

4,387,071

Nitto Denko Corp.

423,700

23,077,542

Nomura Holdings, Inc.

4,714,000

77,215,319

Nomura Research Institute Ltd.

40,600

4,116,066

Oriental Land Co. Ltd.

78,500

4,994,055

ORIX Corp.

178,800

18,587,629

Rohm Co. Ltd.

84,600

10,350,824

Seiyu Ltd. (a)

2,256,000

7,937,887

SMC Corp.

73,600

8,272,541

Softbank Corp.

189,700

8,427,678

Sumitomo Electric Industries Ltd.

1,643,000

14,890,468

Sumitomo Mitsui Financial Group, Inc.

10,832

80,268,530

TDK Corp.

198,000

13,863,153

Tokyo Electron Ltd.

736,400

43,969,716

Toyota Motor Corp.

1,218,700

44,610,513

UFJ Holdings, Inc. (a)

14,229

86,350,666

TOTAL JAPAN

872,221,191

Korea (South) - 5.4%

Honam Petrochemical Corp.

96,860

3,607,435

Kookmin Bank (a)

345,470

12,896,061

LG Electronics, Inc.

1,071,920

65,045,160

Samsung Electro-Mechanics Co. Ltd. (a)

368,790

13,892,296

Samsung Electronics Co. Ltd.

255,590

121,330,961

Shinhan Financial Group Co. Ltd.

528,110

9,204,291

TOTAL KOREA (SOUTH)

225,976,204

Malaysia - 0.1%

Public Bank BHD (For. Reg.)

5,884,900

5,296,410

Netherlands - 5.3%

Aegon NV

149,000

1,949,405

ASML Holding NV (a)

3,743,687

58,214,333

EADS NV

217,500

5,498,380

Shares

Value (Note 1)

ING Groep NV (Certificaten Van Aandelen)

1,605,564

$ 34,070,068

Koninklijke Ahold NV (a)

953,500

7,341,950

Koninklijke Philips Electronics NV

567,970

15,227,276

Unilever NV (NY Shares)

916,100

60,398,473

VNU NV

906,400

25,346,256

Wolters Kluwer NV (Certificaten Van Aandelen)

735,300

12,377,529

TOTAL NETHERLANDS

220,423,670

Netherlands Antilles - 0.4%

Schlumberger Ltd. (NY Shares)

285,800

16,727,874

Peru - 0.1%

Compania de Minas Buenaventura SA sponsored ADR

106,100

2,296,004

Portugal - 0.2%

Portugal Telecom SGPS SA (Reg.)

891,173

9,662,815

Russia - 0.9%

JSC MMC 'Norilsk Nickel' sponsored ADR

156,950

9,307,135

Lukoil Oil Co. sponsored ADR

80,500

8,774,500

OAO Gazprom sponsored ADR

280,300

8,661,270

YUKOS Corp. sponsored ADR

275,271

12,249,560

TOTAL RUSSIA

38,992,465

South Africa - 0.3%

Harmony Gold Mining Co. Ltd. sponsored ADR

383,400

4,232,736

MTN Group Ltd. (a)

1,819,120

7,567,639

TOTAL SOUTH AFRICA

11,800,375

Spain - 2.1%

Banco Bilbao Vizcaya Argentaria SA

375,300

4,942,701

Banco Popular Espanol SA (Reg.)

337,000

18,585,059

Banco Santander Central Hispano SA

2,332,016

24,766,010

Telefonica SA

2,790,310

41,045,460

TOTAL SPAIN

89,339,230

Sweden - 1.2%

Skandia Foersaekrings AB

717,000

2,814,819

Skandinaviska Enskilda Banken AB (A Shares)

544,600

7,910,622

Telefonaktiebolaget LM Ericsson ADR (a)

1,513,400

40,362,378

TOTAL SWEDEN

51,087,819

Switzerland - 6.1%

Actelion Ltd. (Reg.) (a)

47,246

5,187,760

Adecco SA

194,690

8,659,811

Compagnie Financiere Richemont unit

602,090

15,499,577

Credit Suisse Group (Reg.)

1,052,310

36,788,758

Novartis AG (Reg.)

1,509,550

67,627,840

Roche Holding AG (participation certificate)

468,700

49,203,551

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - continued

UBS AG (Reg.)

793,836

$ 56,203,589

Zurich Financial Services AG

89,885

14,223,408

TOTAL SWITZERLAND

253,394,294

Taiwan - 1.8%

High Tech Computer Corp.

1,328,000

5,758,266

Hon Hai Precision Industries Co. Ltd.

3,690,000

14,555,555

Quanta Computer, Inc.

3,149,000

6,637,459

Taishin Financial Holdings Co. Ltd.

3,369,000

2,952,060

United Microelectronics Corp. (a)

36,190,000

32,474,014

Yageo Corp. (a)

18,985,000

10,347,139

TOTAL TAIWAN

72,724,493

United Kingdom - 14.4%

3i Group PLC

1,829,140

19,606,971

Abbey National PLC

1,270,800

10,222,145

AstraZeneca PLC (United Kingdom)

959,000

45,888,150

Aviva PLC

550,300

5,390,107

BHP Billiton PLC

1,194,571

9,566,499

BP PLC

5,746,800

50,667,619

British Sky Broadcasting Group PLC (BSkyB)

635,700

7,526,147

Centrica PLC

3,335,900

12,957,187

Dixons Group PLC

10,278,700

28,367,173

Enterprise Inns PLC

583,800

6,330,532

Hilton Group PLC

3,886,700

17,169,343

HSBC Holdings PLC (United Kingdom) (Reg.)

1,081,363

15,593,254

ITV PLC

5,001,012

10,979,211

Kesa Electricals PLC

2,765,836

13,865,061

Lloyds TSB Group PLC

546,200

4,092,564

Man Group PLC

1,019,800

30,600,865

mmO2 PLC (a)

4,971,900

8,838,298

Prudential PLC

1,080,200

8,506,564

Reckitt Benckiser PLC

640,100

16,681,229

Reuters Group PLC

2,060,100

13,659,770

Rexam PLC

601,074

4,880,370

Rio Tinto PLC (Reg.)

1,042,826

23,359,302

Royal Bank of Scotland Group PLC

469,500

14,129,891

Shire Pharmaceuticals Group PLC sponsored ADR (a)

713,200

19,791,300

Smith & Nephew PLC

3,464,800

37,073,360

Tesco PLC

2,061,250

9,114,650

Unilever PLC sponsored ADR

816,000

31,391,520

Vodafone Group PLC

41,184,003

101,065,542

William Hill PLC

397,600

3,788,414

Xstrata PLC

751,600

8,477,439

Yell Group PLC

2,013,900

11,366,530

TOTAL UNITED KINGDOM

600,947,007

United States of America - 4.0%

Baker Hughes, Inc.

638,600

23,423,848

BJ Services Co. (a)

91,200

4,058,400

Shares

Value (Note 1)

ENSCO International, Inc.

583,400

$ 15,967,658

Fox Entertainment Group, Inc. Class A (a)

169,200

4,712,220

Freeport-McMoRan Copper & Gold, Inc. Class B

428,300

13,063,150

Grant Prideco, Inc. (a)

798,900

12,183,225

Halliburton Co.

128,300

3,823,340

Nabors Industries Ltd. (a)

222,300

9,861,228

Newmont Mining Corp.

63,900

2,389,860

NTL, Inc. (a)

443,920

25,201,338

Pride International, Inc. (a)

356,931

6,021,426

Smith International, Inc. (a)

46,600

2,551,350

Synthes-Stratec, Inc.

15,021

16,337,004

Transocean, Inc. (a)

662,100

18,386,517

Weatherford International Ltd. (a)

234,000

10,174,320

TOTAL UNITED STATES OF AMERICA

168,154,884

TOTAL COMMON STOCKS

(Cost $3,358,102,918)

3,730,897,433

Nonconvertible Preferred Stocks - 0.7%

Germany - 0.7%

Fresenius Medical Care AG

250,612

11,959,286

Porsche AG (non-vtg.)

28,100

17,423,144

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $22,567,570)

29,382,430

Nonconvertible Bonds - 0.5%

Principal Amount

United Kingdom - 0.5%

Telewest Communications PLC yankee:

0% 2/1/10 (c)(d)

$ 1,300,000

591,500

9.25% 4/15/09 (c)

3,445,000

1,722,500

9.875% 2/1/10 (c)

8,915,000

5,304,425

Telewest PLC:

11% 10/1/07 (c)

17,191,000

10,830,330

yankee 9.625% 10/1/06 (c)

6,135,000

3,742,350

TOTAL NONCONVERTIBLE BONDS

(Cost $17,557,107)

22,191,105

Money Market Funds - 12.9%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 1.06% (b)

334,728,124

$ 334,728,124

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

201,149,225

201,149,225

TOTAL MONEY MARKET FUNDS

(Cost $535,877,349)

535,877,349

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $3,934,104,944)

4,318,348,317

NET OTHER ASSETS - (3.8)%

(156,237,787)

NET ASSETS - 100%

$ 4,162,110,530

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $1,709,656,890 and $1,464,029,279, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,039 for the period.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $696,627,000 of which $375,007,000 and $321,620,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Overseas

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $187,678,501) (cost $3,934,104,944) - See accompanying schedule

$ 4,318,348,317

Foreign currency held at value (cost $23,044,176)

23,026,211

Receivable for investments sold

18,858,387

Receivable for fund shares sold

6,885,354

Dividends receivable

11,376,932

Interest receivable

229,783

Prepaid expenses

11,358

Other affiliated receivables

21,352

Other receivables

823,735

Total assets

4,379,581,429

Liabilities

Payable for investments purchased

$ 702,887

Payable for fund shares redeemed

8,819,065

Accrued management fee

2,381,461

Other affiliated payables

1,198,094

Other payables and accrued expenses

3,220,167

Collateral on securities loaned, at value

201,149,225

Total liabilities

217,470,899

Net Assets

$ 4,162,110,530

Net Assets consist of:

Paid in capital

$ 4,325,804,286

Distributions in excess of net investment income

(1,448,366)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(543,410,495)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

381,165,105

Net Assets, for 130,413,602 shares outstanding

$ 4,162,110,530

Net Asset Value, offering price and redemption price per share ($4,162,110,530 ÷ 130,413,602 shares)

$ 31.91

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 30,915,002

Interest

1,275,305

Security lending

583,600

32,773,907

Less foreign taxes withheld

(3,523,634)

Total income

29,250,273

Expenses

Management fee
Basic fee

$ 14,638,909

Performance adjustment

(265,236)

Transfer agent fees

5,835,889

Accounting and security lending fees

735,938

Non-interested trustees' compensation

11,816

Appreciation in deferred trustee compensation account

13,365

Custodian fees and expenses

736,067

Registration fees

71,641

Audit

54,401

Legal

5,950

Miscellaneous

22,402

Total expenses before reductions

21,861,142

Expense reductions

(896,925)

20,964,217

Net investment income (loss)

8,286,056

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (net of foreign taxes of $316,602)

209,843,526

Foreign currency transactions

480,905

Total net realized gain (loss)

210,324,431

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $(859,805))

155,015,522

Assets and liabilities in foreign currencies

(489,842)

Total change in net unrealized appreciation (depreciation)

154,525,680

Net gain (loss)

364,850,111

Net increase (decrease) in net assets resulting from operations

$ 373,136,167

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Overseas
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 8,286,056

$ 22,240,917

Net realized gain (loss)

210,324,431

255,285,774

Change in net unrealized appreciation (depreciation)

154,525,680

574,788,463

Net increase (decrease) in net assets resulting from operations

373,136,167

852,315,154

Distributions to shareholders from net investment income

(36,930,233)

(11,619,951)

Share transactions
Net proceeds from sales of shares

714,565,603

809,756,739

Reinvestment of distributions

36,240,256

11,360,177

Cost of shares redeemed

(425,482,690)

(1,023,806,660)

Net increase (decrease) in net assets resulting from share transactions

325,323,169

(202,689,744)

Redemption fees

187,334

287,198

Total increase (decrease) in net assets

661,716,437

638,292,657

Net Assets

Beginning of period

3,500,394,093

2,862,101,436

End of period (including distributions in excess of net investment income of $1,448,366 and undistributed net investment income of $27,195,811, respectively)

$ 4,162,110,530

$ 3,500,394,093

Other Information

Shares

Sold

22,581,043

34,162,410

Issued in reinvestment of distributions

1,212,454

499,568

Redeemed

(13,314,385)

(42,842,235)

Net increase (decrease)

10,479,112

(8,180,257)

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 29.19

$ 22.34

$ 25.98

$ 40.72

$ 42.84

$ 33.95

Income from Investment Operations

Net investment income (loss) D

.07

.18

.11

.20

.25 E

.32

Net realized and unrealized gain (loss)

2.95

6.76

(3.75)

(9.96)

.71

9.28

Total from investment operations

3.02

6.94

(3.64)

(9.76)

.96

9.60

Distributions from net investment income

(.30)

(.09)

-

(.86)

(.45)

(.20)

Distributions from net realized gain

-

-

-

(4.12)

(2.63)

(.51)

Total distributions

(.30)

(.09)

-

(4.98)

(3.08)

(.71)

Redemption fees added to paid in capital D

-G

-G

-G

-G

-G

-

Net asset value, end of period

$ 31.91

$ 29.19

$ 22.34

$ 25.98

$ 40.72

$ 42.84

Total Return B,C

10.42%

31.18%

(14.01)%

(27.21)%

1.78%

28.77%

Ratios to Average Net Assets F

Expenses before expense reductions

1.08% A

1.04%

1.21%

1.18%

1.19%

1.27%

Expenses net of voluntary waivers, if any

1.08% A

1.04%

1.21%

1.18%

1.19%

1.27%

Expenses net of all reductions

1.04% A

1.00%

1.16%

1.12%

1.16%

1.23%

Net investment income (loss)

.41% A

.75%

.42%

.63%

.55%

.85%

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,162,111

$ 3,500,394

$ 2,862,101

$ 3,392,740

$ 4,858,872

$ 4,482,044

Portfolio turnover rate

79% A

104%

72%

95%

132%

85%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EInvestment income per share reflects a special dividend which amounted to $.08 per share. FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. GAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Worldwide

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

United States of America

58.9%

Japan

9.0%

United Kingdom

6.4%

France

3.7%

Germany

3.7%

Korea (South)

3.1%

Netherlands

2.9%

Switzerland

2.2%

Canada

2.2%

Other

7.9%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

United States of America

60.3%

Japan

7.8%

United Kingdom

7.0%

Germany

4.5%

France

3.1%

Netherlands

3.0%

Switzerland

2.0%

Canada

1.7%

Korea (South)

1.5%

Other

9.1%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

92.1

96.9

Bonds

0.5

0.5

Short-Term Investments
and Net Other Assets

7.4

2.6

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Microsoft Corp. (United States of America, Software)

2.2

1.8

General Electric Co. (United States of America, Industrial Conglomerates)

1.9

1.3

American International Group, Inc. (United States of America, Insurance)

1.8

1.4

Pfizer, Inc. (United States of America, Pharmaceuticals)

1.5

1.1

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

1.5

1.3

Tyco International Ltd. (United States of America, Industrial Conglomerates)

1.3

1.4

Johnson & Johnson (United States of America, Pharmaceuticals)

1.1

0.9

Procter & Gamble Co. (United States of America, Household Products)

1.0

1.0

LG Electronics, Inc. (Korea (South), Household Durables)

1.0

0.0

UFJ Holdings, Inc. (Japan, Commercial Banks)

1.0

0.1

14.3

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

20.6

23.3

Information Technology

15.0

18.2

Consumer Discretionary

12.2

11.5

Health Care

10.5

10.8

Industrials

9.1

9.2

Energy

7.8

6.6

Consumer Staples

6.7

6.8

Telecommunication Services

4.8

5.0

Materials

4.6

4.5

Utilities

1.3

1.5

Semiannual Report

Worldwide

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.5%

Shares

Value (Note 1)

Australia - 0.9%

CSL Ltd.

229,830

$ 3,662,857

Newcrest Mining Ltd.

51,404

423,360

News Corp. Ltd. ADR

133,700

4,888,072

TOTAL AUSTRALIA

8,974,289

Belgium - 0.3%

Fortis

134,200

2,919,856

Bermuda - 0.4%

ACE Ltd.

80,000

3,507,200

Golar LNG Ltd. (a)

18,200

235,301

TOTAL BERMUDA

3,742,501

Brazil - 0.0%

Petroleo Brasileiro SA Petrobras sponsored ADR

9,800

283,220

Canada - 2.2%

Agnico-Eagle Mines Ltd.

34,000

412,993

Bombardier, Inc. Class B (sub. vtg.)

297,300

1,309,243

Canadian Natural Resources Ltd.

50,100

2,754,212

Celestica, Inc. (sub. vtg.) (a)

15,000

264,336

EnCana Corp.

183,700

7,205,760

Kinross Gold Corp. (a)(e)

87,700

485,961

Kinross Gold Corp. (a)

339,400

1,880,675

Meridian Gold, Inc. (a)

40,900

411,222

Petro-Canada

30,700

1,356,884

Precision Drilling Corp. (a)

32,000

1,522,365

Talisman Energy, Inc.

78,200

4,445,521

Wheaton River Minerals Ltd. (a)

174,400

446,315

TOTAL CANADA

22,495,487

Cayman Islands - 0.2%

Ctrip.com International Ltd. ADR

6,200

178,932

GlobalSantaFe Corp.

85,000

2,241,450

TOTAL CAYMAN ISLANDS

2,420,382

China - 0.2%

Byd Co. Ltd. (H Shares)

268,000

797,138

Global Bio-Chem Technology Group Co. Ltd.

1,698,000

1,240,862

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

212,250

0

People's Food Holdings Ltd.

583,000

452,150

TOTAL CHINA

2,490,150

Denmark - 0.4%

Coloplast AS Series B

16,600

1,563,491

Danske Bank AS

36,950

829,889

Novo Nordisk AS Series B

28,700

1,363,124

TOTAL DENMARK

3,756,504

Finland - 0.2%

Nokia Corp. sponsored ADR

156,000

2,185,560

France - 3.7%

Alcatel SA sponsored ADR (a)

233,600

3,424,576

Shares

Value (Note 1)

Assurances Generales France SA (Bearer)

13,100

$ 799,666

AXA SA

143,600

2,956,724

BNP Paribas SA

80,320

4,821,193

Business Objects SA sponsored ADR (a)

24,900

546,057

CNP Assurances

7,300

432,933

Dassault Systemes SA

17,800

726,370

France Telecom SA sponsored ADR

80,000

1,916,000

L'Oreal SA

35,800

2,697,906

Pernod-Ricard

29,100

3,671,254

Peugeot Citroen SA

19,400

1,041,758

Television Francaise 1 SA

17,900

552,663

Total SA Series B

52,424

9,658,598

Vivendi Universal SA sponsored ADR (a)

182,600

4,513,872

TOTAL FRANCE

37,759,570

Germany - 3.1%

Adidas-Salomon AG

19,300

2,227,702

Allianz AG (Reg.)

88,000

9,275,200

Altana AG sponsored ADR

2,500

158,650

BASF AG

33,900

1,755,003

Deutsche Bank AG (NY Shares)

20,400

1,673,412

Deutsche Boerse AG

60,430

3,321,766

Deutsche Telekom AG sponsored ADR (a)

134,200

2,292,136

E.ON AG

15,004

997,016

Fresenius Medical Care AG

46,200

3,217,071

Infineon Technologies AG
sponsored ADR (a)

213,000

2,688,060

Merck KGaA

13,500

722,670

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

13,100

1,415,856

RWE AG

33,174

1,439,194

TOTAL GERMANY

31,183,736

Greece - 0.1%

Cosmote Mobile Telecommunications SA

80,200

1,287,574

Hong Kong - 0.5%

Esprit Holdings Ltd.

110,500

453,339

Hong Kong Exchanges & Clearing Ltd.

550,000

1,100,014

Hutchison Whampoa Ltd.

200,000

1,346,171

Techtronic Industries Co. Ltd.

370,000

991,423

Television Broadcasts Ltd.

158,000

737,343

TOTAL HONG KONG

4,628,290

India - 1.1%

Cipla Ltd.

36,600

1,126,065

Dr. Reddy's Laboratories Ltd.

31,000

606,128

Housing Development Finance Corp. Ltd.

182,000

2,434,306

I-Flex Solutions Ltd.

118,343

1,408,966

Infosys Technologies Ltd.

22,540

2,608,776

Reliance Industries Ltd. (a)

94,900

1,123,350

Common Stocks - continued

Shares

Value (Note 1)

India - continued

Satyam Computer Services Ltd.

196,600

$ 1,418,464

State Bank of India

55,300

799,096

TOTAL INDIA

11,525,151

Indonesia - 0.0%

PT Bank Mandiri Persero Tbk

2,897,500

478,352

Italy - 0.2%

ENI Spa

81,050

1,651,475

Japan - 9.0%

Advantest Corp.

20,800

1,550,586

Aeon Credit Service Ltd.

17,300

1,077,543

Asahi Glass Co. Ltd.

70,000

726,460

Canon, Inc.

48,000

2,510,880

Daiwa Securities Group, Inc.

188,000

1,386,457

FamilyMart Co. Ltd.

48,200

1,357,616

Ito Yokado Ltd.

141,000

5,750,458

JAFCO Co. Ltd.

36,200

2,894,821

KDDI Corp.

1,391

8,169,570

Kyocera Corp.

24,100

2,001,746

Millea Holdings, Inc.

99

1,381,037

Mizuho Financial Group, Inc. (a)

1,039

4,818,997

Murata Manufacturing Co. Ltd.

49,900

3,210,035

Nichicon Corp.

115,000

1,310,977

Nikko Cordial Corp.

1,156,000

6,450,421

Nippon System Development Co. Ltd.

41,900

895,364

Nitto Denko Corp.

53,000

2,886,735

Nomura Holdings, Inc.

339,000

5,552,820

Nomura Research Institute Ltd.

8,300

841,462

Oriental Land Co. Ltd.

12,000

763,422

ORIX Corp.

26,000

2,702,899

Rohm Co. Ltd.

15,700

1,920,898

Seiyu Ltd. (a)

134,000

471,488

SMC Corp.

12,000

1,348,784

Softbank Corp.

38,000

1,688,201

Sumitomo Electric Industries Ltd.

245,000

2,220,429

Sumitomo Mitsui Financial Group, Inc.

859

6,365,460

TDK Corp.

17,800

1,246,283

Tokyo Electron Ltd.

98,300

5,869,396

Toyota Motor Corp.

69,300

2,536,726

UFJ Holdings, Inc. (a)

1,618

9,819,058

TOTAL JAPAN

91,727,029

Korea (South) - 3.1%

Honam Petrochemical Corp.

14,750

549,346

Kookmin Bank (a)

38,470

1,436,048

LG Electronics, Inc.

162,630

9,868,548

Samsung Electro-Mechanics Co. Ltd. (a)

75,280

2,835,793

Samsung Electronics Co. Ltd.

31,660

15,029,299

Shinhan Financial Group Co. Ltd.

97,040

1,691,285

TOTAL KOREA (SOUTH)

31,410,319

Shares

Value (Note 1)

Liberia - 0.1%

Royal Caribbean Cruises Ltd.

25,000

$ 1,013,250

Malaysia - 0.1%

Public Bank BHD (For. Reg.)

896,200

806,580

Netherlands - 2.9%

Aegon NV

82,300

1,076,752

ASML Holding NV (NY Shares) (a)

448,700

6,977,285

Chicago Bridge & Iron Co. NV

75,000

2,156,250

EADS NV

21,900

553,630

ING Groep NV (Certificaten Van Aandelen)

224,000

4,753,280

Koninklijke Ahold NV (a)

96,500

743,050

Koninklijke Philips Electronics NV

41,000

1,099,210

Unilever NV (NY Shares)

132,800

8,755,504

VNU NV

81,200

2,270,649

Wolters Kluwer NV (Certificaten Van Aandelen)

100,900

1,698,480

TOTAL NETHERLANDS

30,084,090

Peru - 0.0%

Compania de Minas Buenaventura SA sponsored ADR

18,000

389,520

Portugal - 0.2%

Portugal Telecom SGPS SA sponsored ADR

182,100

1,972,143

Russia - 0.4%

JSC MMC 'Norilsk Nickel' sponsored ADR

13,600

806,480

Lukoil Oil Co. sponsored ADR

6,000

654,000

OAO Gazprom sponsored ADR

21,000

648,900

YUKOS Corp. sponsored ADR

47,277

2,103,827

TOTAL RUSSIA

4,213,207

Singapore - 0.1%

Flextronics International Ltd. (a)

33,000

531,300

South Africa - 0.2%

Harmony Gold Mining Co. Ltd.
sponsored ADR

77,300

853,392

MTN Group Ltd. (a)

323,494

1,345,753

TOTAL SOUTH AFRICA

2,199,145

Spain - 0.7%

Banco Bilbao Vizcaya Argentaria SA

75,800

998,286

Banco Santander Central Hispano SA

197,300

2,095,326

Telefonica SA

14,900

219,179

Telefonica SA sponsored ADR

77,000

3,398,010

TOTAL SPAIN

6,710,801

Sweden - 0.7%

Skandia Foersaekrings AB

177,800

698,012

Skandinaviska Enskilda Banken AB
(A Shares)

60,200

874,439

Telefonaktiebolaget LM Ericsson ADR (a)

209,600

5,590,032

TOTAL SWEDEN

7,162,483

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - 2.2%

Actelion Ltd. (Reg.) (a)

7,904

$ 867,884

Adecco SA

31,660

1,408,237

Alcon, Inc.

18,300

1,358,775

Compagnie Financiere Richemont unit

37,090

954,806

Credit Suisse Group (Reg.)

100,445

3,511,557

Novartis AG sponsored ADR

87,600

3,924,480

Roche Holding AG (participation certificate)

32,682

3,430,916

UBS AG (NY Shares)

63,220

4,475,976

Zurich Financial Services AG

18,590

2,941,683

TOTAL SWITZERLAND

22,874,314

Taiwan - 0.9%

High Tech Computer Corp.

67,000

290,515

Hon Hai Precision Industries Co. Ltd.

512,000

2,019,633

Quanta Computer, Inc.

313,000

659,741

Taishin Financial Holdings Co. Ltd.

572,000

501,210

United Microelectronics Corp. (a)

3,881,000

3,482,499

Yageo Corp. (a)

3,714,000

2,024,191

TOTAL TAIWAN

8,977,789

United Kingdom - 5.9%

3i Group PLC

333,000

3,569,503

Abbey National PLC

158,500

1,274,953

AstraZeneca PLC sponsored ADR

85,100

4,072,035

Aviva PLC

74,200

726,778

BHP Billiton PLC

172,500

1,381,434

British Sky Broadcasting Group
PLC (BSkyB)

71,700

848,867

Centrica PLC

463,600

1,800,699

Dixons Group PLC

1,529,000

4,219,737

Enterprise Inns PLC

45,600

494,471

Hilton Group PLC

465,200

2,055,003

HSBC Holdings PLC sponsored ADR

13,200

951,720

ITV PLC

617,831

1,356,385

Kesa Electricals PLC

328,444

1,646,481

London Stock Exchange PLC

282,800

1,753,234

Man Group PLC

162,900

4,888,097

mmO2 PLC (a)

593,400

1,054,858

Prudential PLC

148,800

1,171,798

Reckitt Benckiser PLC

48,300

1,258,715

Reuters Group PLC

207,200

1,373,867

Rio Tinto PLC (Reg.)

75,381

1,688,534

Shire Pharmaceuticals Group PLC sponsored ADR (a)

96,800

2,686,200

Smith & Nephew PLC

291,000

3,113,700

Unilever PLC sponsored ADR

130,200

5,008,794

Vodafone Group PLC sponsored ADR

331,000

8,122,740

William Hill PLC

95,200

907,085

Xstrata PLC

86,200

972,266

Yell Group PLC

332,800

1,878,336

TOTAL UNITED KINGDOM

60,276,290

Shares

Value (Note 1)

United States of America - 51.5%

3M Co.

40,000

$ 3,459,200

AES Corp. (a)

160,000

1,387,200

Affiliated Computer Services, Inc.
Class A (a)

20,000

970,000

AFLAC, Inc.

50,400

2,128,392

Agere Systems, Inc. Class B (a)

150,000

325,500

AirTran Holdings, Inc. (a)

90,000

1,098,900

Alcoa, Inc.

25,000

768,750

Alkermes, Inc. (a)

40,000

613,200

AMBAC Financial Group, Inc.

36,700

2,532,300

Amerada Hess Corp.

25,000

1,778,250

American International Group, Inc.

255,000

18,270,750

Amkor Technology, Inc. (a)

40,000

323,200

Amphenol Corp. Class A (a)

30,000

948,300

Analog Devices, Inc.

45,800

1,951,080

Anheuser-Busch Companies, Inc.

30,400

1,557,696

Apartment Investment & Management Co. Class A

85,000

2,394,450

Avery Dennison Corp.

35,000

2,248,050

Baker Hughes, Inc.

35,000

1,283,800

Bank of America Corp.

110,487

8,893,099

Bank One Corp.

115,000

5,677,550

Banknorth Group, Inc.

20,000

612,600

Bausch & Lomb, Inc.

13,000

816,790

Baxter International, Inc.

175,000

5,538,750

BEA Systems, Inc. (a)

75,000

855,750

Bear Stearns Companies, Inc.

28,000

2,243,920

BearingPoint, Inc. (a)

80,000

801,600

Bemis Co., Inc.

30,000

810,300

BioMarin Pharmaceutical, Inc. (a)

75,000

519,000

Boeing Co.

65,000

2,774,850

Bowater, Inc.

50,400

2,114,280

Burlington Resources, Inc.

15,000

1,009,050

Cablevision Systems Corp. - NY Group Class A (a)

100,000

2,183,000

Cabot Microelectronics Corp. (a)

5,000

147,650

Caesars Entertainment, Inc. (a)

50,000

662,500

Calpine Corp. (a)

150,000

651,000

Capital One Financial Corp.

20,000

1,310,600

Cendant Corp.

185,000

4,380,800

Cephalon, Inc. (a)

35,000

1,991,850

ChevronTexaco Corp.

75,000

6,862,500

Cintas Corp.

45,800

2,059,168

Cisco Systems, Inc. (a)

125,000

2,608,750

CIT Group, Inc.

25,000

859,250

Citigroup, Inc.

185,000

8,896,650

Clear Channel Communications, Inc.

165,000

6,845,850

Clorox Co.

20,000

1,035,600

CNF, Inc.

30,000

1,096,800

Colgate-Palmolive Co.

15,000

868,200

ConocoPhillips

32,127

2,290,655

Covad Communications Group, Inc. (a)

300,000

600,000

Covance, Inc. (a)

20,000

674,800

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

Crown Castle International Corp. (a)

104,200

$ 1,453,590

Dade Behring Holdings, Inc. (a)

29,300

1,347,800

Dell, Inc. (a)

95,000

3,297,450

Diebold, Inc.

11,000

506,990

Dow Chemical Co.

128,300

5,092,227

E*TRADE Group, Inc. (a)

100,000

1,136,000

E.I. du Pont de Nemours & Co.

75,000

3,221,250

Eastman Kodak Co.

35,000

902,650

EchoStar Communications Corp.
Class A (a)

18,875

626,461

Ecolab, Inc.

45,800

1,364,840

Emmis Communications Corp. Class A (a)

70,000

1,638,000

Encore Acquisition Co. (a)

20,000

595,000

ENSCO International, Inc.

140,000

3,831,800

Entergy Corp.

20,000

1,092,000

Estee Lauder Companies, Inc. Class A

10,000

457,100

Expeditors International of
Washington, Inc.

20,000

803,800

Exxon Mobil Corp.

135,000

5,744,250

Fannie Mae

35,000

2,405,200

Fifth Third Bancorp

45,000

2,414,700

FirstEnergy Corp.

45,000

1,759,500

Fluor Corp.

35,000

1,335,600

Forest Laboratories, Inc. (a)

20,000

1,289,600

FormFactor, Inc.

30,000

527,700

Fox Entertainment Group, Inc. Class A (a)

70,000

1,949,500

Freddie Mac

10,000

584,000

Freeport-McMoRan Copper &
Gold, Inc. Class B

30,000

915,000

Gap, Inc.

140,000

3,081,400

Genentech, Inc. (a)

19,700

2,419,160

General Electric Co.

662,000

19,826,900

Giant Industries, Inc. (a)

35,000

644,700

Gillette Co.

85,000

3,478,200

Goodrich Corp.

25,000

719,750

Grant Prideco, Inc. (a)

40,000

610,000

Halliburton Co.

37,000

1,102,600

Harley-Davidson, Inc.

25,000

1,408,000

Hartford Financial Services Group, Inc.

22,900

1,398,732

HealthSouth Corp. (a)

325,000

1,397,500

Hewlett-Packard Co.

50,000

985,000

Home Depot, Inc.

245,000

8,621,550

Honeywell International, Inc.

235,000

8,126,300

IKON Office Solutions, Inc.

75,000

834,750

Intel Corp.

150,000

3,859,500

International Business Machines Corp.

85,000

7,494,450

Interstate Bakeries Corp.

82,500

932,250

J.P. Morgan Chase & Co.

90,000

3,384,000

Johnson & Johnson

205,000

11,076,150

Juniper Networks, Inc. (a)

20,000

437,600

Kohl's Corp. (a)

5,000

208,950

Lamar Advertising Co. Class A (a)

50,000

2,053,000

Shares

Value (Note 1)

Leapfrog Enterprises, Inc. Class A (a)

40,000

$ 860,400

Lehman Brothers Holdings, Inc.

28,000

2,055,200

Liberty Media Corp. Class A (a)

150,000

1,641,000

Lincare Holdings, Inc. (a)

20,000

694,600

Lockheed Martin Corp.

35,000

1,669,500

Lucent Technologies, Inc. (a)

275,000

926,750

Lyondell Chemical Co.

175,000

2,861,250

Manitowoc Co., Inc.

20,000

608,200

Manufactured Home Communities, Inc.

12,000

375,600

Masco Corp.

125,000

3,501,250

Massey Energy Co.

75,000

1,756,500

MasTec, Inc. (a)

55,000

403,150

MBNA Corp.

25,000

609,500

McCormick & Co., Inc. (non-vtg.)

15,000

512,400

McDonald's Corp.

160,000

4,356,800

MedImmune, Inc. (a)

35,000

848,400

Medtronic, Inc.

40,000

2,018,400

Merck & Co., Inc.

125,000

5,875,000

Merrill Lynch & Co., Inc.

105,000

5,694,150

MetLife, Inc.

60,000

2,070,000

Microsoft Corp.

850,000

22,074,499

Millennium Chemicals, Inc.

65,000

1,064,050

Millennium Pharmaceuticals, Inc. (a)

55,000

824,450

Monster Worldwide, Inc. (a)

55,000

1,408,550

Morgan Stanley

119,200

6,125,688

Motorola, Inc.

150,000

2,737,500

National Commerce Financial Corp.

30,000

797,700

National Semiconductor Corp. (a)

30,000

1,223,700

National-Oilwell, Inc. (a)

56,100

1,566,312

New York Community Bancorp, Inc.

37,966

951,808

Newell Rubbermaid, Inc.

60,000

1,418,400

Newmont Mining Corp.

40,000

1,496,000

Nextel Communications, Inc. Class A (a)

100,800

2,405,088

Northrop Grumman Corp.

10,000

992,500

Novellus Systems, Inc. (a)

55,000

1,592,800

NTL, Inc. (a)

70,000

3,973,900

Nucor Corp.

50,400

2,993,760

Occidental Petroleum Corp.

30,000

1,416,000

Office Depot, Inc. (a)

80,000

1,400,800

Olin Corp.

96,400

1,664,828

Oracle Corp. (a)

300,000

3,366,000

Orbitz, Inc. Class A

40,000

1,018,000

Owens-Illinois, Inc. (a)

100,000

1,396,000

PacifiCare Health Systems, Inc. (a)

20,000

715,200

Packaging Corp. of America

40,000

879,200

PepsiCo, Inc.

75,000

4,086,750

PerkinElmer, Inc.

59,200

1,139,600

Pfizer, Inc.

425,001

15,198,036

PG&E Corp. (a)

50,000

1,376,000

PMC-Sierra, Inc. (a)

47,000

571,050

Pride International, Inc. (a)

146,700

2,474,829

Procter & Gamble Co.

95,000

10,046,250

Qwest Communications International, Inc. (a)

150,000

603,000

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

Raytheon Co.

16,000

$ 516,160

Robert Half International, Inc. (a)

145,000

3,954,150

Rockwell Automation, Inc.

17,000

555,730

Safeway, Inc. (a)

85,000

1,950,750

Saks, Inc.

62,500

900,000

SBC Communications, Inc.

325,000

8,092,500

Schering-Plough Corp.

275,000

4,600,750

Scientific-Atlanta, Inc.

15,000

485,850

Sealed Air Corp. (a)

15,000

736,200

Siebel Systems, Inc. (a)

50,000

514,000

Six Flags, Inc. (a)

50,000

371,500

Smith International, Inc. (a)

35,700

1,954,575

Smurfit-Stone Container Corp. (a)

85,000

1,461,150

Solectron Corp. (a)

85,000

416,500

Sonic Automotive, Inc. Class A

30,000

747,000

Southwest Airlines Co.

175,000

2,499,000

Sovereign Bancorp, Inc.

50,000

999,000

Spirit Finance Corp. (e)

25,000

250,000

SPX Corp.

35,000

1,552,250

St. Jude Medical, Inc. (a)

27,500

2,097,150

St. Paul Companies, Inc.

12

488

Synthes-Stratec, Inc.

2,222

2,416,672

Take-Two Interactive Software, Inc. (a)

25,000

722,250

Tenet Healthcare Corp. (a)

50,000

588,000

Texas Instruments, Inc.

80,000

2,008,000

The Coca-Cola Co.

100,000

5,057,000

The DIRECTV Group, Inc. (a)

85,000

1,521,500

Thermo Electron Corp. (a)

45,800

1,337,360

Time Warner, Inc. (a)

245,000

4,120,900

Toys 'R' Us, Inc. (a)

110,000

1,699,500

Transocean, Inc. (a)

85,000

2,360,450

TRW Automotive Holdings Corp.

26,000

545,480

TXU Corp.

65,000

2,219,100

Tyco International Ltd.

500,000

13,725,000

United Defense Industries, Inc. (a)

20,000

693,000

UnitedHealth Group, Inc.

70,000

4,303,600

UnumProvident Corp.

110,000

1,710,500

Valero Energy Corp.

15,000

956,400

Varco International, Inc. (a)

50,000

1,034,500

Verizon Communications, Inc.

130,000

4,906,200

Viacom, Inc. Class B (non-vtg.)

128,300

4,958,795

W.W. Grainger, Inc.

20,000

1,048,000

Wachovia Corp.

30,009

1,372,912

Wal-Mart Stores, Inc.

160,000

9,120,000

Walt Disney Co.

140,000

3,224,200

Waste Management, Inc.

75,000

2,130,000

Waters Corp. (a)

120,000

5,178,000

Weatherford International Ltd. (a)

129,999

5,652,357

Weight Watchers International, Inc. (a)

20,000

780,000

Western Digital Corp. (a)

110,000

888,800

Weyerhaeuser Co.

10,000

592,000

Shares

Value (Note 1)

Wyeth

50,000

$ 1,903,500

Xerox Corp. (a)

65,000

872,950

XL Capital Ltd. Class A

25,000

1,908,750

XM Satellite Radio Holdings, Inc.
Class A (a)

25,000

599,000

Yahoo!, Inc. (a)

90,000

4,541,400

TOTAL UNITED STATES OF AMERICA

524,811,707

TOTAL COMMON STOCKS

(Cost $864,178,252)

932,942,064

Preferred Stocks - 0.6%

Convertible Preferred Stocks - 0.0%

United Kingdom - 0.0%

ITV PLC (a)

58,481

81,088

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.6%

Fresenius Medical Care AG

61,000

2,910,940

Porsche AG (non-vtg.)

4,550

2,821,185

TOTAL GERMANY

5,732,125

TOTAL PREFERRED STOCKS

(Cost $4,568,436)

5,813,213

Nonconvertible Bonds - 0.5%

Principal Amount

United Kingdom - 0.5%

Telewest Communications PLC yankee:

0% 2/1/10 (c)(d)

$ 315,000

143,325

9.25% 4/15/09 (c)

840,000

420,000

9.875% 2/1/10 (c)

2,170,000

1,291,150

Telewest PLC:

11% 10/1/07 (c)

4,180,000

2,633,400

yankee 9.625% 10/1/06 (c)

1,490,000

908,900

TOTAL NONCONVERTIBLE BONDS

(Cost $4,269,644)

5,396,775

Money Market Funds - 8.4%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 1.06% (b)

68,142,758

$ 68,142,758

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

17,501,209

17,501,209

TOTAL MONEY MARKET FUNDS

(Cost $85,643,967)

85,643,967

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $958,660,299)

1,029,796,019

NET OTHER ASSETS - (1.0)%

(9,916,890)

NET ASSETS - 100%

$ 1,019,879,129

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $735,961 or 0.1% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $541,983,943 and $488,836,318.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $43,973 for the period.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $69,570,000 of which $21,694,000 and $47,876,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Worldwide

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $16,483,985) (cost $958,660,299) - See accompanying schedule

$ 1,029,796,019

Cash

124,097

Foreign currency held at value (cost $6,002,472)

5,989,057

Receivable for investments sold

11,719,262

Receivable for fund shares sold

1,265,104

Dividends receivable

1,676,038

Interest receivable

57,567

Prepaid expenses

2,792

Other affiliated receivables

1,975

Other receivables

169,213

Total assets

1,050,801,124

Liabilities

Payable for investments purchased

$ 9,925,374

Payable for fund shares redeemed

2,123,380

Accrued management fee

765,757

Other affiliated payables

279,089

Other payables and accrued expenses

327,186

Collateral on securities loaned, at value

17,501,209

Total liabilities

30,921,995

Net Assets

$ 1,019,879,129

Net Assets consist of:

Paid in capital

$ 963,700,822

Undistributed net investment income

293,598

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(14,962,789)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

70,847,498

Net Assets, for 62,126,871 shares outstanding

$ 1,019,879,129

Net Asset Value, offering price and redemption price per share ($1,019,879,129 ÷ 62,126,871 shares)

$ 16.42

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 6,975,382

Interest

254,431

Security lending

80,232

7,310,045

Less foreign taxes withheld

(367,969)

Total income

6,942,076

Expenses

Management fee
Basic fee

$ 3,562,430

Performance adjustment

764,729

Transfer agent fees

1,364,996

Accounting and security lending fees

233,110

Non-interested trustees' compensation

3,200

Custodian fees and expenses

108,328

Registration fees

37,393

Audit

30,226

Legal

1,443

Miscellaneous

7,345

Total expenses before reductions

6,113,200

Expense reductions

(264,530)

5,848,670

Net investment income (loss)

1,093,406

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (net of foreign taxes of $65,064)

65,205,122

Foreign currency transactions

154,493

Total net realized gain (loss)

65,359,615

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $140,364)

(536,714)

Assets and liabilities in foreign currencies

(137,507)

Total change in net unrealized appreciation (depreciation)

(674,221)

Net gain (loss)

64,685,394

Net increase (decrease) in net assets resulting from operations

$ 65,778,800

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Worldwide
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,093,406

$ 1,942,714

Net realized gain (loss)

65,359,615

47,546,772

Change in net unrealized appreciation (depreciation)

(674,221)

133,184,486

Net increase (decrease) in net assets resulting from operations

65,778,800

182,673,972

Distributions to shareholders from net investment income

(4,009,737)

(1,083,362)

Share transactions
Net proceeds from sales of shares

214,822,281

215,146,230

Reinvestment of distributions

3,842,365

1,031,556

Cost of shares redeemed

(109,674,013)

(196,517,438)

Net increase (decrease) in net assets resulting from share transactions

108,990,633

19,660,348

Redemption fees

32,365

46,732

Total increase (decrease) in net assets

170,792,061

201,297,690

Net Assets

Beginning of period

849,087,068

647,789,378

End of period (including undistributed net investment income of $293,598 and undistributed net investment income of $3,209,929, respectively)

$ 1,019,879,129

$ 849,087,068

Other Information

Shares

Sold

13,040,253

16,234,019

Issued in reinvestment of distributions

243,496

86,178

Redeemed

(6,641,324)

(15,211,099)

Net increase (decrease)

6,642,425

1,109,098

Financial Highlights

Six months ended April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 15.30

$ 11.91

$ 13.48

$ 19.07

$ 18.87

$ 15.59

Income from Investment Operations

Net investment income (loss)D

.02

.04

.03

.04

.09

.08

Net realized and unrealized gain (loss)

1.17

3.37

(1.60)

(2.98)

1.73

3.74

Total from investment operations

1.19

3.41

(1.57)

(2.94)

1.82

3.82

Distributions from net investment income

(.07)

(.02)

-

(.40)

(.10)

(.10)

Distributions from net realized gain

-

-

-

(2.25)

(1.52)

(.44)

Total distributions

(.07)

(.02)

-

(2.65)

(1.62)

(.54)

Redemption fees added to paid in capitalD

-F

-F

-F

-F

-F

-

Net asset value, end of period

$ 16.42

$ 15.30

$ 11.91

$ 13.48

$ 19.07

$ 18.87

Total ReturnB,C

7.80%

28.68%

(11.65)%

(17.21)%

9.80%

25.18%

Ratios to Average Net AssetsE

Expenses before expense reductions

1.24%A

1.31%

1.24%

1.12%

1.09%

1.12%

Expenses net of voluntary waivers, if any

1.24%A

1.31%

1.24%

1.12%

1.09%

1.12%

Expenses net of all reductions

1.19%A

1.28%

1.20%

1.05%

1.04%

1.07%

Net investment income (loss)

.22%A

.28%

.19%

.29%

.48%

.47%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,019,879

$ 849,087

$ 647,789

$ 742,294

$ 984,038

$ 980,835

Portfolio turnover rate

106%A

106%

120%

152%

235%

164%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. F Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2004 (Unaudited)

1. Significant Accounting Policies.

Fidelity Global Balanced Fund, Fidelity International Growth & Income Fund, Fidelity Diversified International Fund, Fidelity Aggressive International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund (the funds) are funds of Fidelity Investment Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each fund is authorized to issue an unlimited number of shares. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. Certain funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. The funds estimate the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Expenses. Most expenses of each trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Overseas and Diversified International, non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of each applicable fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period. Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), prior period premium and discount on debt securities, market discount, non-taxable dividends, net operating losses, capital loss carryforwards and losses deferred due to wash sales and futures transactions.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows for each fund:

Cost for Federal
Income Tax Purposes

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)

Global Balanced

$ 112,829,086

$ 20,174,614

$ (1,814,603)

$ 18,360,011

International Growth & Income

1,682,534,212

268,760,089

(75,880,849)

192,879,240

Diversified International

14,129,044,163

3,326,737,356

(303,753,539)

3,022,983,817

Aggressive International

670,993,543

67,929,058

(25,816,200)

42,112,858

Overseas

3,976,618,629

590,820,219

(249,090,531)

341,729,688

Worldwide

967,952,821

108,161,014

(46,317,816)

61,843,198

Short-Term Trading (Redemption) Fees. Shares held in each fund less than 30 days are subject to a redemption fee equal to 1% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the funds and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. Certain funds may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Futures Contracts. Certain funds may use futures contracts to manage their exposure to the stock market and to fluctuations in currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in each applicable fund's Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in each applicable fund's Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

Semiannual Report

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee for Diversified International, Aggressive International, Overseas and Worldwide is subject to a performance adjustment (up to a maximum ±.20% of each applicable fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on each fund's relative investment performance as compared to an appropriate benchmark index. Worldwide's performance adjustment took effect in March 2002. Subsequent months will be added until the performance period includes 36 months. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets, including the performance adjustment, if applicable was as follows:

Individual Rate

Group Rate

Total

Global Balanced

.45%

.28%

.73%

International Growth & Income

.45%

.28%

.72%

Diversified International

.45%

.28%

.83%

Aggressive International

.45%

.28%

.83%

Overseas

.45%

.28%

.71%

Worldwide

.45%

.28%

.88%

Sales Load. Fidelity Distributors Corporation (FDC), an affiliate of FMR, receives a 1% deferred sales charge upon redemption of the fund shares of International Growth & Income purchased prior to October 12, 1990. For the period, FDC retained $1,296 from International Growth & Income.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds' transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Global Balanced

.26%

|

International Growth & Income

.26%

Diversified International

.26%

Aggressive International

.28%

Overseas

.29%

Worldwide

.28%

Accounting and Security Lending Fees. FSC maintains each fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:

Income
Distributions

Global Balanced

$ 62,101

International Growth & Income

287,821

Diversified International

3,343,961

Aggressive International

257,576

Overseas

1,269,778

Worldwide

250,474

Brokerage Commissions. Certain funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Committed Line of Credit.

Certain funds participate with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The funds have agreed to pay commitment fees on their pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

Certain funds lend portfolio securities from time to time in order to earn additional income. Each applicable fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on each applicable fund's Statement of Assets and Liabilities. Additional information regarding security lending is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of certain funds provided services to these funds in addition to trade execution. These services included payments of expenses on behalf of each applicable fund. In addition, through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service
Arrangements

Custody expense
reduction

Transfer Agent
expense reduction

Global Balanced

$ 5,247

$ 6,004

$ 115

International Growth & Income

263,966

258

5,881

Diversified International

3,063,807

1,397

65,010

Aggressive International

253,547

43

-

Overseas

878,178

883

17,864

Worldwide

261,066

1,042

2,422

8. Other Information.

At the end of the period, FMR or its affiliates and certain unaffiliated shareholders were owners of record of more than 10% of the outstanding shares of the following funds:

Affiliated %

Number of Unaffiliated
Shareholders

Unaffiliated
Shareholders %

Aggressive International

-

1

10%

9. Transactions with Affiliated Companies.

An affiliated company is a company which the fund has ownership of at least 5% of the voting securities. Information regarding transactions with affiliated companies is included in "Other Information" at the end of each applicable fund's Schedule of Investments.

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research (Far East) Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.
Boston, MA

Custodians

Brown Brothers Harriman & Co.
Boston, MA

Global Balanced Fund

JPMorgan Chase Bank
New York, NY

Aggressive International Fund, Diversified International Fund, International Growth & Income Fund, Overseas Fund, Worldwide Fund

Fidelity's International Equity Funds

Aggressive International Fund

Canada Fund

China Region Fund

Diversified International Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

International Growth & Income Fund

International Small Cap Fund

Japan Fund

Japan Smaller Companies Fund

Latin America Fund

Nordic Fund

Overseas Fund

Pacific Basin Fund

Southeast Asia Fund

Worldwide Fund

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
1-800-544-8888

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

Semiannual Report

(Fidelity Logo Graphic)®
P.O. Box 193
Boston, MA 02101 		PRSRT STD
U.S. Postage
PAID
Fidelity
Investments

IBD-USAN-0604
1.784910.101

Printed on Recycled Paper

Fidelity's

Targeted International Equity

Funds®

Fidelity® Canada Fund

Fidelity China Region Fund

Fidelity Emerging Markets Fund

Fidelity Europe Fund

Fidelity Europe Capital Appreciation Fund

Fidelity Japan Fund

Fidelity Japan Smaller Companies Fund

Fidelity Latin America Fund

Fidelity Nordic Fund

Fidelity Pacific Basin Fund

Fidelity Southeast Asia Fund

Semiannual Report

April 30, 2004

Canada Fund

3
4
7

Investment Changes
Investments
Financial Statements

China Region Fund

9
10
13

Investment Changes
Investments
Financial Statements

Emerging Markets Fund

15
16
19

Investment Changes
Investments
Financial Statements

Europe Fund

21
22
24

Investment Changes
Investments
Financial Statements

Europe Capital Appreciation Fund

26
27
30

Investment Changes
Investments
Financial Statements

Japan Fund

32
33
36

Investment Changes
Investments
Financial Statements

Japan Smaller Companies Fund

38
39
44

Investment Changes
Investments
Financial Statements

Latin America Fund

46
47
49

Investment Changes
Investments
Financial Statements

Nordic Fund

51
52
54

Investment Changes
Investments
Financial Statements

Pacific Basin Fund

56
57
60

Investment Changes
Investments
Financial Statements

Southeast Asia Fund

62
63
66

Investment Changes
Investments
Financial Statements

Notes to Financial Statements

68

Notes to the Financial Statements

For a free copy of the funds' proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by
Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the funds nor Fidelity Distributors Corporation is a bank. For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Canada

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Canada

98.9%

United States of America

1.1%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Canada

95.9%

United States of America

4.1%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.0

97.1

Short-Term Investments and
Net Other Assets

1.0

2.9

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Canadian Imperial Bank of Commerce (Commercial Banks)

5.3

4.3

Toronto-Dominion Bank (Commercial Banks)

4.6

3.0

Bank of Montreal, Quebec (Commercial Banks)

4.0

2.0

EnCana Corp. (Oil & Gas)

3.2

2.8

Alcan, Inc. (Metals & Mining)

3.2

2.6

Bank of Nova Scotia
(Commercial Banks)

2.9

4.8

National Bank of Canada (Commercial Banks)

2.6

2.3

Nortel Networks Corp. (Communications Equipment)

2.6

3.1

Sun Life Financial, Inc. (Insurance)

2.6

2.1

BCE, Inc. (Diversified Telecommunication Services)

2.5

4.1

33.5

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

33.0

29.7

Energy

15.4

12.6

Materials

11.9

13.8

Information Technology

10.7

11.7

Industrials

7.8

8.2

Consumer Discretionary

7.7

7.0

Telecommunication Services

4.8

6.8

Consumer Staples

4.0

3.8

Utilities

2.1

2.3

Health Care

1.6

1.2

Semiannual Report

Canada

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 7.7%

Auto Components - 0.8%

Magna International, Inc. Class A

30,000

$ 2,379,571

Distributors - 0.2%

HIP Interactive Corp. (a)

280,000

561,409

Leisure Equipment & Products - 0.5%

Mega Bloks, Inc. (a)

110,000

1,604,025

Mega Bloks, Inc. (a)(c)

4,000

58,328

1,662,353

Media - 5.1%

Alliance Atlantis Communications, Inc. Class B (non-vtg.) (a)

158,000

2,764,755

Astral Media, Inc. Class A (non-vtg.)

71,000

1,477,926

Chum Ltd. Class B (non-vtg.)

65,000

1,350,662

Cinram International, Inc.

45,000

757,574

Corus Entertainment, Inc. Class B

105,000

2,102,986

Quebecor, Inc. Class B (sub. vtg.) (a)

70,000

1,173,854

Rogers Communications, Inc. Class B (non-vtg.)

160,000

2,760,089

Thomson Corp.

19,000

604,681

Torstar Corp. Class B

50,000

1,020,743

Yellow Pages Income Fund

130,000

1,072,947

15,086,217

Specialty Retail - 1.1%

RONA, Inc. (a)

148,000

3,194,050

TOTAL CONSUMER DISCRETIONARY

22,883,600

CONSUMER STAPLES - 4.0%

Food & Staples Retailing - 3.6%

Alimentation Couche-Tard, Inc.
Class B (sub. vtg.) (a)

253,000

4,316,430

Jean Coutu Group, Inc. Class A

70,000

982,465

Loblaw Companies Ltd.

49,000

2,098,903

Shoppers Drug Mart Corp. (a)

155,000

3,435,529

10,833,327

Food Products - 0.4%

Saputo, Inc.

46,000

1,073,238

TOTAL CONSUMER STAPLES

11,906,565

ENERGY - 15.4%

Energy Equipment & Services - 4.2%

CCS Income Trust

100,000

2,177,099

CHC Helicopter Corp. Class A (sub. vtg.)

120,000

3,368,452

Ensign Resource Service Group, Inc.

10,100

166,940

Pason Systems, Inc.

84,000

1,965,951

Precision Drilling Corp. (a)

48,000

2,283,548

Savanna Energy Services Corp. (a)

151,700

1,205,592

Savanna Energy Services Corp. (a)(c)

3,800

30,199

Trican Well Service Ltd. (a)

43,600

1,192,082

12,389,863

Shares

Value (Note 1)

Oil & Gas - 11.2%

Canadian Natural Resources Ltd.

22,000

$ 1,209,435

EnCana Corp.

245,016

9,610,923

Penn West Petroleum Ltd.

76,000

3,407,823

Petro-Canada

157,000

6,939,113

PetroKazakhstan, Inc. (c)

7,000

189,960

PetroKazakhstan, Inc. Class A

67,000

1,818,191

Progress Energy Ltd. (a)

215,000

2,218,111

Suncor Energy, Inc.

30,000

715,249

Talisman Energy, Inc.

120,000

6,821,771

Thunder Energy, Inc. (a)

100,000

576,720

33,507,296

TOTAL ENERGY

45,897,159

FINANCIALS - 33.0%

Capital Markets - 1.8%

C.I. Fund Management, Inc.

115,000

1,362,510

GMP Capital Corp.

185,000

2,542,561

GMP Capital Corp. (c)

5,700

78,338

Investors Group, Inc.

52,000

1,311,421

5,294,830

Commercial Banks - 21.5%

Bank of Montreal, Quebec

320,000

12,108,928

Bank of Nova Scotia

340,000

8,713,499

Canadian Imperial Bank of Commerce

320,700

15,710,568

National Bank of Canada

240,000

7,783,311

Royal Bank of Canada

140,000

6,221,428

Toronto-Dominion Bank

420,000

13,620,794

64,158,528

Diversified Financial Services - 2.7%

Power Corp. of Canada (sub. vtg.)

165,000

6,526,375

TSX Group, Inc.

40,000

1,458,204

7,984,579

Insurance - 6.3%

Great-West Lifeco, Inc.

120,000

4,406,110

Industrial Alliance Life Insurance Co.

54,000

1,746,127

Manulife Financial Corp.

130,000

4,806,460

Sun Life Financial, Inc.

291,151

7,716,335

18,675,032

Thrifts & Mortgage Finance - 0.7%

Home Capital Group, Inc.
Class B (sub. vtg.)

130,000

2,217,929

TOTAL FINANCIALS

98,330,898

HEALTH CARE - 1.6%

Biotechnology - 1.6%

Angiotech Pharmaceuticals, Inc. (a)

229,300

4,824,905

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - 7.8%

Aerospace & Defense - 1.5%

Bombardier, Inc. Class B (sub. vtg.)

717,000

$ 3,157,508

CAE, Inc.

300,000

1,246,765

4,404,273

Airlines - 1.6%

Transat A.T., Inc. (a)

255,000

2,965,441

WestJet Airlines Ltd. (a)

99,000

1,681,820

4,647,261

Commercial Services & Supplies - 0.4%

MacDonald Dettwiler & Associates Ltd. (a)

65,000

1,276,731

Marine - 0.4%

CP Ships Ltd.

73,000

1,132,084

Road & Rail - 3.2%

Canadian National Railway Co.

176,150

6,639,900

Mullen Transportation, Inc.

55,000

1,774,452

TransForce Income Fund

175,000

1,263,169

9,677,521

Trading Companies & Distributors - 0.7%

Finning International, Inc.

38,000

850,016

Russel Metals, Inc.

150,000

1,038,971

Russel Metals, Inc. (c)

25,000

237,500

2,126,487

TOTAL INDUSTRIALS

23,264,357

INFORMATION TECHNOLOGY - 10.7%

Communications Equipment - 5.0%

Mitec Telecom, Inc. (a)

556,100

693,326

Mitec Telecom, Inc. (a)(c)

50,000

85,500

Nortel Networks Corp. (a)

2,070,000

7,741,805

Research in Motion Ltd. (a)

72,000

6,283,694

14,804,325

Electronic Equipment & Instruments - 0.8%

Celestica, Inc. (sub. vtg.) (a)

82,000

1,445,037

Dalsa Corp. (a)

55,000

866,173

Dalsa Corp. (a)(c)

12,400

195,283

2,506,493

Internet Software & Services - 1.2%

Open Text Corp. (a)

128,000

3,489,424

IT Services - 1.5%

Affiliated Computer Services, Inc.
Class A (a)

16,000

776,000

CGI Group, Inc.:

rights 7/1/04 (a)(d)

170,000

892,421

Class A (sub. vtg.) (a)

335,000

1,953,994

First Data Corp.

16,000

726,240

4,348,655

Shares

Value (Note 1)

Semiconductors & Semiconductor Equipment - 1.3%

ATI Technologies, Inc. (a)

195,000

$ 2,836,390

Tundra Semiconductor Corp. Ltd. (a)

59,000

1,032,409

Tundra Semiconductor Corp. Ltd. (a)(c)

4,300

75,243

3,944,042

Software - 0.9%

Cognos, Inc. (a)

47,000

1,477,628

Workbrain Corp.

101,100

1,194,138

2,671,766

TOTAL INFORMATION TECHNOLOGY

31,764,705

MATERIALS - 11.9%

Chemicals - 0.5%

Potash Corp. of Saskatchewan

18,000

1,468,033

Metals & Mining - 10.3%

Aber Diamond Corp. (a)

42,000

1,160,891

Alcan, Inc.

235,000

9,444,205

Bema Gold Corp. (a)

450,000

1,158,179

Cameco Corp.

55,000

2,385,987

Dofasco, Inc.

24,000

625,920

Falconbridge Ltd.

70,000

1,505,596

Gabriel Resources Ltd. (a)

330,000

596,697

Gabriel Resources Ltd. (c)

60,000

108,490

Gerdau AmeriSteel Corp. (a)

200,000

699,938

Goldcorp, Inc.

90,000

1,008,567

Inco Ltd. (a)

90,000

2,574,897

Inmet Mining Corp. (a)

140,000

1,816,922

Lionore Mining International Ltd. (a)

195,000

817,506

Newmont Mining Corp.

24,000

897,600

SouthernEra Resources Ltd. (a)

82,100

247,817

Wheaton River Minerals Ltd. (a)

2,200,000

5,630,126

30,679,338

Paper & Forest Products - 1.1%

Abitibi-Consolidated, Inc.

80,000

559,950

Canfor Corp.

122,300

1,399,956

Cascades, Inc.

60,000

579,636

Domtar, Inc.

60,000

692,939

3,232,481

TOTAL MATERIALS

35,379,852

TELECOMMUNICATION SERVICES - 4.8%

Diversified Telecommunication Services - 3.9%

BCE, Inc.

373,600

7,515,310

TELUS Corp. (non-vtg.)

260,000

4,094,637

11,609,947

Wireless Telecommunication Services - 0.9%

Telesystem International Wireless, Inc. (a)

290,000

2,856,549

TOTAL TELECOMMUNICATION SERVICES

14,466,496

Common Stocks - continued

Shares

Value (Note 1)

UTILITIES - 2.1%

Electric Utilities - 0.9%

Fortis, Inc.

60,000

$ 2,799,752

Gas Utilities - 1.2%

TransCanada Corp.

180,000

3,563,122

TOTAL UTILITIES

6,362,874

TOTAL COMMON STOCKS

(Cost $258,812,833)

295,081,411

Foreign Government and Government Agency Obligations - 0.7%

Principal Amount

Canadian Government Treasury Bills 2.0126% 6/3/04
(Cost $2,288,426)

CAD

3,000,000

2,183,479

Money Market Funds - 1.4%

Shares

Fidelity Securities Lending Cash Central Fund, 1.06% (b)
(Cost $3,990,980)

3,990,980

3,990,980

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $265,092,239)

301,255,870

NET OTHER ASSETS - (1.1)%

(3,174,591)

NET ASSETS - 100%

$ 298,081,279

Currency Abbreviations

CAD

-

Canadian dollar

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,058,841 or 0.4% of net assets.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $892,421 or 0.3% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

CGI Group, Inc. rights 7/1/04

3/11/04

$ 1,030,733

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $181,830,784 and $49,015,995, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $234 for the period.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $20,201,000 all of which will expire on October 31, 2009.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Canada

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $3,795,329) (cost $265,092,239) - See accompanying schedule

$ 301,255,870

Receivable for investments sold

7,220,249

Receivable for fund shares sold

511,587

Dividends receivable

277,246

Interest receivable

2,699

Prepaid expenses

476

Other affiliated receivables

6,015

Other receivables

75,463

Total assets

309,349,605

Liabilities

Payable to custodian bank

$ 4,072,185

Payable for investments purchased

531,766

Payable for fund shares redeemed

2,336,088

Accrued management fee

218,762

Other affiliated payables

86,485

Other payables and accrued expenses

32,060

Collateral on securities loaned, at value

3,990,980

Total liabilities

11,268,326

Net Assets

$ 298,081,279

Net Assets consist of:

Paid in capital

$ 280,728,978

Distributions in excess of net investment income

(460,221)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(18,345,204)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

36,157,726

Net Assets, for 11,358,923 shares outstanding

$ 298,081,279

Net Asset Value, offering price and redemption price per share ($298,081,279 ÷ 11,358,923 shares)

$ 26.24

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 1,994,404

Interest

50,476

Security lending

164,137

2,209,017

Less foreign taxes withheld

(298,535)

Total income

1,910,482

Expenses

Management fee
Basic fee

$ 972,106

Performance adjustment

110,406

Transfer agent fees

367,972

Accounting and security lending fees

70,938

Non-interested trustees' compensation

816

Custodian fees and expenses

53,582

Registration fees

30,656

Audit

27,270

Legal

259

Miscellaneous

1,234

Total expenses before reductions

1,635,239

Expense reductions

(98,539)

1,536,700

Net investment income (loss)

373,782

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

2,222,473

Foreign currency transactions

104,344

Total net realized gain (loss)

2,326,817

Change in net unrealized appreciation (depreciation) on:

Investment securities

(2,389,514)

Assets and liabilities in foreign currencies

(4,276)

Total change in net unrealized appreciation (depreciation)

(2,393,790)

Net gain (loss)

(66,973)

Net increase (decrease) in net assets resulting from operations

$ 306,809

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Canada
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 373,782

$ 272,032

Net realized gain (loss)

2,326,817

7,428,725

Change in net unrealized appreciation (depreciation)

(2,393,790)

31,725,674

Net increase (decrease) in net assets resulting from operations

306,809

39,426,431

Distributions to shareholders from net investment income

(959,083)

(173,335)

Share transactions
Net proceeds from sales of shares

188,199,718

82,146,645

Reinvestment of distributions

926,386

167,386

Cost of shares redeemed

(57,822,539)

(31,704,354)

Net increase (decrease) in net assets resulting from share transactions

131,303,565

50,609,677

Redemption fees

224,819

91,826

Total increase (decrease) in net assets

130,876,110

89,954,599

Net Assets

Beginning of period

167,205,169

77,250,570

End of period (including distributions in excess of net investment income of $460,221 and undistributed net investment income of $125,080, respectively)

$ 298,081,279

$ 167,205,169

Other Information

Shares

Sold

6,756,366

3,767,421

Issued in reinvestment of distributions

35,372

9,258

Redeemed

(2,086,420)

(1,533,580)

Net increase (decrease)

4,705,318

2,243,099

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 25.13

$ 17.52

$ 17.23

$ 22.27

$ 15.91

$ 13.14

Income from Investment Operations

Net investment income (loss) F

.04

.05

.02

.02

1.98 G

.04

Net realized and unrealized gain (loss)

1.18

7.58

.28

(4.04)

4.32

2.78

Total from investment operations

1.22

7.63

.30

(4.02)

6.30

2.82

Distributions from net investment income

(.13)

(.04)

(.03)

(1.04)

(.03)

(.07)

Redemption fees added to paid in capital F

.02

.02

.02

.02

.09

.02

Net asset value, end of period

$ 26.24

$ 25.13

$ 17.52

$ 17.23

$ 22.27

$ 15.91

Total Return B, C, D, E

4.94%

43.75%

1.85%

(18.87) %

40.22%

21.71%

Ratios to Average Net Assets H

Expenses before expense reductions

1.22% A

1.42%

1.52%

1.33%

1.09%

1.22%

Expenses net of voluntary waivers, if any

1.22% A

1.42%

1.52%

1.33%

1.09%

1.22%

Expenses net of all reductions

1.14% A

1.37%

1.46%

1.20%

1.06%

1.06%

Net investment income (loss)

.28% A

.26%

.12%

.11%

9.00%

.26%

Supplemental Data

Net assets, end of period (000 omitted)

$ 298,081

$ 167,205

$ 77,251

$ 81,213

$ 163,025

$ 43,770

Portfolio turnover rate

39% A

52%

98%

93%

97%

286%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Investment income per share reflects a special dividend which amounted to $1.97 per share. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

China Region

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Hong Kong

48.6%

Taiwan

24.9%

United Kingdom

12.0%

China

7.5%

Korea (South)

3.8%

United States of America

1.4%

Bermuda

0.7%

Singapore

0.6%

Australia

0.5%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Hong Kong

50.4%

Taiwan

17.2%

United Kingdom

12.0%

China

8.4%

United States of America

5.9%

Korea (South)

2.8%

Singapore

1.5%

Australia

1.0%

Bermuda

0.8%

Other

0.0%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.9

94.1

Short-Term Investments and
Net Other Assets

1.1

5.9

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

HSBC Holdings PLC (Hong Kong) (Reg.) (Commercial Banks)

10.6

11.3

Cheung Kong Holdings Ltd. (Real Estate)

3.8

2.6

Hutchison Whampoa Ltd. (Industrial Conglomerates)

3.6

4.9

Hong Kong & China Gas Co. Ltd. (Gas Utilities)

3.5

1.1

Sun Hung Kai Properties Ltd. (Real Estate)

3.1

3.8

Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)

2.5

3.4

Esprit Holdings Ltd. (Specialty Retail)

2.4

0.6

Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)

2.2

1.7

Cafe de Coral Holdings Ltd. (Hotels, Restaurants & Leisure)

2.0

2.9

PCCW Ltd. (Diversified Telecommunication Services)

1.9

0.9

35.6

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

37.8

37.2

Information Technology

18.7

14.4

Consumer Discretionary

14.3

15.6

Industrials

7.1

11.1

Utilities

6.1

2.6

Telecommunication Services

5.3

7.3

Consumer Staples

3.7

1.0

Energy

3.1

3.2

Materials

2.2

1.6

Health Care

0.6

0.1

Semiannual Report

China Region

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 14.3%

Auto Components - 1.3%

Tong Yang Industry Co. Ltd.

2,573,700

$ 4,146,129

Automobiles - 0.7%

Denway Motors Ltd.

1,324,000

632,303

Hyundai Motor Co. Ltd.

42,560

1,623,182

2,255,485

Distributors - 0.3%

Li & Fung Ltd.

679,400

1,058,310

Hotels, Restaurants & Leisure - 2.6%

Association International Hotels Ltd.

292,000

211,516

Cafe de Coral Holdings Ltd.

6,548,000

6,212,285

Hong Kong & Shanghai Hotels Ltd.

2,600,000

1,633,354

8,057,155

Household Durables - 3.2%

Grand Hall Enterprise Co. Ltd.

155,000

812,105

LG Electronics, Inc.

50,720

3,077,739

Merry Electronics Co. Ltd.

1,197,000

2,937,534

Skyworth Digital Holdings Ltd.

5,272,060

1,554,602

Techtronic Industries Co. Ltd.

343,500

920,416

Tsann Kuen Enterprise Co. Ltd.

523,000

716,546

10,018,942

Leisure Equipment & Products - 0.2%

Largan Precision Co. Ltd.

57,000

638,482

Media - 0.9%

Clear Media Ltd. (a)

674,000

600,559

Next Media Ltd. (a)

540,000

205,964

Television Broadcasts Ltd.

396,000

1,848,024

2,654,547

Specialty Retail - 3.6%

Esprit Holdings Ltd.

1,844,500

7,567,276

Giordano International Ltd.

4,968,000

2,850,267

Osim International Ltd.

1,206,000

829,036

11,246,579

Textiles Apparel & Luxury Goods - 1.5%

Glorious Sun Enterprises Ltd.

3,190,000

1,063,347

Yue Yuen Industrial Holdings Ltd.

1,312,500

3,542,113

4,605,460

TOTAL CONSUMER DISCRETIONARY

44,681,089

CONSUMER STAPLES - 3.7%

Food & Staples Retailing - 2.9%

Convenience Retail Asia Ltd.

3,372,200

1,102,464

Dairy Farm International Holdings Ltd.

2,664,000

5,168,160

President Chain Store Corp.

1,562,996

2,776,777

9,047,401

Food Products - 0.2%

People's Food Holdings Ltd.

909,000

704,982

Shares

Value (Note 1)

Personal Products - 0.6%

Hengan International Group Co. Ltd.

3,034,000

$ 1,789,305

TOTAL CONSUMER STAPLES

11,541,688

ENERGY - 3.1%

Oil & Gas - 3.1%

Caltex Australia Ltd.

128,424

733,889

China Petroleum & Chemical Corp. (H Shares)

9,628,000

3,319,734

CNOOC Ltd.

6,113,500

2,217,978

PetroChina Co. Ltd. (H Shares)

6,426,000

2,763,180

Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)

762,000

688,740

9,723,521

FINANCIALS - 37.8%

Commercial Banks - 22.8%

Bank of East Asia Ltd.

464,851

1,358,813

BOC Hong Kong Holdings Ltd.

789,000

1,345,363

Chinatrust Financial Holding Co.

4,559,300

4,901,145

Citic International Financial Holdings Ltd.

3,750,000

1,502,423

Dah Sing Financial Holdings Ltd.

429,600

3,084,347

First Financial Holding Co. Ltd. (a)

2,558,000

1,871,707

Hang Seng Bank Ltd.

215,500

2,735,227

HSBC Holdings PLC (Hong Kong) (Reg.)

2,306,018

33,252,781

Liu Chong Hing Bank Ltd.

1,067,000

1,511,603

Mega Financial Holding Co. Ltd.

4,313,000

2,896,113

Standard Chartered PLC

292,398

4,490,910

Taishin Financial Holdings Co. Ltd.

4,637,000

4,063,135

Wing Hang Bank Ltd.

710,000

4,505,827

Wing Lung Bank Ltd.

522,500

3,784,824

71,304,218

Consumer Finance - 0.1%

Aeon Credit Service (Asia) Co. Ltd.

317,600

217,844

Diversified Financial Services - 4.1%

China Everbright Ltd.

872,000

349,363

First Pacific Co. Ltd. (a)

11,946,000

2,787,436

Fubon Financial Holding Co. Ltd.

2,815,000

2,687,007

Guoco Group Ltd.

236,366

1,871,255

Shun Tak Holdings Ltd.

2,041,000

830,802

Swire Pacific Ltd. (A Shares)

165,000

1,078,860

Wharf Holdings Ltd.

1,228,685

3,371,051

12,975,774

Insurance - 2.1%

AXA Asia Pacific Holdings Ltd.

374,450

852,142

Cathay Financial Holding Co. Ltd.

2,338,000

4,153,628

China Life Insurance Co. Ltd. (H Shares)

2,117,000

1,153,508

PICC Property & Casualty Co. Ltd. (H Shares)

962,000

336,088

6,495,366

Real Estate - 8.7%

Cheung Kong Holdings Ltd.

1,547,000

11,850,569

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Real Estate - continued

China Overseas Land & Investment Ltd.

6,498,000

$ 1,083,014

Henderson China Holdings Ltd.

1,728,000

830,780

Henderson Land Development Co. Ltd.

91,000

408,339

Hong Kong Land Holdings Ltd.

519,000

897,870

Hung Poo Construction Corp. (a)

1,188,000

826,341

Hysan Development Co. Ltd.

930,000

1,538,097

Sun Hung Kai Properties Ltd.

1,133,021

9,732,485

27,167,495

TOTAL FINANCIALS

118,160,697

HEALTH CARE - 0.6%

Biotechnology - 0.6%

Global Bio-Chem Technology Group Co. Ltd.

2,672,000

1,952,640

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

421,750

1

1,952,641

INDUSTRIALS - 7.1%

Airlines - 0.2%

EVA Airways Corp.

1,761,138

718,561

Electrical Equipment - 0.8%

Byd Co. Ltd. (H Shares)

485,500

1,444,070

Harbin Power Equipment Co. Ltd. (H Shares)

3,024,000

659,085

Johnson Electric Holdings Ltd.

323,500

286,177

2,389,332

Industrial Conglomerates - 3.9%

Fu Sheng Industrial Co. Ltd.

457,000

866,938

Hutchison Whampoa Ltd.

1,692,500

11,391,973

12,258,911

Machinery - 0.5%

Chen Hsong Holdings Ltd.

1,326,000

816,010

Weichai Power Co. Ltd. (H Shares)

454,000

765,407

1,581,417

Trading Companies & Distributors - 0.3%

Dickson Concepts International Ltd.

889,500

969,339

Transportation Infrastructure - 1.4%

Cosco Pacific Ltd.

1,542,000

1,976,948

Zhejiang Expressway Co. Ltd. (H Shares)

3,562,000

2,226,279

4,203,227

TOTAL INDUSTRIALS

22,120,787

INFORMATION TECHNOLOGY - 18.7%

Communications Equipment - 0.1%

D-Link Corp.

190,000

255,736

Computers & Peripherals - 3.1%

ASUSTeK Computer, Inc.

1,841,000

3,935,893

Shares

Value (Note 1)

High Tech Computer Corp.

793,000

$ 3,438,482

Quanta Computer, Inc.

329,690

694,920

Solomon Systech Ltd.

7,444,000

1,784,674

9,853,969

Electronic Equipment & Instruments - 6.1%

AU Optronics Corp.

1,658,000

3,394,881

Comba Telecom Systems Holdings Ltd.

3,184,000

1,918,589

Elec & Eltek International Co. Ltd.

320,000

944,000

Hon Hai Precision Industries Co. Ltd.

1,223,180

4,824,950

Kingboard Chemical Holdings Ltd.

2,848,000

5,367,453

Varitronix International Ltd. (a)

1,584,000

1,492,635

Yageo Corp. (a)

2,067,000

1,126,549

19,069,057

Internet Software & Services - 0.4%

AsiaInfo Holdings, Inc. (a)

187,300

955,230

Daum Communications Corp. (a)

7,700

331,402

1,286,632

Semiconductors & Semiconductor Equipment - 9.0%

ASM Pacific Technology Ltd.

526,000

2,178,207

MediaTek, Inc.

296,000

2,825,414

Novatek Microelectronics Corp.

209,000

824,420

Samsung Electronics Co. Ltd.

14,560

6,911,769

Sunplus Technology Co. Ltd.

1,117,000

2,219,874

Taiwan Semiconductor Manufacturing Co. Ltd. (a)

4,570,395

7,913,210

United Microelectronics Corp. (a)

5,869,000

5,266,372

28,139,266

TOTAL INFORMATION TECHNOLOGY

58,604,660

MATERIALS - 2.2%

Chemicals - 0.7%

Formosa Plastic Corp.

1,034,000

1,478,922

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

1,696,000

565,341

2,044,263

Construction Materials - 0.8%

Cheung Kong Infrastructure Holdings Ltd.

1,068,000

2,553,648

Metals & Mining - 0.7%

Yanzhou Coal Mining Co. Ltd. (H Shares)

2,408,000

2,253,670

TOTAL MATERIALS

6,851,581

TELECOMMUNICATION SERVICES - 5.3%

Diversified Telecommunication Services - 2.2%

China Telecom Corp. Ltd. (H Shares) (a)

3,234,000

933,009

PCCW Ltd. (a)

8,875,400

6,087,692

7,020,701

Wireless Telecommunication Services - 3.1%

China Mobile (Hong Kong) Ltd.

1,781,000

4,712,526

Common Stocks - continued

Shares

Value (Note 1)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Far EasTone Telecommunications Co. Ltd.

1,668,000

$ 1,421,391

Taiwan Cellular Co. Ltd.

3,847,000

3,533,077

9,666,994

TOTAL TELECOMMUNICATION SERVICES

16,687,695

UTILITIES - 6.1%

Electric Utilities - 2.6%

CLP Holdings Ltd.

665,000

3,538,186

Hong Kong Electric Holdings Ltd.

616,500

2,711,054

Huaneng Power International, Inc. (H Shares)

2,172,000

1,989,552

8,238,792

Gas Utilities - 3.5%

Hong Kong & China Gas Co. Ltd.

6,322,400

10,861,698

TOTAL UTILITIES

19,100,490

TOTAL COMMON STOCKS

(Cost $291,284,303)

309,424,849

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $291,284,303)

309,424,849

NET OTHER ASSETS - 1.1%

3,535,403

NET ASSETS - 100%

$ 312,960,252

Legend

(a) Non-income producing

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $244,940,016 and $148,112,117, respectively.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $5,507,000. The weighted average interest rate was 1.18%.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $49,007,000 of which $39,641,000, $1,350,000 and $8,016,000 will expire on October 31, 2005, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

China Region

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (cost $291,284,303) - See accompanying schedule

$ 309,424,849

Cash

97

Foreign currency held at value (cost $1,749,089)

1,745,519

Receivable for investments sold

8,926,066

Receivable for fund shares sold

254,408

Dividends receivable

1,657,329

Interest receivable

4,869

Prepaid expenses

578

Other affiliated receivables

6,298

Other receivables

5,068

Total assets

322,025,081

Liabilities

Payable for fund shares redeemed

$ 3,179,958

Accrued management fee

213,839

Notes payable

5,507,000

Other affiliated payables

94,346

Other payables and accrued expenses

69,686

Total liabilities

9,064,829

Net Assets

$ 312,960,252

Net Assets consist of:

Paid in capital

$ 314,282,197

Undistributed net investment income

6,278

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(19,456,717)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

18,128,494

Net Assets, for 20,827,332 shares outstanding

$ 312,960,252

Net Asset Value, offering price and redemption price per share ($312,960,252 ÷ 20,827,332 shares)

$ 15.03

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 3,562,907

Interest

69,502

3,632,409

Less foreign taxes withheld

(50,160)

Total income

3,582,249

Expenses

Management fee

$ 1,146,761

Transfer agent fees

436,401

Accounting fees and expenses

83,187

Non-interested trustees' compensation

843

Custodian fees and expenses

193,512

Registration fees

41,266

Audit

28,805

Legal

332

Interest

181

Miscellaneous

1,417

Total expenses before reductions

1,932,705

Expense reductions

(14,707)

1,917,998

Net investment income (loss)

1,664,251

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

29,622,987

Foreign currency transactions

70,109

Total net realized gain (loss)

29,693,096

Change in net unrealized appreciation (depreciation) on:

Investment securities

(35,025,611)

Assets and liabilities in foreign currencies

(13,866)

Total change in net unrealized appreciation (depreciation)

(35,039,477)

Net gain (loss)

(5,346,381)

Net increase (decrease) in net assets resulting from operations

$ (3,682,130)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

China Region
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2004 (Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,664,251

$ 2,741,918

Net realized gain (loss)

29,693,096

824,221

Change in net unrealized appreciation (depreciation)

(35,039,477)

45,576,957

Net increase (decrease) in net assets resulting from operations

(3,682,130)

49,143,096

Distributions to shareholders from net investment income

(4,174,742)

(1,902,675)

Share transactions
Net proceeds from sales of shares

176,333,063

103,420,624

Reinvestment of distributions

3,973,983

1,835,453

Cost of shares redeemed

(91,479,649)

(31,350,519)

Net increase (decrease) in net assets resulting from share transactions

88,827,397

73,905,558

Redemption fees

335,614

148,688

Total increase (decrease) in net assets

81,306,139

121,294,667

Net Assets

Beginning of period

231,654,113

110,359,446

End of period (including undistributed net investment income of $6,278 and undistributed net investment income of $2,516,769, respectively)

$ 312,960,252

$ 231,654,113

Other Information

Shares

Sold

11,032,464

7,827,883

Issued in reinvestment of distributions

266,174

160,162

Redeemed

(5,771,634)

(2,578,985)

Net increase (decrease)

5,527,004

5,409,060

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 15.14

$ 11.16

$ 11.27

$ 14.96

$ 14.15

$ 10.25

Income from Investment Operations

Net investment income (loss)E

.08

.25

.19

.14

.10

.19

Net realized and unrealized gain (loss)

.05

3.91

(.15)

(3.29)

.80

3.98

Total from investment operations

.13

4.16

.04

(3.15)

.90

4.17

Distributions from net investment income

(.26)

(.19)

(.16)

(.56)

(.17)

(.32)

Redemption fees added to paid in capitalE

.02

.01

.01

.02

.08

.05

Net asset value, end of period

$ 15.03

$ 15.14

$ 11.16

$ 11.27

$ 14.96

$ 14.15

Total ReturnB,C,D

1.00%

37.91%

.23%

(21.82)%

6.77%

42.44%

Ratios to Average Net AssetsF

Expenses before expense reductions

1.22%A

1.30%

1.32%

1.32%

1.22%

1.34%

Expenses net of voluntary waivers, if any

1.22%A

1.30%

1.32%

1.32%

1.22%

1.34%

Expenses net of all reductions

1.21%A

1.30%

1.31%

1.30%

1.21%

1.32%

Net investment income (loss)

1.05%A

2.07%

1.52%

1.03%

.55%

1.59%

Supplemental Data

Net assets, end of period (000 omitted)

$ 312,960

$ 231,654

$ 110,359

$ 116,754

$ 179,709

$ 161,518

Portfolio turnover rate

102%A

39%

53%

75%

103%

84%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Emerging Markets

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Korea (South)

23.9%

Taiwan

10.0%

Brazil

9.0%

Mexico

7.4%

Russia

7.2%

India

6.9%

Indonesia

4.1%

United States of America

3.9%

United Kingdom

3.9%

Other

23.7%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Korea (South)

22.2%

Taiwan

12.0%

Brazil

10.3%

Mexico

7.6%

Russia

5.8%

India

5.6%

China

5.5%

United States of America

5.1%

South Africa

5.0%

Other

20.9%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.2

95.7

Short-Term Investments and
Net Other Assets

2.8

4.3

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

8.7

7.9

Anglo American PLC (South Africa) (United Kingdom, Metals & Mining)

3.9

3.8

America Movil SA de CV sponsored ADR (Mexico, Wireless Telecommunication Services)

2.8

1.9

Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals)

2.1

1.8

YUKOS Corp. sponsored ADR (Russia, Oil & Gas)

1.7

1.6

Cemex SA de CV sponsored ADR (Mexico, Construction Materials)

1.6

1.0

Companhia Vale do Rio Doce sponsored ADR (non-vtg.) (Brazil, Metals & Mining)

1.6

1.0

Petroleo Brasileiro SA Petrobras (Brazil, Oil & Gas)

1.6

1.8

Kookmin Bank (Korea (South), Commercial Banks)

1.6

2.2

State Bank of India (India, Commercial Banks)

1.5

1.2

27.1

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

21.0

17.0

Information Technology

19.9

20.1

Materials

15.6

14.5

Telecommunication Services

14.3

14.0

Energy

9.1

11.0

Consumer Discretionary

7.3

7.7

Consumer Staples

3.4

5.3

Health Care

2.6

2.3

Industrials

2.3

1.7

Utilities

1.7

2.1

Semiannual Report

Emerging Markets

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value (Note 1)

Austria - 0.6%

Bank Austria Creditanstalt AG

65,600

$ 3,721,490

Bermuda - 0.8%

Central European Media Enterprises Ltd. Class A (a)

172,200

3,134,040

Skyworth Digital Holdings Ltd.

5,902,000

1,740,356

TOTAL BERMUDA

4,874,396

Brazil - 9.0%

Banco Itau Holding Financeira SA (PN)

78,155,400

6,230,049

Centrais Electricas Brasileiras (Electrobras) SA (PN-B)

296,421,500

3,314,908

Companhia Vale do Rio Doce:

(PN-A)

25,900

1,024,344

sponsored ADR (non-vtg.)

261,800

10,233,762

Gerdau SA sponsored ADR

284,470

5,979,559

Petroleo Brasileiro SA Petrobras:

(PN)

152,400

3,809,221

sponsored:

ADR

266,600

7,704,740

ADR (non-vtg.)

267,800

6,681,610

Uniao de Bancos Brasileiros SA (Unibanco) GDR

267,500

5,243,000

Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)

257,100

2,585,902

Votorantim Celulose e Papel SA sponsored ADR

140,400

4,408,560

TOTAL BRAZIL

57,215,655

Canada - 0.2%

Telesystem International Wireless, Inc. (a)

158,100

1,557,312

China - 1.9%

Brilliance China Automotive Holdings Ltd.

3,860,000

1,417,489

China Petroleum & Chemical Corp. (H Shares)

9,429,800

3,251,395

Huaneng Power International, Inc. (H Shares)

4,634,000

4,244,744

Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)

3,348,000

3,026,116

TOTAL CHINA

11,939,744

Czech Republic - 0.5%

Philip Morris CR AS

4,886

3,162,439

Egypt - 0.3%

Orascom Telecom SAE unit (a)

206,100

1,922,913

Hong Kong - 1.6%

China Mobile (Hong Kong) Ltd.

1,891,000

5,003,586

China Overseas Land & Investment Ltd.

14,304,000

2,384,031

Sun Hung Kai Properties Ltd.

363,400

3,121,553

TOTAL HONG KONG

10,509,170

Shares

Value (Note 1)

Hungary - 1.5%

FHB Land Credit & Mortgage Bank

19,215

$ 739,846

Gedeon Richter Ltd. unit

30,100

3,010,000

OTP Bank Rt. (a)

297,100

5,514,928

TOTAL HUNGARY

9,264,774

India - 6.9%

Bank of India

1,160,900

1,848,251

Hero Honda Motors Ltd.

292,774

3,178,576

Hindustan Petroleum Corp. Ltd.

546,440

5,657,933

Housing Development Finance Corp. Ltd.

515,970

6,901,258

ICICI Bank Ltd.

576,400

4,085,480

Infosys Technologies Ltd.

64,396

7,453,182

ITC Ltd.

100

2,419

Mahanagar Telephone Nigam Ltd.

821,500

2,738,641

State Bank of India

664,110

9,596,516

Union Bank of India

1,444,500

2,470,300

TOTAL INDIA

43,932,556

Indonesia - 4.1%

PT Astra International Tbk

3,658,500

2,374,290

PT Bank Central Asia Tbk

6,889,000

3,058,981

PT Bank Mandiri Persero Tbk

18,967,800

3,131,417

PT Bank Rakyat Indonesia Tbk

15,683,000

3,080,166

PT Hanjaya Mandala Sampoerna Tbk

6,442,500

3,740,938

PT Indofood Sukses Makmur Tbk

10,678,000

911,816

PT Indosat Tbk

8,551,600

3,870,263

PT Telkomunikasi Indonesia Tbk

6,256,500

5,734,338

TOTAL INDONESIA

25,902,209

Israel - 3.1%

ECtel Ltd. (a)

122,700

423,315

M-Systems Flash Disk Pioneers Ltd. (a)

331,400

5,782,930

Teva Pharmaceutical Industries Ltd. sponsored ADR

216,000

13,296,960

TOTAL ISRAEL

19,503,205

Korea (South) - 23.4%

Asiana Airlines (a)

943,600

2,167,301

Cheil Communications, Inc.

27,530

3,847,890

Daelim Industrial Co.

104,230

3,873,039

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

365,830

3,741,392

Hana Bank

228,550

4,937,781

Hanjin Shipping Co. Ltd.

189,330

2,662,416

Honam Petrochemical Corp.

142,400

5,303,518

Industrial Bank of Korea

294,700

2,036,918

Kia Motors Corp.

511,190

4,748,774

Kookmin Bank (a)

268,410

10,019,485

LG Corp.

196,460

2,838,027

LG Electronics, Inc.

150,370

9,124,599

LG Petrochemical Co. Ltd.

134,730

2,704,132

POSCO

45,380

5,581,742

Samsung Electro-Mechanics Co. Ltd. (a)

84,740

3,192,150

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - continued

Samsung Electronics Co. Ltd.

115,945

$ 55,040,180

Samsung Fire & Marine Insurance
Co. Ltd.

95,000

6,315,254

Samsung SDI Co. Ltd.

60,120

7,685,690

Shinhan Financial Group Co. Ltd.

497,660

8,673,585

SK Telecom Co. Ltd.

25,940

4,421,530

TOTAL KOREA (SOUTH)

148,915,403

Malaysia - 3.0%

Commerce Asset Holding BHD

3,731,900

4,910,395

Genting BHD

733,400

3,184,500

IOI Corp. BHD

1,299,000

3,093,671

Malakoff BHD

2,360,800

3,479,074

Maxis Communications BHD

1,812,100

4,148,755

TOTAL MALAYSIA

18,816,395

Mexico - 7.4%

America Movil SA de CV
sponsored ADR

520,100

17,579,380

Cemex SA de CV sponsored ADR

352,800

10,389,960

Consorcio ARA SA de CV (a)

463,600

1,264,530

Corporacion Geo SA de CV Series B (a)

384,100

2,197,308

Fomento Economico Mexicano SA de CV sponsored ADR

94,200

4,118,424

Telefonos de Mexico SA de CV sponsored ADR

154,300

5,267,802

Wal-Mart de Mexico SA de CV Series V

2,152,200

6,279,489

TOTAL MEXICO

47,096,893

Peru - 0.4%

Compania de Minas Buenaventura SA sponsored ADR

118,900

2,572,996

Philippines - 0.9%

Philippine Long Distance Telephone Co. (a)

295,800

5,702,678

Poland - 0.4%

KGHM Polska Miedz SA (Bearer) (a)

415,100

2,877,751

Russia - 7.2%

JSC MMC 'Norilsk Nickel'
sponsored ADR

124,900

7,406,570

Lukoil Oil Co. sponsored ADR

75,700

8,251,300

Mobile TeleSystems OJSC:

GDR (c)

15,000

2,055,000

sponsored ADR

35,800

3,864,968

OAO Gazprom sponsored ADR

137,300

4,242,570

Sibneft sponsored ADR

122,000

3,739,300

Vimpel Communications
sponsored ADR (a)

61,700

5,538,192

YUKOS Corp. sponsored ADR

241,817

10,760,857

TOTAL RUSSIA

45,858,757

South Africa - 3.2%

ABSA Group Ltd.

516,500

3,311,607

African Bank Investments Ltd.

2,561,000

3,880,802

Shares

Value (Note 1)

Impala Platinum Holdings Ltd.

48,900

$ 3,310,053

MTN Group Ltd. (a)

1,501,500

6,246,322

Sanlam Ltd.

3,162,500

3,960,415

TOTAL SOUTH AFRICA

20,709,199

Taiwan - 10.0%

Asia Optical Co., Inc.

259,000

1,824,932

AU Optronics Corp.

551,000

1,128,214

AU Optronics Corp. sponsored ADR

227,200

4,880,256

China Steel Corp.

3,616,295

3,223,196

Chinatrust Financial Holding Co.

3,641,000

3,913,993

Compal Electronics, Inc.

4,382,800

4,935,764

Delta Electronics, Inc.

1,598,000

1,968,028

Formosa Plastic Corp.

2,322,000

3,321,138

Hon Hai Precision Industries Co. Ltd.

1,522,000

6,003,674

MediaTek, Inc.

653,000

6,233,092

Polaris Securities Co. Ltd. (a)

5,381,000

3,013,749

Quanta Computer, Inc.

2,260,000

4,763,625

Taishin Financial Holdings Co. Ltd.

5,205,000

4,560,840

Taiwan Cellular Co. Ltd.

4,147,000

3,808,597

Taiwan Semiconductor Manufacturing Co. Ltd. (a)

3,328,061

5,762,225

United Microelectronics Corp. (a)

2,300,000

2,063,836

United Microelectronics Corp. sponsored ADR (a)

390,300

2,029,560

TOTAL TAIWAN

63,434,719

Thailand - 2.5%

Shin Corp. PCL (For. Reg.)

6,415,900

5,646,953

Siam Cement PCL (For. Reg.)

944,700

5,095,011

Siam Commercial Bank PCL (For. Reg.)

4,460,000

5,150,437

TOTAL THAILAND

15,892,401

Turkey - 2.8%

Akbank T. A. S.

597,021,800

2,774,002

Beko Elektronik AS (a)

390,449,500

2,446,400

Dogan Yayin Holding AS (a)

1,022,220,490

3,400,314

Ford Otomotiv Sanayi AS (a)

281,126,900

2,216,629

Koytas Tekstil Sanayi ve Ticaret AS (a)

26,770,000

6

Turkcell Iletisim Hizmet AS sponsored ADR (a)

69,000

1,963,050

Turkiye Garanti Bankasi AS

458,636,500

1,404,528

Turkiye Is Bankasi AS Series C unit

1,078,851,828

3,854,522

TOTAL TURKEY

18,059,451

United Kingdom - 3.9%

Anglo American PLC (South Africa)

1,237,307

24,586,592

United States of America - 1.1%

NII Holdings, Inc. (a)

104,100

3,643,500

Zoran Corp. (a)

201,300

3,327,489

TOTAL UNITED STATES OF AMERICA

6,970,989

TOTAL COMMON STOCKS

(Cost $557,480,123)

615,000,087

Nonconvertible Preferred Stocks - 0.5%

Shares

Value (Note 1)

Korea (South) - 0.5%

Samsung Electronics Co. Ltd.
(Cost $3,528,399)

11,000

$ 3,037,458

Money Market Funds - 4.1%

Fidelity Cash Central Fund, 1.06% (b)

18,166,774

18,166,774

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

8,030,800

8,030,800

TOTAL MONEY MARKET FUNDS

(Cost $26,197,574)

26,197,574

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $587,206,096)

644,235,119

NET OTHER ASSETS - (1.3)%

(8,230,782)

NET ASSETS - 100%

$ 636,004,337

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $2,055,000 or 0.3% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $421,465,218 and $243,276,711, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,723 for the period.

Income Tax Information

At September 30, 2003, the fund had a capital loss carryforward of approximately $524,240,000 of which $96,913,000, $19,326,000, $309,416,000, $46,041,000, $40,041,000 and $12,503,000 will expire on September 30, 2004, 2006, 2007, 2008, 2010 and 2011, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Emerging Markets

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $7,704,921) (cost $587,206,096) - See accompanying schedule

$ 644,235,119

Foreign currency held at value (cost $ 2,474,073)

2,444,820

Receivable for investments sold

7,421,453

Receivable for fund shares sold

982,304

Dividends receivable

2,017,901

Interest receivable

19,863

Prepaid expenses

1,230

Other affiliated receivables

23,564

Other receivables

89,667

Total assets

657,235,921

Liabilities

Payable for investments purchased

$ 7,671,144

Payable for fund shares redeemed

4,140,615

Accrued management fee

420,058

Other affiliated payables

182,246

Other payables and accrued expenses

786,721

Collateral on securities loaned, at value

8,030,800

Total liabilities

21,231,584

Net Assets

$ 636,004,337

Net Assets consist of:

Paid in capital

$ 1,046,472,950

Undistributed net investment income

876,689

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(467,646,361)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

56,301,059

Net Assets, for 59,784,447 shares outstanding

$ 636,004,337

Net Asset Value, offering price and redemption price per share ($636,004,337 ÷ 59,784,447 shares)

$ 10.64

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 7,829,147

Interest

124,693

Security lending

23,751

7,997,591

Less foreign taxes withheld

(879,739)

Total income

7,097,852

Expenses

Management fee

$ 2,071,124

Transfer agent fees

839,145

Accounting and security lending fees

146,719

Non-interested trustees' compensation

1,982

Custodian fees and expenses

317,661

Registration fees

32,105

Audit

42,556

Legal

4,525

Miscellaneous

19,188

Total expenses before reductions

3,475,005

Expense reductions

(114,028)

3,360,977

Net investment income (loss)

3,736,875

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (net of foreign taxes of $706,769)

57,785,190

Foreign currency transactions

(457,009)

Total net realized gain (loss)

57,328,181

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $5,239)

(30,099,392)

Assets and liabilities in foreign currencies

(73,191)

Total change in net unrealized appreciation (depreciation)

(30,172,583)

Net gain (loss)

27,155,598

Net increase (decrease) in net assets resulting from operations

$ 30,892,473

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Emerging Markets
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 3,736,875

$ 3,893,429

Net realized gain (loss)

57,328,181

14,757,151

Change in net unrealized appreciation (depreciation)

(30,172,583)

87,760,059

Net increase (decrease) in net assets resulting from operations

30,892,473

106,410,639

Distributions to shareholders from net investment income

(5,261,378)

(1,836,578)

Share transactions
Net proceeds from sales of shares

282,022,603

144,659,629

Reinvestment of distributions

4,919,479

1,776,667

Cost of shares redeemed

(108,034,441)

(83,990,232)

Net increase (decrease) in net assets resulting from share transactions

178,907,641

62,446,064

Redemption fees

537,102

179,613

Total increase (decrease) in net assets

205,075,838

167,199,738

Net Assets

Beginning of period

430,928,499

263,728,761

End of period (including undistributed net investment income of $876,689 and undistributed net investment income of $2,401,192, respectively)

$ 636,004,337

$ 430,928,499

Other Information

Shares

Sold

25,262,990

17,006,473

Issued in reinvestment of distributions

477,546

243,379

Redeemed

(9,867,013)

(10,837,670)

Net increase (decrease)

15,873,523

6,412,182

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 9.81

$ 7.03

$ 6.52

$ 8.71

$ 9.35

$ 6.74

Income from Investment Operations

Net investment income (loss) E

.07

.10

.06 G

.06

.02 F

.07

Net realized and unrealized gain (loss)

.87

2.73

.47

(2.22)

(.68)

2.53

Total from investment operations

.94

2.83

.53

(2.16)

(.66)

2.60

Distributions from net investment income

(.12)

(.05)

(.03)

(.03)

-

-

Redemption fees added to paid in capital E

.01

- I

.01

- I

.02

.01

Net asset value, end of period

$ 10.64

$ 9.81

$ 7.03

$ 6.52

$ 8.71

$ 9.35

Total Return B, C, D

9.67%

40.50%

8.25%

(24.87)%

(6.84)%

38.72%

Ratios to Average Net Assets H

Expenses before expense reductions

1.22% A

1.36%

1.44%

1.54%

1.39%

1.45%

Expenses net of voluntary waivers, if any

1.22% A

1.36%

1.44%

1.54%

1.39%

1.45%

Expenses net of all reductions

1.18% A

1.36%

1.39%

1.45%

1.35%

1.42%

Net investment income (loss)

1.31% A

1.31%

.73%

.78%

.15%

.90%

Supplemental Data

Net assets, end of period (000 omitted)

$ 636,004

$ 430,928

$ 263,729

$ 204,164

$ 304,445

$ 402,392

Portfolio turnover rate

91% A

105%

120%

113%

100%

94%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the former sales charges. ECalculated based on average shares outstanding during the period. FInvestment income per share reflects a special dividend which amounted to $.02 per share. GInvestment income per share reflects a special dividend which amounted to $.01 per share. HExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. IAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Europe

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

France

16.1%

Germany

15.8%

Italy

12.5%

Switzerland

11.9%

Russia

11.0%

United States of America

5.5%

Netherlands

4.7%

Spain

4.2%

United Kingdom

4.1%

Other

14.2%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Germany

17.3%

France

17.0%

Switzerland

14.3%

United Kingdom

10.8%

Spain

8.9%

Italy

8.8%

Russia

6.3%

United States of America

5.2%

Netherlands

4.4%

Other

7.0%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.4

97.2

Short-Term Investments and
Net Other Assets

1.6

2.8

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Antena 3 Television SA
(Spain, Media)

4.2

2.2

Vodafone Group PLC
(United Kingdom, Wireless Telecommunication Services)

4.1

3.5

Synthes-Stratec, Inc. (United States of America, Health Care Equipment & Supplies)

3.9

2.4

YUKOS Corp. sponsored ADR (Russia, Oil & Gas)

3.7

2.6

DEPFA BANK PLC
(Ireland, Commercial Banks)

3.7

0.0

Allianz AG (Reg.)
(Germany, Insurance)

3.5

3.3

MTN Group Ltd.
(South Africa, Wireless Telecommunication Services)

3.4

0.0

Banca di Roma Spa
(Italy, Commercial Banks)

3.3

4.3

Compagnie Financiere Richemont unit (Switzerland, Textiles Apparel & Luxury Goods)

3.3

1.4

Dassault Systemes SA
(France, Software)

3.1

0.0

36.2

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

31.1

34.1

Consumer Discretionary

22.1

23.3

Energy

12.0

10.2

Health Care

10.1

12.0

Telecommunication Services

9.4

6.4

Information Technology

7.5

4.4

Industrials

3.1

6.0

Utilities

3.0

0.0

Consumer Staples

0.1

0.8

Semiannual Report

Europe

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%

Shares

Value (Note 1)

Austria - 2.9%

Bank Austria Creditanstalt AG

796,040

$ 45,159,377

Belgium - 0.1%

Colruyt NV

14,609

1,570,898

France - 16.1%

Air France Compagnie (Reg.)

2,766,004

48,151,685

Business Objects SA (a)

377,486

8,278,267

Dassault Systemes SA

1,189,206

48,528,269

Financiere Marc de Lacharriere SA (Fimalac)

467,981

18,334,499

Lagardere S.C.A. (Reg.)

569,200

34,268,416

Sanofi-Synthelabo SA

272,349

17,008,542

Total SA Series B

174,500

32,149,880

Vivendi Universal SA (a)

1,842,855

45,555,375

TOTAL FRANCE

252,274,933

Germany - 13.5%

Allianz AG (Reg.)

524,842

55,318,347

Continental AG

635,336

27,562,909

Hypo Real Estate Holding AG (a)

1,526,027

41,667,708

Rational AG

148,900

9,597,763

RWE AG

1,082,400

46,957,977

SAP AG

199,400

29,734,528

TOTAL GERMANY

210,839,232

Hungary - 4.1%

Gedeon Richter Ltd. unit

323,522

32,352,200

OTP Bank Rt. unit (a)

829,801

31,474,352

TOTAL HUNGARY

63,826,552

Ireland - 3.7%

DEPFA BANK PLC

381,256

57,152,666

Italy - 9.7%

Banca di Roma Spa

18,640,327

51,544,508

Banca Intesa Spa

850,121

2,813,180

Bulgari Spa

3,734,888

35,484,921

Mediobanca Spa

2,683,900

31,094,664

Tiscali Spa (a)

5,974,500

31,008,666

TOTAL ITALY

151,945,939

Netherlands - 4.7%

Euronext NV

1,270,988

36,957,645

IHC Caland NV

300,656

14,152,885

Wolters Kluwer NV
(Certificaten Van Aandelen)

1,344,600

22,634,062

TOTAL NETHERLANDS

73,744,592

Russia - 11.0%

Sibneft sponsored ADR

1,386,600

42,499,290

Surgutneftegaz JSC sponsored ADR

1,308,100

42,513,250

Shares

Value (Note 1)

Vimpel Communications sponsored ADR (a)

339,900

$ 30,509,424

YUKOS Corp. sponsored ADR

1,287,769

57,305,721

TOTAL RUSSIA

172,827,685

South Africa - 3.4%

MTN Group Ltd. (a)

12,777,441

53,154,856

Spain - 4.2%

Antena 3 Television SA (a)

1,297,180

65,896,017

Switzerland - 11.9%

Compagnie Financiere Richemont unit

1,995,127

51,360,467

Roche Holding AG
(participation certificate)

446,781

46,902,521

UBS AG (Reg.)

673,876

47,710,421

Zurich Financial Services AG

251,473

39,793,103

TOTAL SWITZERLAND

185,766,512

United Kingdom - 4.1%

Vodafone Group PLC

26,199,869

64,294,478

United States of America - 3.9%

Synthes-Stratec, Inc.

56,673

61,638,176

TOTAL COMMON STOCKS

(Cost $1,298,388,320)

1,460,091,913

Nonconvertible Preferred Stocks - 5.1%

Germany - 2.3%

Porsche AG (non-vtg.)

56,994

35,338,600

Italy - 2.8%

Banca Intesa Spa (Risp)

17,427,500

43,701,605

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $56,973,605)

79,040,205

Money Market Funds - 10.2%

Fidelity Cash Central Fund, 1.06% (b)

8,430,747

8,430,747

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

151,368,189

151,368,189

TOTAL MONEY MARKET FUNDS

(Cost $159,798,936)

159,798,936

Cash Equivalents - 0.2%

Maturity
Amount

Value
(Note 1)

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 0.94%, dated 4/30/04 due 5/3/04)
(Cost $2,949,000)

$ 2,949,230

$ 2,949,000

TOTAL INVESTMENT PORTFOLIO - 108.8%

(Cost $1,518,109,861)

1,701,880,054

NET OTHER ASSETS - (8.8)%

(137,194,266)

NET ASSETS - 100%

$ 1,564,685,788

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $1,086,939,184 and $953,090,193, respectively.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $385,251,000 of which $251,000, $107,086,000, $127,649,000 and $150,265,000 will expire on October 31, 2006, 2009, 2010 and 2011, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Europe

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $139,936,384 and repurchase agreements of $2,949,000)(cost $1,518,109,861) - See accompanying schedule

$ 1,701,880,054

Cash

579

Receivable for investments sold

49,787,821

Receivable for fund shares sold

1,882,843

Dividends receivable

3,234,816

Interest receivable

35,452

Prepaid expenses

4,187

Other affiliated receivables

2,033

Other receivables

1,383,648

Total assets

1,758,211,433

Liabilities

Payable for investments purchased

$ 38,906,867

Payable for fund shares redeemed

1,714,880

Distributions payable

762

Accrued management fee

992,048

Other affiliated payables

412,364

Other payables and accrued expenses

130,535

Collateral on securities loaned, at value

151,368,189

Total liabilities

193,525,645

Net Assets

$ 1,564,685,788

Net Assets consist of:

Paid in capital

$ 1,565,194,655

Undistributed net investment income

1,638,803

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(186,034,252)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

183,886,582

Net Assets, for 57,773,699 shares outstanding

$ 1,564,685,788

Net Asset Value, offering price and redemption price per share ($1,564,685,788 ÷ 57,773,699 shares)

$ 27.08

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 8,990,255

Interest

247,087

Security lending

1,450,731

10,688,073

Less foreign taxes withheld

(1,394,176)

Total income

9,293,897

Expenses

Management fee
Basic fee

$ 5,522,995

Performance adjustment

221,398

Transfer agent fees

2,011,632

Accounting and security lending fees

351,695

Non-interested trustees' compensation

5,208

Custodian fees and expenses

257,977

Registration fees

42,925

Audit

32,218

Legal

2,105

Miscellaneous

8,873

Total expenses before
reductions

8,457,026

Expense reductions

(778,824)

7,678,202

Net investment income (loss)

1,615,695

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

199,492,714

Foreign currency
transactions

306,951

Total net realized gain (loss)

199,799,665

Change in net unrealized appreciation (depreciation) on:

Investment securities

(42,161,343)

Assets and liabilities in
foreign currencies

85,930

Total change in net unrealized appreciation (depreciation)

(42,075,413)

Net gain (loss)

157,724,252

Net increase (decrease) in
net assets resulting from operations

$ 159,339,947

Semiannual Report

See accompanying notes which are an integral part of the financial statements.

Europe
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,615,695

$ 14,700,161

Net realized gain (loss)

199,799,665

(124,632,894)

Change in net unrealized appreciation (depreciation)

(42,075,413)

432,602,333

Net increase (decrease) in net assets resulting from operations

159,339,947

322,669,600

Distributions to shareholders from net investment income

(15,656,206)

(6,786,170)

Share transactions
Net proceeds from sales of shares

256,978,930

298,317,243

Reinvestment of distributions

15,242,825

6,549,345

Cost of shares redeemed

(134,466,394)

(213,672,148)

Net increase (decrease) in net assets resulting from share transactions

137,755,361

91,194,440

Redemption fees

55,413

118,259

Total increase (decrease) in net assets

281,494,515

407,196,129

Net Assets

Beginning of period

1,283,191,273

875,995,144

End of period (including undistributed net investment income of $1,638,803 and undistributed net
investment income of $15,679,314, respectively)

$ 1,564,685,788

$ 1,283,191,273

Other Information

Shares

Sold

9,450,772

15,032,139

Issued in reinvestment of distributions

579,135

347,815

Redeemed

(4,920,117)

(10,560,777)

Net increase (decrease)

5,109,790

4,819,177

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 24.37

$ 18.31

$ 22.68

$ 34.88

$ 34.09

$ 32.82

Income from Investment Operations

Net investment income (loss) F

.03

.29

.12 G

.12

.20

.25

Net realized and unrealized gain (loss)

2.97

5.91

(4.25)

(8.11)

2.70

3.54

Total from investment operations

3.00

6.20

(4.13)

(7.99)

2.90

3.79

Distributions from net investment income

(.29)

(.14)

(.24)

(.12)

(.18)

(.28)

Distributions from net realized gain

-

-

-

(4.09)

(1.94)

(2.25)

Total distributions

(.29)

(.14)

(.24)

(4.21)

(2.12)

(2.53)

Redemption fees added to paid in capital F

- J

- J

- J

- J

.01

.01

Net asset value, end of period

$ 27.08

$ 24.37

$ 18.31

$ 22.68

$ 34.88

$ 34.09

Total Return B, C, D, E

12.34%

34.09%

(18.49)%

(25.64)%

8.51%

12.18%

Ratios to Average Net Assets H

Expenses before expense reductions

1.11% A

1.03%

1.20%

1.06%

1.09%

.96%

Expenses net of voluntary waivers, if any

1.11% A

1.03%

1.20%

1.06%

1.09%

.96%

Expenses net of all reductions

1.01% A

.98%

1.13%

.99%

1.05%

.89%

Net investment income (loss)

.21% A

1.44%

.52%

.45%

.54%

.76%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,564,686

$ 1,283,191

$ 875,995

$ 1,059,368

$ 1,425,092

$ 1,317,402

Portfolio turnover rate

130% A

162%

127%

123%

144% I

106%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Investment income per share reflects a special dividend which amounted to $.05 per share. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. I The portfolio turnover rate does not include the assets acquired in the merger of Fidelity France, Fidelity Germany and Fidelity United Kingdom Funds. J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Europe Capital Appreciation

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

United Kingdom

32.1%

Germany

13.2%

France

10.2%

Netherlands

7.7%

Switzerland

7.2%

United States of America

4.8%

Italy

4.5%

Sweden

4.4%

Spain

4.2%

Other

11.7%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

United Kingdom

32.0%

Germany

16.4%

France

10.4%

Switzerland

6.6%

Sweden

5.7%

United States of America

5.3%

Netherlands

4.9%

Spain

4.7%

Denmark

3.7%

Other

10.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

95.2

96.8

Bonds

1.1

0.8

Short-Term Investments and
Net Other Assets

3.7

2.4

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Vodafone Group PLC
(United Kingdom, Wireless Telecommunication Services)

3.9

3.8

Unilever PLC (United Kingdom, Food Products)

2.6

2.1

Roche Holding AG
(participation certificate) (Switzerland, Pharmaceuticals)

2.6

1.4

TANDBERG Television ASA (Norway, Communications Equipment)

2.2

1.4

Deutsche Boerse AG (Germany, Diversified Financial Services)

2.2

7.0

France Telecom SA (France, Telecommunication Services)

1.9

1.0

Shire Pharmaceuticals Group PLC (United Kingdom, Pharmaceuticals)

1.8

1.0

Royal Dutch Petroleum Co.
(Hague Registry)
(Netherlands, Oil & Gas)

1.7

0.0

Galen Holdings PLC (United Kingdom, Pharmaceuticals)

1.7

0.9

Pernod-Ricard (France, Beverages)

1.6

1.7

22.2

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.3

22.3

Telecommunication Services

18.4

17.1

Health Care

14.3

12.2

Financials

13.8

21.2

Information Technology

10.2

9.4

Consumer Staples

6.8

8.1

Industrials

4.1

3.9

Energy

4.1

1.8

Utilities

0.7

0.5

Materials

0.6

1.1

Semiannual Report

Europe Capital Appreciation

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.0%

Shares

Value (Note 1)

Canada - 0.4%

Telesystem International Wireless, Inc. (a)

157,400

$ 1,550,417

Denmark - 2.2%

Coloplast AS Series B

47,700

4,492,682

Novo Nordisk AS Series B

103,900

4,934,794

TOTAL DENMARK

9,427,476

Finland - 0.7%

Comptel Oyj

473,800

1,135,320

F-Secure Oyj (a)

1,051,400

1,788,749

TOTAL FINLAND

2,924,069

France - 10.2%

Alcatel SA sponsored ADR (a)

206,300

3,024,358

Alstom SA sponsored ADR

821,100

1,543,668

Assurances Generales France SA (Bearer)

28,500

1,739,731

Business Objects SA sponsored ADR (a)

114,500

2,510,985

Canal Plus SA

41,100

282,649

Casino Guichard Perrachon et Compagnie

27,400

2,437,475

CNP Assurances

43,000

2,550,156

France Telecom SA

132,972

3,206,986

France Telecom SA sponsored ADR

207,400

4,967,230

L'Oreal SA

66,000

4,973,792

NRJ Group

136,105

2,923,799

Pernod-Ricard

54,875

6,923,026

SEB SA

25,850

3,035,147

Vivendi Universal SA (a)

120,400

2,976,288

TOTAL FRANCE

43,095,290

Germany - 11.7%

Adidas-Salomon AG

32,600

3,762,854

Allianz AG (Reg.)

48,471

5,108,843

DAB Bank AG (a)

659,934

5,771,869

Deutsche Boerse AG

165,210

9,081,400

Deutsche Telekom AG (Reg.) (a)

295,400

5,045,432

Fresenius AG

245

20,107

Fresenius Medical Care AG

47,600

3,314,558

Puma AG

10,000

2,299,154

RWE AG

68,500

2,971,749

SAP AG

15,700

2,341,184

Siemens AG (Reg.)

91,600

6,538,408

Sixt AG

81,560

1,386,605

T-Online International AG (a)

158,000

1,716,949

TOTAL GERMANY

49,359,112

Greece - 1.3%

Cosmote Mobile Telecommunications SA

37,800

606,862

Greek Organization of Football Prognostics SA

175,580

3,348,969

STET Hellas Telecommunications SA ADR

85,800

1,595,880

TOTAL GREECE

5,551,711

Shares

Value (Note 1)

Indonesia - 0.4%

PT Indosat (Persero) Tbk sponsored ADR

78,000

$ 1,801,800

Ireland - 0.2%

Waterford Wedgwood PLC unit (a)

2,728,472

788,169

Israel - 0.4%

Emblaze Ltd. (a)

770,300

1,465,176

Italy - 3.8%

Banca Intesa Spa

483,103

1,598,661

Banca Nazionale del Lavoro (BNL) (a)

756,800

1,691,037

Bulgari Spa

206,700

1,963,843

Fiat Spa (a)

651,000

4,578,383

Mediaset Spa

209,000

2,292,939

Telecom Italia Spa

773,724

2,478,795

Tiscali Spa (a)

233,300

1,210,866

TOTAL ITALY

15,814,524

Luxembourg - 0.4%

Millicom International Cellular SA unit (a)

60,700

1,525,106

Netherlands - 7.7%

ASML Holding NV (NY Shares) (a)

159,100

2,474,005

Completel Europe NV (a)

125,400

4,804,731

Hagemeyer NV

929,800

2,005,188

ING Groep NV (Certificaten Van Aandelen)

166,298

3,528,844

Koninklijke KPN NV

434,100

3,125,772

Koninklijke Philips Electronics NV

106,200

2,847,222

Koninklijke Philips Electronics NV (NY Shares)

65,700

1,761,417

Royal Dutch Petroleum Co. (Hague Registry)

145,800

7,094,628

Wolters Kluwer NV (Certificaten Van Aandelen)

291,600

4,908,592

TOTAL NETHERLANDS

32,550,399

Norway - 2.2%

TANDBERG Television ASA (a)

1,578,900

9,430,251

Poland - 0.3%

KGHM Polska Miedz SA sponsored GDR (Reg. S) (a)

90,500

1,235,325

Portugal - 1.8%

Media Capital SGPS SA

329,557

1,705,718

Portugal Telecom SGPS SA sponsored ADR

265,500

2,875,365

PT Multimedia SGPS SA

127,300

2,891,744

TOTAL PORTUGAL

7,472,827

Russia - 0.6%

OAO Gazprom sponsored ADR

38,000

1,174,200

Vimpel Communications sponsored ADR (a)

14,100

1,265,616

TOTAL RUSSIA

2,439,816

Spain - 4.2%

Banco Espanol de Credito SA (Reg.)

226,200

2,726,363

Common Stocks - continued

Shares

Value (Note 1)

Spain - continued

Corporacion Mapfre SA (Reg.)

189,500

$ 2,270,400

Grupo Auxiliar Metalurgico SA (Gamesa)

87,200

3,611,677

Repsol YPF SA

216,700

4,524,696

Telefonica SA

30,500

448,655

Telefonica SA sponsored ADR

92,854

4,097,647

TOTAL SPAIN

17,679,438

Sweden - 4.4%

D. Carnegie & Co. AB

156,700

1,671,232

Modern Times Group AB (MTG) (B Shares) (a)

132,500

2,236,741

OMHEX AB

117,450

1,583,071

Skandia Foersaekrings AB

1,171,600

4,599,500

Song Networks Holding AB (a)

576,800

3,721,193

Tele2 AB (B Shares)

42,600

1,934,413

Telefonaktiebolaget LM Ericsson (B Shares) (a)

1,009,600

2,692,603

TOTAL SWEDEN

18,438,753

Switzerland - 7.2%

ABB Ltd. (Switzerland) (Reg.) (a)

388,600

2,189,718

Actelion Ltd. (Reg.) (a)

34,600

3,799,190

Clariant AG (Reg.)

113,000

1,434,851

Kudelski SA (Bearer) (a)

40,100

1,214,917

Micronas Semiconductor Holding AG

37,000

1,723,620

Novartis AG sponsored ADR

144,500

6,473,600

Phonak Holding AG

53,900

1,439,552

Roche Holding AG (participation certificate)

102,500

10,760,324

Sulzer AG (Reg.)

5,150

1,335,701

TOTAL SWITZERLAND

30,371,473

Turkey - 0.8%

Turkcell Iletisim Hizmet AS sponsored ADR (a)

120,500

3,428,225

United Kingdom - 31.0%

3i Group PLC

268,600

2,879,185

Amlin PLC

847,300

2,489,000

Autonomy Corp. PLC (a)

322,400

1,429,920

Axis Shield PLC (a)

237,900

592,064

Barratt Developments PLC

161,400

1,768,817

BP PLC sponsored ADR

80,000

4,232,000

British Sky Broadcasting Group PLC (BSkyB)

392,800

4,650,418

BT Group PLC

1,828,100

5,866,373

Cattles PLC

448,300

2,765,314

Celltech Group PLC (a)

251,700

1,880,344

Corin Group PLC

416,200

1,993,917

Dixons Group PLC

2,501,900

6,904,748

Easynet Group PLC (a)

1,486,500

3,223,822

Galen Holdings PLC

495,700

7,023,013

Hilton Group PLC

1,168,500

5,161,802

ITV PLC

2,044,059

4,487,523

Shares

Value (Note 1)

Jazztel PLC (a)

4,578,800

$ 1,810,334

Lastminute.com PLC (a)

361,100

1,234,071

London Stock Exchange PLC

401,400

2,488,501

Maiden Group PLC

297,300

1,273,674

Marks & Spencer Group PLC

609,900

2,995,071

MyTravel Group PLC (a)

4,725,700

735,056

N Brown Group PLC

937,100

2,048,978

NDS Group PLC sponsored ADR (a)

106,900

2,744,123

Next PLC

92,300

2,288,875

Prudential PLC

449,500

3,539,808

Reckitt Benckiser PLC

127,700

3,327,907

Reuters Group PLC

299,579

1,986,399

Shire Pharmaceuticals Group PLC (a)

810,200

7,494,350

SkyePharma PLC (a)

914,200

962,888

Ted Baker PLC

520,400

4,042,639

Unilever PLC

1,159,600

11,152,453

Vodafone Group PLC

5,854,100

14,365,957

Vodafone Group PLC sponsored ADR

78,100

1,916,574

William Hill PLC

433,400

4,129,524

Woolworths Group PLC

2,214,600

1,594,397

Wyevale Garden Centres PLC

187,800

1,240,226

TOTAL UNITED KINGDOM

130,720,065

United States of America - 1.1%

Covad Communications Group, Inc. (a)

448,400

896,800

Network Associates, Inc. (a)

64,000

1,003,520

Secure Computing Corp. (a)

96,200

919,672

Synthes-Stratec, Inc.

1,705

1,854,377

TOTAL UNITED STATES OF AMERICA

4,674,369

TOTAL COMMON STOCKS

(Cost $339,369,207)

391,743,791

Preferred Stocks - 2.2%

Convertible Preferred Stocks - 0.0%

United Kingdom - 0.0%

ITV PLC (a)

193,482

268,276

Nonconvertible Preferred Stocks - 2.2%

Germany - 1.5%

Fresenius AG

24,700

1,723,796

Fresenius Medical Care AG

31,000

1,479,330

Porsche AG (non-vtg.)

5,232

3,244,053

TOTAL GERMANY

6,447,179

Italy - 0.7%

Telecom Italia Spa (Risp)

1,149,513

2,678,715

TOTAL NONCONVERTIBLE PREFERRED STOCKS

9,125,894

TOTAL PREFERRED STOCKS

(Cost $7,493,559)

9,394,170

Nonconvertible Bonds - 1.1%

Principal Amount

Value
(Note 1)

United Kingdom - 1.1%

Telewest Communications PLC yankee:

0% 2/1/10 (c)(d)

$ 670,000

$ 304,850

9.25% 4/15/09 (c)

305,000

152,500

9.875% 2/1/10 (c)

555,000

330,225

11.25% 11/1/08 (c)

440,000

272,800

Telewest PLC 11% 10/1/07 (c)

5,590,000

3,521,700

TOTAL NONCONVERTIBLE BONDS

(Cost $3,710,576)

4,582,075

Money Market Funds - 12.9%

Shares

Fidelity Cash Central Fund, 1.06% (b)

5,687,586

5,687,586

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

48,423,957

48,423,957

TOTAL MONEY MARKET FUNDS

(Cost $54,111,543)

54,111,543

TOTAL INVESTMENT PORTFOLIO - 109.2%

(Cost $404,684,885)

459,831,579

NET OTHER ASSETS - (9.2)%

(38,619,687)

NET ASSETS - 100%

$ 421,211,892

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $183,490,199 and $199,802,196, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,098 for the period.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $82,313,000 of which $9,648,000 and $72,665,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Europe Capital Appreciation

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $44,847,873) (cost $404,684,885) - See accompanying schedule

$ 459,831,579

Foreign currency held at value (cost $16)

16

Receivable for investments sold

12,949,035

Receivable for fund shares sold

164,251

Dividends receivable

952,370

Interest receivable

1,755

Prepaid expenses

1,389

Other affiliated receivables

116

Other receivables

153,572

Total assets

474,054,083

Liabilities

Payable for investments purchased

$ 1,983,924

Payable for fund shares redeemed

1,934,949

Accrued management fee

339,793

Other affiliated payables

108,418

Other payables and accrued expenses

51,150

Collateral on securities loaned,
at value

48,423,957

Total liabilities

52,842,191

Net Assets

$ 421,211,892

Net Assets consist of:

Paid in capital

$ 405,650,037

Distributions in excess of net investment income

(471,431)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(39,139,400)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

55,172,686

Net Assets, for 22,391,391 shares outstanding

$ 421,211,892

Net Asset Value, offering price and redemption price per share ($421,211,892 ÷ 22,391,391 shares)

$ 18.81

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 3,255,786

Interest

122,082

Security lending

206,867

3,584,735

Less foreign taxes withheld

(404,204)

Total income

3,180,531

Expenses

Management fee
Basic fee

$ 1,587,981

Performance adjustment

434,998

Transfer agent fees

537,495

Accounting and security lending fees

119,117

Non-interested trustees' compensation

1,426

Custodian fees and expenses

81,397

Registration fees

18,517

Audit

25,317

Legal

709

Miscellaneous

3,085

Total expenses before reductions

2,810,042

Expense reductions

(104,766)

2,705,276

Net investment income (loss)

475,255

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

45,338,706

Foreign currency transactions

41,910

Total net realized gain (loss)

45,380,616

Change in net unrealized appreciation (depreciation) on:

Investment securities

(7,990,436)

Assets and liabilities in foreign currencies

(4,405)

Total change in net unrealized appreciation (depreciation)

(7,994,841)

Net gain (loss)

37,385,775

Net increase (decrease) in net assets resulting from operations

$ 37,861,030

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Europe Capital Appreciation
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 475,255

$ 3,602,232

Net realized gain (loss)

45,380,616

16,603,284

Change in net unrealized appreciation (depreciation)

(7,994,841)

68,101,071

Net increase (decrease) in net assets resulting from operations

37,861,030

88,306,587

Distributions to shareholders from net investment income

(4,908,750)

(5,760,355)

Share transactions
Net proceeds from sales of shares

75,120,427

48,361,547

Reinvestment of distributions

4,561,606

5,388,395

Cost of shares redeemed

(85,481,174)

(166,305,284)

Net increase (decrease) in net assets resulting from share transactions

(5,799,141)

(112,555,342)

Redemption fees

43,506

18,274

Total increase (decrease) in net assets

27,196,645

(29,990,836)

Net Assets

Beginning of period

394,015,247

424,006,083

End of period (including distributions in excess of net investment income of $471,431 and undistributed net investment income of $3,962,064, respectively)

$ 421,211,892

$ 394,015,247

Other Information

Shares

Sold

3,786,046

3,432,677

Issued in reinvestment of distributions

254,554

395,914

Redeemed

(4,472,358)

(11,609,649)

Net increase (decrease)

(431,758)

(7,781,058)

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 17.26

$ 13.85

$ 15.43

$ 19.58

$ 18.64

$ 16.28

Income from Investment Operations

Net investment income (loss) E

.02

.14

.19

.16

.14

.15

Net realized and unrealized gain (loss)

1.75

3.46

(1.60)

(3.33)

1.39

2.20

Total from investment operations

1.77

3.60

(1.41)

(3.17)

1.53

2.35

Distributions from net investment income

(.22)

(.19)

(.17)

(.11)

(.13)

-

Distributions from net realized gain

-

-

-

(.87)

(.47)

-

Total distributions

(.22)

(.19)

(.17)

(.98)

(.60)

-

Redemption fees added to paid in capital E

- G

- G

- G

- G

.01

.01

Net asset value, end of period

$ 18.81

$ 17.26

$ 13.85

$ 15.43

$ 19.58

$ 18.64

Total Return B, C, D

10.32%

26.36%

(9.29)%

(16.97)%

8.19%

14.50%

Ratios to Average Net Assets F

Expenses before expense reductions

1.28% A

1.39%

1.37%

1.26%

1.09%

1.07%

Expenses net of voluntary waivers, if any

1.28% A

1.39%

1.37%

1.26%

1.09%

1.07%

Expenses net of all reductions

1.24% A

1.32%

1.32%

1.21%

1.04%

.97%

Net investment income (loss)

.22% A

.94%

1.18%

.90%

.68%

.86%

Supplemental Data

Net assets, end of period (000 omitted)

$ 421,212

$ 394,015

$ 424,006

$ 406,771

$ 643,150

$ 474,755

Portfolio turnover rate

90% A

184%

121%

67%

156%

150%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Japan

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan

97.7%

United States of America

2.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan

98.6%

United States of America

1.4%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.7

98.6

Short-Term Investments and
Net Other Assets

2.3

1.4

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Mizuho Financial Group, Inc. (Commercial Banks)

5.8

2.5

UFJ Holdings, Inc.
(Commercial Banks)

5.4

0.6

Toyota Motor Corp. (Automobiles)

4.7

1.3

Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)

4.2

5.3

Konica Minolta Holdings, Inc. (Office Electronics)

3.2

5.1

Yokogawa Electric Corp. (Electronic Equipment & Instruments)

2.4

0.8

Ricoh Co. Ltd. (Office Electronics)

2.2

3.4

Koyo Seiko Co. Ltd. (Machinery)

2.1

2.5

JSR Corp. (Chemicals)

2.0

3.5

Matsushita Electric Industrial Co. Ltd. (Household Durables)

1.9

0.1

33.9

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

28.6

28.5

Financials

20.5

14.5

Information Technology

17.2

18.4

Industrials

12.4

9.6

Materials

8.5

9.8

Health Care

4.9

4.6

Consumer Staples

3.3

7.8

Energy

1.5

0.0

Telecommunication Services

0.8

5.4

Semiannual Report

Japan

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 28.6%

Auto Components - 3.0%

Aisin Seiki Co. Ltd.

279,600

$ 4,822,068

Bridgestone Corp.

142,000

2,356,871

Exedy Corp.

113,200

1,566,050

NOK Corp.

77,200

2,928,976

Riken Corp.

79,000

272,351

Stanley Electric Co. Ltd.

72,300

1,339,414

Toyoda Gosei Co. Ltd.

270,700

7,263,832

20,549,562

Automobiles - 7.7%

Daihatsu Motor Co. Ltd.

768,000

4,503,765

Mazda Motor Corp.

3,033,000

9,459,107

Nissan Motor Co. Ltd.

12,400

135,408

Suzuki Motor Corp.

429,400

6,646,313

Toyota Motor Corp.

868,200

31,780,461

52,525,054

Hotels, Restaurants & Leisure - 0.5%

Denny's Japan Co. Ltd.

31,000

590,826

Yoshinoya D&C Co. Ltd.

1,620

2,518,974

3,109,800

Household Durables - 6.9%

Casio Computer Co. Ltd.

996,000

11,265,704

Funai Electric Co. Ltd.

1,500

218,844

Matsushita Electric Industrial Co. Ltd.

865,000

12,784,700

Pioneer Corp.

5,900

165,133

Sanyo Electric Co. Ltd.

1,193,000

5,300,063

Sekisui Chemical Co. Ltd.

364,000

2,525,940

Sony Corp.

270,300

10,379,520

Sumitomo Forestry Co. Ltd.

383,000

3,957,757

46,597,661

Internet & Catalog Retail - 0.2%

Nissen Co. Ltd.

67,000

1,416,845

Leisure Equipment & Products - 1.8%

Fuji Photo Film Co. Ltd.

143,000

4,561,700

Heiwa Corp.

67,300

989,655

Mizuno Corp.

488,000

2,298,086

Nidec Copal Corp.

114,300

1,880,866

Pentax Corp.

417,000

2,230,505

11,960,812

Media - 0.0%

SKY Perfect Communications, Inc. (a)

6

7,837

Multiline Retail - 3.0%

Don Quijote Co. Ltd.

149,900

10,468,749

The Daimaru, Inc.

1,150,000

9,819,556

20,288,305

Specialty Retail - 4.5%

Autobacs Seven Co. Ltd.

38,800

1,023,903

Fast Retailing Co. Ltd.

148,000

11,309,171

Nishimatsuya Chain Co. Ltd.

53,500

1,929,969

Nitori Co. Ltd.

28,900

1,830,872

Shares

Value (Note 1)

Otsuka Kagu Ltd.

103,800

$ 3,698,387

Yamada Denki Co. Ltd.

316,100

10,644,722

30,437,024

Textiles Apparel & Luxury Goods - 1.0%

Onward Kashiyama Co. Ltd.

460,000

6,874,711

TOTAL CONSUMER DISCRETIONARY

193,767,611

CONSUMER STAPLES - 3.3%

Food & Staples Retailing - 3.0%

Ito Yokado Ltd.

16,000

652,534

Lawson, Inc.

336,900

12,392,872

Matsumotokiyoshi Co. Ltd.

239,300

7,101,658

20,147,064

Food Products - 0.3%

Kibun Food Chemifa Co. Ltd.

126,000

2,541,365

TOTAL CONSUMER STAPLES

22,688,429

ENERGY - 1.5%

Oil & Gas - 1.5%

Nippon Mining Holdings, Inc.

2,433,000

10,030,687

FINANCIALS - 20.5%

Capital Markets - 2.1%

JAFCO Co. Ltd.

44,000

3,518,567

Mitsubishi Securities Co. Ltd.

810,000

10,255,822

Nomura Holdings, Inc.

41,000

671,580

14,445,969

Commercial Banks - 15.9%

Fukuoka City Bank Ltd. (a)

559,000

1,857,608

Mizuho Financial Group, Inc. (a)

8,419

39,048,251

Nishi-Nippon Bank Ltd. (a)

174,000

703,447

Sumitomo Mitsui Financial Group, Inc.

3,822

28,322,223

Tokyo Tomin Bank Ltd.

37,300

914,721

UFJ Holdings, Inc. (a)

5,993

36,369,354

107,215,604

Consumer Finance - 0.8%

Aiful Corp.

34,600

3,443,220

SFCG Co. Ltd.

9,120

1,834,602

5,277,822

Real Estate - 1.7%

Mitsui Fudosan Co. Ltd.

425,000

4,588,131

Sumitomo Realty & Development Co. Ltd.

645,000

7,100,708

11,688,839

TOTAL FINANCIALS

138,628,234

HEALTH CARE - 4.9%

Health Care Equipment & Supplies - 0.0%

Terumo Corp.

8,500

176,728

Health Care Providers & Services - 1.0%

Kuraya Sanseido, Inc.

530,200

6,736,687

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Pharmaceuticals - 3.9%

Chugai Pharmaceutical Co. Ltd.

279,500

$ 4,147,333

Fujisawa Pharmaceutical Co. Ltd.

247,200

5,633,865

Sankyo Co. Ltd.

449,800

8,173,035

Takeda Chemical Industries Ltd.

3,200

126,526

Yamanouchi Pharmaceutical Co. Ltd.

240,600

7,867,089

25,947,848

TOTAL HEALTH CARE

32,861,263

INDUSTRIALS - 12.4%

Air Freight & Logistics - 1.1%

Yamato Transport Co. Ltd.

482,000

7,182,088

Building Products - 3.5%

Asahi Glass Co. Ltd.

1,013,000

10,512,909

Daikin Industries Ltd.

146,000

3,353,390

Toto Ltd.

947,000

9,928,933

23,795,232

Commercial Services & Supplies - 0.9%

Diamond Lease Co. Ltd.

150,400

5,906,643

Construction & Engineering - 0.0%

Kajima Corp.

77,000

264,088

Electrical Equipment - 0.5%

Fujikura Ltd.

619,000

3,288,989

Furukawa Electric Co. Ltd.

79,000

299,025

3,588,014

Machinery - 3.4%

Fanuc Ltd.

9,300

558,599

Hino Motors Ltd.

692,000

4,027,337

Koyo Seiko Co. Ltd.

1,384,000

14,190,984

Kubota Corp.

759,000

3,230,337

Organo Corp.

25,000

116,841

SMC Corp.

4,200

472,074

THK Co. Ltd.

10,500

199,186

22,795,358

Marine - 0.4%

Mitsui O.S.K. Lines Ltd.

672,000

2,883,945

Road & Rail - 0.4%

East Japan Railway Co.

236

1,182,665

Fukuyama Transporting Co. Ltd.

148,000

656,195

Keio Electric Railway Co. Ltd.

110,000

604,021

2,442,881

Trading Companies & Distributors - 2.2%

Itochu Corp.

304,000

1,261,424

Mitsui & Co. Ltd.

858,000

6,937,441

Sumitomo Corp.

881,000

6,630,250

14,829,115

Shares

Value (Note 1)

Transportation Infrastructure - 0.0%

Kamigumi Co. Ltd.

47,000

$ 319,470

TOTAL INDUSTRIALS

84,006,834

INFORMATION TECHNOLOGY - 17.2%

Communications Equipment - 0.4%

Japan Radio Co. Ltd. (a)

641,000

2,654,083

Computers & Peripherals - 1.1%

Fujitsu Ltd.

1,077,000

7,339,757

Electronic Equipment & Instruments - 7.5%

Anritsu Corp. (a)

231,000

1,648,155

Dainippon Screen Manufacturing Co. Ltd. (a)

375,000

2,508,978

Hitachi Ltd.

189,000

1,345,680

Hoya Corp.

12,600

1,336,736

Kyocera Corp.

38,600

3,206,116

Murata Manufacturing Co. Ltd.

20,400

1,312,319

Nidec Corp.

10,800

1,142,894

Nippon Chemi-con Corp.

220,000

1,192,403

Nippon Electric Glass Co. Ltd.

456,000

10,534,376

Omron Corp.

414,600

9,909,510

Yokogawa Electric Corp.

1,243,000

16,555,541

50,692,708

IT Services - 0.3%

Nomura Research Institute Ltd.

14,200

1,439,609

NS Solutions Corp.

11,600

745,190

2,184,799

Office Electronics - 5.4%

Canon, Inc.

3,000

156,930

Konica Minolta Holdings, Inc.

1,596,500

21,675,189

Ricoh Co. Ltd.

771,000

15,071,194

36,903,313

Semiconductors & Semiconductor Equipment - 2.0%

Rohm Co. Ltd.

9,700

1,186,797

Sanken Electric Co. Ltd.

550,000

7,051,794

Tokyo Electron Ltd.

86,500

5,164,829

13,403,420

Software - 0.5%

Nintendo Co. Ltd.

35,500

3,286,750

TOTAL INFORMATION TECHNOLOGY

116,464,830

MATERIALS - 8.5%

Chemicals - 6.2%

Asahi Kasei Corp.

1,541,000

8,256,397

JSR Corp.

643,200

13,287,388

Kaneka Corp.

63,000

570,408

Nitto Denko Corp.

222,100

12,097,055

Toray Industries, Inc.

1,730,000

7,762,616

41,973,864

Common Stocks - continued

Shares

Value (Note 1)

MATERIALS - continued

Construction Materials - 0.2%

Taiheiyo Cement Corp.

463,000

$ 1,172,456

Containers & Packaging - 0.4%

Rengo Co. Ltd.

618,000

2,531,396

Metals & Mining - 1.4%

Nittetsu Mining Co. Ltd.

171,000

618,388

Sumitomo Metal Industries Ltd.

7,455,000

8,809,878

9,428,266

Paper & Forest Products - 0.3%

Oji Paper Co. Ltd.

397,000

2,430,414

TOTAL MATERIALS

57,536,396

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.7%

Nippon Telegraph & Telephone Corp.

954

4,955,076

Wireless Telecommunication Services - 0.1%

KDDI Corp.

94

552,077

NTT DoCoMo, Inc.

1

2,010

NTT DoCoMo, Inc. (c)

28

54,484

608,571

TOTAL TELECOMMUNICATION SERVICES

5,563,647

TOTAL COMMON STOCKS

(Cost $575,472,842)

661,547,931

Money Market Funds - 15.3%

Fidelity Cash Central Fund, 1.06% (b)

10,020,984

10,020,984

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

93,500,736

93,500,736

TOTAL MONEY MARKET FUNDS

(Cost $103,521,720)

103,521,720

TOTAL INVESTMENT PORTFOLIO - 113.0%

(Cost $678,994,562)

765,069,651

NET OTHER ASSETS - (13.0)%

(88,131,672)

NET ASSETS - 100%

$ 676,937,979

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $54,484 or 0.0% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $415,091,709 and $330,580,940, respectively.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $150,872,000 of which $62,465,000, $75,996,000 and $12,411,000 will expire on October 31, 2009, 2010 and 2011, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Japan

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $88,474,201) (cost $678,994,562) - See accompanying schedule

$ 765,069,651

Receivable for investments sold

5,851,583

Receivable for fund shares sold

8,039,659

Dividends receivable

2,562,228

Interest receivable

12,324

Prepaid expenses

1,525

Other affiliated receivables

16,180

Other receivables

115,391

Total assets

781,668,541

Liabilities

Payable for investments purchased

$ 8,213,261

Payable for fund shares redeemed

2,422,476

Accrued management fee

364,071

Other affiliated payables

162,204

Other payables and accrued expenses

67,814

Collateral on securities loaned, at value

93,500,736

Total liabilities

104,730,562

Net Assets

$ 676,937,979

Net Assets consist of:

Paid in capital

$ 676,639,866

Accumulated net investment loss

(205,651)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(85,471,566)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

85,975,330

Net Assets, for 54,628,885 shares outstanding

$ 676,937,979

Net Asset Value, offering price and redemption price per share ($676,937,979 ÷ 54,628,885 shares)

$ 12.39

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 2,953,287

Interest

48,748

Security lending

494,796

3,496,831

Less foreign taxes withheld

(207,523)

Total income

3,289,308

Expenses

Management fee
Basic fee

$ 2,066,694

Performance adjustment

(227,152)

Transfer agent fees

737,214

Accounting and security lending fees

155,113

Non-interested trustees' compensation

1,943

Custodian fees and expenses

123,828

Registration fees

21,410

Audit

28,551

Legal

757

Miscellaneous

3,532

Total expenses before reductions

2,911,890

Expense reductions

(545)

2,911,345

Net investment income (loss)

377,963

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

66,081,995

Foreign currency transactions

(30,458)

Total net realized gain (loss)

66,051,537

Change in net unrealized appreciation (depreciation) on:

Investment securities

(11,146,496)

Assets and liabilities in foreign currencies

(135,225)

Total change in net unrealized appreciation (depreciation)

(11,281,721)

Net gain (loss)

54,769,816

Net increase (decrease) in net assets resulting from operations

$ 55,147,779

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Japan
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 377,963

$ (149,235)

Net realized gain (loss)

66,051,537

(11,585,942)

Change in net unrealized appreciation (depreciation)

(11,281,721)

138,486,482

Net increase (decrease) in net assets resulting from operations

55,147,779

126,751,305

Distributions to shareholders from net investment income

(461,710)

-

Share transactions
Net proceeds from sales of shares

187,238,218

217,644,017

Reinvestment of distributions

397,157

-

Cost of shares redeemed

(95,067,339)

(98,660,885)

Net increase (decrease) in net assets resulting from share transactions

92,568,036

118,983,132

Redemption fees

332,029

324,669

Total increase (decrease) in net assets

147,586,134

246,059,106

Net Assets

Beginning of period

529,351,845

283,292,739

End of period (including accumulated net investment loss of $205,651 and accumulated net investment loss of $121,904, respectively)

$ 676,937,979

$ 529,351,845

Other Information

Shares

Sold

15,623,078

23,290,337

Issued in reinvestment of distributions

35,942

-

Redeemed

(8,356,117)

(10,323,638)

Net increase (decrease)

7,302,903

12,966,699

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 11.19

$ 8.25

$ 9.67

$ 20.43

$ 21.77

$ 10.09

Income from Investment Operations

Net investment income (loss) E

.01

- G

(.07)

(.07)

(.14)

(.07)

Net realized and unrealized gain (loss)

1.19

2.93

(1.37)

(6.64)

(.81)

11.74

Total from investment operations

1.20

2.93

(1.44)

(6.71)

(.95)

11.67

Distributions from net investment income

(.01)

-

-

-

(.30)

-

Distributions in excess of net investment income

-

-

-

-

(.16)

(.03)

Distributions from net realized gain

-

-

-

(4.07)

-

-

Total distributions

(.01)

-

-

(4.07)

(.46)

(.03)

Redemption fees added to paid in capital E

.01

.01

.02

.02

.07

.04

Net asset value, end of period

$ 12.39

$ 11.19

$ 8.25

$ 9.67

$ 20.43

$ 21.77

Total Return B, C, D

10.82%

35.64%

(14.68)%

(40.35)%

(4.35)%

116.35%

Ratios to Average Net Assets F

Expenses before expense reductions

1.02% A

1.03%

1.50%

1.42%

1.17%

1.24%

Expenses net of voluntary waivers, if any

1.02% A

1.03%

1.50%

1.42%

1.17%

1.24%

Expenses net of all reductions

1.02% A

1.03%

1.50%

1.40%

1.16%

1.23%

Net investment income (loss)

.13% A

(.04)%

(.77)%

(.57)%

(.58)%

(.47)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 676,938

$ 529,352

$ 283,293

$ 322,936

$ 623,950

$ 891,241

Portfolio turnover rate

117% A

86%

66%

75%

124%

79%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Japan Smaller Companies

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan

91.7%

United States of America

8.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan

88.2%

United States of America

11.8%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

91.7

88.2

Short-Term Investments and
Net Other Assets

8.3

11.8

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

USS Co. Ltd. (Specialty Retail)

3.7

4.0

NOK Corp. (Auto Components)

3.4

4.5

Reins International, Inc.
(Hotels, Restaurants & Leisure)

2.4

2.6

Telewave, Inc.
(Internet Software & Services)

1.9

0.7

Tokyo Steel Manufacturing Co. Ltd. (Metals & Mining)

1.8

0.0

Nippon Electric Glass Co. Ltd. (Electronic Equipment & Instruments)

1.8

0.0

Nishimatsuya Chain Co. Ltd. (Specialty Retail)

1.7

2.3

Chiyoda Integre Co. Ltd.
(Electrical Equipment)

1.6

2.0

Dwango Co. Ltd.
(Internet Software & Services)

1.5

0.0

Kobe Steel Ltd. (Metals & Mining)

1.5

0.0

21.3

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

27.1

33.1

Information Technology

24.5

21.3

Industrials

15.8

14.6

Materials

12.2

9.0

Financials

7.2

4.8

Health Care

3.4

4.8

Consumer Staples

1.1

0.6

Telecommunication Services

0.2

0.0

Energy

0.2

0.0

Semiannual Report

Japan Smaller Companies

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 27.1%

Auto Components - 7.0%

Alpha Corp.

1,700

$ 69,634

Fuji Kiko Co. Ltd.

1,681,000

4,809,437

Imasen Electric Industrial Co. Ltd.

109,000

755,426

NHK Spring Co. Ltd.

1,406,000

8,157,726

Nissin Kogyo Co. Ltd.

124,000

2,969,279

NOK Corp.

1,242,300

47,132,987

Pacific Industrial Co. Ltd.

348,000

1,270,842

Stanley Electric Co. Ltd.

468,400

8,677,479

Suncall Corp.

233,000

1,776,290

Toyoda Gosei Co. Ltd.

745,300

19,999,018

Unipres Corp.

120,000

879,642

96,497,760

Automobiles - 0.1%

Yamaha Motor Co. Ltd.

72,000

1,009,509

Distributors - 1.0%

Crymson Co. Ltd.

1,125

6,457,370

Hybrid Service Co. Ltd.

1,090

1,384,947

Ohashi Technica, Inc.

226,500

5,534,412

13,376,729

Hotels, Restaurants & Leisure - 4.2%

H.I.S. Co. Ltd.

407,500

10,970,864

Kappa Create Co. Ltd.

112,950

13,488,266

Kazokutei Co. Ltd.

103,000

475,895

Reins International, Inc. (c)

6,444

33,781,439

58,716,464

Household Durables - 1.1%

Funai Electric Co. Ltd.

24,800

3,618,224

Haseko Corp. (a)

1,985,500

5,662,987

Japan General Estate Co. Ltd.

339,500

4,600,237

Sanko Soflan Co., Inc.

494,000

2,207,830

16,089,278

Internet & Catalog Retail - 0.5%

Nissen Co. Ltd.

209,100

4,421,825

Prime Network, Inc. (a)

2,164

2,403,465

6,825,290

Leisure Equipment & Products - 1.7%

Aruze Corp.

282,000

7,291,430

Endo Manufacturing Co. Ltd.

287,000

2,070,659

Kimoto Co. Ltd.

115,000

1,706,416

Nidec Copal Corp.

250,000

4,113,880

Pentax Corp.

1,079,000

5,771,498

Salomon & TaylorMade Co. Ltd.

280,000

2,960,572

23,914,455

Media - 1.7%

Apamanshop Co. Ltd.

5,318

6,615,261

Cyber Agent Ltd. (a)

1,439

11,737,459

Shares

Value (Note 1)

SKY Perfect Communications, Inc. (a)

2,342

$ 3,058,967

Usen Corp. (a)

6,640

1,726,287

23,137,974

Multiline Retail - 0.9%

Don Quijote Co. Ltd.

170,000

11,872,497

Komehyo Co. Ltd.

2,500

87,964

11,960,461

Specialty Retail - 8.5%

Arc Land Sakamoto Co. Ltd.

666,100

9,753,652

Culture Convenience Club Co. Ltd.

994,000

10,598,350

Nishimatsuya Chain Co. Ltd.

647,800

23,368,863

Pal Co. Ltd.

214,400

11,029,960

Top Culture Co. Ltd.

232,600

2,492,457

USS Co. Ltd.

614,860

50,971,623

Yamada Denki Co. Ltd.

300,000

10,102,551

118,317,456

Textiles Apparel & Luxury Goods - 0.4%

Fuji Spinning Co. Ltd. (a)

2,724,000

3,509,504

Honeys Co. Ltd.

5,900

456,081

Workman Co. Ltd.

77,000

1,600,948

5,566,533

TOTAL CONSUMER DISCRETIONARY

375,411,909

CONSUMER STAPLES - 1.1%

Food & Staples Retailing - 0.7%

Daikokutenbussan Co. Ltd.

55,000

2,443,449

Kraft, Inc.

144,100

2,304,661

Plant Co. Ltd.

222,800

3,939,480

8,687,590

Food Products - 0.4%

Kibun Food Chemifa Co. Ltd.

248,000

5,002,051

Pickles Corp.

226,000

903,632

5,905,683

TOTAL CONSUMER STAPLES

14,593,273

ENERGY - 0.2%

Oil & Gas - 0.2%

Nippon Mining Holdings, Inc.

469,000

1,933,577

FINANCIALS - 7.2%

Capital Markets - 2.1%

Kobayashi Yoko Co. Ltd.

43,900

928,351

Matsui Securities Co. Ltd.

314,800

10,181,382

Mitsubishi Securities Co. Ltd.

1,401,000

17,738,774

Okato Shoji Co. Ltd.

52,000

305,405

29,153,912

Commercial Banks - 2.9%

Bank of Yokohama Ltd.

2,549,000

13,657,077

Chiba Bank Ltd.

994,000

5,299,175

Fukuoka City Bank Ltd. (a)

2,336,000

7,762,740

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Commercial Banks - continued

Mitsui Trust Holdings, Inc.

1,891,000

$ 13,122,397

Nishi-Nippon Bank Ltd. (a)

127,000

513,435

40,354,824

Consumer Finance - 0.6%

SFCG Co. Ltd.

19,910

4,005,145

STB Leasing Co. Ltd.

230,700

5,186,074

9,191,219

Diversified Financial Services - 0.1%

ACE Koeki Co. Ltd.

109,000

676,978

Osaka Securities Exchange Co. Ltd.

14

48,140

Yutaka Shoji Co. Ltd.

56,000

332,878

1,057,996

Real Estate - 1.5%

Diamond City Co. Ltd.

179,800

6,677,849

Kennedy-Wilson Japan Co. Ltd. (a)

487

2,371,265

Kyoritsu Maintenance Co. Ltd.

37,900

801,469

Mitsui Fudosan Co. Ltd.

369,000

3,983,577

Relo Holdings Corp.

199,800

6,515,266

20,349,426

TOTAL FINANCIALS

100,107,377

HEALTH CARE - 3.4%

Health Care Equipment & Supplies - 1.9%

A&T Corp.

106,000

586,765

Hogy Medical Co.

319,100

15,991,033

Japan Medical Dynamic Marketing, Inc.

318,000

3,961,373

JEOL Ltd.

114,000

825,530

Nakanishi, Inc.

75,000

4,598,127

25,962,828

Health Care Providers & Services - 1.0%

AS One Corp.

173,700

4,421,759

Hoshiiryou Sanki Co. Ltd.

85,000

1,563,363

Nichii Gakkan Co.

158,100

8,049,281

14,034,403

Pharmaceuticals - 0.5%

Fuji Pharmaceutical Co. Ltd.

162,000

2,518,974

Sawai Pharmaceutical Co. Ltd.

135,700

5,052,013

7,570,987

TOTAL HEALTH CARE

47,568,218

INDUSTRIALS - 15.8%

Air Freight & Logistics - 0.7%

Kintetsu World Express, Inc.

250,500

5,453,112

Yusen Air & Sea Service Co. Ltd.

126,640

3,938,307

9,391,419

Shares

Value (Note 1)

Airlines - 0.0%

Skymark Airlines Co. Ltd. (a)

755

$ 568,871

Building Products - 0.0%

Oiles Corp.

44,200

869,895

Commercial Services & Supplies - 5.6%

AJIS Co. Ltd.

37,570

914,666

ARRK Corp.

415,400

17,310,513

Diamond Lease Co. Ltd.

10,800

424,147

Fullcast Co. Ltd.

711

1,914,180

Fullcast Co. Ltd. New (a)

625

1,682,648

Intelligence Ltd.

2,204

10,124,480

Okamura Corp.

376,000

2,458,874

Secom Techno Service Co. Ltd.

50,000

1,954,759

Studio Alice Co. Ltd.

508,700

10,893,047

Sumisho Lease Co. Ltd.

185,800

6,240,338

Take & Give Needs Co. Ltd. (a)

412

4,392,877

Teraoka Seisakusho Co. Ltd.

81,000

869,406

Toppan Printing Co. Ltd.

1,560,000

17,977,744

77,157,679

Construction & Engineering - 0.5%

Token Corp.

76,700

6,808,187

Electrical Equipment - 2.8%

Chiyoda Integre Co. Ltd. (c)

694,600

22,341,584

Fujikura Ltd.

2,490,000

13,230,344

Iwabuchi Corp.

250,000

2,132,465

Sansha Electric Manufacturing Co. Ltd.

232,000

1,814,017

39,518,410

Machinery - 3.1%

Harmonic Drive Systems, Inc.

151

1,610,011

Hitachi Construction Machinery Co. Ltd.

467,000

6,141,143

Koyo Seiko Co. Ltd.

322,000

3,301,660

Nihon Trim Co. Ltd.

101,850

7,058,725

Nitta Corp.

360,200

5,514,417

NTN Corp.

656,000

2,751,164

OSG Corp. Co. Ltd.

101,300

1,530,132

THK Co. Ltd.

607,500

11,524,306

Toshiba Machine Co. Ltd.

636,000

2,639,032

Yuken Kogyo Co. Ltd. (a)

213,000

484,496

42,555,086

Marine - 0.5%

Mitsui O.S.K. Lines Ltd.

1,582,000

6,789,288

Road & Rail - 0.8%

Hamakyorex Co. Ltd.

346,800

10,784,940

Trading Companies & Distributors - 1.8%

Hanwa Co. Ltd.

4,405,000

15,734,124

Nissho Iwai-Nichimen Holdings Corp. (a)

1,493,000

8,728,836

24,462,960

TOTAL INDUSTRIALS

218,906,735

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - 24.5%

Communications Equipment - 0.7%

Hitachi Kokusai Electric, Inc.

702,000

$ 5,445,302

Japan Radio Co. Ltd. (a)

847,000

3,507,034

8,952,336

Computers & Peripherals - 1.0%

IO Data Device, Inc.

1,800

26,549

Meiko Electronics Co. Ltd.

269,300

7,752,682

Meiko Electronics Co. Ltd. New

230,000

6,621,303

14,400,534

Electronic Equipment & Instruments - 11.6%

Arisawa Manufacturing Co. Ltd.

301,340

13,708,734

Citizen Electronics Co. Ltd.

92,750

5,892,378

CMK Corp.

685,000

9,963,453

Dainippon Screen Manufacturing Co. Ltd. (a)

702,000

4,696,807

EM Systems Co. Ltd.

227,300

1,910,562

Enplas Corp.

520,000

17,095,259

Excel Co. Ltd.

292,900

6,219,964

Honda Tsushin Kogyo Co. Ltd.

390,200

2,319,444

Iriso Electronics Co. Ltd.

13,000

173,263

KAGA ELECTRONICS Co. Ltd.

1,053,800

18,867,044

Nagano Keiki Co. Ltd.

287,000

5,814,165

Nihon Aim Co. Ltd. (c)

1,580

14,600,275

Nippon Chemi-con Corp.

952,000

5,159,854

Nippon Electric Glass Co. Ltd.

1,066,000

24,626,413

Pixela Corp.

67,100

1,609,744

Showa Shinku Co. Ltd.

57,400

1,198,534

Siix Corp.

302,600

7,259,443

SMK Corp.

269,000

1,297,845

Sonocom Co. Ltd.

57,000

754,626

Sunx Ltd.

88,400

999,888

Tietech Co. Ltd.

326,000

3,765,577

Tosei Engineering Corp.

122,000

1,960,961

Yokogawa Electric Corp.

861,000

11,467,675

161,361,908

Internet Software & Services - 3.4%

Dwango Co. Ltd.

872

21,151,917

Telewave, Inc. (c)

3,055

26,058,719

47,210,636

IT Services - 2.1%

Faith, Inc.

2,402

17,564,810

Future System Consulting Corp.

1,369

3,357,246

ITX Corp. (a)

2,016

3,188,461

Matsushita Electric Works Information Systems Co. Ltd.

10,600

1,101,951

NEC Soft Ltd.

151,400

4,156,760

29,369,228

Office Electronics - 1.6%

Canon Fintech, Inc.

240,000

4,190,293

Shares

Value (Note 1)

Konica Minolta Holdings, Inc.

725,000

$ 9,843,102

Riso Kagaku Corp.

173,600

7,403,917

21,437,312

Semiconductors & Semiconductor Equipment - 2.1%

AOI Electronics Co. Ltd.

104,400

2,022,216

Aval Data Corp.

112,000

955,344

Sanken Electric Co. Ltd.

377,000

4,833,684

Shinko Electric Industries Co.Ltd.

453,400

13,697,176

Techno Quartz, Inc.

82,000

572,673

Tokyo Seimitsu Co. Ltd.

78,700

2,531,360

Towa Corp.

348,800

4,152,904

28,765,357

Software - 2.0%

Core Corp.

67,900

1,502,241

Konami Computer Tokyo, Inc.

375,900

7,782,137

Nihon Falcom Corp.

237

905,498

VIC Tokai Corp.

663,100

7,070,187

Works Applications Co. Ltd. (a)

2,982

10,916,300

28,176,363

TOTAL INFORMATION TECHNOLOGY

339,673,674

MATERIALS - 12.2%

Chemicals - 5.1%

C. Uyemura & Co. Ltd.

338,000

11,562,401

Harima Chemicals, Inc.

320,000

2,448,070

Hitachi Chemical Co. Ltd.

249,500

4,478,087

JSP Corp.

234,200

2,497,116

Kaneka Corp.

421,000

3,811,772

Kuraray Co. Ltd.

351,000

2,582,308

Lintec Corp.

693,000

10,172,176

Nanbu Plastics Co. Ltd.

2,000

31,632

Nifco, Inc.

654,000

10,529,471

Nihon Micro Coating Co. Ltd.

28,100

621,693

Nippon Chemical Industrial Co. Ltd.

1,523,000

6,549,617

Nippon Shokubai Co. Ltd.

468,000

3,293,378

NOF Corp.

463,000

1,875,929

Okamoto Glass Co. Ltd.

209,000

3,361,209

Osaka Organic Chemical Industry Ltd.

195,000

3,881,086

Soken Chemical & Engineer Co. Ltd.

109,100

2,743,354

T&K Toka Co. Ltd.

34,100

818,067

71,257,366

Construction Materials - 0.2%

Sumitomo Osaka Cement Co. Ltd.

994,000

2,437,620

Containers & Packaging - 1.8%

FP Corp.

21,700

414,542

Fuji Seal, Inc.

234,200

9,197,711

Rengo Co. Ltd.

3,269,000

13,390,181

Sun A Kaken Co. Ltd.

116,000

1,638,799

24,641,233

Metals & Mining - 4.8%

Kobe Steel Ltd. (a)

15,220,000

20,690,772

Common Stocks - continued

Shares

Value (Note 1)

MATERIALS - continued

Metals & Mining - continued

Neturen Co. Ltd.

395,000

$ 2,256,725

Pacific Metals Co. Ltd. (a)

1,000,000

4,176,077

Sumitomo Metal Mining Co. Ltd.

1,963,000

11,703,437

Tokyo Steel Manufacturing Co. Ltd.

1,515,800

25,051,022

Tokyo Tekko Co. Ltd. (a)

712,000

3,080,914

66,958,947

Paper & Forest Products - 0.3%

Hivic Co. Ltd.

12,300

167,212

Kokusai Chart Corp.

208,900

4,027,808

4,195,020

TOTAL MATERIALS

169,490,186

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

Mitsui & Associates Telepark Corp.

556

3,166,675

TOTAL COMMON STOCKS

(Cost $905,953,699)

1,270,851,624

Money Market Funds - 25.6%

Fidelity Cash Central Fund, 1.06% (b)

144,512,498

144,512,498

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

210,329,103

210,329,103

TOTAL MONEY MARKET FUNDS

(Cost $354,841,601)

354,841,601

TOTAL INVESTMENT PORTFOLIO - 117.3%

(Cost $1,260,795,300)

1,625,693,225

NET OTHER ASSETS - (17.3)%

(239,403,076)

NET ASSETS - 100%

$ 1,386,290,149

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $511,299,212 and $235,652,668, respectively.

Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Chiyoda Integre Co. Ltd.

$ 18,936,810

$ 271,544

$ -

$ -

$ 22,341,584

Nihon Aim Co. Ltd.

-

5,274,830

-

18,392

14,600,275

Reins International, Inc.

24,595,233

5,773,332

-

60,633

33,781,439

Telewave, Inc.

6,267,782

10,280,943

757,613

28,201

26,058,719

TOTALS

$ 49,799,825

$ 21,600,649

$ 757,613

$ 107,226

$ 96,782,017

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $74,043,000 of which $28,968,000 and $45,075,000 will expire on
October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Japan Smaller Companies

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $198,528,467) (cost $1,260,795,300) - See accompanying schedule

$ 1,625,693,225

Cash

8,277

Foreign currency held at value (cost $ 272,852)

272,839

Receivable for investments sold

13,731,035

Receivable for fund shares sold

3,474,762

Dividends receivable

3,760,612

Interest receivable

127,680

Prepaid expenses

1,990

Other affiliated receivables

80,450

Other receivables

317,713

Total assets

1,647,468,583

Liabilities

Payable for investments purchased

$ 38,470,214

Payable for fund shares redeemed

11,301,692

Accrued management fee

802,139

Other affiliated payables

230,063

Other payables and accrued expenses

45,223

Collateral on securities loaned, at value

210,329,103

Total liabilities

261,178,434

Net Assets

$ 1,386,290,149

Net Assets consist of:

Paid in capital

$ 1,031,610,667

Undistributed net investment income

616,684

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(10,723,578)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

364,786,376

Net Assets, for 111,766,008 shares outstanding

$ 1,386,290,149

Net Asset Value, offering price and redemption price per share ($1,386,290,149 ÷ 111,766,008 shares)

$ 12.40

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends (including $107,226 received from affiliated issuers)

$ 4,653,876

Interest

334,518

Security lending

1,698,312

6,686,706

Less foreign taxes withheld

(325,325)

Total income

6,361,381

Expenses

Management fee

$ 3,555,288

Transfer agent fees

1,011,245

Accounting and security lending fees

247,577

Non-interested trustees' compensation

2,750

Custodian fees and expenses

181,978

Registration fees

59,223

Audit

24,813

Legal

1,135

Miscellaneous

5,084

Total expenses before
reductions

5,089,093

Expense reductions

(186)

5,088,907

Net investment income (loss)

1,272,474

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of $62,324 on sales of investments in affiliated issuers)

63,660,029

Foreign currency transactions

119,365

Total net realized gain (loss)

63,779,394

Change in net unrealized appreciation (depreciation) on:

Investment securities

109,598,774

Assets and liabilities in foreign currencies

(130,692)

Total change in net unrealized appreciation (depreciation)

109,468,082

Net gain (loss)

173,247,476

Net increase (decrease) in
net assets resulting
from operations

$ 174,519,950

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Japan Smaller Companies
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,272,474

$ 839,613

Net realized gain (loss)

63,779,394

18,670,060

Change in net unrealized appreciation (depreciation)

109,468,082

240,994,799

Net increase (decrease) in net assets resulting from operations

174,519,950

260,504,472

Distributions to shareholders from net investment income

(1,684,858)

-

Share transactions
Net proceeds from sales of shares

631,018,465

429,276,957

Reinvestment of distributions

1,313,116

-

Cost of shares redeemed

(352,317,758)

(167,399,388)

Net increase (decrease) in net assets resulting from share transactions

280,013,823

261,877,569

Redemption fees

1,713,303

735,185

Total increase (decrease) in net assets

454,562,218

523,117,226

Net Assets

Beginning of period

931,727,931

408,610,705

End of period (including undistributed net investment income of $616,684 and undistributed net investment income of $1,029,068, respectively)

$ 1,386,290,149

$ 931,727,931

Other Information

Shares

Sold

55,729,935

50,915,768

Issued in reinvestment of distributions

136,641

-

Redeemed

(34,093,861)

(23,613,194)

Net increase (decrease)

21,772,715

27,302,574

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 10.35

$ 6.52

$ 6.97

$ 14.25

$ 20.56

$ 6.01

Income from Investment Operations

Net investment income (loss) E

.01

.01

- G

(.03)

(.12)

(.03)

Net realized and unrealized gain (loss)

2.04

3.81

(.47)

(2.80)

(6.13)

14.45

Total from investment operations

2.05

3.82

(.47)

(2.83)

(6.25)

14.42

Distributions from net investment income

(.02)

-

-

-

-

-

Distributions in excess of net investment income

-

-

-

-

(.15)

-

Distributions from net realized gain

-

-

-

(4.46)

-

-

Total distributions

(.02)

-

-

(4.46)

(.15)

-

Redemption fees added to paid in capital E

.02

.01

.02

.01

.09

.13

Net asset value, end of period

$ 12.40

$ 10.35

$ 6.52

$ 6.97

$ 14.25

$ 20.56

Total Return B, C, D

20.06%

58.74%

(6.46)%

(25.96)%

(30.24)%

242.10%

Ratios to Average Net Assets F

Expenses before expense reductions

1.04% A

1.12%

1.19%

1.21%

1.07%

1.07%

Expenses net of voluntary waivers, if any

1.04% A

1.12%

1.19%

1.21%

1.07%

1.07%

Expenses net of all reductions

1.04% A

1.12%

1.19%

1.19%

1.06%

1.07%

Net investment income (loss)

.26% A

.19%

(.06)%

(.40)%

(.57)%

(.22)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,386,290

$ 931,728

$ 408,611

$ 339,130

$ 559,577

$ 1,780,012

Portfolio turnover rate

50% A

43%

50%

52%

39%

39%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01
per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Latin America

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Brazil

46.1%

Mexico

44.0%

Chile

2.4%

United States of America

2.3%

Peru

1.4%

Argentina

1.4%

Luxembourg

1.0%

Venezuela

0.7%

United Kingdom

0.4%

Canada

0.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Brazil

50.2%

Mexico

41.9%

United States of America

3.3%

Chile

2.4%

Luxembourg

1.1%

Argentina

0.8%

Venezuela

0.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.3

98.4

Short-Term Investments and
Net Other Assets

0.7

1.6

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

America Movil SA de CV sponsored ADR (Mexico, Wireless Telecommunication Services)

10.9

9.2

Telefonos de Mexico SA de CV sponsored ADR (Mexico, Diversified Telecommunication Services)

10.2

10.0

Petroleo Brasileiro SA Petrobras (Brazil, Oil & Gas)

9.6

8.1

Cemex SA de CV sponsored ADR (Mexico, Construction Materials)

5.4

5.1

Grupo Televisa SA de CV sponsored ADR
(Mexico, Media)

4.5

5.2

Wal-Mart de Mexico SA de CV Series V (Mexico, Food & Staples Retailing)

4.0

0.0

Fomento Economico Mexicano SA de CV sponsored ADR
(Mexico, Beverages)

3.6

2.3

Petroleo Brasileiro SA Petrobras sponsored ADR
(Brazil, Oil & Gas)

2.9

3.1

Banco Itau Holding Financeira SA (PN) (Brazil, Commercial Banks)

2.9

3.2

Companhia Vale do Rio Doce (Brazil, Metals & Mining)

2.6

3.3

56.6

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Telecommunication Services

30.3

29.1

Materials

21.3

18.2

Energy

14.3

13.0

Consumer Staples

12.5

13.2

Financials

8.3

11.2

Consumer Discretionary

5.8

6.7

Utilities

4.0

4.7

Industrials

2.8

2.3

Information Technology

0.0

0.0

Semiannual Report

Latin America

Investments April 30, 2004 (Unaudited)

of Net Assets

Common Stocks - 98.0%

Shares

Value (Note 1)

Argentina - 1.4%

Inversiones y Representaciones SA sponsored GDR (a)

23,700

$ 191,970

Petrobras Energia Participaciones SA sponsored ADR (a)

181,654

2,196,197

Telecom Argentina SA sponsored ADR (a)

169,500

1,425,495

TOTAL ARGENTINA

3,813,662

Brazil - 44.8%

Aracruz Celulose SA sponsored ADR

85,600

2,665,584

Banco Bradesco SA:

(PN)

85,229

3,510,284

sponsored ADR

65,150

2,648,348

Banco Itau Holding Financeira SA (PN)

101,773,400

8,112,724

Brasil Telecom Participacoes SA sponsored ADR

96,700

2,997,700

Caemi Mineracao E Metalurgia SA (PN) (a)

11,702,400

4,349,000

Centrais Electricas Brasileiras (Electrobras) SA (PN-B)

384,476,400

4,299,634

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

142,000

2,527,600

Companhia de Bebidas das Americas (AmBev)

4,240,735

1,489,245

Companhia de Bebidas das Americas (AmBev) sponsored ADR

256,826

4,818,056

Companhia Energetica Minas Gerais (CEMIG) (PN)

213,733,654

3,279,241

Companhia Paranaense de Energia-Copel sponsored ADR (a)

196,000

662,480

Companhia Vale do Rio Doce:

(PN-A)

68,000

2,689,397

sponsored:

ADR

65,300

2,971,150

ADR (non-vtg.)

123,300

4,819,797

Embraer - Empresa Brasileira de Aeronautica SA

80,100

408,283

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

239,343

6,175,049

Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a)

11,465,310

23,064

Gerdau SA sponsored ADR

195,210

4,103,314

Petroleo Brasileiro SA Petrobras:

(PN)

306,570

7,662,682

sponsored:

ADR

282,500

8,164,250

ADR (non-vtg.)

784,600

19,575,770

Siderurgica Nacional Compania ADR

81,100

3,827,109

Tele Centro Oeste Celular Participacoes SA ADR

67,366

576,653

Tele Norte Leste Participacoes SA ADR

501,300

5,935,392

Shares

Value (Note 1)

Telebras sponsored ADR

213,400

$ 6,105,374

Uniao de Bancos Brasileiros SA (Unibanco) GDR

211,000

4,135,600

Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)

665,100

6,689,550

Votorantim Celulose e Papel SA:

(PN)

16,513,199

1,046,080

sponsored ADR

31,600

992,240

TOTAL BRAZIL

127,260,650

Canada - 0.3%

AUR Resources, Inc. (a)

176,000

721,169

Chile - 2.4%

Banco Santander Chile sponsored ADR

79,128

1,975,035

CorpBanca SA sponsored ADR (c)

52,200

1,265,048

Enersis SA sponsored ADR

504,400

3,051,620

Vina Concha y Toro SA sponsored ADR

14,900

610,900

TOTAL CHILE

6,902,603

Luxembourg - 1.0%

Tenaris SA sponsored ADR

95,569

2,866,114

Mexico - 44.0%

Alfa SA de CV Series A

450,900

1,478,315

America Movil SA de CV sponsored ADR

915,000

30,927,000

Cemex SA de CV sponsored ADR

525,073

15,463,400

Consorcio ARA SA de CV (a)

577,900

1,576,298

Fomento Economico Mexicano SA de CV sponsored ADR

234,900

10,269,828

Grupo Bimbo SA de CV Series A

451,000

908,597

Grupo Financiero Inbursa SA de CV Series O

1,283,700

1,606,804

Grupo Mexico SA de CV Series B (a)

567,700

1,676,273

Grupo Modelo SA de CV Series C

1,441,700

3,606,618

Grupo Televisa SA de CV sponsored ADR

291,500

12,706,485

Hylsamex SA de CV unit (a)

1,088,300

1,426,091

Industrias Penoles SA de CV

206,100

903,724

Telefonos de Mexico SA de CV sponsored ADR

850,800

29,046,312

TV Azteca SA de CV sponsored ADR

220,300

2,015,745

Wal-Mart de Mexico SA de CV Series V

3,869,755

11,290,811

TOTAL MEXICO

124,902,301

Peru - 1.4%

Compania de Minas Buenaventura SA sponsored ADR

186,700

4,040,188

United Kingdom - 0.4%

Antofagasta PLC

73,900

1,234,862

United States of America - 1.6%

NII Holdings, Inc. (a)

128,400

4,494,000

Venezuela - 0.7%

Compania Anonima Nacional Telefono de Venezuela sponsored ADR

104,800

2,006,920

TOTAL COMMON STOCKS

(Cost $206,748,669)

278,242,469

Nonconvertible Preferred Stocks - 1.3%

Shares

Value (Note 1)

Brazil - 1.3%

Suzano de Papel E Celulose Compania (PN)

342,700

$ 1,518,957

Telemar Norte Leste SA (PN-A)

130,102,400

2,173,548

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $4,231,163)

3,692,505

Money Market Funds - 4.0%

Fidelity Securities Lending Cash Central Fund, 1.06% (b)
(Cost $11,514,400)

11,514,400

11,514,400

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $222,494,232)

293,449,374

NET OTHER ASSETS - (3.3)%

(9,472,512)

NET ASSETS - 100%

$ 283,976,862

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,265,048 or 0.4% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $78,862,141 and $30,671,605, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2,852 for the period.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $98,738,000 of which $37,615,000, $22,657,000, $11,150,000, $7,286,000, $11,980,000 and $8,050,000 will expire on October 31, 2004, 2007, 2008, 2009, 2010 and 2011, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Latin America

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $11,357,735) (cost $222,494,232) - See accompanying schedule

$ 293,449,374

Foreign currency held at value (cost $20)

20

Receivable for investments sold

3,681,545

Receivable for fund shares sold

213,458

Dividends receivable

2,355,763

Interest receivable

2,031

Prepaid expenses

717

Other affiliated receivables

7,929

Other receivables

13,400

Total assets

299,724,237

Liabilities

Payable to custodian bank

$ 1,457,944

Payable for fund shares redeemed

2,447,378

Accrued management fee

195,631

Other affiliated payables

86,574

Other payables and accrued expenses

45,448

Collateral on securities loaned,
at value

11,514,400

Total liabilities

15,747,375

Net Assets

$ 283,976,862

Net Assets consist of:

Paid in capital

$ 301,931,890

Undistributed net investment income

2,687,572

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(91,596,909)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

70,954,309

Net Assets, for 19,325,896 shares outstanding

$ 283,976,862

Net Asset Value, offering price and redemption price per share ($283,976,862 ÷ 19,325,896 shares)

$ 14.69

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 6,531,922

Interest

25,406

Security lending

11,426

6,568,754

Less foreign taxes withheld

(684,504)

Total income

5,884,250

Expenses

Management fee

$ 1,063,460

Transfer agent fees

406,507

Accounting and security lending fees

78,018

Non-interested trustees' compensation

1,226

Custodian fees and expenses

85,539

Registration fees

25,716

Audit

36,680

Legal

359

Miscellaneous

85,660

Total expenses before reductions

1,783,165

Expense reductions

(15,212)

1,767,953

Net investment income (loss)

4,116,297

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

9,383,403

Foreign currency transactions

(49,976)

Total net realized gain (loss)

9,333,427

Change in net unrealized appreciation (depreciation) on:

Investment securities

8,255,264

Assets and liabilities in foreign currencies

(13,317)

Total change in net unrealized appreciation (depreciation)

8,241,947

Net gain (loss)

17,575,374

Net increase (decrease) in net assets resulting from operations

$ 21,691,671

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Latin America
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 4,116,297

$ 3,242,149

Net realized gain (loss)

9,333,427

(7,547,156)

Change in net unrealized appreciation (depreciation)

8,241,947

78,116,337

Net increase (decrease) in net assets resulting from operations

21,691,671

73,811,330

Distributions to shareholders from net investment income

(3,905,133)

(2,628,539)

Share transactions
Net proceeds from sales of shares

104,941,667

47,805,000

Reinvestment of distributions

3,746,651

2,504,746

Cost of shares redeemed

(62,341,300)

(42,599,039)

Net increase (decrease) in net assets resulting from share transactions

46,347,018

7,710,707

Redemption fees

324,607

226,141

Total increase (decrease) in net assets

64,458,163

79,119,639

Net Assets

Beginning of period

219,518,699

140,399,060

End of period (including undistributed net investment income of $2,687,572 and undistributed net investment income of $2,476,408, respectively)

$ 283,976,862

$ 219,518,699

Other Information

Shares

Sold

6,631,298

4,368,834

Issued in reinvestment of distributions

264,221

277,688

Redeemed

(3,976,829)

(3,973,164)

Net increase (decrease)

2,918,690

673,358

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 13.38

$ 8.92

$ 10.40

$ 13.87

$ 12.31

$ 10.73

Income from Investment Operations

Net investment income (loss) E

.22

.20

.17

.27 F

.07

.18

Net realized and unrealized gain (loss)

1.30

4.42

(1.41)

(3.68)

1.61

1.61

Total from investment operations

1.52

4.62

(1.24)

(3.41)

1.68

1.79

Distributions from net investment income

(.23)

(.17)

(.25)

(.07)

(.14)

(.25)

Redemption fees added to paid in capital E

.02

.01

.01

.01

.02

.04

Net asset value, end of period

$ 14.69

$ 13.38

$ 8.92

$ 10.40

$ 13.87

$ 12.31

Total Return B, C, D

11.57%

52.83%

(12.37)%

(24.61)%

13.76%

17.46%

Ratios to Average Net Assets G

Expenses before expense reductions

1.22% A

1.31%

1.44%

1.41%

1.25%

1.32%

Expenses net of voluntary waivers, if any

1.22% A

1.31%

1.44%

1.41%

1.25%

1.32%

Expenses net of all reductions

1.21% A

1.31%

1.41%

1.35%

1.23%

1.30%

Net investment income (loss)

2.81% A

1.89%

1.57%

2.14%

.44%

1.55%

Supplemental Data

Net assets, end of period (000 omitted)

$ 283,977

$ 219,519

$ 140,399

$ 184,457

$ 297,265

$ 307,336

Portfolio turnover rate

22% A

28%

128%

96%

51%

49%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the former sales charges. ECalculated based on average shares outstanding during the period. FInvestment income per share reflects a special dividend which amounted to $.07 per share. GExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Nordic

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Sweden

37.5%

Finland

17.3%

Norway

16.3%

Denmark

12.3%

United States of America

5.3%

Switzerland

3.7%

United Kingdom

2.6%

Estonia

2.1%

Luxembourg

1.9%

Other

1.0%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Sweden

43.3%

Finland

21.7%

Norway

17.1%

Denmark

11.5%

Switzerland

4.3%

United States of America

1.4%

Bermuda

0.5%

Cayman Islands

0.2%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.3

99.1

Short-Term Investments and
Net Other Assets

1.7

0.9

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Telefonaktiebolaget LM Ericsson
(B Shares) (Sweden, Communications Equipment)

10.6

7.4

Nokia Corp. (Finland, Communications Equipment)

5.4

10.1

Nobel Biocare Holding AG (Switzerland) (Switzerland, Health Care Equipment & Supplies)

3.7

4.3

Novo Nordisk AS Series B (Denmark, Pharmaceuticals)

3.6

2.3

Norsk Hydro ASA
(Norway, Oil & Gas)

3.6

2.4

Nordea Bank AB
(Sweden, Commercial Banks)

3.4

3.0

Volvo AB (B Shares)
(Sweden, Machinery)

3.2

2.5

Danske Bank AS (Denmark, Commercial Banks)

3.2

2.6

Svenska Handelsbanken AB
(A Shares) (Sweden, Commercial Banks)

2.6

3.0

UPM-Kymmene Corp. (Finland, Paper & Forest Products)

2.6

2.9

41.9

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

22.9

23.8

Industrials

16.9

19.1

Financials

15.8

15.7

Health Care

13.1

12.2

Consumer Discretionary

7.5

4.2

Materials

6.9

8.7

Energy

6.9

5.3

Telecommunication Services

5.6

5.6

Consumer Staples

1.9

3.4

Utilities

0.8

1.1

Semiannual Report

Nordic

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (Note 1)

Bermuda - 0.8%

Golar LNG Ltd. (a)

67,400

$ 871,391

Cayman Islands - 0.2%

DSND, Inc. (a)

94,700

234,522

Denmark - 12.3%

A.P. Moller - Maersk AS Series B

160

1,007,229

Coloplast AS Series B

10,300

970,118

Danske Bank AS

148,720

3,340,220

GN Store Nordic AS

66,100

512,956

Group 4 Falck AS

22,490

557,624

Kobenhaven Lufthave AS

1,100

155,319

Novo Nordisk AS Series B

80,695

3,832,658

Novozymes AS Series B

21,100

866,272

TDC AS

49,000

1,664,600

TOTAL DENMARK

12,906,996

Estonia - 2.1%

Hansabank SA

288,400

2,207,950

Finland - 17.3%

Elcoteq Network Corp. (A Shares)

7,700

143,178

Finnair Oyj

77,000

535,071

Fortum Oyj

79,400

889,457

Kone Oyj (B Shares)

13,500

784,456

Lassila & Tikahoja Oyj

24,000

799,372

Nokia Corp.

405,195

5,676,782

Nokian Tyres Ltd.

17,750

1,488,427

Stora Enso Oyj (R Shares)

191,000

2,549,850

TietoEnator Oyj

30,600

911,047

UPM-Kymmene Corp.

147,800

2,715,086

Vacon Oyj

70,900

918,259

Wartsila Oyj (B Shares)

12,300

270,417

YIT-Yhtyma OY

27,000

503,022

TOTAL FINLAND

18,184,424

Luxembourg - 1.9%

Millicom International Cellular SA unit (a)

23,360

586,927

SBS Broadcasting SA (a)

16,200

510,138

Stolt-Nielsen SA

70,500

929,442

TOTAL LUXEMBOURG

2,026,507

Norway - 16.3%

ABG Sundal Collier ASA

288,000

251,726

DnB NOR ASA

86,600

548,772

Farstad Shipping ASA

23,600

211,433

Fred Olsen Energy ASA (a)

42,300

271,746

Norman ASA

62,000

541,911

Norsk Hydro ASA

65,100

3,812,256

Norske Skogindustrier AS (A Shares)

30,100

548,102

Ocean RIG ASA (a)

372,800

1,026,414

Olav Thon Eiendomsselskap AS (a)

2,100

91,469

Shares

Value (Note 1)

Orkla ASA (A Shares)

40,685

$ 983,846

ProSafe ASA

11,200

243,102

Schibsted AS (B Shares)

23,800

448,118

Solstad Offshore ASA

63,000

490,997

Steen & Stroem ASA (a)

4,800

83,909

Storebrand ASA (A Shares)

266,700

1,662,844

Tandberg ASA (a)

277,900

2,509,950

TANDBERG Television ASA (a)

79,800

476,619

Telenor ASA

270,300

1,775,854

Visma ASA

45,900

501,486

Yara International ASA

95,137

672,165

TOTAL NORWAY

17,152,719

Sweden - 37.5%

Anoto Group AB (a)

56,500

125,692

Assa Abloy AB (B Shares)

86,802

1,056,386

Atlas Copco AB (A Shares)

26,300

922,360

Axfood AB

29,400

679,050

Concordia Maritime AB (B Shares)

39,200

86,693

Elekta AB (B Shares) (a)

39,300

701,997

Getinge AB (B Shares)

66,760

768,792

Hennes & Mauritz AB (H&M) (B Shares)

30,340

742,450

Hexagon AB (B Shares)

24,700

838,773

HIQ International AB

127,000

245,966

Intrum Justitia AB

163,500

885,785

JM AB (B Shares)

34,100

602,418

Mekonomen AB

7,000

162,137

Modern Times Group AB (MTG) (B Shares) (a)

43,300

730,950

Nordea Bank AB

525,100

3,538,826

Observer AB

200,383

799,780

OMHEX AB

39,900

537,799

ORC Software AB

80,300

803,872

POOLiA AB (B Shares)

57,900

215,182

Proffice AB (B Shares)

150,700

404,275

Readsoft AB (B Shares) (a)

388,556

599,992

Sandvik AB

27,900

907,278

Sectra AB (B Shares)

48,300

369,754

Securitas AB (B Shares)

74,100

1,066,647

Skandia Foersaekrings AB

242,900

953,584

SKF AB (B Shares)

18,000

617,140

Svenska Handelsbanken AB (A Shares)

143,116

2,762,423

Swedish Match Co.

39,200

394,991

Tele2 AB (B Shares)

42,200

1,916,249

Teleca AB (B Shares)

63,700

361,776

Telefonaktiebolaget LM Ericsson (B Shares) (a)

4,185,200

11,161,933

Volvo AB (B Shares)

99,700

3,411,747

TOTAL SWEDEN

39,372,697

Switzerland - 3.7%

Nobel Biocare Holding AG (Switzerland)

28,290

3,837,875

United Kingdom - 2.6%

AstraZeneca PLC (Sweden)

57,050

2,702,553

Common Stocks - continued

Shares

Value (Note 1)

United States of America - 3.6%

Autoliv, Inc. Swedish Depository Receipt

30,500

$ 1,297,159

Royal Caribbean Cruises Ltd.

59,900

2,451,986

TOTAL UNITED STATES OF AMERICA

3,749,145

TOTAL COMMON STOCKS

(Cost $91,866,651)

103,246,779

Money Market Funds - 6.9%

Fidelity Cash Central Fund, 1.06% (b)

1,190,401

1,190,401

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

6,074,717

6,074,717

TOTAL MONEY MARKET FUNDS

(Cost $7,265,118)

7,265,118

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $99,131,769)

110,511,897

NET OTHER ASSETS - (5.2)%

(5,443,723)

NET ASSETS - 100%

$ 105,068,174

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $61,849,009 and $46,812,348, respectively.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $24,829,000 of which $16,400,000, $6,501,000 and $1,928,000 will expire on October 31, 2009, 2010 and 2011, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Nordic

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $5,741,279) (cost $99,131,769) - See accompanying schedule

$ 110,511,897

Receivable for investments sold

605,403

Receivable for fund shares sold

56,950

Dividends receivable

516,482

Interest receivable

1,602

Prepaid expenses

274

Other affiliated receivables

1,228

Other receivables

48,895

Total assets

111,742,731

Liabilities

Payable for investments purchased

$ 57,717

Payable for fund shares redeemed

410,055

Accrued management fee

67,666

Other affiliated payables

33,346

Other payables and accrued expenses

31,056

Collateral on securities loaned,
at value

6,074,717

Total liabilities

6,674,557

Net Assets

$ 105,068,174

Net Assets consist of:

Paid in capital

$ 106,426,836

Undistributed net investment income

1,139,470

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(13,880,301)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

11,382,169

Net Assets, for 4,811,755 shares outstanding

$ 105,068,174

Net Asset Value, offering price and redemption price per share ($105,068,174 ÷ 4,811,755 shares)

$ 21.84

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 1,959,800

Interest

11,167

Security lending

98,864

2,069,831

Less foreign taxes withheld

(283,150)

Total income

1,786,681

Expenses

Management fee

$ 360,993

Transfer agent fees

161,515

Accounting and security lending fees

28,341

Non-interested trustees' compensation

281

Custodian fees and expenses

55,644

Registration fees

9,468

Audit

23,387

Legal

142

Miscellaneous

642

Total expenses before reductions

640,413

Expense reductions

(18,609)

621,804

Net investment income (loss)

1,164,877

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

12,358,739

Foreign currency transactions

(41,765)

Total net realized gain (loss)

12,316,974

Change in net unrealized appreciation (depreciation) on:

Investment securities

(4,749,671)

Assets and liabilities in foreign currencies

(209)

Total change in net unrealized appreciation (depreciation)

(4,749,880)

Net gain (loss)

7,567,094

Net increase (decrease) in net assets resulting from operations

$ 8,731,971

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Nordic
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,164,877

$ 489,531

Net realized gain (loss)

12,316,974

4,046,076

Change in net unrealized appreciation (depreciation)

(4,749,880)

13,723,401

Net increase (decrease) in net assets resulting from operations

8,731,971

18,259,008

Distributions to shareholders from net investment income

(633,291)

(575,077)

Share transactions
Net proceeds from sales of shares

35,884,783

5,971,305

Reinvestment of distributions

613,718

556,144

Cost of shares redeemed

(21,011,322)

(16,879,816)

Net increase (decrease) in net assets resulting from share transactions

15,487,179

(10,352,367)

Redemption fees

145,020

13,366

Total increase (decrease) in net assets

23,730,879

7,344,930

Net Assets

Beginning of period

81,337,295

73,992,365

End of period (including undistributed net investment income of $1,139,470 and undistributed net investment income of $607,884, respectively)

$ 105,068,174

$ 81,337,295

Other Information

Shares

Sold

1,553,518

368,565

Issued in reinvestment of distributions

29,807

35,973

Redeemed

(944,514)

(1,047,699)

Net increase (decrease)

638,811

(643,161)

Financial Highlights

Six months ended
April 30,2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 19.49

$ 15.36

$ 17.31

$ 27.19

$ 22.49

$ 16.26

Income from Investment Operations

Net investment income (loss) E

.26

.11

.10

.07

.05

.07

Net realized and unrealized gain (loss)

2.21

4.14

(1.99)

(9.71)

5.10

6.14

Total from investment operations

2.47

4.25

(1.89)

(9.64)

5.15

6.21

Distributions from net investment income

(.15)

(.12)

(.06)

(.03)

(.06)

-

Distributions from net realized gain

-

-

-

(.22)

(.45)

-

Total distributions

(.15)

(.12)

(.06)

(.25)

(.51)

-

Redemption fees added to paid in capital E

.03

- G

- G

.01

.06

.02

Net asset value, end of period

$ 21.84

$ 19.49

$ 15.36

$ 17.31

$ 27.19

$ 22.49

Total Return B, C, D

12.87%

27.87%

(10.97)%

(35.72)%

23.21%

38.31%

Ratios to Average Net Assets F

Expenses before expense reductions

1.28% A

1.43%

1.35%

1.26%

1.17%

1.27%

Expenses net of voluntary waivers, if any

1.28% A

1.43%

1.35%

1.26%

1.17%

1.27%

Expenses net of all reductions

1.25% A

1.40%

1.30%

1.20%

1.15%

1.23%

Net investment income (loss)

2.34% A

.67%

.57%

.34%

.18%

.37%

Supplemental Data

Net assets, end of period (000 omitted)

$ 105,068

$ 81,337

$ 73,992

$ 98,434

$ 200,872

$ 111,388

Portfolio turnover rate

98% A

96%

106%

88%

80%

70%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Pacific Basin

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan

57.0%

Korea (South)

11.3%

Australia

8.8%

Hong Kong

5.8%

United States of America

4.1%

Taiwan

4.1%

India

2.3%

Indonesia

1.7%

Thailand

1.3%

Other

3.6%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan

54.4%

Australia

12.0%

Hong Kong

7.1%

Korea (South)

6.6%

Taiwan

5.6%

United States of America

4.8%

China

2.1%

India

2.1%

Thailand

1.9%

Other

3.4%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

95.9

95.4

Short-Term Investments and
Net Other Assets

4.1

4.6

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

3.5

2.7

Toyota Motor Corp.
(Japan, Automobiles)

3.4

2.5

Canon, Inc. (Japan,
Office Electronics)

2.2

2.1

Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)

1.8

1.7

Mizuho Financial Group, Inc. (Japan, Commercial Banks)

1.6

0.7

Nippon Telegraph & Telephone Corp. (Japan, Diversified Telecommunication Services)

1.5

1.0

UFJ Holdings, Inc.
(Japan, Commercial Banks)

1.5

1.0

Australia & New Zealand
Banking Group Ltd.
(Australia, Commercial Banks)

1.4

1.5

News Corp. Ltd.
(Australia, Media)

1.3

1.8

LG Electronics, Inc. (Korea (South), Household Durables)

1.3

0.0

19.5

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.4

27.7

Consumer Discretionary

26.0

21.0

Information Technology

20.1

21.3

Telecommunication Services

6.6

4.8

Industrials

5.9

5.0

Materials

4.0

6.6

Health Care

3.6

3.1

Consumer Staples

3.2

3.9

Energy

0.1

1.2

Utilities

0.0

0.8

Semiannual Report

Pacific Basin

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%

Shares

Value (Note 1)

Australia - 8.8%

Australia & New Zealand Banking Group Ltd.

501,950

$ 6,734,109

BHP Billiton Ltd.

565,329

4,638,526

Billabong International Ltd.

330,967

1,817,214

Commonwealth Bank of Australia

58,445

1,319,487

CSL Ltd.

284,138

4,528,378

Macquarie Bank Ltd.

52,998

1,326,693

National Australia Bank Ltd.

145,700

3,119,437

News Corp. Ltd.

712,897

6,515,876

Promina Group Ltd.

1,160,147

3,143,056

Publishing & Broadcasting Ltd.

330,829

2,911,110

QBE Insurance Group Ltd.

281,625

2,370,309

Southcorp Ltd.

470,307

1,212,991

St. George Bank Ltd.

77,000

1,121,474

Westpac Banking Corp.

144,916

1,829,014

TOTAL AUSTRALIA

42,587,674

Bermuda - 0.1%

Clear Media Ltd. (a)

764,000

680,752

China - 0.9%

China Petroleum & Chemical Corp.
(H Shares)

1,982,000

683,394

Global Bio-Chem Technology Group Co. Ltd.

1,772,000

1,294,940

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

221,500

0

People's Food Holdings Ltd.

1,768,000

1,371,187

Tong Ren Tang Technologies Co. Ltd.
(H Shares)

567,000

1,148,553

TOTAL CHINA

4,498,074

Hong Kong - 5.8%

China Merchants Holdings International Co. Ltd.

758,000

894,063

Denway Motors Ltd.

2,624,000

1,253,144

Esprit Holdings Ltd.

1,098,500

4,506,724

Giordano International Ltd.

3,984,000

2,285,722

Hengan International Group Co. Ltd.

740,000

436,416

Hong Kong Exchanges & Clearing Ltd.

978,000

1,956,025

Hong Kong Land Holdings Ltd.

1,146,000

1,982,580

Kingboard Chemical Holdings Ltd.

2,136,000

4,025,590

Sa Sa International Holdings Ltd.

2,858,000

1,108,405

Sun Hung Kai Properties Ltd.

322,000

2,765,933

Techtronic Industries Co. Ltd.

1,070,000

2,867,088

Television Broadcasts Ltd.

391,000

1,824,690

Wing Hang Bank Ltd.

388,500

2,465,512

TOTAL HONG KONG

28,371,892

India - 2.3%

Bank of Baroda

519,500

2,640,724

Housing Development Finance Corp. Ltd.

242,149

3,238,818

Infosys Technologies Ltd.

21,094

2,441,416

Shares

Value (Note 1)

Matrix Laboratories Ltd.

18,913

$ 659,212

State Bank of India

144,900

2,093,833

TOTAL INDIA

11,074,003

Indonesia - 1.7%

PT Bank Mandiri Persero Tbk

11,600,000

1,915,058

PT Bank PAN Indonesia Tbk

26,879,500

1,101,741

PT Indosat Tbk

4,913,285

2,223,643

PT Panin Life Tbk

53,000,000

784,468

PT Telkomunikasi Indonesia Tbk

2,570,000

2,355,510

TOTAL INDONESIA

8,380,420

Japan - 57.0%

Advantest Corp.

28,500

2,124,601

Aeon Co. Ltd.

44,200

1,900,808

Aeon Credit Service Ltd.

68,600

4,272,802

Aiful Corp.

23,600

2,348,554

Aisin Seiki Co. Ltd.

179,000

3,087,089

Alfresa Holdings Corp. (a)

42,300

2,255,081

Asahi Broadcasting Corp.

940

62,558

Asahi Glass Co. Ltd.

487,000

5,054,084

Asahi Kasei Corp.

442,000

2,368,155

Bridgestone Corp.

117,000

1,941,929

Canon, Inc.

200,000

10,462,000

Citizen Electronics Co. Ltd.

19,800

1,257,888

Dentsu, Inc.

372

1,021,344

Dentsu, Inc. New (a)

372

1,014,733

Diamond Lease Co. Ltd.

1,900

74,619

Don Quijote Co. Ltd.

42,500

2,968,124

East Japan Railway Co.

506

2,535,714

Fast Retailing Co. Ltd.

55,800

4,263,863

Fuji Photo Film Co. Ltd.

65,000

2,073,500

Fuji Seal, Inc.

39,900

1,566,988

Fujitsu Ltd.

269,000

1,833,235

Fukuoka City Bank Ltd. (a)

79,000

262,524

H.I.S. Co. Ltd.

114,900

3,093,380

Hamakyorex Co. Ltd.

22,900

712,154

Hankyu Department Stores, Inc.

141,000

1,146,333

Hitachi Information Systems Co. Ltd.

29,700

878,762

Hitachi Ltd.

623,000

4,435,760

Honda Motor Co. Ltd.

54,300

2,188,290

Hoya Corp.

39,800

4,222,387

Ito Yokado Ltd.

124,000

5,057,140

Itochu Corp.

441,000

1,829,895

JAFCO Co. Ltd.

37,300

2,982,785

Japan Retail Fund Investment Corp.

252

1,636,773

KDDI Corp.

970

5,696,968

Konica Minolta Holdings, Inc.

152,000

2,063,657

Kyocera Corp.

61,400

5,099,884

Lawson, Inc.

58,900

2,166,637

Matsushita Electric Industrial Co. Ltd.

263,000

3,887,140

Meitec Corp.

56,300

1,945,936

Millea Holdings, Inc.

386

5,384,651

Mitsubishi Electric Corp.

216,000

1,070,924

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Mitsubishi Estate Co. Ltd.

168,000

$ 1,948,006

Mitsubishi Securities Co. Ltd.

136,000

1,721,965

Mitsubishi Tokyo Financial Group, Inc. (MTFG)

601

5,348,900

Mitsui & Co. Ltd.

275,000

2,223,539

Mizuho Financial Group, Inc. (a)

1,720

7,977,550

Murata Manufacturing Co. Ltd.

45,700

2,939,851

Nidec Corp.

31,100

3,291,113

Nikko Cordial Corp.

216,000

1,205,269

Nippon Electric Glass Co. Ltd.

168,000

3,881,086

Nippon Telegraph & Telephone Corp.

1,393

7,235,242

Nishi-Nippon Bank Ltd. (a)

34,000

137,455

Nishimatsuya Chain Co. Ltd.

87,640

3,161,542

Nissan Motor Co. Ltd.

367,400

4,012,007

Nitto Denko Corp.

87,300

4,754,943

NOK Corp.

81,000

3,073,148

Nomura Holdings, Inc.

314,000

5,143,320

Nomura Research Institute Ltd.

39,900

4,045,099

NTT DoCoMo, Inc.

1,483

2,980,830

Okamoto Glass Co. Ltd.

30,200

485,687

ORIX Corp.

25,700

2,671,712

Otsuka Kagu Ltd.

45,500

1,621,162

Pal Co. Ltd.

58,900

3,030,152

Pioneer Corp.

32,600

912,428

Rengo Co. Ltd.

505,000

2,068,535

Ricoh Co. Ltd.

217,000

4,241,828

Riso Kyoiku Co. Ltd.

610

840,102

Riso Kyoiku Co. Ltd. New

1,220

1,495,924

Rohm Co. Ltd.

12,000

1,468,202

Ryohin Keikaku Co. Ltd.

58,600

2,447,181

Sanken Electric Co. Ltd.

94,000

1,205,216

SFCG Co. Ltd.

20,210

4,065,494

Sharp Corp.

223,000

3,943,016

Shinko Electric Industries Co.Ltd.

2,600

78,546

Sony Corp.

134,400

5,160,960

Sumisho Lease Co. Ltd.

68,600

2,304,021

Sumitomo Corp.

228,000

1,715,888

Sumitomo Forestry Co. Ltd.

191,000

1,973,711

Sumitomo Mitsui Financial Group, Inc.

1,180

8,744,171

Sumitomo Realty & Development Co. Ltd.

172,000

1,893,522

Takeda Chemical Industries Ltd.

71,800

2,838,932

TDK Corp.

35,500

2,485,565

Teraoka Seisakusho Co. Ltd.

23,000

246,868

Tokyo Electron Ltd.

29,000

1,731,561

Toray Industries, Inc.

285,000

1,278,812

Toyota Motor Corp.

449,700

16,461,268

Toys R Us Japan Ltd.

91,000

2,021,399

Tv Asahi Corp.

1,263

2,322,974

UFJ Holdings, Inc. (a)

1,174

7,124,582

USS Co. Ltd.

45,440

3,766,956

Shares

Value (Note 1)

Yamanouchi Pharmaceutical Co. Ltd.

152,900

$ 4,999,492

Yamato Transport Co. Ltd.

250,000

3,725,149

TOTAL JAPAN

276,701,530

Korea (South) - 10.6%

Amorepacific Corp.

13,970

2,232,391

Cheil Communications, Inc.

6,630

926,680

Hana Bank

81,000

1,749,990

Hyundai Department Store Co. Ltd.

48,380

1,307,067

Interflex Co. Ltd.

96,024

2,459,217

Kia Motors Corp.

256,800

2,385,581

Kookmin Bank (a)

90,960

3,395,449

LG Corp.

89,090

1,286,978

LG Electronics, Inc.

101,570

6,163,367

ReignCom Ltd.

16,682

1,519,842

Samsung Electro-Mechanics Co. Ltd. (a)

79,030

2,977,055

Samsung Electronics Co. Ltd.

36,370

17,265,184

Samsung SDI Co. Ltd.

17,460

2,232,072

Shinhan Financial Group Co. Ltd.

193,120

3,365,838

Shinsegae Co. Ltd.

9,510

2,147,826

TOTAL KOREA (SOUTH)

51,414,537

Malaysia - 1.0%

Maxis Communications BHD

858,800

1,966,200

Public Bank BHD (For. Reg.)

2,928,612

2,635,751

TOTAL MALAYSIA

4,601,951

New Zealand - 0.4%

Telecom Corp. of New Zealand Ltd.

544,600

1,931,969

Philippines - 0.8%

Philippine Long Distance Telephone Co. (a)

53,000

1,021,778

Philippine Long Distance Telephone Co. sponsored ADR (a)

140,000

2,752,400

TOTAL PHILIPPINES

3,774,178

Singapore - 0.3%

Singapore Telecommunications Ltd.

1,139,000

1,565,958

Taiwan - 4.1%

Asia Optical Co., Inc.

161,000

1,134,417

AU Optronics Corp.

1,016,000

2,080,337

Chinatrust Financial Holding Co.

1,619,000

1,740,388

Fubon Financial Holding Co. Ltd.

2,286,016

2,182,075

Hon Hai Precision Industries Co. Ltd.

764,000

3,013,671

Merry Electronics Co. Ltd.

1,388,000

3,406,263

Taishin Financial Holdings Co. Ltd.

4,812,000

4,216,477

Taiwan Semiconductor Manufacturing Co. Ltd. (a)

386,000

668,323

Yageo Corp. (a)

2,664,000

1,451,924

TOTAL TAIWAN

19,893,875

Thailand - 1.3%

Advanced Info Service PCL (For. Reg.)

1,045,500

2,297,228

Bangkok Bank Ltd. PCL (For. Reg.) (a)

493,500

1,207,566

C.P. Seven Eleven PCL

575,200

811,456

Common Stocks - continued

Shares

Value (Note 1)

Thailand - continued

Siam Cement PCL (For. Reg.)

359,200

$ 1,937,258

TelecomAsia Corp. PCL (a)

1

0

TelecomAsia Corp. PCL rights 4/30/08 (a)

206,113

0

TOTAL THAILAND

6,253,508

United Kingdom - 0.1%

Astro All Asia Networks PLC

180,800

247,411

TOTAL COMMON STOCKS

(Cost $403,455,852)

461,977,732

Nonconvertible Preferred Stocks - 0.7%

Korea (South) - 0.7%

LG Electronics, Inc.

50,000

1,555,376

Samsung Electronics Co. Ltd.

6,330

1,747,919

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $3,641,335)

3,303,295

Money Market Funds - 5.9%

Fidelity Cash Central Fund, 1.06% (b)

11,251,275

11,251,275

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

17,419,759

17,419,759

TOTAL MONEY MARKET FUNDS

(Cost $28,671,034)

28,671,034

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $435,768,221)

493,952,061

NET OTHER ASSETS - (1.8)%

(8,614,215)

NET ASSETS - 100%

$ 485,337,846

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $331,363,360 and $297,749,878, respectively.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $78,136,000 of which $47,641,000 and $30,495,000 will expire on October 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Pacific Basin

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $16,558,664) (cost $435,768,221) - See accompanying schedule

$ 493,952,061

Foreign currency held at value (cost $ 2,396,880)

2,383,920

Receivable for investments sold

7,618,255

Receivable for fund shares sold

2,085,399

Dividends receivable

1,448,212

Interest receivable

12,849

Prepaid expenses

1,230

Other affiliated receivables

11,130

Other receivables

20,712

Total assets

507,533,768

Liabilities

Payable for investments purchased

$ 2,341,523

Payable for fund shares redeemed

1,681,929

Accrued management fee

308,783

Other affiliated payables

133,303

Other payables and accrued expenses

310,625

Collateral on securities loaned,
at value

17,419,759

Total liabilities

22,195,922

Net Assets

$ 485,337,846

Net Assets consist of:

Paid in capital

$ 477,121,833

Distributions in excess of net investment income

(1,133,153)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(48,564,041)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

57,913,207

Net Assets, for 26,485,249 shares outstanding

$ 485,337,846

Net Asset Value, offering price and redemption price per share ($485,337,846 ÷ 26,485,249 shares)

$ 18.32

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 3,614,907

Interest

49,916

Security lending

70,223

3,735,046

Less foreign taxes withheld

(212,346)

Total income

3,522,700

Expenses

Management fee
Basic fee

$ 1,629,392

Performance adjustment

69,600

Transfer agent fees

649,669

Accounting and security lending fees

121,214

Non-interested trustees' compensation

1,795

Custodian fees and expenses

175,803

Registration fees

19,313

Audit

31,534

Legal

651

Miscellaneous

2,629

Total expenses before reductions

2,701,600

Expense reductions

(12,577)

2,689,023

Net investment income (loss)

833,677

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

31,722,926

Foreign currency transactions

(178,065)

Total net realized gain (loss)

31,544,861

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of deferred foreign taxes of $229,774)

120,363

Assets and liabilities in foreign currencies

(43,398)

Total change in net unrealized appreciation (depreciation)

76,965

Net gain (loss)

31,621,826

Net increase (decrease) in net assets resulting from operations

$ 32,455,503

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Pacific Basin
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 833,677

$ 1,265,331

Net realized gain (loss)

31,544,861

17,361,391

Change in net unrealized appreciation (depreciation)

76,965

74,374,239

Net increase (decrease) in net assets resulting from operations

32,455,503

93,000,961

Distributions to shareholders from net investment income

(3,891,845)

-

Share transactions
Net proceeds from sales of shares

127,978,528

143,881,790

Reinvestment of distributions

3,503,557

-

Cost of shares redeemed

(94,242,953)

(124,105,198)

Net increase (decrease) in net assets resulting from share transactions

37,239,132

19,776,592

Redemption fees

284,424

267,285

Total increase (decrease) in net assets

66,087,214

113,044,838

Net Assets

Beginning of period

419,250,632

306,205,794

End of period (including distributions in excess of net investment income of $1,133,153 and undistributed net investment income of $1,925,015, respectively)

$ 485,337,846

$ 419,250,632

Other Information

Shares

Sold

6,965,111

9,944,998

Issued in reinvestment of distributions

207,801

-

Redeemed

(5,262,934)

(9,417,585)

Net increase (decrease)

1,909,978

527,413

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 17.06

$ 12.73

$ 13.09

$ 20.32

$ 22.48

$ 11.89

Income from Investment Operations

Net investment income (loss) F

.03

.06

(.02)

(.02)

(.10)

(.04)

Net realized and unrealized gain (loss)

1.38

4.26

(.36)

(5.91)

(1.86)

10.62

Total from investment operations

1.41

4.32

(.38)

(5.93)

(1.96)

10.58

Distributions from net investment income

(.16)

-

-

(1.10)

-

-

Distributions in excess of net investment income

-

-

-

-

(.28)

(.02)

Distributions from net realized gain

-

-

-

(.23)

-

-

Total distributions

(.16)

-

-

(1.33)

(.28)

(.02)

Redemption fees added to paid in capital F

.01

.01

.02

.03

.08

.03

Net asset value, end of period

$ 18.32

$ 17.06

$ 12.73

$ 13.09

$ 20.32

$ 22.48

Total Return B, C, D, E

8.41%

34.01%

(2.75)%

(30.79)%

(8.61)%

89.36%

Ratios to Average Net Assets G

Expenses before expense reductions

1.20% A

1.17%

1.51%

1.48%

1.25%

1.37%

Expenses net of voluntary waivers, if any

1.20% A

1.17%

1.51%

1.48%

1.25%

1.37%

Expenses net of all reductions

1.20% A

1.17%

1.50%

1.45%

1.22%

1.36%

Net investment income (loss)

.37% A

.41%

(.15)%

(.11)%

(.42)%

(.24)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 485,338

$ 419,251

$ 306,206

$ 303,672

$ 516,769

$ 659,881

Portfolio turnover rate

137% A

97%

98%

123%

144%

101%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Southeast Asia

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Korea (South)

33.3%

Hong Kong

20.2%

Taiwan

14.9%

China

6.1%

Malaysia

5.9%

Thailand

4.6%

Singapore

4.0%

Indonesia

2.9%

United Kingdom

2.1%

Other

6.0%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Korea (South)

30.2%

Hong Kong

23.6%

Taiwan

19.7%

Singapore

5.8%

Thailand

5.0%

India

3.2%

United Kingdom

3.2%

China

3.2%

Malaysia

2.7%

Other

3.4%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.1

99.3

Short-Term Investments and
Net Other Assets

1.9

0.7

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

9.7

9.2

LG Electronics, Inc. (Korea (South), Household Durables)

2.9

1.6

United Overseas Bank Ltd. (Singapore, Commercial Banks)

2.2

1.9

HSBC Holdings PLC (Hong Kong) (Reg.) (United Kingdom, Commercial Banks)

2.1

3.1

Shinhan Financial Group Co. Ltd. (Korea (South), Commercial Banks)

2.0

1.0

Samsung SDI Co. Ltd. (Korea (South), Electronic Equipment & Instruments)

1.9

1.1

Sun Hung Kai Properties Ltd. (Hong Kong, Real Estate)

1.8

2.2

Cheung Kong Holdings Ltd.
(Hong Kong, Real Estate)

1.8

3.0

Hana Bank (Korea (South), Commercial Banks)

1.5

0.8

Honam Petrochemical Corp. (Korea (South), Chemicals)

1.5

2.3

27.4

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.8

25.1

Information Technology

23.8

34.3

Consumer Discretionary

15.0

13.3

Materials

13.1

14.1

Industrials

5.4

5.9

Energy

4.9

2.2

Consumer Staples

3.9

2.8

Telecommunication Services

3.6

0.8

Health Care

1.1

0.4

Utilities

0.5

0.4

Semiannual Report

Southeast Asia

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value (Note 1)

Australia - 1.0%

Caltex Australia Ltd.

444,198

$ 2,538,405

CSL Ltd.

79,000

1,259,043

PaperlinX Ltd.

310,000

1,119,798

TOTAL AUSTRALIA

4,917,246

Bermuda - 0.7%

Skyworth Digital Holdings Ltd.

12,006,000

3,540,276

Cayman Islands - 0.6%

Geely Automobile Holdings Ltd. (a)

17,300,000

1,552,584

Norstar Founders Group Ltd.

4,588,000

1,338,184

TOTAL CAYMAN ISLANDS

2,890,768

China - 6.1%

Angang New Steel Co. Ltd. (H Shares)

3,100,000

1,182,387

Anhui Conch Cement Co. Ltd. (H Shares)

748,000

795,959

Anhui Expressway Co. Ltd. (H Shares)

2,200,000

810,908

Chia Hsin Cement Greater China Holding Corp. (H Shares)

4,000,000

748,728

China Petroleum & Chemical Corp.
(H Shares)

7,600,000

2,620,480

Chongqing Iron & Steel Co. Ltd.
(H Shares)

3,720,000

1,478,480

Global Bio-Chem Technology Group Co. Ltd.

5,320,000

3,887,742

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

665,000

1

Jilin Chem Industries Co. Ltd.
(H Shares) (a)

11,000,000

1,734,638

Maanshan Iron & Steel Co. Ltd.
(H Shares)

4,260,000

1,242,516

People's Food Holdings Ltd.

2,900,000

2,249,119

PetroChina Co. Ltd. (H Shares)

6,400,000

2,752,000

PICC Property & Casualty Co. Ltd.
(H Shares)

7,200,000

2,515,417

Sinopec Beijing Yanhua Petrochemical Co. Ltd. (H Shares)

9,000,000

2,625,034

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

4,100,000

1,366,684

Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)

3,450,000

3,118,309

Weiqiao Textile Co. Ltd. (H Shares)

888,000

1,149,861

Wumart Stores, Inc. (H Shares)

573,000

896,242

TOTAL CHINA

31,174,505

Hong Kong - 20.2%

Cheung Kong Holdings Ltd.

1,184,000

9,069,860

China Overseas Land & Investment Ltd.

6,000,000

1,000,013

CNOOC Ltd.

11,530,000

4,183,084

Dah Sing Financial Holdings Ltd.

308,000

2,211,310

Dairy Farm International Holdings Ltd.

227,919

442,163

Denway Motors Ltd.

9,200,000

4,393,646

Dickson Concepts International Ltd.

263,000

286,606

Esprit Holdings Ltd.

1,508,000

6,186,746

Giordano International Ltd.

3,860,000

2,214,580

Shares

Value (Note 1)

Great Eagle Holdings Ltd.

1,960,000

$ 2,902,345

Harbin Brewery Group Ltd.

4,970,000

2,054,930

Henderson Land Development Co. Ltd.

820,000

3,679,534

Hong Kong & China Gas Co. Ltd.

1,400,000

2,405,159

Hong Kong Exchanges & Clearing Ltd.

712,000

1,424,018

Hong Kong Land Holdings Ltd.

1,800,000

3,114,000

Hysan Development Co. Ltd.

2,182,739

3,609,961

Jardine Matheson Holdings Ltd.

150,000

1,515,000

JCG Holdings Ltd.

1,276,000

965,192

Kerry Properties Ltd.

2,846,922

4,142,690

Kingboard Chemical Holdings Ltd.

3,550,000

6,690,470

Li & Fung Ltd.

1,742,000

2,713,535

New World Development Co. Ltd.

4,025,987

3,225,992

Next Media Ltd. (a)

8,080,000

3,081,834

Orient Overseas International Ltd.

970,800

2,371,023

PCCW Ltd. (a)

5,440,000

3,731,330

Shun Tak Holdings Ltd.

5,800,000

2,360,928

Sun Hung Kai Properties Ltd.

1,088,310

9,348,424

Swire Pacific Ltd. (A Shares)

200,000

1,307,709

Techtronic Industries Co. Ltd.

1,800,000

4,823,139

TPV Technology Ltd.

2,480,000

1,653,355

Wing Hang Bank Ltd.

724,000

4,594,674

Wing Lung Bank Ltd.

184,000

1,332,838

TOTAL HONG KONG

103,036,088

India - 1.7%

Hero Honda Motors Ltd.

175,000

1,899,933

Infosys Technologies Ltd.

33,076

3,828,210

Maruti Udyog Ltd.

220,000

2,691,747

Oil & Natural Gas Corp. Ltd.

13,900

262,559

TOTAL INDIA

8,682,449

Indonesia - 2.9%

PT Aneka Tambang Tbk

9,558,000

1,305,883

PT Astra International Tbk

1,700,000

1,103,265

PT Bank Danamon Indonesia TBK

2,800,000

1,044,060

PT Bank Mandiri Persero Tbk

7,300,000

1,205,166

PT Bank PAN Indonesia Tbk

30,375,000

1,245,015

PT Berlian Laju Tanker Tbk

4,232,500

481,896

PT Bumi Resources Tbk

27,250,000

1,473,724

PT Hanjaya Mandala Sampoerna Tbk

3,800,000

2,206,529

PT Indosat Tbk

4,550,000

2,059,228

PT International Nickel Indonesia Tbk

200,000

774,221

PT Telkomunikasi Indonesia Tbk

1,830,000

1,677,270

TOTAL INDONESIA

14,576,257

Korea (South) - 30.5%

Chohung Bank Co. Ltd. (a)

803,130

2,022,628

Daewoo Heavy Industries & Machinery Ltd. (a)

329,310

2,528,729

Hana Bank

363,240

7,847,733

Hanshin Construction Co. Ltd.

89,330

1,016,369

Hanwha Chemical Corp.

855,000

5,763,884

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - continued

Hanwha Corp.

210,000

$ 1,682,363

Honam Petrochemical Corp.

205,000

7,634,980

Hynix Semiconductor, Inc.

532,000

5,395,494

Hyundai Motor Co. Ltd.

64,000

2,440,876

Interflex Co. Ltd.

30,000

768,313

Kia Motors Corp.

160,000

1,486,343

Kook Soon Dang Brewery Co. Ltd.

45,000

698,002

Kookmin Bank (a)

179,000

6,681,897

Korea Line Corp.

137,000

2,341,033

Kumho Electric Co. Ltd.

56,650

2,887,179

LG Chemical Ltd.

29,000

1,171,518

LG Electronics, Inc.

242,360

14,706,643

LG Engineering & Construction Co. Ltd.

145,000

2,465,378

LG Petrochemical Co. Ltd.

220,000

4,415,564

Lotte Chilsung Beverage Co. Ltd.

2,500

1,474,412

Samsung Electronics Co. Ltd.

104,384

49,552,061

Samsung SDI Co. Ltd.

75,000

9,587,936

Sekonix Co. Ltd.

90,000

2,047,983

Shin Sung Engineering Co. (a)

270,000

1,267,909

Shinhan Financial Group Co. Ltd.

581,670

10,137,774

SK Corp.

180,050

7,549,720

VK Corp.

260,750

598,902

TOTAL KOREA (SOUTH)

156,171,623

Malaysia - 5.9%

Bandar Raya Developments BHD

1,200,000

710,526

Berjaya Sports Toto BHD

1,600,000

1,844,211

Bintulu Port Holdings BHD

879,000

772,595

British American Tobacco (Malaysia) BHD

110,000

1,389,474

Commerce Asset Holding BHD

1,515,100

1,993,553

IOI Corp. BHD

1,118,000

2,662,605

Kuala Lumpur Kepong BHD

1,440,000

2,557,895

Malayan Banking BHD

860,000

2,376,316

Malaysian International Shipping Corp. BHD (For. Reg.)

574,400

1,904,589

Maxis Communications BHD

1,040,000

2,381,053

Media Prima BHD (a)

2,566,200

1,235,828

O.Y.L. Industries BHD

120,000

1,136,842

Public Bank BHD (For. Reg.)

2,721,250

2,449,125

SP Setia BHD

2,100,000

2,354,211

Sunrise BHD

1,335,800

1,054,579

Sunway Holdings, Inc. BHD (a)

2,000,000

931,579

Telekom Malaysia BHD

700,000

1,740,789

WTK Holdings BHD

400,000

678,947

TOTAL MALAYSIA

30,174,717

Philippines - 0.1%

Philippine Long Distance Telephone Co. (a)

40,000

771,153

Singapore - 4.0%

City Developments Ltd.

760,000

2,723,854

Shares

Value (Note 1)

City Developments Ltd.:

rights 6/4/04 (a)

304,000

$ 0

warrants 4/5/06 (a)

76,000

0

Keppel Corp. Ltd.

760,000

3,192,714

Singapore Press Holdings Ltd.

161,000

1,986,486

United Overseas Bank Ltd.

1,401,280

11,279,398

Wing Tai Holdings Ltd.

2,468,543

1,240,073

TOTAL SINGAPORE

20,422,525

Taiwan - 14.9%

Asia Optical Co., Inc.

215,000

1,514,905

AU Optronics Corp.

2,950,000

6,040,349

Cathay Financial Holding Co. Ltd.

661,000

1,174,315

Cheng Loong Corp.

3,425,000

1,170,544

Chi Mei Optoelectronics Corp. (a)

1,180,000

2,540,500

China Motor Co. Ltd.

660,000

1,043,360

China Steel Corp.

5,270,342

4,697,444

E.Sun Financial Holdings Co. Ltd. (a)

6,982,000

4,478,067

Far East Department Stores Co. Ltd. (a)

3,265,000

1,474,706

Formosa Petrochemical Corp.

800,000

1,252,635

Formosa Plastic Corp.

3,636,360

5,201,057

Hon Hai Precision Industries Co. Ltd.

380,084

1,499,277

MediaTek, Inc.

268,000

2,558,145

Mega Financial Holding Co. Ltd.

2,430,000

1,631,707

Nan Ya Plastics Corp.

2,590,000

3,478,290

Nien Made Enterprise Co. Ltd.

1,484,760

2,570,723

Novatek Microelectronics Corp.

440,000

1,735,622

Optimax Technology Corp.

820,000

3,407,407

Phoenix Precision Technology Corp. (a)

1,500,000

1,228,546

Powerchip Semiconductor Corp. (a)

4,250,000

4,095,152

President Chain Store Corp.

2,011,000

3,572,689

Sunplus Technology Co. Ltd.

1,820,000

3,616,983

Tainan Enterprises Co. Ltd.

1,400,000

2,040,349

Taishin Financial Holdings Co. Ltd.

2,100,000

1,840,108

Taiwan Semiconductor Manufacturing Co. Ltd. (a)

2,327,712

4,030,215

Tripod Technology Corp.

1,350,000

1,841,463

U-Ming Marine Transport Corp.

280,000

380,247

United Integration Services Co. Ltd.

1,080,000

1,486,179

Yageo Corp. (a)

4,177,000

2,276,534

Yuen Foong Yu Paper Manufacturing Co.

4,675,000

2,533,875

TOTAL TAIWAN

76,411,393

Thailand - 4.6%

Advanced Info Service PCL (For. Reg.)

1,800,000

3,955,056

Aromatics (Thailand) PCL (a)

3,486,600

3,917,528

Bangchak Petroleum PCL unit (a)

3,365,560

1,302,526

Bangkok Bank Ltd. PCL (For. Reg.) (a)

1,216,600

2,976,949

Banpu PCL (For. Reg.)

600,000

1,857,678

National Petrochemical PCL (For. Reg.)

970,000

2,095,006

Common Stocks - continued

Shares

Value (Note 1)

Thailand - continued

Siam Cement PCL (For. Reg.)

907,600

$ 4,894,921

Total Access Communication PLC (a)

1,030,000

2,595,600

TOTAL THAILAND

23,595,264

United Kingdom - 2.1%

HSBC Holdings PLC (Hong Kong) (Reg.)

754,452

10,879,198

TOTAL COMMON STOCKS

(Cost $406,534,604)

487,243,462

Preferred Stocks - 2.8%

Convertible Preferred Stocks - 0.2%

Korea (South) - 0.2%

Shinsegae Co. Ltd.

3,800

825,841

Nonconvertible Preferred Stocks - 2.6%

Korea (South) - 2.6%

Hyundai Motor Co. Ltd.

150,000

2,844,421

LG Electronics, Inc.

140,090

4,357,853

Samsung Electronics Co. Ltd.

22,870

6,315,152

TOTAL KOREA (SOUTH)

13,517,426

TOTAL PREFERRED STOCKS

(Cost $8,507,812)

14,343,267

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $415,042,416)

501,586,729

NET OTHER ASSETS - 1.9%

9,672,990

NET ASSETS - 100%

$ 511,259,719

Legend

(a) Non-income producing

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $347,555,946 and $259,649,728, respectively.

Income Tax Information

At October 31, 2003, the fund had a capital loss carryforward of approximately $99,356,000 of which $69,641,000, $324,000 and $29,391,000 will expire on October 31, 2006, 2007 and 2009, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Southeast Asia

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (cost $415,042,416) - See accompanying schedule

$ 501,586,729

Foreign currency held at value (cost $2,756,533)

2,752,906

Receivable for investments sold

20,673,104

Receivable for fund shares sold

540,070

Dividends receivable

1,545,003

Interest receivable

5,265

Prepaid expenses

1,161

Other affiliated receivables

21,522

Other receivables

64,495

Total assets

527,190,255

Liabilities

Payable to custodian bank

$ 1,349,781

Payable for investments purchased

8,196,472

Payable for fund shares redeemed

5,052,006

Accrued management fee

319,216

Other affiliated payables

136,689

Other payables and accrued expenses

876,372

Total liabilities

15,930,536

Net Assets

$ 511,259,719

Net Assets consist of:

Paid in capital

$ 483,908,368

Undistributed net investment income

191,717

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(58,618,400)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

85,778,034

Net Assets, for 35,052,168 shares outstanding

$ 511,259,719

Net Asset Value, offering price and redemption price per share ($511,259,719 ÷ 35,052,168 shares)

$ 14.59

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends

$ 5,000,947

Interest

39,502

5,040,449

Less foreign taxes withheld

(443,118)

Total income

4,597,331

Expenses

Management fee
Basic fee

$ 1,776,178

Performance adjustment

44,551

Transfer agent fees

620,987

Accounting fees and expenses

128,179

Non-interested trustees' compensation

1,724

Custodian fees and expenses

346,552

Registration fees

36,641

Audit

45,206

Legal

609

Miscellaneous

2,516

Total expenses before reductions

3,003,143

Expense reductions

(15,068)

2,988,075

Net investment income (loss)

1,609,256

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (net of foreign taxes of $613,846)

42,096,421

Foreign currency transactions

(180,394)

Total net realized gain (loss)

41,916,027

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $325,376)

(20,917,248)

Assets and liabilities in foreign currencies

(47,546)

Total change in net unrealized appreciation (depreciation)

(20,964,794)

Net gain (loss)

20,951,233

Net increase (decrease) in net assets resulting from operations

$ 22,560,489

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Southeast Asia
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,609,256

$ 3,767,890

Net realized gain (loss)

41,916,027

18,709,030

Change in net unrealized appreciation (depreciation)

(20,964,794)

79,807,436

Net increase (decrease) in net assets resulting from operations

22,560,489

102,284,356

Distributions to shareholders from net investment income

(3,836,810)

(1,964,939)

Share transactions
Net proceeds from sales of shares

177,657,860

125,005,217

Reinvestment of distributions

3,688,981

1,889,991

Cost of shares redeemed

(84,726,275)

(77,651,168)

Net increase (decrease) in net assets resulting from share transactions

96,620,566

49,244,040

Redemption fees

361,170

339,680

Total increase (decrease) in net assets

115,705,415

149,903,137

Net Assets

Beginning of period

395,554,304

245,651,167

End of period (including undistributed net investment income of $191,717 and undistributed net investment income of $2,419,271, respectively)

$ 511,259,719

$ 395,554,304

Other Information

Shares

Sold

11,580,565

11,009,396

Issued in reinvestment of distributions

264,130

181,730

Redeemed

(5,628,669)

(7,021,142)

Net increase (decrease)

6,216,026

4,169,984

Financial Highlights

Six months ended
April 30, 2004

Years ended October 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 13.72

$ 9.96

$ 9.10

$ 11.74

$ 12.15

$ 8.13

Income from Investment Operations

Net investment income (loss) E

.05

.15

.06

.03

(.04)

.03

Net realized and unrealized gain (loss)

.94

3.68

.81

(2.68)

(.38)

3.97

Total from investment operations

.99

3.83

.87

(2.65)

(.42)

4.00

Distributions from net investment income

(.13)

(.08)

(.03)

-

(.02)

(.02)

Redemption fees added to paid in capital E

.01

.01

.02

.01

.03

.04

Net asset value, end of period

$ 14.59

$ 13.72

$ 9.96

$ 9.10

$ 11.74

$ 12.15

Total Return B, C, D

7.33%

38.81%

9.75%

(22.49)%

(3.24)%

49.80%

Ratios to Average Net Assets F

Expenses before expense reductions

1.23% A

1.32%

1.54%

1.55%

1.37%

1.46%

Expenses net of voluntary waivers, if any

1.23% A

1.32%

1.54%

1.55%

1.37%

1.46%

Expenses net of all reductions

1.22% A

1.32%

1.50%

1.52%

1.35%

1.43%

Net investment income (loss)

.66% A

1.35%

.54%

.24%

(.23)%

.28%

Supplemental Data

Net assets, end of period (000 omitted)

$ 511,260

$ 395,554

$ 245,651

$ 206,012

$ 290,998

$ 360,682

Portfolio turnover rate

110% A

115%

131%

91%

88%

93%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the former sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

1. Significant Accounting Policies.

Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Pacific Basin Fund and Fidelity Southeast Asia Fund (the funds) are funds of Fidelity Investment Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each fund is authorized to issue an unlimited number of shares. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. Certain funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Expenses. Most expenses of each trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period. Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, non-taxable dividends, capital loss carryforwards, expiring capital loss carryforwards, and losses deferred due to wash sales.

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows for each fund:

Cost for
Federal Income Tax
Purposes

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized Appreciation/ (Depreciation)

Canada

$ 266,106,670

$ 48,384,865

$ (13,235,665)

$ 35,149,200

China Region

291,611,314

36,777,981

(18,964,446)

17,813,535

Emerging Markets

587,737,083

91,026,016

(34,527,980)

56,498,036

Europe

1,521,248,479

228,936,151

(48,304,576)

180,631,575

Europe Capital Appreciation

406,841,181

69,569,944

(16,579,546)

52,990,398

Japan

679,337,750

100,096,001

(14,364,100)

85,731,901

Japan Smaller Companies

1,262,210,441

383,255,441

(19,772,657)

363,482,784

Latin America

224,922,816

80,245,766

(11,719,208)

68,526,558

Nordic

100,427,815

18,623,165

(8,539,083)

10,084,082

Pacific Basin

437,843,141

73,366,735

(17,257,815)

56,108,920

Southeast Asia

416,574,407

106,357,091

(21,344,769)

85,012,322

Short-Term Trading (Redemption) Fees. Shares held in Canada, China Region, Emerging Markets, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin and Southeast Asia less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. Shares held in Europe and Europe Capital Appreciation less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the funds and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. Certain funds may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee for Canada, Europe, Europe Capital Appreciation, Japan, Pacific Basin, and Southeast Asia is subject to a performance adjustment (up to a maximum ±.20% of each applicable fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on each fund's relative investment performance as compared to an appropriate benchmark index. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets, including the performance adjustment, if applicable was as follows:

Individual Rate

Group Rate

Total

Canada

.45%

.28%

.81%

China Region

.45%

.28%

.73%

Emerging Markets

.45%

.28%

.72%

Europe

.45%

.28%

.75%

Europe Capital Appreciation

.45%

.28%

.92%

Japan

.45%

.28%

.64%

Japan Smaller Companies

.45%

.28%

.72%

Latin America

.45%

.28%

.73%

Nordic

.45%

.28%

.72%

Pacific Basin

.45%

.28%

.76%

Southeast Asia

.45%

.28%

.74%

Sales Load. Shares of Canada, Europe, and Pacific Basin purchased prior to October 12, 1990, are subject to a 1% deferred sales charge upon redemption. For the period, sales charge amounts retained by Fidelity Distributors Corporation (FDC), an affiliate of FMR, were as follows:

Retained
by FDC

Canada

$ 199

Europe

10,488

Pacific Basin

2,135

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds' transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Canada

.27%

|

China Region

.28%

Emerging Markets

.29%

Europe

.26%

Europe Capital Appreciation

.25%

Japan

.26%

Japan Smaller Companies

.21%

Latin America

.28%

Nordic

.32%

Pacific Basin

.29%

Southeast Asia

.25%

Accounting and Security Lending Fees. FSC maintains each fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:

Income
Distributions

Canada

$ 38,410

China Region

68,247

Emerging Markets

122,852

Europe

231,555

Europe Capital Appreciation

122,051

Japan

48,642

Japan Smaller Companies

334,517

Latin America

25,337

Nordic

11,166

Pacific Basin

48,279

Southeast Asia

38,662

Brokerage Commissions. Certain funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the funds, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding each applicable fund's participation in the program is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

5. Committed Line of Credit.

Certain funds participate with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The funds have agreed to pay commitment fees on their pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

Certain funds lend portfolio securities from time to time in order to earn additional income. Each applicable fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on each applicable fund's Statement of Assets and Liabilities. Additional information regarding security lending is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of certain funds provided services to these funds in addition to trade execution. These services included payments of expenses on behalf of each applicable fund. In addition, through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage
Service
Arrangements

Custody
expense
reduction

Transfer
Agent
expense
reduction

Canada

$ 92,778

$ 5,582

$ 179

China Region

14,268

439

-

Emerging Markets

113,893

47

88

Europe

775,732

130

2,962

Europe Capital Appreciation

104,691

75

-

Japan

-

-

545

Japan Smaller Companies

-

3

183

Latin America

15,155

57

-

Nordic

16,926

1,673

10

Pacific Basin

12,531

13

33

Southeast Asia

15,068

-

-

8. Other Information.

At the end of the period, FMR or its affiliates and certain unaffiliated shareholders were owners of record of more than 10% of the outstanding shares of the following funds:

Affiliated %

Number of
Unaffiliated
Shareholders

Unaffiliated
Shareholders %

Europe

47%

-

-

Japan

41%

-

-

Japan Smaller Companies

16%

-

-

Pacific Basin

-

1

12%

Southeast Asia

21%

-

-

At the end of the period, Fidelity Freedom Fund 2020 was the owner of record of approximately 18% and 12% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom Fund 2030 was the owner of record of approximately 13% of the total outstanding shares of Europe. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 46%, 30% and 20% of the total outstanding shares of Europe, Japan, and Southeast Asia, respectively.

9. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Information regarding transactions with affiliated companies is included in "Other Information" at the end of each applicable fund's Schedule of Investments.

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(automated graphic)
Fidelity Automated Service Telephone (FAST®)
1-800-544-5555

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(Computer Graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(Envelope Graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(Envelope Graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(Envelope Graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

123 South Lake Avenue
Pasadena, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
West Palm Beach, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

3518 Route 1 North
Princeton, NH

3518 Route 1 North
Princeton, NH

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

1324 Polaris Parkway
Columbus, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

6005 West Park Boulevard
Plano, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research (Far East) Inc.
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Shareholder Servicing Agent

Fidelity Service Company, Inc.
Boston, MA

Custodians

JPMorgan Chase Bank
New York, NY

Emerging Markets Fund, Europe Fund, Europe Capital Appreciation Fund, Japan Fund, Pacific Basin Fund, Southeast Asia Fund

Brown Brothers Harriman & Co.
Boston, MA

Canada Fund, China Region Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund

Fidelity's International Equity Funds

Aggressive International Fund

Canada Fund

China Region Fund

Diversified International Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

International Growth & Income Fund

International Small Cap Fund

Japan Fund

Japan Smaller Companies Fund

Latin America Fund

Nordic Fund

Overseas Fund

Pacific Basin Fund

Southeast Asia Fund

Worldwide Fund

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
www.fidelity.com

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

(Fidelity Logo Graphic)®
P.O. Box 193
Boston, MA 02101 		PRSRT STD
U.S. Postage
PAID
Fidelity
Investments

Fidelity Advisor

International Small Cap

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2004

(2_fidelity_logos) (Registered_Trademark)

Class A, Class T, Class B, and Class C are classes of Fidelity®
International Small Cap Fund

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

For a free copy of the fund's proxy voting guidelines call 1-877-208-0098 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.

With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:

First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.

Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.

Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.

For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan 31.0%

United Kingdom 17.4%

Germany 8.8%

Australia 7.8%

Greece 3.0%

Sweden 2.9%

Norway 2.9%

France 2.8%

Hong Kong 2.3%

Other 21.1%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan 29.3%

United Kingdom 14.8%

United States of America 13.4%

Germany 10.7%

Australia 6.4%

Sweden 3.6%

Hong Kong 3.5%

France 2.5%

Greece 2.5%

Other 13.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.6

87.0

Bonds

0.0

0.0

Short-Term Investments and Net Other Assets

1.4

13.0

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Freenet.de AG (Germany, Internet Software & Services)

2.5

1.0

MobilCom AG (Germany, Wireless Telecommunication Services)

1.6

4.0

Steinhoff International Holdings Ltd. (South Africa, Household Durables)

1.4

0.0

NOK Corp. (Japan, Auto Components)

1.2

1.4

Fujikura Ltd. (Japan, Electrical Equipment)

1.1

1.4

Faith, Inc. (Japan, IT Services)

1.1

0.4

QBE Insurance Group Ltd. (Australia, Insurance)

1.0

1.0

ARRK Corp. (Japan, Commercial Services & Supplies)

1.0

1.1

Toyo Ink Manufacturing Co. Ltd. (Japan, Chemicals)

1.0

0.3

Nihon Dempa Kogyo Co. Ltd. (Japan, Electronic Equipment & Instruments)

1.0

1.0

12.9

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

21.2

19.9

Information Technology

19.9

16.5

Industrials

15.4

14.0

Financials

12.7

12.8

Materials

10.8

7.3

Health Care

6.6

8.4

Energy

4.8

0.6

Telecommunication Services

4.2

5.0

Consumer Staples

2.6

2.4

Utilities

0.4

0.1

Semiannual Report

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value (Note 1)

Australia - 7.8%

Amcor Ltd.

435,801

$ 2,185,020

Australian Stock Exchange Ltd.

903,839

10,506,424

BHP Steel Ltd.

2,659,201

11,296,302

Boral Ltd.

2,602,417

11,280,697

Centamin Egypt Ltd. (a)

3,454,531

614,095

Centennial Coal Co. Ltd.

4,089,388

8,567,697

Corporate Express Australia Ltd.

1,778,551

6,231,834

CSL Ltd.

155,361

2,476,027

Dwyka Diamonds Ltd. (a)

400,000

172,432

Hardman Resources Ltd. (a)

475,138

532,058

Hardman Resources Ltd. (a)

203,356

227,742

JB Hi-Fi Ltd.

1,483,593

2,486,626

Patrick Corp. Ltd.

1,112,383

4,098,570

Promina Group Ltd.

914,490

2,477,525

QBE Insurance Group Ltd.

1,468,965

12,363,606

Stockland

343,151

1,281,692

Stockland New

11,600

42,824

United Group Ltd.

3,412,640

11,217,851

Westpac Banking Corp.

392,972

4,959,779

TOTAL AUSTRALIA

93,018,801

Austria - 0.2%

Wolford AG (a)

74,336

1,999,441

Belgium - 1.0%

Exmar NV

21,600

1,125,735

Melexis NV

93,199

1,022,821

Mobistar SA (a)

33,191

2,147,371

Roularta Media Group NV

24,376

1,314,512

Telindus Group NV (a)

595,955

5,976,295

TOTAL BELGIUM

11,586,734

Canada - 0.3%

Oilexco, Inc. (a)

933,000

1,408,122

Ontzinc Corp. (a)(c)

9,519,330

832,868

Uruguay Mineral Exploration, Inc. (a)

500,000

1,458,204

TOTAL CANADA

3,699,194

Cayman Islands - 0.0%

Semiconductor Manufacturing International Corp.

490,000

117,476

China - 0.7%

Aluminum Corp. of China Ltd. (H Shares)

5,744,000

3,369,120

Global Bio-Chem Technology Group Co. Ltd.

3,008,000

2,198,182

Common Stocks - continued

Shares

Value (Note 1)

China - continued

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

376,000

$ 0

PICC Property & Casualty Co. Ltd. (H Shares)

9,086,000

3,174,316

TOTAL CHINA

8,741,618

Denmark - 0.6%

Coloplast AS Series B

7,400

696,978

DSV de Sammensluttede Vognmaend AS

38,967

1,650,001

Group 4 Falck AS

49,795

1,234,633

SimCorp AS

81,439

3,336,965

TOTAL DENMARK

6,918,577

Egypt - 0.3%

Orascom Telecom SAE unit (a)

372,274

3,473,316

Estonia - 0.2%

Hansabank SA

356,528

2,729,528

Finland - 1.2%

Aldata Solutions Oyj (a)

2,940,946

6,060,502

Alma Media Corp.

133,020

1,203,253

Capman Oyj (A Shares)

671,937

1,489,338

Hackman Oyj AB (A Shares)

24,120

1,070,677

Nokian Tyres Ltd.

35,628

2,987,587

Vacon Oyj

73,381

950,391

TOTAL FINLAND

13,761,748

France - 2.8%

Areva (investment certificates)

8,300

2,217,563

Bacou Dalloz

7,963

601,050

Generale de Sante

371,352

5,009,764

Groupe Bourbon SA

12,440

1,466,589

Groupe Open SA

17,500

632,148

Groupe Open SA warrants 10/21/06 (a)

14,809

12,242

Inter Parfums SA

10,707

781,229

Ipsos SA

19,803

2,036,875

JET Multimedia SA (a)

122,778

2,836,094

Lectra

117,770

973,592

Maisons France Confort

10,498

581,088

Neopost SA

71,100

3,919,358

Nexans SA

26,310

884,823

Oeneo Group (a)

61,110

272,363

Orpea (a)

41,306

950,183

Seche Environment SA

11,500

668,240

Common Stocks - continued

Shares

Value (Note 1)

France - continued

SR Teleperformance SA

81,332

$ 1,666,290

Stedim SA

37,663

2,391,574

Toupargel-Agrigel

51,300

1,241,543

Vivendi Universal SA (a)

170,532

4,215,551

TOTAL FRANCE

33,358,159

Germany - 8.1%

Advanced Photonics Technologies AG (a)

44,139

116,342

Articon-Integralis AG (Reg.) (a)(c)

537,070

2,213,515

Bijou Brigitte Modische Accessoires AG

20,625

1,218,243

DAB Bank AG (a)

168,213

1,471,213

Data Modul AG (a)

34,300

704,776

ElringKlinger AG

24,521

2,600,007

Fielmann AG

22,343

1,171,150

FJA AG

89,089

1,472,978

Freenet.de AG (a)

339,323

29,722,351

Fresenius AG

47,586

3,905,376

Fresenius Medical Care AG

71,113

4,951,852

GPC Biotech AG (a)

45,809

692,633

Grenkeleasing AG

136,318

5,232,856

Hyrican Informationssysteme AG

159,994

2,277,263

Kontron AG (a)

208,564

1,731,672

Merck KGaA

51,441

2,753,694

MobilCom AG

1,008,361

19,595,663

Parsytec AG (a)

139,271

599,030

PC-Spezialist Franchise AG

158,900

2,246,461

Pfleiderer AG (a)

990,500

6,669,355

PSI AG (a)

144,416

728,434

Pulsion Medical Systems AG (a)

156,865

779,951

Rational AG

24,000

1,546,987

Rheinmetall AG

25,254

1,025,101

United Internet AG

67,249

1,691,992

TOTAL GERMANY

97,118,895

Greece - 3.0%

Autohellas SA

27,548

245,559

Cosmote Mobile Telecommunications SA

200,500

3,218,935

Folli Follie SA

362,998

10,863,999

Germanos SA

78,098

2,103,436

Greek Organization of Football Prognostics SA

311,042

5,932,738

Hellenic Exchanges Holding SA (a)

224,595

1,948,192

Hyatt Regency SA (Reg.)

232,682

2,414,203

Common Stocks - continued

Shares

Value (Note 1)

Greece - continued

Public Power Corp. of Greece

29,700

$ 752,948

Sarantis SA (Reg.)

1,198,648

5,974,177

Technical Olympic SA (Reg.)

490,396

2,185,662

TOTAL GREECE

35,639,849

Hong Kong - 2.3%

ASM Pacific Technology Ltd.

528,500

2,188,560

China Insurance International Holdings Co. Ltd.

13,106,000

6,301,042

China Merchants Holdings International Co. Ltd.

5,166,000

6,093,309

China Pharmaceutical Enterprise and Investment Corp. Ltd.

19,820,000

5,780,907

Kingboard Chemical Holdings Ltd.

4,127,800

7,779,415

TOTAL HONG KONG

28,143,233

Hungary - 0.2%

OTP Bank Rt. (a)

152,073

2,822,860

Ireland - 1.4%

DEPFA BANK PLC

37,220

5,579,511

Glanbia PLC

470,000

1,469,709

IAWS Group PLC (Ireland)

38,059

433,186

Independent News & Media PLC (Ireland)

1,144,964

2,606,385

Kingspan Group PLC (Ireland)

589,858

3,151,922

Paddy Power PLC

137,311

1,571,093

Petroceltic International PLC (a)

15,000,000

2,221,174

Petroceltic International PLC warrants 5/28/04 (a)

3,722,734

153,862

TOTAL IRELAND

17,186,842

Italy - 0.7%

Amplifon Spa

51,750

1,595,923

Buzzi Unicem Spa

18,520

246,229

Cassa Di Risparmio Di Firenze

2,942,982

5,119,733

Saipem Spa

197,600

1,851,106

TOTAL ITALY

8,812,991

Japan - 31.0%

Able, Inc.

275,600

7,591,219

Amiyaki Tei Co. Ltd.

536

2,081,214

ARRK Corp.

281,200

11,718,142

Asahi Broadcasting Corp.

34,480

2,294,667

Asahi Glass Co. Ltd.

102,000

1,058,555

BB Net Corp. (a)

177

572,460

Capcom Co. Ltd.

166,700

1,719,644

Casio Computer Co. Ltd.

160,000

1,809,752

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Chiyoda Integre Co. Ltd.

65,800

$ 2,116,436

Chugoku Marine Paints Ltd.

89,000

466,566

Citizen Electronics Co. Ltd.

120,450

7,652,150

Culture Convenience Club Co. Ltd.

63,400

675,992

Daikin Industries Ltd.

154,000

3,537,137

Daikokutenbussan Co. Ltd.

8,400

373,181

Disco Corp.

15,000

705,046

Drake Beam Morin Japan, Inc.

197,200

5,028,743

Dwango Co. Ltd.

157

3,808,315

Eizo Nanao Corp.

132,200

4,463,604

Excel Co. Ltd.

62,900

1,335,731

Faith, Inc.

1,741

12,731,196

Fast Retailing Co. Ltd.

20,000

1,528,266

Fuji Seal, Inc.

181,300

7,120,175

Fuji Spinning Co. Ltd. (a)

2,524,000

3,251,831

Fujikura Ltd.

2,469,000

13,118,763

Globaly Corp.

19,000

528,407

H.I.S. Co. Ltd.

43,700

1,176,507

Heian Ceremony Service Co. Ltd.

156,000

1,248,878

Hitachi Construction Machinery Co. Ltd.

114,000

1,499,123

Hogy Medical Co.

170,400

8,539,242

House of Rose Co. Ltd.

56,900

738,135

Ishihara Chemical Co. Ltd.

2,000

28,113

JACCS Co. Ltd.

226,000

1,383,561

Japan Medical Dynamic Marketing, Inc.

190,000

2,366,858

Japan Radio Co. Ltd. (a)

233,000

964,745

Jastec Co. Ltd.

54,500

855,181

KAGA ELECTRONICS Co. Ltd.

160,500

2,873,563

Kahma Co. Ltd.

135,000

1,752,486

Kawasho Corp. (a)

812,000

1,991,296

Kibun Food Chemifa Co. Ltd.

412,000

8,309,859

Kobe Steel Ltd. (a)

7,068,000

9,608,566

Konica Minolta Holdings, Inc.

121,500

1,649,568

Kubota Corp.

389,000

1,655,601

Kura Corp. Ltd.

527

2,224,205

Kura Corp. Ltd. New (a)

527

2,083,729

Leopalace21 Corp.

82,000

1,347,167

Livin' on the EDGE Co. Ltd. (a)

30,110

1,781,786

Marktec Corp.

59,000

517,416

Matsui Securities Co. Ltd.

51,300

1,659,164

Mazda Motor Corp.

396,000

1,235,017

Melco Holdings, Inc. (a)

216,000

5,690,482

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Mitsubishi Materials Corp. (a)

848,000

$ 1,642,566

Mitsui & Associates Telepark Corp.

242

1,378,301

Mitsui Fudosan Co. Ltd.

294,000

3,173,907

Mitsui Trust Holdings, Inc.

768,000

5,329,456

Mobilephone Telecommunications International Ltd.

87

103,584

Murata Manufacturing Co. Ltd.

41,100

2,643,936

Nabtesco Corp. (a)

147,000

858,130

Neturen Co. Ltd.

100,000

571,323

New Japan Radio Co. Ltd.

44,000

579,000

Nidec Corp.

46,700

4,941,960

Nihon Dempa Kogyo Co. Ltd.

510,100

11,466,911

Nihon Falcom Corp.

141

538,714

Nihon Falcom Corp. New (a)

116

443,197

Nihon Trim Co. Ltd.

31,250

2,165,784

Nihon Unicom Corp.

5,300

58,865

Nippon Chemi-con Corp.

761,000

4,124,631

Nippon Chemical Industrial Co. Ltd.

222,000

954,704

Nippon Electric Glass Co. Ltd.

77,000

1,778,831

Nippon Light Metal Co. Ltd.

2,939,000

7,181,297

Nippon Mining Holdings, Inc.

542,500

2,236,600

Nippon Shinpan Co. Ltd.

195,000

725,971

Nippon Thompson Co. Ltd.

278,000

1,842,698

Nishi-Nippon Bank Ltd. (a)

98,000

396,194

Nissin Co. Ltd.

186,200

666,738

Nissin Co. Ltd. New (a)

186,200

666,738

Nissin Kogyo Co. Ltd.

378,400

9,061,091

Nitta Corp.

154,100

2,359,166

Nittoku Engineering Co. Ltd.

79,500

621,613

NOF Corp.

252,000

1,021,024

NOK Corp.

365,100

13,851,931

Okamoto Glass Co. Ltd.

124,800

2,007,076

Osaki Electric Co. Ltd.

268,000

1,483,520

Pacific Metals Co. Ltd. (a)

846,000

3,532,961

Pigeon Corp.

217,400

3,048,156

Pixela Corp.

43,500

1,043,575

Reins International, Inc.

1,271

6,662,975

Rohto Pharmaceutical Co. Ltd.

611,000

5,363,753

Salomon & Taylor Made Co. Ltd.

26,000

274,910

Sankyo-Tateyama Holdings, Inc. (a)

731,000

2,422,684

Sekisui Chemical Co. Ltd.

136,000

943,758

Senshukai Co. Ltd.

86,000

891,743

Shin Nippon Biomedical Laboratories Ltd.

25,000

1,075,118

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Shinko Electric Industries Co.Ltd.

53,100

$ 1,604,147

Showa Denko KK

4,739,000

10,568,930

Siix Corp.

51,200

1,228,300

SMBC Friend Securities Co. Ltd.

457,500

2,451,202

Sodick Co. Ltd. (a)

322,000

2,889,667

Soken Chemical & Engineer Co. Ltd.

66,200

1,664,620

Stanley Electric Co. Ltd.

195,700

3,625,497

Sumitomo Corp.

1,119,000

8,421,396

Sumitomo Light Metal Industries Ltd. (a)

672,000

1,212,093

Sumitomo Metal Mining Co. Ltd.

1,091,000

6,504,559

Sumitomo Mitsui Financial Group, Inc.

738

5,468,812

Suncall Corp.

206,000

1,570,454

Takara Co. Ltd.

59,500

334,650

Takeuchi Manufacturing Co. Ltd.

159,200

7,737,506

Telewave, Inc.

353

3,011,040

Teraoka Seisakusho Co. Ltd.

58,000

622,538

Tokyo Seimitsu Co. Ltd.

58,600

1,884,850

Toppan Printing Co. Ltd.

482,000

5,554,662

Toyo Ink Manufacturing Co. Ltd.

2,749,000

11,528,886

Toyo Machinery & Metal Co. Ltd.

220,000

1,598,993

Toyo Radiator Co. Ltd.

202,000

1,044,588

Toyoda Gosei Co. Ltd.

275,800

7,400,683

Trancom Co. Ltd.

64,600

1,308,694

Trend Micro, Inc.

27,500

1,033,579

Ulvac Ltd.

2,900

123,425

USS Co. Ltd.

68,480

5,676,962

Wintest Corp.

70

653,067

Works Applications Co. Ltd. (a)

195

713,843

Yamato Transport Co. Ltd.

113,000

1,683,767

TOTAL JAPAN

371,723,940

Korea (South) - 0.3%

SKC Co. Ltd.

353,470

3,208,299

Liechtenstein - 0.2%

Verwaltungs-und Privat-Bank AG

16,273

2,477,691

Luxembourg - 1.3%

Millicom International Cellular SA unit (a)

253,600

6,371,776

Stolt-Nielsen SA

676,190

8,914,605

TOTAL LUXEMBOURG

15,286,381

Netherlands - 1.8%

Completel Europe NV (a)

76,809

2,942,955

Common Stocks - continued

Shares

Value (Note 1)

Netherlands - continued

Exact Holdings NV

89,311

$ 2,461,081

Fugro NV (Certificaten Van Aandelen)

32,965

1,908,416

Hunter Douglas NV

27,587

1,321,088

New Skies Satellites NV

196,190

1,502,003

PinkRoccade NV

186,326

2,931,104

Royal P & O Nedlloyd NV

30,560

980,521

Unit 4 Agresso NV (a)

57,667

792,472

Univar NV

297,072

6,015,081

Wolters Kluwer NV (Certificaten Van Aandelen)

57,025

959,919

TOTAL NETHERLANDS

21,814,640

New Zealand - 0.1%

The Warehouse Group Ltd.

344,626

940,684

Norway - 2.9%

ABG Sundal Collier ASA

5,860,000

5,121,930

Bolig- og Naeringsbanken ASA

29,740

1,083,093

Catch Communications ASA

691,000

1,852,169

Komplett ASA

153,200

1,472,948

Kverneland ASA

61,209

793,579

Nordic VLSI ASA (a)

449,000

1,471,681

Norsk Hydro ASA

183,500

10,745,760

Orkla ASA (A Shares)

64,572

1,561,482

P4 Radio Hele Norge ASA (a)

141,400

187,446

Statoil ASA

243,600

3,042,960

TANDBERG Data ASA (a)

165,800

367,124

TANDBERG Television ASA (a)

728,629

4,351,862

Visma ASA

107,762

1,177,366

Yara International ASA

142,247

1,005,008

TOTAL NORWAY

34,234,408

Portugal - 0.6%

Impresa SGPS (a)

121,200

609,881

Media Capital SGPS SA

1,182,976

6,122,838

TOTAL PORTUGAL

6,732,719

Russia - 1.5%

Mobile TeleSystems OJSC sponsored ADR

24,500

2,645,020

OAO Gazprom sponsored ADR

192,200

5,938,980

Sberbank RF unit (a)

82,400

3,172,400

Vimpel Communications sponsored ADR (a)

27,600

2,477,376

YUKOS Corp. sponsored ADR

90,000

4,005,000

TOTAL RUSSIA

18,238,776

Common Stocks - continued

Shares

Value (Note 1)

Singapore - 0.8%

Neptune Orient Lines Ltd.

3,048,000

$ 3,492,127

Singapore Exchange Ltd.

2,698,000

2,583,866

Singapore Petroleum Co. Ltd.

1,501,000

2,478,149

Venture Corp. Ltd.

124,000

1,391,539

TOTAL SINGAPORE

9,945,681

South Africa - 2.2%

African Bank Investments Ltd.

1,633,151

2,474,790

Discovery Holdings Ltd. (a)

1,369,619

2,711,787

MTN Group Ltd. (a)

803,802

3,343,860

Steinhoff International Holdings Ltd.

14,025,632

17,343,815

Wilson Bayly Holmes-Ovcon Ltd.

333,456

805,622

TOTAL SOUTH AFRICA

26,679,874

Spain - 0.5%

Antena 3 Television SA (a)

49,758

2,527,679

Corporacion Mapfre SA (Reg.)

271,121

3,248,301

TOTAL SPAIN

5,775,980

Sweden - 2.9%

Eniro AB

206,828

1,678,074

Finnveden Invest AB Series B (a)

402,884

3,505,998

Hexagon AB (B Shares)

88,343

2,999,988

Lindex AB

31,898

845,276

Lundin Petroleum AB (a)

370,708

1,751,254

Modern Times Group AB (MTG) (B Shares) (a)

72,700

1,227,253

Observer AB

297,314

1,186,657

OMHEX AB

295,085

3,977,355

Sectra AB (B Shares)

154,890

1,185,739

Skandia Foersaekrings AB

1,421,931

5,582,257

Song Networks Holding AB (a)

349,874

2,257,193

Teleca AB (B Shares)

545,353

3,097,258

Wedins Norden AB Series B (a)(c)

13,444,790

4,011,427

WM-Data AB (B Shares)

707,144

1,573,138

TOTAL SWEDEN

34,878,867

Switzerland - 1.6%

A Hiestand Holding AG

1,812

888,167

Actelion Ltd. (Reg.) (a)

19,177

2,105,695

Adecco SA

90,334

4,018,056

Amazys Holding AG

16,330

551,476

Barry Callebaut AG

7,735

1,609,095

Escor Casino & Entertainment SA

19,770

543,274

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - continued

Geberit AG (Reg.)

2,248

$ 1,367,367

Micronas Semiconductor Holding AG

19,509

908,814

Sika AG (Bearer)

4,767

2,244,593

Sulzer AG (Reg.)

6,935

1,798,657

Swissquote Group Holding SA (a)

20,533

2,060,432

Temenos Group AG (a)

156,181

1,314,066

TOTAL SWITZERLAND

19,409,692

Taiwan - 0.1%

Merry Electronics Co. Ltd.

507,000

1,244,219

Turkey - 0.7%

Beko Elektronik AS (a)

1,317,021,600

8,251,931

United Kingdom - 17.4%

AeroBox PLC (a)

3,800,000

1,367,902

AFA Systems PLC (a)

500,000

206,652

Air Partner PLC

45,000

333,176

Alba PLC

426,500

5,883,382

Amlin PLC

194,414

571,104

Atrium Underwriting PLC (a)

318,360

1,103,569

Biocompatibles International PLC

79,010

239,471

BP PLC

736,000

6,489,067

Britannic Group PLC

445,700

2,693,815

Caffe Nero Group PLC (a)

350,478

532,688

Carnival PLC

53,171

2,388,506

Carphone Warehouse Group PLC

1,542,749

3,921,729

Centrica PLC

589,758

2,290,718

Chaucer Holdings PLC

1,841,300

1,685,691

Collins Stewart Tullett PLC

158,575

1,175,485

Corac Group PLC (a)(c)

3,472,304

1,543,135

Corin Group PLC

1,239,214

5,936,785

CSS Stellar PLC

270,308

295,516

CustomVis PLC

375,215

210,105

Diagonal PLC

286,590

252,181

Domino's Pizza UK & IRL PLC

364,984

1,333,312

Domnick Hunter Group PLC

182,089

1,231,642

Edinburgh Oil & Gas PLC (a)

244,519

717,204

Eidos PLC (a)

403,313

1,218,814

Electra Investment Trust PLC (a)

128,483

1,651,316

Enterprise Inns PLC

179,562

1,947,110

Entertainment Rights PLC (a)

4,956,589

947,191

Flomerics Group PLC

449,658

547,544

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Future Network PLC (a)

1,717,169

$ 2,106,243

Galliford Try PLC

859,464

779,191

Games Workshop Group PLC

240,858

3,140,563

GMA Resources PLC (a)

1,850,000

813,942

Goldshield Group PLC

535,700

2,404,525

GTL Resources PLC (a)

7,498,739

916,447

Highbury House Communications PLC

713,914

272,854

Holidaybreak PLC

150,026

1,320,134

Hornby PLC

209,088

3,884,111

Icap PLC

599,250

2,934,782

Ideal Shopping Direct PLC (a)

25,000

32,442

Inchcape PLC

37,322

995,845

International Energy Group Ltd.

523,743

1,559,478

Intertek Group PLC

89,410

817,347

ITE Group PLC

3,169,616

3,127,130

ITV PLC

958,486

2,104,258

JJB Sports PLC

399,416

1,856,707

John David Group PLC

235,183

961,568

Kesa Electricals PLC

1,828,101

9,164,221

Lambert Howarth Group PLC (c)

1,320,284

6,630,283

Lastminute.com PLC (a)

2,006,726

6,858,051

Lawrence PLC

994,346

6,787,581

Lok'nStore Group PLC (a)

124,100

238,255

London Clubs International PLC (a)

140,155

327,005

Man Group PLC

82,669

2,480,627

Manganese Bronze Holdings PLC

239,797

1,037,980

Manpower Software PLC (a)

258,824

167,936

Marlborough Stirling PLC

408,469

435,669

Matalan PLC

888,363

2,672,793

Matchnet PLC (a)

550,000

6,260,073

Matchnet PLC unit (a)

656,190

7,468,722

Mothercare PLC (a)

273,362

1,637,624

N Brown Group PLC

544,210

1,189,920

NDS Group PLC sponsored ADR (a)

105,154

2,699,303

NETeller PLC (a)

625,000

1,966,525

Ocean Wilsons Holdings Ltd.

170,311

543,442

Oystertec PLC (a)

7,009,687

2,211,787

Peacock Group PLC

749,517

2,811,319

Phytopharm PLC (a)

528,100

1,797,758

Pilat Media Global PLC (a)(c)

2,880,000

3,097,377

Premier Farnell PLC

149,000

667,472

Premier Oil PLC (a)

173,870

1,545,400

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Proteome Sciences PLC (a)

648,207

$ 1,376,981

Provident Financial PLC

460,594

5,895,179

QA PLC (a)

13,554,656

1,144,533

Regal Petroleum PLC (a)

429,097

2,868,069

Robert Walters PLC

475,911

1,044,814

Royalblue Group PLC

230,103

2,331,543

Sanctuary Group PLC

3,046,215

2,721,090

SCI Entertainment Group PLC (a)

411,531

987,603

Shell Transport & Trading Co. PLC (Reg.)

955,700

6,701,050

Shore Capital Group PLC

7,219,477

4,010,532

Sibir Energy PLC (a)

1,162,800

578,774

Sinclair Pharma PLC

505,018

1,378,039

SkyePharma PLC (a)

124,100

130,709

SMG PLC

539,444

1,102,784

Staffware PLC

36,412

512,968

Sterling Energy PLC (a)

1,275,000

314,591

SurfControl PLC (a)

187,431

1,999,120

Ted Baker PLC

229,549

1,783,213

Teesland PLC

2,000,000

2,577,593

Tikit Group PLC (c)

797,761

1,921,579

Ukbetting PLC (a)

2,617,419

2,803,345

Urbium PLC

212,455

2,148,946

William Hill PLC

498,486

4,749,676

William Ransom & Son PLC

250,000

223,654

Windsor PLC

700,000

482,188

Wolfson Microelectronics PLC

926,350

4,376,175

WS Atkins PLC

222,222

2,408,713

Xansa PLC

598,007

967,373

TOTAL UNITED KINGDOM

208,980,334

United States of America - 0.6%

NTL, Inc. (a)

69,000

3,917,130

Private Media Group, Inc. (a)

202,400

487,784

ResMed, Inc. Chess Depositary Interests (a)

642,463

3,160,844

TOTAL UNITED STATES OF AMERICA

7,565,758

TOTAL COMMON STOCKS

(Cost $1,015,926,175)

1,166,519,136

Nonconvertible Preferred Stocks - 1.3%

Shares

Value (Note 1)

Germany - 0.7%

Fresenius AG

43,805

$ 3,057,121

Fresenius Medical Care AG

74,566

3,558,314

Rheinmetall AG

44,737

1,822,380

TOTAL GERMANY

8,437,815

Italy - 0.6%

Buzzi Unicem Spa (Risp)

525,105

4,515,254

Fondiaria-Sai Spa (Risp)

169,085

2,253,306

TOTAL ITALY

6,768,560

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $13,596,863)

15,206,375

Money Market Funds - 9.1%

Fidelity Cash Central Fund, 1.06% (b)

38,135,766

38,135,766

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

70,952,562

70,952,562

TOTAL MONEY MARKET FUNDS

(Cost $109,088,328)

109,088,328

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $1,138,611,366)

1,290,813,839

NET OTHER ASSETS - (7.7)%

(91,922,719)

NET ASSETS - 100%

$ 1,198,891,120

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $840,279,398 and $254,960,893, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2 for the period.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $66,801,993) (cost $1,138,611,366) - See accompanying schedule

$ 1,290,813,839

Cash

2,123,716

Foreign currency held at value (cost $7,829,979)

7,819,806

Receivable for investments sold

1,360,464

Receivable for fund shares sold

3,847,820

Dividends receivable

2,983,513

Interest receivable

46,297

Prepaid expenses

809

Other affiliated receivables

60,363

Other receivables

206,221

Total assets

1,309,262,848

Liabilities

Payable for investments purchased

$ 25,173,285

Payable for fund shares redeemed

12,888,766

Accrued management fee

950,679

Distribution fees payable

14,412

Other affiliated payables

244,268

Other payables and accrued expenses

147,756

Collateral on securities loaned, at value

70,952,562

Total liabilities

110,371,728

Net Assets

$ 1,198,891,120

Net Assets consist of:

Paid in capital

$ 1,015,321,184

Undistributed net investment income

1,582,676

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

29,897,990

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

152,089,270

Net Assets

$ 1,198,891,120

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

April 30, 2004 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($9,303,622 ÷ 462,844 shares)

$ 20.10

Maximum offering price per share (100/94.25 of $20.10)

$ 21.33

Class T:
Net Asset Value and redemption price per share ($11,819,731 ÷ 588,824 shares)

$ 20.07

Maximum offering price per share (100/96.50 of $20.07)

$ 20.80

Class B:
Net Asset Value and offering price per share ($3,555,616 ÷ 178,290 shares) A

$ 19.94

Class C:
Net Asset Value and offering price per share ($5,917,935 ÷ 296,288 shares) A

$ 19.97

International Small Cap Fund:
Net Asset Value, offering price and redemption price per share ($1,165,911,494 ÷ 57,831,970 shares)

$ 20.16

Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,382,722 ÷ 118,191 shares)

$ 20.16

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends (including $244,234 received from affiliated issuers)

$ 7,560,674

Interest

275,287

Security lending

437,418

8,273,379

Less foreign taxes withheld

(637,702)

Total income

7,635,677

Expenses

Management fee
Basic fee

$ 4,008,244

Performance adjustment

243,411

Transfer agent fees

967,985

Distribution fees

56,268

Accounting and security lending fees

237,846

Non-interested trustees' compensation

1,804

Custodian fees and expenses

293,397

Registration fees

211,551

Audit

21,418

Legal

17,413

Miscellaneous

2,150

Total expenses before reductions

6,061,487

Expense reductions

(157,537)

5,903,950

Net investment income (loss)

1,731,727

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

30,547,090

Foreign currency transactions

(112,246)

Total net realized gain (loss)

30,434,844

Change in net unrealized appreciation (depreciation) on:

Investment securities

79,706,898

Assets and liabilities in foreign currencies

(101,885)

Total change in net unrealized appreciation (depreciation)

79,605,013

Net gain (loss)

110,039,857

Net increase (decrease) in net assets resulting from operations

$ 111,771,584

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,731,727

$ 516,714

Net realized gain (loss)

30,434,844

11,443,482

Change in net unrealized appreciation (depreciation)

79,605,013

72,481,971

Net increase (decrease) in net assets resulting
from operations

111,771,584

84,442,167

Distributions to shareholders from net investment income

(740,876)

-

Distributions to shareholders from net realized gain

(11,573,205)

(27,060)

Total distributions

(12,314,081)

(27,060)

Share transactions - net increase (decrease)

539,645,028

470,607,516

Redemption fees

1,049,921

290,434

Total increase (decrease) in net assets

640,152,452

555,313,057

Net Assets

Beginning of period

558,738,668

3,425,611

End of period (including undistributed net investment income of $1,582,676 and undistributed net investment income of $614,412, respectively)

$ 1,198,891,120

$ 558,738,668

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.69

$ 12.35

Income from Investment Operations

Net investment income (loss) E

- I

.02 F

Net realized and unrealized gain (loss)

2.72

5.30

Total from investment operations

2.72

5.32

Distributions from net investment income

(.02)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.33)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 20.10

$ 17.69

Total Return B, C, D

15.73%

43.24%

Ratios to Average Net Assets H

Expenses before expense reductions

1.73% A

1.77% A

Expenses net of voluntary waivers, if any

1.73% A

1.77% A

Expenses net of all reductions

1.69% A

1.74% A

Net investment income (loss)

(.03)% A

.28% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 9,304

$ 4,960

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.68

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.02)

- F, I

Net realized and unrealized gain (loss)

2.71

5.31

Total from investment operations

2.69

5.31

Distributions from net investment income

(.01)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.32)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 20.07

$ 17.68

Total Return B, C, D

15.56%

43.16%

Ratios to Average Net Assets H

Expenses before expense reductions

1.93% A

2.12% A

Expenses net of voluntary waivers, if any

1.93% A

2.12% A

Expenses net of all reductions

1.89% A

2.09% A

Net investment income (loss)

(.23)% A

(.07)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 11,820

$ 3,990

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.62

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.09)

(.05) F

Net realized and unrealized gain (loss)

2.70

5.30

Total from investment operations

2.61

5.25

Distributions from net realized gain

(.31)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 19.94

$ 17.62

Total Return B, C, D

15.15%

42.67%

Ratios to Average Net Assets H

Expenses before expense reductions

2.58% A

2.76% A

Expenses net of voluntary waivers, if any

2.58% A

2.76% A

Expenses net of all reductions

2.55% A

2.73% A

Net investment income (loss)

(.89)% A

(.71)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,556

$ 1,016

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.64

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.07)

(.04) F

Net realized and unrealized gain (loss)

2.70

5.31

Total from investment operations

2.63

5.27

Distributions from net investment income

(.01)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.32)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 19.97

$ 17.64

Total Return B, C, D

15.25%

42.83%

Ratios to Average Net Assets H

Expenses before expense reductions

2.42% A

2.57% A

Expenses net of voluntary waivers, if any

2.42% A

2.57% A

Expenses net of all reductions

2.38% A

2.55% A

Net investment income (loss)

(.72)% A

(.52)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 5,918

$ 1,383

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - International Small Cap Fund

Six months ended
April 30, 2004

Years ended
October 31,

(Unaudited)

2003

2002 F

Selected Per-Share Data

Net asset value, beginning of period

$ 17.71

$ 9.87

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.04

.07 E

(.01)

Net realized and unrealized gain (loss)

2.72

7.75

(.12)

Total from investment operations

2.76

7.82

(.13)

Distributions from net investment income

(.02)

-

-

Distributions from net realized gain

(.31)

(.02)

-

Total distributions

(.33)

(.02)

-

Redemption fees added to paid in capital D

.02

.04

- H

Net asset value, end of period

$ 20.16

$ 17.71

$ 9.87

Total Return B, C

15.94%

79.78%

(1.30)%

Ratios to Average Net Assets G

Expenses before expense reductions

1.30% A

1.54%

13.70% A

Expenses net of voluntary waivers, if any

1.30% A

1.54%

1.80% A

Expenses net of all reductions

1.27% A

1.51%

1.80% A

Net investment income (loss)

.39% A

.46%

(.56)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,165,911

$ 546,989

$ 3,426

Portfolio turnover rate

59% A

84%

85% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.03 per share.

F For the period September 18, 2002 (commencement of operations) to October 31, 2002.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 17.72

$ 12.35

Income from Investment Operations

Net investment income (loss) D

.04

.04 E

Net realized and unrealized gain (loss)

2.72

5.31

Total from investment operations

2.76

5.35

Distributions from net investment income

(.03)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.34)

-

Redemption fees added to paid in capital D

.02

.02

Net asset value, end of period

$ 20.16

$ 17.72

Total Return B, C

15.94%

43.48%

Ratios to Average Net Assets G

Expenses before expense reductions

1.31% A

1.51% A

Expenses net of voluntary waivers, if any

1.31% A

1.51% A

Expenses net of all reductions

1.27% A

1.48% A

Net investment income (loss)

.39% A

.54% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 2,383

$ 401

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.01 per share.

F For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2004 (Unaudited)

1. Significant Accounting Policies.

Fidelity International Small Cap Fund (the fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, International Small Cap (the original class), and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the fund will treat a portion of the proceeds from shares redeemed as a distribution from net investment income and realized gain for income tax purposes. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period. Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 186,615,114

Unrealized depreciation

(34,644,945)

Net unrealized appreciation (depreciation)

$ 151,970,169

Cost for federal income tax purposes

$ 1,138,843,670

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .92% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.25%

$ 6,632

$ 253

Class T

.25%

.25%

19,674

397

Class B

.75%

.25%

11,371

8,719

Class C

.75%

.25%

18,591

12,804

$ 56,268

$ 22,173

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 15,078

Class T

7,519

Class B*

202

Class C*

1,552

$ 24,351

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the fund, except for International Small Cap. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC or FSC were as follows:

Amount

% of
Average
Net Assets

Class A

$ 10,233

.38*

Class T

13,228

.33*

Class B

5,668

.49*

Class C

6,164

.33*

International Small Cap

931,330

.21*

Institutional Class

1,362

.21*

$ 967,985

* Annualized

Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $267,110 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $157,521 for the period. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $16.

Semiannual Report

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2004

Year ended
October 31,
2003

From net investment income

Class A

$ 3,252

$ -

Class T

2,950

-

Class C

1,354

-

International Small Cap

732,323

-

Institutional Class

997

-

Total

$ 740,876

$ -

From net realized gain

Class A

$ 50,399

$ -

Class T

91,451

-

Class B

28,049

-

Class C

41,980

-

International Small Cap

11,351,027

27,060

Institutional Class

10,299

-

Total

$ 11,573,205

$ 27,060

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2004

Year ended
October 31,
2003 A

Six months ended
April 30,
2004

Year ended
October 31,
2003 A

Class A

Shares sold

405,885

287,827

$ 7,909,904

$ 4,774,574

Reinvestment of distributions

2,641

-

46,931

-

Shares redeemed

(226,030)

(7,479)

(4,063,789)

(125,524)

Net increase (decrease)

182,496

280,348

$ 3,893,046

$ 4,649,050

Class T

Shares sold

415,812

229,190

$ 8,109,869

$ 3,468,992

Reinvestment of distributions

4,802

-

85,378

-

Shares redeemed

(57,455)

(3,525)

(1,117,574)

(55,853)

Net increase (decrease)

363,159

225,665

$ 7,077,673

$ 3,413,139

Class B

Shares sold

129,278

60,233

$ 2,493,335

$ 911,644

Reinvestment of distributions

1,477

-

26,163

-

Shares redeemed

(10,128)

(2,570)

(198,658)

(40,678)

Net increase (decrease)

120,627

57,663

$ 2,320,840

$ 870,966

Class C

Shares sold

238,619

88,372

$ 4,589,844

$ 1,388,024

Reinvestment of distributions

2,245

-

39,811

-

Shares redeemed

(23,006)

(9,942)

(450,761)

(158,911)

Net increase (decrease)

217,858

78,430

$ 4,178,894

$ 1,229,113

International Small Cap

Shares sold

37,728,104

32,919,552

$ 730,218,985

$ 492,932,712

Reinvestment of distributions

631,834

2,491

11,252,956

25,785

Shares redeemed

(11,408,705)

(2,388,222)

(221,190,639)

(32,859,600)

Net increase (decrease)

26,951,233

30,533,821

$ 520,281,302

$ 460,098,897

Institutional Class

Shares sold

128,971

23,006

$ 2,551,499

$ 351,524

Reinvestment of distributions

290

-

5,166

-

Shares redeemed

(33,680)

(396)

(663,392)

(5,173)

Net increase (decrease)

95,581

22,610

$ 1,893,273

$ 346,351

A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

Semiannual Report

10. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Value, beginning
of period

Purchases

Sales
Proceeds

Dividend
Income

Value,end
of period

Articon-Integralis AG (Reg.)

$ -

$ 2,911,584

$ -

$ -

$ 2,213,515

Corac Group PLC

-

1,925,092

-

-

1,543,135

Lambert Howarth Group PLC

4,376,721

1,140,404

-

228,933

6,630,283

Online Travel Corp. PLC

2,164,843

-

-

-

-

Ontzinc Corp.

-

1,195,152

-

-

832,868

Pilat Media Global PLC

-

2,810,095

-

-

3,097,377

Tikit Group PLC

-

2,013,824

-

15,301

1,921,579

Wedins Norden AB Series B

956,215

2,235,131

-

-

4,011,427

TOTALS

$ 7,497,779

$ 14,231,282

$ -

$ 244,234

$ 20,250,184

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

Mellon Bank

Pittsburgh, PA

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AISC-USAN-0604
1.800643.100

Fidelity®

International Small Cap

Fund

Semiannual Report

April 30, 2004

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, the Federal Reserve Board or any other agency, and are subject to investment risks, including the possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.

With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:

First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.

Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.

Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.

For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan 31.0%

United Kingdom 17.4%

Germany 8.8%

Australia 7.8%

Greece 3.0%

Sweden 2.9%

Norway 2.9%

France 2.8%

Hong Kong 2.3%

Other 21.1%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan 29.3%

United Kingdom 14.8%

United States of America 13.4%

Germany 10.7%

Australia 6.4%

Sweden 3.6%

Hong Kong 3.5%

France 2.5%

Greece 2.5%

Other 13.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.6

87.0

Bonds

0.0

0.0

Short-Term Investments and Net Other Assets

1.4

13.0

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Freenet.de AG (Germany, Internet Software & Services)

2.5

1.0

MobilCom AG (Germany, Wireless Telecommunication Services)

1.6

4.0

Steinhoff International Holdings Ltd. (South Africa, Household Durables)

1.4

0.0

NOK Corp. (Japan, Auto Components)

1.2

1.4

Fujikura Ltd. (Japan, Electrical Equipment)

1.1

1.4

Faith, Inc. (Japan, IT Services)

1.1

0.4

QBE Insurance Group Ltd. (Australia, Insurance)

1.0

1.0

ARRK Corp. (Japan, Commercial Services & Supplies)

1.0

1.1

Toyo Ink Manufacturing Co. Ltd. (Japan, Chemicals)

1.0

0.3

Nihon Dempa Kogyo Co. Ltd. (Japan, Electronic Equipment & Instruments)

1.0

1.0

12.9

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

21.2

19.9

Information Technology

19.9

16.5

Industrials

15.4

14.0

Financials

12.7

12.8

Materials

10.8

7.3

Health Care

6.6

8.4

Energy

4.8

0.6

Telecommunication Services

4.2

5.0

Consumer Staples

2.6

2.4

Utilities

0.4

0.1

Semiannual Report

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value (Note 1)

Australia - 7.8%

Amcor Ltd.

435,801

$ 2,185,020

Australian Stock Exchange Ltd.

903,839

10,506,424

BHP Steel Ltd.

2,659,201

11,296,302

Boral Ltd.

2,602,417

11,280,697

Centamin Egypt Ltd. (a)

3,454,531

614,095

Centennial Coal Co. Ltd.

4,089,388

8,567,697

Corporate Express Australia Ltd.

1,778,551

6,231,834

CSL Ltd.

155,361

2,476,027

Dwyka Diamonds Ltd. (a)

400,000

172,432

Hardman Resources Ltd. (a)

475,138

532,058

Hardman Resources Ltd. (a)

203,356

227,742

JB Hi-Fi Ltd.

1,483,593

2,486,626

Patrick Corp. Ltd.

1,112,383

4,098,570

Promina Group Ltd.

914,490

2,477,525

QBE Insurance Group Ltd.

1,468,965

12,363,606

Stockland

343,151

1,281,692

Stockland New

11,600

42,824

United Group Ltd.

3,412,640

11,217,851

Westpac Banking Corp.

392,972

4,959,779

TOTAL AUSTRALIA

93,018,801

Austria - 0.2%

Wolford AG (a)

74,336

1,999,441

Belgium - 1.0%

Exmar NV

21,600

1,125,735

Melexis NV

93,199

1,022,821

Mobistar SA (a)

33,191

2,147,371

Roularta Media Group NV

24,376

1,314,512

Telindus Group NV (a)

595,955

5,976,295

TOTAL BELGIUM

11,586,734

Canada - 0.3%

Oilexco, Inc. (a)

933,000

1,408,122

Ontzinc Corp. (a)(c)

9,519,330

832,868

Uruguay Mineral Exploration, Inc. (a)

500,000

1,458,204

TOTAL CANADA

3,699,194

Cayman Islands - 0.0%

Semiconductor Manufacturing International Corp.

490,000

117,476

China - 0.7%

Aluminum Corp. of China Ltd. (H Shares)

5,744,000

3,369,120

Global Bio-Chem Technology Group Co. Ltd.

3,008,000

2,198,182

Common Stocks - continued

Shares

Value (Note 1)

China - continued

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

376,000

$ 0

PICC Property & Casualty Co. Ltd. (H Shares)

9,086,000

3,174,316

TOTAL CHINA

8,741,618

Denmark - 0.6%

Coloplast AS Series B

7,400

696,978

DSV de Sammensluttede Vognmaend AS

38,967

1,650,001

Group 4 Falck AS

49,795

1,234,633

SimCorp AS

81,439

3,336,965

TOTAL DENMARK

6,918,577

Egypt - 0.3%

Orascom Telecom SAE unit (a)

372,274

3,473,316

Estonia - 0.2%

Hansabank SA

356,528

2,729,528

Finland - 1.2%

Aldata Solutions Oyj (a)

2,940,946

6,060,502

Alma Media Corp.

133,020

1,203,253

Capman Oyj (A Shares)

671,937

1,489,338

Hackman Oyj AB (A Shares)

24,120

1,070,677

Nokian Tyres Ltd.

35,628

2,987,587

Vacon Oyj

73,381

950,391

TOTAL FINLAND

13,761,748

France - 2.8%

Areva (investment certificates)

8,300

2,217,563

Bacou Dalloz

7,963

601,050

Generale de Sante

371,352

5,009,764

Groupe Bourbon SA

12,440

1,466,589

Groupe Open SA

17,500

632,148

Groupe Open SA warrants 10/21/06 (a)

14,809

12,242

Inter Parfums SA

10,707

781,229

Ipsos SA

19,803

2,036,875

JET Multimedia SA (a)

122,778

2,836,094

Lectra

117,770

973,592

Maisons France Confort

10,498

581,088

Neopost SA

71,100

3,919,358

Nexans SA

26,310

884,823

Oeneo Group (a)

61,110

272,363

Orpea (a)

41,306

950,183

Seche Environment SA

11,500

668,240

Common Stocks - continued

Shares

Value (Note 1)

France - continued

SR Teleperformance SA

81,332

$ 1,666,290

Stedim SA

37,663

2,391,574

Toupargel-Agrigel

51,300

1,241,543

Vivendi Universal SA (a)

170,532

4,215,551

TOTAL FRANCE

33,358,159

Germany - 8.1%

Advanced Photonics Technologies AG (a)

44,139

116,342

Articon-Integralis AG (Reg.) (a)(c)

537,070

2,213,515

Bijou Brigitte Modische Accessoires AG

20,625

1,218,243

DAB Bank AG (a)

168,213

1,471,213

Data Modul AG (a)

34,300

704,776

ElringKlinger AG

24,521

2,600,007

Fielmann AG

22,343

1,171,150

FJA AG

89,089

1,472,978

Freenet.de AG (a)

339,323

29,722,351

Fresenius AG

47,586

3,905,376

Fresenius Medical Care AG

71,113

4,951,852

GPC Biotech AG (a)

45,809

692,633

Grenkeleasing AG

136,318

5,232,856

Hyrican Informationssysteme AG

159,994

2,277,263

Kontron AG (a)

208,564

1,731,672

Merck KGaA

51,441

2,753,694

MobilCom AG

1,008,361

19,595,663

Parsytec AG (a)

139,271

599,030

PC-Spezialist Franchise AG

158,900

2,246,461

Pfleiderer AG (a)

990,500

6,669,355

PSI AG (a)

144,416

728,434

Pulsion Medical Systems AG (a)

156,865

779,951

Rational AG

24,000

1,546,987

Rheinmetall AG

25,254

1,025,101

United Internet AG

67,249

1,691,992

TOTAL GERMANY

97,118,895

Greece - 3.0%

Autohellas SA

27,548

245,559

Cosmote Mobile Telecommunications SA

200,500

3,218,935

Folli Follie SA

362,998

10,863,999

Germanos SA

78,098

2,103,436

Greek Organization of Football Prognostics SA

311,042

5,932,738

Hellenic Exchanges Holding SA (a)

224,595

1,948,192

Hyatt Regency SA (Reg.)

232,682

2,414,203

Common Stocks - continued

Shares

Value (Note 1)

Greece - continued

Public Power Corp. of Greece

29,700

$ 752,948

Sarantis SA (Reg.)

1,198,648

5,974,177

Technical Olympic SA (Reg.)

490,396

2,185,662

TOTAL GREECE

35,639,849

Hong Kong - 2.3%

ASM Pacific Technology Ltd.

528,500

2,188,560

China Insurance International Holdings Co. Ltd.

13,106,000

6,301,042

China Merchants Holdings International Co. Ltd.

5,166,000

6,093,309

China Pharmaceutical Enterprise and Investment Corp. Ltd.

19,820,000

5,780,907

Kingboard Chemical Holdings Ltd.

4,127,800

7,779,415

TOTAL HONG KONG

28,143,233

Hungary - 0.2%

OTP Bank Rt. (a)

152,073

2,822,860

Ireland - 1.4%

DEPFA BANK PLC

37,220

5,579,511

Glanbia PLC

470,000

1,469,709

IAWS Group PLC (Ireland)

38,059

433,186

Independent News & Media PLC (Ireland)

1,144,964

2,606,385

Kingspan Group PLC (Ireland)

589,858

3,151,922

Paddy Power PLC

137,311

1,571,093

Petroceltic International PLC (a)

15,000,000

2,221,174

Petroceltic International PLC warrants 5/28/04 (a)

3,722,734

153,862

TOTAL IRELAND

17,186,842

Italy - 0.7%

Amplifon Spa

51,750

1,595,923

Buzzi Unicem Spa

18,520

246,229

Cassa Di Risparmio Di Firenze

2,942,982

5,119,733

Saipem Spa

197,600

1,851,106

TOTAL ITALY

8,812,991

Japan - 31.0%

Able, Inc.

275,600

7,591,219

Amiyaki Tei Co. Ltd.

536

2,081,214

ARRK Corp.

281,200

11,718,142

Asahi Broadcasting Corp.

34,480

2,294,667

Asahi Glass Co. Ltd.

102,000

1,058,555

BB Net Corp. (a)

177

572,460

Capcom Co. Ltd.

166,700

1,719,644

Casio Computer Co. Ltd.

160,000

1,809,752

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Chiyoda Integre Co. Ltd.

65,800

$ 2,116,436

Chugoku Marine Paints Ltd.

89,000

466,566

Citizen Electronics Co. Ltd.

120,450

7,652,150

Culture Convenience Club Co. Ltd.

63,400

675,992

Daikin Industries Ltd.

154,000

3,537,137

Daikokutenbussan Co. Ltd.

8,400

373,181

Disco Corp.

15,000

705,046

Drake Beam Morin Japan, Inc.

197,200

5,028,743

Dwango Co. Ltd.

157

3,808,315

Eizo Nanao Corp.

132,200

4,463,604

Excel Co. Ltd.

62,900

1,335,731

Faith, Inc.

1,741

12,731,196

Fast Retailing Co. Ltd.

20,000

1,528,266

Fuji Seal, Inc.

181,300

7,120,175

Fuji Spinning Co. Ltd. (a)

2,524,000

3,251,831

Fujikura Ltd.

2,469,000

13,118,763

Globaly Corp.

19,000

528,407

H.I.S. Co. Ltd.

43,700

1,176,507

Heian Ceremony Service Co. Ltd.

156,000

1,248,878

Hitachi Construction Machinery Co. Ltd.

114,000

1,499,123

Hogy Medical Co.

170,400

8,539,242

House of Rose Co. Ltd.

56,900

738,135

Ishihara Chemical Co. Ltd.

2,000

28,113

JACCS Co. Ltd.

226,000

1,383,561

Japan Medical Dynamic Marketing, Inc.

190,000

2,366,858

Japan Radio Co. Ltd. (a)

233,000

964,745

Jastec Co. Ltd.

54,500

855,181

KAGA ELECTRONICS Co. Ltd.

160,500

2,873,563

Kahma Co. Ltd.

135,000

1,752,486

Kawasho Corp. (a)

812,000

1,991,296

Kibun Food Chemifa Co. Ltd.

412,000

8,309,859

Kobe Steel Ltd. (a)

7,068,000

9,608,566

Konica Minolta Holdings, Inc.

121,500

1,649,568

Kubota Corp.

389,000

1,655,601

Kura Corp. Ltd.

527

2,224,205

Kura Corp. Ltd. New (a)

527

2,083,729

Leopalace21 Corp.

82,000

1,347,167

Livin' on the EDGE Co. Ltd. (a)

30,110

1,781,786

Marktec Corp.

59,000

517,416

Matsui Securities Co. Ltd.

51,300

1,659,164

Mazda Motor Corp.

396,000

1,235,017

Melco Holdings, Inc. (a)

216,000

5,690,482

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Mitsubishi Materials Corp. (a)

848,000

$ 1,642,566

Mitsui & Associates Telepark Corp.

242

1,378,301

Mitsui Fudosan Co. Ltd.

294,000

3,173,907

Mitsui Trust Holdings, Inc.

768,000

5,329,456

Mobilephone Telecommunications International Ltd.

87

103,584

Murata Manufacturing Co. Ltd.

41,100

2,643,936

Nabtesco Corp. (a)

147,000

858,130

Neturen Co. Ltd.

100,000

571,323

New Japan Radio Co. Ltd.

44,000

579,000

Nidec Corp.

46,700

4,941,960

Nihon Dempa Kogyo Co. Ltd.

510,100

11,466,911

Nihon Falcom Corp.

141

538,714

Nihon Falcom Corp. New (a)

116

443,197

Nihon Trim Co. Ltd.

31,250

2,165,784

Nihon Unicom Corp.

5,300

58,865

Nippon Chemi-con Corp.

761,000

4,124,631

Nippon Chemical Industrial Co. Ltd.

222,000

954,704

Nippon Electric Glass Co. Ltd.

77,000

1,778,831

Nippon Light Metal Co. Ltd.

2,939,000

7,181,297

Nippon Mining Holdings, Inc.

542,500

2,236,600

Nippon Shinpan Co. Ltd.

195,000

725,971

Nippon Thompson Co. Ltd.

278,000

1,842,698

Nishi-Nippon Bank Ltd. (a)

98,000

396,194

Nissin Co. Ltd.

186,200

666,738

Nissin Co. Ltd. New (a)

186,200

666,738

Nissin Kogyo Co. Ltd.

378,400

9,061,091

Nitta Corp.

154,100

2,359,166

Nittoku Engineering Co. Ltd.

79,500

621,613

NOF Corp.

252,000

1,021,024

NOK Corp.

365,100

13,851,931

Okamoto Glass Co. Ltd.

124,800

2,007,076

Osaki Electric Co. Ltd.

268,000

1,483,520

Pacific Metals Co. Ltd. (a)

846,000

3,532,961

Pigeon Corp.

217,400

3,048,156

Pixela Corp.

43,500

1,043,575

Reins International, Inc.

1,271

6,662,975

Rohto Pharmaceutical Co. Ltd.

611,000

5,363,753

Salomon & Taylor Made Co. Ltd.

26,000

274,910

Sankyo-Tateyama Holdings, Inc. (a)

731,000

2,422,684

Sekisui Chemical Co. Ltd.

136,000

943,758

Senshukai Co. Ltd.

86,000

891,743

Shin Nippon Biomedical Laboratories Ltd.

25,000

1,075,118

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Shinko Electric Industries Co.Ltd.

53,100

$ 1,604,147

Showa Denko KK

4,739,000

10,568,930

Siix Corp.

51,200

1,228,300

SMBC Friend Securities Co. Ltd.

457,500

2,451,202

Sodick Co. Ltd. (a)

322,000

2,889,667

Soken Chemical & Engineer Co. Ltd.

66,200

1,664,620

Stanley Electric Co. Ltd.

195,700

3,625,497

Sumitomo Corp.

1,119,000

8,421,396

Sumitomo Light Metal Industries Ltd. (a)

672,000

1,212,093

Sumitomo Metal Mining Co. Ltd.

1,091,000

6,504,559

Sumitomo Mitsui Financial Group, Inc.

738

5,468,812

Suncall Corp.

206,000

1,570,454

Takara Co. Ltd.

59,500

334,650

Takeuchi Manufacturing Co. Ltd.

159,200

7,737,506

Telewave, Inc.

353

3,011,040

Teraoka Seisakusho Co. Ltd.

58,000

622,538

Tokyo Seimitsu Co. Ltd.

58,600

1,884,850

Toppan Printing Co. Ltd.

482,000

5,554,662

Toyo Ink Manufacturing Co. Ltd.

2,749,000

11,528,886

Toyo Machinery & Metal Co. Ltd.

220,000

1,598,993

Toyo Radiator Co. Ltd.

202,000

1,044,588

Toyoda Gosei Co. Ltd.

275,800

7,400,683

Trancom Co. Ltd.

64,600

1,308,694

Trend Micro, Inc.

27,500

1,033,579

Ulvac Ltd.

2,900

123,425

USS Co. Ltd.

68,480

5,676,962

Wintest Corp.

70

653,067

Works Applications Co. Ltd. (a)

195

713,843

Yamato Transport Co. Ltd.

113,000

1,683,767

TOTAL JAPAN

371,723,940

Korea (South) - 0.3%

SKC Co. Ltd.

353,470

3,208,299

Liechtenstein - 0.2%

Verwaltungs-und Privat-Bank AG

16,273

2,477,691

Luxembourg - 1.3%

Millicom International Cellular SA unit (a)

253,600

6,371,776

Stolt-Nielsen SA

676,190

8,914,605

TOTAL LUXEMBOURG

15,286,381

Netherlands - 1.8%

Completel Europe NV (a)

76,809

2,942,955

Common Stocks - continued

Shares

Value (Note 1)

Netherlands - continued

Exact Holdings NV

89,311

$ 2,461,081

Fugro NV (Certificaten Van Aandelen)

32,965

1,908,416

Hunter Douglas NV

27,587

1,321,088

New Skies Satellites NV

196,190

1,502,003

PinkRoccade NV

186,326

2,931,104

Royal P & O Nedlloyd NV

30,560

980,521

Unit 4 Agresso NV (a)

57,667

792,472

Univar NV

297,072

6,015,081

Wolters Kluwer NV (Certificaten Van Aandelen)

57,025

959,919

TOTAL NETHERLANDS

21,814,640

New Zealand - 0.1%

The Warehouse Group Ltd.

344,626

940,684

Norway - 2.9%

ABG Sundal Collier ASA

5,860,000

5,121,930

Bolig- og Naeringsbanken ASA

29,740

1,083,093

Catch Communications ASA

691,000

1,852,169

Komplett ASA

153,200

1,472,948

Kverneland ASA

61,209

793,579

Nordic VLSI ASA (a)

449,000

1,471,681

Norsk Hydro ASA

183,500

10,745,760

Orkla ASA (A Shares)

64,572

1,561,482

P4 Radio Hele Norge ASA (a)

141,400

187,446

Statoil ASA

243,600

3,042,960

TANDBERG Data ASA (a)

165,800

367,124

TANDBERG Television ASA (a)

728,629

4,351,862

Visma ASA

107,762

1,177,366

Yara International ASA

142,247

1,005,008

TOTAL NORWAY

34,234,408

Portugal - 0.6%

Impresa SGPS (a)

121,200

609,881

Media Capital SGPS SA

1,182,976

6,122,838

TOTAL PORTUGAL

6,732,719

Russia - 1.5%

Mobile TeleSystems OJSC sponsored ADR

24,500

2,645,020

OAO Gazprom sponsored ADR

192,200

5,938,980

Sberbank RF unit (a)

82,400

3,172,400

Vimpel Communications sponsored ADR (a)

27,600

2,477,376

YUKOS Corp. sponsored ADR

90,000

4,005,000

TOTAL RUSSIA

18,238,776

Common Stocks - continued

Shares

Value (Note 1)

Singapore - 0.8%

Neptune Orient Lines Ltd.

3,048,000

$ 3,492,127

Singapore Exchange Ltd.

2,698,000

2,583,866

Singapore Petroleum Co. Ltd.

1,501,000

2,478,149

Venture Corp. Ltd.

124,000

1,391,539

TOTAL SINGAPORE

9,945,681

South Africa - 2.2%

African Bank Investments Ltd.

1,633,151

2,474,790

Discovery Holdings Ltd. (a)

1,369,619

2,711,787

MTN Group Ltd. (a)

803,802

3,343,860

Steinhoff International Holdings Ltd.

14,025,632

17,343,815

Wilson Bayly Holmes-Ovcon Ltd.

333,456

805,622

TOTAL SOUTH AFRICA

26,679,874

Spain - 0.5%

Antena 3 Television SA (a)

49,758

2,527,679

Corporacion Mapfre SA (Reg.)

271,121

3,248,301

TOTAL SPAIN

5,775,980

Sweden - 2.9%

Eniro AB

206,828

1,678,074

Finnveden Invest AB Series B (a)

402,884

3,505,998

Hexagon AB (B Shares)

88,343

2,999,988

Lindex AB

31,898

845,276

Lundin Petroleum AB (a)

370,708

1,751,254

Modern Times Group AB (MTG) (B Shares) (a)

72,700

1,227,253

Observer AB

297,314

1,186,657

OMHEX AB

295,085

3,977,355

Sectra AB (B Shares)

154,890

1,185,739

Skandia Foersaekrings AB

1,421,931

5,582,257

Song Networks Holding AB (a)

349,874

2,257,193

Teleca AB (B Shares)

545,353

3,097,258

Wedins Norden AB Series B (a)(c)

13,444,790

4,011,427

WM-Data AB (B Shares)

707,144

1,573,138

TOTAL SWEDEN

34,878,867

Switzerland - 1.6%

A Hiestand Holding AG

1,812

888,167

Actelion Ltd. (Reg.) (a)

19,177

2,105,695

Adecco SA

90,334

4,018,056

Amazys Holding AG

16,330

551,476

Barry Callebaut AG

7,735

1,609,095

Escor Casino & Entertainment SA

19,770

543,274

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - continued

Geberit AG (Reg.)

2,248

$ 1,367,367

Micronas Semiconductor Holding AG

19,509

908,814

Sika AG (Bearer)

4,767

2,244,593

Sulzer AG (Reg.)

6,935

1,798,657

Swissquote Group Holding SA (a)

20,533

2,060,432

Temenos Group AG (a)

156,181

1,314,066

TOTAL SWITZERLAND

19,409,692

Taiwan - 0.1%

Merry Electronics Co. Ltd.

507,000

1,244,219

Turkey - 0.7%

Beko Elektronik AS (a)

1,317,021,600

8,251,931

United Kingdom - 17.4%

AeroBox PLC (a)

3,800,000

1,367,902

AFA Systems PLC (a)

500,000

206,652

Air Partner PLC

45,000

333,176

Alba PLC

426,500

5,883,382

Amlin PLC

194,414

571,104

Atrium Underwriting PLC (a)

318,360

1,103,569

Biocompatibles International PLC

79,010

239,471

BP PLC

736,000

6,489,067

Britannic Group PLC

445,700

2,693,815

Caffe Nero Group PLC (a)

350,478

532,688

Carnival PLC

53,171

2,388,506

Carphone Warehouse Group PLC

1,542,749

3,921,729

Centrica PLC

589,758

2,290,718

Chaucer Holdings PLC

1,841,300

1,685,691

Collins Stewart Tullett PLC

158,575

1,175,485

Corac Group PLC (a)(c)

3,472,304

1,543,135

Corin Group PLC

1,239,214

5,936,785

CSS Stellar PLC

270,308

295,516

CustomVis PLC

375,215

210,105

Diagonal PLC

286,590

252,181

Domino's Pizza UK & IRL PLC

364,984

1,333,312

Domnick Hunter Group PLC

182,089

1,231,642

Edinburgh Oil & Gas PLC (a)

244,519

717,204

Eidos PLC (a)

403,313

1,218,814

Electra Investment Trust PLC (a)

128,483

1,651,316

Enterprise Inns PLC

179,562

1,947,110

Entertainment Rights PLC (a)

4,956,589

947,191

Flomerics Group PLC

449,658

547,544

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Future Network PLC (a)

1,717,169

$ 2,106,243

Galliford Try PLC

859,464

779,191

Games Workshop Group PLC

240,858

3,140,563

GMA Resources PLC (a)

1,850,000

813,942

Goldshield Group PLC

535,700

2,404,525

GTL Resources PLC (a)

7,498,739

916,447

Highbury House Communications PLC

713,914

272,854

Holidaybreak PLC

150,026

1,320,134

Hornby PLC

209,088

3,884,111

Icap PLC

599,250

2,934,782

Ideal Shopping Direct PLC (a)

25,000

32,442

Inchcape PLC

37,322

995,845

International Energy Group Ltd.

523,743

1,559,478

Intertek Group PLC

89,410

817,347

ITE Group PLC

3,169,616

3,127,130

ITV PLC

958,486

2,104,258

JJB Sports PLC

399,416

1,856,707

John David Group PLC

235,183

961,568

Kesa Electricals PLC

1,828,101

9,164,221

Lambert Howarth Group PLC (c)

1,320,284

6,630,283

Lastminute.com PLC (a)

2,006,726

6,858,051

Lawrence PLC

994,346

6,787,581

Lok'nStore Group PLC (a)

124,100

238,255

London Clubs International PLC (a)

140,155

327,005

Man Group PLC

82,669

2,480,627

Manganese Bronze Holdings PLC

239,797

1,037,980

Manpower Software PLC (a)

258,824

167,936

Marlborough Stirling PLC

408,469

435,669

Matalan PLC

888,363

2,672,793

Matchnet PLC (a)

550,000

6,260,073

Matchnet PLC unit (a)

656,190

7,468,722

Mothercare PLC (a)

273,362

1,637,624

N Brown Group PLC

544,210

1,189,920

NDS Group PLC sponsored ADR (a)

105,154

2,699,303

NETeller PLC (a)

625,000

1,966,525

Ocean Wilsons Holdings Ltd.

170,311

543,442

Oystertec PLC (a)

7,009,687

2,211,787

Peacock Group PLC

749,517

2,811,319

Phytopharm PLC (a)

528,100

1,797,758

Pilat Media Global PLC (a)(c)

2,880,000

3,097,377

Premier Farnell PLC

149,000

667,472

Premier Oil PLC (a)

173,870

1,545,400

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Proteome Sciences PLC (a)

648,207

$ 1,376,981

Provident Financial PLC

460,594

5,895,179

QA PLC (a)

13,554,656

1,144,533

Regal Petroleum PLC (a)

429,097

2,868,069

Robert Walters PLC

475,911

1,044,814

Royalblue Group PLC

230,103

2,331,543

Sanctuary Group PLC

3,046,215

2,721,090

SCI Entertainment Group PLC (a)

411,531

987,603

Shell Transport & Trading Co. PLC (Reg.)

955,700

6,701,050

Shore Capital Group PLC

7,219,477

4,010,532

Sibir Energy PLC (a)

1,162,800

578,774

Sinclair Pharma PLC

505,018

1,378,039

SkyePharma PLC (a)

124,100

130,709

SMG PLC

539,444

1,102,784

Staffware PLC

36,412

512,968

Sterling Energy PLC (a)

1,275,000

314,591

SurfControl PLC (a)

187,431

1,999,120

Ted Baker PLC

229,549

1,783,213

Teesland PLC

2,000,000

2,577,593

Tikit Group PLC (c)

797,761

1,921,579

Ukbetting PLC (a)

2,617,419

2,803,345

Urbium PLC

212,455

2,148,946

William Hill PLC

498,486

4,749,676

William Ransom & Son PLC

250,000

223,654

Windsor PLC

700,000

482,188

Wolfson Microelectronics PLC

926,350

4,376,175

WS Atkins PLC

222,222

2,408,713

Xansa PLC

598,007

967,373

TOTAL UNITED KINGDOM

208,980,334

United States of America - 0.6%

NTL, Inc. (a)

69,000

3,917,130

Private Media Group, Inc. (a)

202,400

487,784

ResMed, Inc. Chess Depositary Interests (a)

642,463

3,160,844

TOTAL UNITED STATES OF AMERICA

7,565,758

TOTAL COMMON STOCKS

(Cost $1,015,926,175)

1,166,519,136

Nonconvertible Preferred Stocks - 1.3%

Shares

Value (Note 1)

Germany - 0.7%

Fresenius AG

43,805

$ 3,057,121

Fresenius Medical Care AG

74,566

3,558,314

Rheinmetall AG

44,737

1,822,380

TOTAL GERMANY

8,437,815

Italy - 0.6%

Buzzi Unicem Spa (Risp)

525,105

4,515,254

Fondiaria-Sai Spa (Risp)

169,085

2,253,306

TOTAL ITALY

6,768,560

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $13,596,863)

15,206,375

Money Market Funds - 9.1%

Fidelity Cash Central Fund, 1.06% (b)

38,135,766

38,135,766

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

70,952,562

70,952,562

TOTAL MONEY MARKET FUNDS

(Cost $109,088,328)

109,088,328

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $1,138,611,366)

1,290,813,839

NET OTHER ASSETS - (7.7)%

(91,922,719)

NET ASSETS - 100%

$ 1,198,891,120

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $840,279,398 and $254,960,893, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2 for the period.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $66,801,993) (cost $1,138,611,366) - See accompanying schedule

$ 1,290,813,839

Cash

2,123,716

Foreign currency held at value (cost $7,829,979)

7,819,806

Receivable for investments sold

1,360,464

Receivable for fund shares sold

3,847,820

Dividends receivable

2,983,513

Interest receivable

46,297

Prepaid expenses

809

Other affiliated receivables

60,363

Other receivables

206,221

Total assets

1,309,262,848

Liabilities

Payable for investments purchased

$ 25,173,285

Payable for fund shares redeemed

12,888,766

Accrued management fee

950,679

Distribution fees payable

14,412

Other affiliated payables

244,268

Other payables and accrued expenses

147,756

Collateral on securities loaned, at value

70,952,562

Total liabilities

110,371,728

Net Assets

$ 1,198,891,120

Net Assets consist of:

Paid in capital

$ 1,015,321,184

Undistributed net investment income

1,582,676

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

29,897,990

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

152,089,270

Net Assets

$ 1,198,891,120

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

April 30, 2004 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($9,303,622 ÷ 462,844 shares)

$ 20.10

Maximum offering price per share (100/94.25 of $20.10)

$ 21.33

Class T:
Net Asset Value and redemption price per share ($11,819,731 ÷ 588,824 shares)

$ 20.07

Maximum offering price per share (100/96.50 of $20.07)

$ 20.80

Class B:
Net Asset Value and offering price per share ($3,555,616 ÷ 178,290 shares) A

$ 19.94

Class C:
Net Asset Value and offering price per share ($5,917,935 ÷ 296,288 shares) A

$ 19.97

International Small Cap Fund:
Net Asset Value, offering price and redemption price per share ($1,165,911,494 ÷ 57,831,970 shares)

$ 20.16

Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,382,722 ÷ 118,191 shares)

$ 20.16

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends (including $244,234 received from affiliated issuers)

$ 7,560,674

Interest

275,287

Security lending

437,418

8,273,379

Less foreign taxes withheld

(637,702)

Total income

7,635,677

Expenses

Management fee
Basic fee

$ 4,008,244

Performance adjustment

243,411

Transfer agent fees

967,985

Distribution fees

56,268

Accounting and security lending fees

237,846

Non-interested trustees' compensation

1,804

Custodian fees and expenses

293,397

Registration fees

211,551

Audit

21,418

Legal

17,413

Miscellaneous

2,150

Total expenses before reductions

6,061,487

Expense reductions

(157,537)

5,903,950

Net investment income (loss)

1,731,727

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

30,547,090

Foreign currency transactions

(112,246)

Total net realized gain (loss)

30,434,844

Change in net unrealized appreciation (depreciation) on:

Investment securities

79,706,898

Assets and liabilities in foreign currencies

(101,885)

Total change in net unrealized appreciation (depreciation)

79,605,013

Net gain (loss)

110,039,857

Net increase (decrease) in net assets resulting from operations

$ 111,771,584

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,731,727

$ 516,714

Net realized gain (loss)

30,434,844

11,443,482

Change in net unrealized appreciation (depreciation)

79,605,013

72,481,971

Net increase (decrease) in net assets resulting
from operations

111,771,584

84,442,167

Distributions to shareholders from net investment income

(740,876)

-

Distributions to shareholders from net realized gain

(11,573,205)

(27,060)

Total distributions

(12,314,081)

(27,060)

Share transactions - net increase (decrease)

539,645,028

470,607,516

Redemption fees

1,049,921

290,434

Total increase (decrease) in net assets

640,152,452

555,313,057

Net Assets

Beginning of period

558,738,668

3,425,611

End of period (including undistributed net investment income of $1,582,676 and undistributed net investment income of $614,412, respectively)

$ 1,198,891,120

$ 558,738,668

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.69

$ 12.35

Income from Investment Operations

Net investment income (loss) E

- I

.02 F

Net realized and unrealized gain (loss)

2.72

5.30

Total from investment operations

2.72

5.32

Distributions from net investment income

(.02)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.33)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 20.10

$ 17.69

Total Return B, C, D

15.73%

43.24%

Ratios to Average Net Assets H

Expenses before expense reductions

1.73% A

1.77% A

Expenses net of voluntary waivers, if any

1.73% A

1.77% A

Expenses net of all reductions

1.69% A

1.74% A

Net investment income (loss)

(.03)% A

.28% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 9,304

$ 4,960

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.68

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.02)

- F, I

Net realized and unrealized gain (loss)

2.71

5.31

Total from investment operations

2.69

5.31

Distributions from net investment income

(.01)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.32)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 20.07

$ 17.68

Total Return B, C, D

15.56%

43.16%

Ratios to Average Net Assets H

Expenses before expense reductions

1.93% A

2.12% A

Expenses net of voluntary waivers, if any

1.93% A

2.12% A

Expenses net of all reductions

1.89% A

2.09% A

Net investment income (loss)

(.23)% A

(.07)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 11,820

$ 3,990

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.62

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.09)

(.05) F

Net realized and unrealized gain (loss)

2.70

5.30

Total from investment operations

2.61

5.25

Distributions from net realized gain

(.31)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 19.94

$ 17.62

Total Return B, C, D

15.15%

42.67%

Ratios to Average Net Assets H

Expenses before expense reductions

2.58% A

2.76% A

Expenses net of voluntary waivers, if any

2.58% A

2.76% A

Expenses net of all reductions

2.55% A

2.73% A

Net investment income (loss)

(.89)% A

(.71)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,556

$ 1,016

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.64

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.07)

(.04) F

Net realized and unrealized gain (loss)

2.70

5.31

Total from investment operations

2.63

5.27

Distributions from net investment income

(.01)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.32)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 19.97

$ 17.64

Total Return B, C, D

15.25%

42.83%

Ratios to Average Net Assets H

Expenses before expense reductions

2.42% A

2.57% A

Expenses net of voluntary waivers, if any

2.42% A

2.57% A

Expenses net of all reductions

2.38% A

2.55% A

Net investment income (loss)

(.72)% A

(.52)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 5,918

$ 1,383

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - International Small Cap Fund

Six months ended
April 30, 2004

Years ended
October 31,

(Unaudited)

2003

2002 F

Selected Per-Share Data

Net asset value, beginning of period

$ 17.71

$ 9.87

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.04

.07 E

(.01)

Net realized and unrealized gain (loss)

2.72

7.75

(.12)

Total from investment operations

2.76

7.82

(.13)

Distributions from net investment income

(.02)

-

-

Distributions from net realized gain

(.31)

(.02)

-

Total distributions

(.33)

(.02)

-

Redemption fees added to paid in capital D

.02

.04

- H

Net asset value, end of period

$ 20.16

$ 17.71

$ 9.87

Total Return B, C

15.94%

79.78%

(1.30)%

Ratios to Average Net Assets G

Expenses before expense reductions

1.30% A

1.54%

13.70% A

Expenses net of voluntary waivers, if any

1.30% A

1.54%

1.80% A

Expenses net of all reductions

1.27% A

1.51%

1.80% A

Net investment income (loss)

.39% A

.46%

(.56)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,165,911

$ 546,989

$ 3,426

Portfolio turnover rate

59% A

84%

85% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.03 per share.

F For the period September 18, 2002 (commencement of operations) to October 31, 2002.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 17.72

$ 12.35

Income from Investment Operations

Net investment income (loss) D

.04

.04 E

Net realized and unrealized gain (loss)

2.72

5.31

Total from investment operations

2.76

5.35

Distributions from net investment income

(.03)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.34)

-

Redemption fees added to paid in capital D

.02

.02

Net asset value, end of period

$ 20.16

$ 17.72

Total Return B, C

15.94%

43.48%

Ratios to Average Net Assets G

Expenses before expense reductions

1.31% A

1.51% A

Expenses net of voluntary waivers, if any

1.31% A

1.51% A

Expenses net of all reductions

1.27% A

1.48% A

Net investment income (loss)

.39% A

.54% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 2,383

$ 401

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.01 per share.

F For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2004 (Unaudited)

1. Significant Accounting Policies.

Fidelity International Small Cap Fund (the fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, International Small Cap (the original class), and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the fund will treat a portion of the proceeds from shares redeemed as a distribution from net investment income and realized gain for income tax purposes. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period. Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 186,615,114

Unrealized depreciation

(34,644,945)

Net unrealized appreciation (depreciation)

$ 151,970,169

Cost for federal income tax purposes

$ 1,138,843,670

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .92% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.25%

$ 6,632

$ 253

Class T

.25%

.25%

19,674

397

Class B

.75%

.25%

11,371

8,719

Class C

.75%

.25%

18,591

12,804

$ 56,268

$ 22,173

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 15,078

Class T

7,519

Class B*

202

Class C*

1,552

$ 24,351

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the fund, except for International Small Cap. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC or FSC were as follows:

Amount

% of
Average
Net Assets

Class A

$ 10,233

.38*

Class T

13,228

.33*

Class B

5,668

.49*

Class C

6,164

.33*

International Small Cap

931,330

.21*

Institutional Class

1,362

.21*

$ 967,985

* Annualized

Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $267,110 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $157,521 for the period. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $16.

Semiannual Report

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2004

Year ended
October 31,
2003

From net investment income

Class A

$ 3,252

$ -

Class T

2,950

-

Class C

1,354

-

International Small Cap

732,323

-

Institutional Class

997

-

Total

$ 740,876

$ -

From net realized gain

Class A

$ 50,399

$ -

Class T

91,451

-

Class B

28,049

-

Class C

41,980

-

International Small Cap

11,351,027

27,060

Institutional Class

10,299

-

Total

$ 11,573,205

$ 27,060

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2004

Year ended
October 31,
2003 A

Six months ended
April 30,
2004

Year ended
October 31,
2003 A

Class A

Shares sold

405,885

287,827

$ 7,909,904

$ 4,774,574

Reinvestment of distributions

2,641

-

46,931

-

Shares redeemed

(226,030)

(7,479)

(4,063,789)

(125,524)

Net increase (decrease)

182,496

280,348

$ 3,893,046

$ 4,649,050

Class T

Shares sold

415,812

229,190

$ 8,109,869

$ 3,468,992

Reinvestment of distributions

4,802

-

85,378

-

Shares redeemed

(57,455)

(3,525)

(1,117,574)

(55,853)

Net increase (decrease)

363,159

225,665

$ 7,077,673

$ 3,413,139

Class B

Shares sold

129,278

60,233

$ 2,493,335

$ 911,644

Reinvestment of distributions

1,477

-

26,163

-

Shares redeemed

(10,128)

(2,570)

(198,658)

(40,678)

Net increase (decrease)

120,627

57,663

$ 2,320,840

$ 870,966

Class C

Shares sold

238,619

88,372

$ 4,589,844

$ 1,388,024

Reinvestment of distributions

2,245

-

39,811

-

Shares redeemed

(23,006)

(9,942)

(450,761)

(158,911)

Net increase (decrease)

217,858

78,430

$ 4,178,894

$ 1,229,113

International Small Cap

Shares sold

37,728,104

32,919,552

$ 730,218,985

$ 492,932,712

Reinvestment of distributions

631,834

2,491

11,252,956

25,785

Shares redeemed

(11,408,705)

(2,388,222)

(221,190,639)

(32,859,600)

Net increase (decrease)

26,951,233

30,533,821

$ 520,281,302

$ 460,098,897

Institutional Class

Shares sold

128,971

23,006

$ 2,551,499

$ 351,524

Reinvestment of distributions

290

-

5,166

-

Shares redeemed

(33,680)

(396)

(663,392)

(5,173)

Net increase (decrease)

95,581

22,610

$ 1,893,273

$ 346,351

A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

Semiannual Report

10. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Value, beginning
of period

Purchases

Sales
Proceeds

Dividend
Income

Value,end
of period

Articon-Integralis AG (Reg.)

$ -

$ 2,911,584

$ -

$ -

$ 2,213,515

Corac Group PLC

-

1,925,092

-

-

1,543,135

Lambert Howarth Group PLC

4,376,721

1,140,404

-

228,933

6,630,283

Online Travel Corp. PLC

2,164,843

-

-

-

-

Ontzinc Corp.

-

1,195,152

-

-

832,868

Pilat Media Global PLC

-

2,810,095

-

-

3,097,377

Tikit Group PLC

-

2,013,824

-

15,301

1,921,579

Wedins Norden AB Series B

956,215

2,235,131

-

-

4,011,427

TOTALS

$ 7,497,779

$ 14,231,282

$ -

$ 244,234

$ 20,250,184

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity International Investment
Advisors

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

Mellon Bank
Pittsburgh, PA

Fidelity's International Equity Funds

Aggressive International Fund

Canada Fund

China Region Fund

Diversified International Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

International Growth & Income Fund

International Small Cap Fund

Japan Fund

Japan Smaller Companies Fund

Latin America Fund

Nordic Fund

Overseas Fund

Pacific Basin Fund

Southeast Asia Fund

Worldwide Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-8888

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

ISC-USAN-0604
1.800661.100

Fidelity Advisor

International Small Cap

Fund - Institutional Class

Semiannual Report

April 30, 2004

(2_fidelity_logos) (Registered_Trademark)

Institutional Class is a class of
Fidelity® International Small Cap Fund

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

For a free copy of the fund's proxy voting guidelines call 1-877-208-0098 or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.

With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:

First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.

Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.

Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.

For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2004

Japan 31.0%

United Kingdom 17.4%

Germany 8.8%

Australia 7.8%

Greece 3.0%

Sweden 2.9%

Norway 2.9%

France 2.8%

Hong Kong 2.3%

Other 21.1%



Percentages are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2003

Japan 29.3%

United Kingdom 14.8%

United States of America 13.4%

Germany 10.7%

Australia 6.4%

Sweden 3.6%

Hong Kong 3.5%

France 2.5%

Greece 2.5%

Other 13.3%



Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.6

87.0

Bonds

0.0

0.0

Short-Term Investments and Net Other Assets

1.4

13.0

Top Ten Stocks as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Freenet.de AG (Germany, Internet Software & Services)

2.5

1.0

MobilCom AG (Germany, Wireless Telecommunication Services)

1.6

4.0

Steinhoff International Holdings Ltd. (South Africa, Household Durables)

1.4

0.0

NOK Corp. (Japan, Auto Components)

1.2

1.4

Fujikura Ltd. (Japan, Electrical Equipment)

1.1

1.4

Faith, Inc. (Japan, IT Services)

1.1

0.4

QBE Insurance Group Ltd. (Australia, Insurance)

1.0

1.0

ARRK Corp. (Japan, Commercial Services & Supplies)

1.0

1.1

Toyo Ink Manufacturing Co. Ltd. (Japan, Chemicals)

1.0

0.3

Nihon Dempa Kogyo Co. Ltd. (Japan, Electronic Equipment & Instruments)

1.0

1.0

12.9

Market Sectors as of April 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

21.2

19.9

Information Technology

19.9

16.5

Industrials

15.4

14.0

Financials

12.7

12.8

Materials

10.8

7.3

Health Care

6.6

8.4

Energy

4.8

0.6

Telecommunication Services

4.2

5.0

Consumer Staples

2.6

2.4

Utilities

0.4

0.1

Semiannual Report

Investments April 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value (Note 1)

Australia - 7.8%

Amcor Ltd.

435,801

$ 2,185,020

Australian Stock Exchange Ltd.

903,839

10,506,424

BHP Steel Ltd.

2,659,201

11,296,302

Boral Ltd.

2,602,417

11,280,697

Centamin Egypt Ltd. (a)

3,454,531

614,095

Centennial Coal Co. Ltd.

4,089,388

8,567,697

Corporate Express Australia Ltd.

1,778,551

6,231,834

CSL Ltd.

155,361

2,476,027

Dwyka Diamonds Ltd. (a)

400,000

172,432

Hardman Resources Ltd. (a)

475,138

532,058

Hardman Resources Ltd. (a)

203,356

227,742

JB Hi-Fi Ltd.

1,483,593

2,486,626

Patrick Corp. Ltd.

1,112,383

4,098,570

Promina Group Ltd.

914,490

2,477,525

QBE Insurance Group Ltd.

1,468,965

12,363,606

Stockland

343,151

1,281,692

Stockland New

11,600

42,824

United Group Ltd.

3,412,640

11,217,851

Westpac Banking Corp.

392,972

4,959,779

TOTAL AUSTRALIA

93,018,801

Austria - 0.2%

Wolford AG (a)

74,336

1,999,441

Belgium - 1.0%

Exmar NV

21,600

1,125,735

Melexis NV

93,199

1,022,821

Mobistar SA (a)

33,191

2,147,371

Roularta Media Group NV

24,376

1,314,512

Telindus Group NV (a)

595,955

5,976,295

TOTAL BELGIUM

11,586,734

Canada - 0.3%

Oilexco, Inc. (a)

933,000

1,408,122

Ontzinc Corp. (a)(c)

9,519,330

832,868

Uruguay Mineral Exploration, Inc. (a)

500,000

1,458,204

TOTAL CANADA

3,699,194

Cayman Islands - 0.0%

Semiconductor Manufacturing International Corp.

490,000

117,476

China - 0.7%

Aluminum Corp. of China Ltd. (H Shares)

5,744,000

3,369,120

Global Bio-Chem Technology Group Co. Ltd.

3,008,000

2,198,182

Common Stocks - continued

Shares

Value (Note 1)

China - continued

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

376,000

$ 0

PICC Property & Casualty Co. Ltd. (H Shares)

9,086,000

3,174,316

TOTAL CHINA

8,741,618

Denmark - 0.6%

Coloplast AS Series B

7,400

696,978

DSV de Sammensluttede Vognmaend AS

38,967

1,650,001

Group 4 Falck AS

49,795

1,234,633

SimCorp AS

81,439

3,336,965

TOTAL DENMARK

6,918,577

Egypt - 0.3%

Orascom Telecom SAE unit (a)

372,274

3,473,316

Estonia - 0.2%

Hansabank SA

356,528

2,729,528

Finland - 1.2%

Aldata Solutions Oyj (a)

2,940,946

6,060,502

Alma Media Corp.

133,020

1,203,253

Capman Oyj (A Shares)

671,937

1,489,338

Hackman Oyj AB (A Shares)

24,120

1,070,677

Nokian Tyres Ltd.

35,628

2,987,587

Vacon Oyj

73,381

950,391

TOTAL FINLAND

13,761,748

France - 2.8%

Areva (investment certificates)

8,300

2,217,563

Bacou Dalloz

7,963

601,050

Generale de Sante

371,352

5,009,764

Groupe Bourbon SA

12,440

1,466,589

Groupe Open SA

17,500

632,148

Groupe Open SA warrants 10/21/06 (a)

14,809

12,242

Inter Parfums SA

10,707

781,229

Ipsos SA

19,803

2,036,875

JET Multimedia SA (a)

122,778

2,836,094

Lectra

117,770

973,592

Maisons France Confort

10,498

581,088

Neopost SA

71,100

3,919,358

Nexans SA

26,310

884,823

Oeneo Group (a)

61,110

272,363

Orpea (a)

41,306

950,183

Seche Environment SA

11,500

668,240

Common Stocks - continued

Shares

Value (Note 1)

France - continued

SR Teleperformance SA

81,332

$ 1,666,290

Stedim SA

37,663

2,391,574

Toupargel-Agrigel

51,300

1,241,543

Vivendi Universal SA (a)

170,532

4,215,551

TOTAL FRANCE

33,358,159

Germany - 8.1%

Advanced Photonics Technologies AG (a)

44,139

116,342

Articon-Integralis AG (Reg.) (a)(c)

537,070

2,213,515

Bijou Brigitte Modische Accessoires AG

20,625

1,218,243

DAB Bank AG (a)

168,213

1,471,213

Data Modul AG (a)

34,300

704,776

ElringKlinger AG

24,521

2,600,007

Fielmann AG

22,343

1,171,150

FJA AG

89,089

1,472,978

Freenet.de AG (a)

339,323

29,722,351

Fresenius AG

47,586

3,905,376

Fresenius Medical Care AG

71,113

4,951,852

GPC Biotech AG (a)

45,809

692,633

Grenkeleasing AG

136,318

5,232,856

Hyrican Informationssysteme AG

159,994

2,277,263

Kontron AG (a)

208,564

1,731,672

Merck KGaA

51,441

2,753,694

MobilCom AG

1,008,361

19,595,663

Parsytec AG (a)

139,271

599,030

PC-Spezialist Franchise AG

158,900

2,246,461

Pfleiderer AG (a)

990,500

6,669,355

PSI AG (a)

144,416

728,434

Pulsion Medical Systems AG (a)

156,865

779,951

Rational AG

24,000

1,546,987

Rheinmetall AG

25,254

1,025,101

United Internet AG

67,249

1,691,992

TOTAL GERMANY

97,118,895

Greece - 3.0%

Autohellas SA

27,548

245,559

Cosmote Mobile Telecommunications SA

200,500

3,218,935

Folli Follie SA

362,998

10,863,999

Germanos SA

78,098

2,103,436

Greek Organization of Football Prognostics SA

311,042

5,932,738

Hellenic Exchanges Holding SA (a)

224,595

1,948,192

Hyatt Regency SA (Reg.)

232,682

2,414,203

Common Stocks - continued

Shares

Value (Note 1)

Greece - continued

Public Power Corp. of Greece

29,700

$ 752,948

Sarantis SA (Reg.)

1,198,648

5,974,177

Technical Olympic SA (Reg.)

490,396

2,185,662

TOTAL GREECE

35,639,849

Hong Kong - 2.3%

ASM Pacific Technology Ltd.

528,500

2,188,560

China Insurance International Holdings Co. Ltd.

13,106,000

6,301,042

China Merchants Holdings International Co. Ltd.

5,166,000

6,093,309

China Pharmaceutical Enterprise and Investment Corp. Ltd.

19,820,000

5,780,907

Kingboard Chemical Holdings Ltd.

4,127,800

7,779,415

TOTAL HONG KONG

28,143,233

Hungary - 0.2%

OTP Bank Rt. (a)

152,073

2,822,860

Ireland - 1.4%

DEPFA BANK PLC

37,220

5,579,511

Glanbia PLC

470,000

1,469,709

IAWS Group PLC (Ireland)

38,059

433,186

Independent News & Media PLC (Ireland)

1,144,964

2,606,385

Kingspan Group PLC (Ireland)

589,858

3,151,922

Paddy Power PLC

137,311

1,571,093

Petroceltic International PLC (a)

15,000,000

2,221,174

Petroceltic International PLC warrants 5/28/04 (a)

3,722,734

153,862

TOTAL IRELAND

17,186,842

Italy - 0.7%

Amplifon Spa

51,750

1,595,923

Buzzi Unicem Spa

18,520

246,229

Cassa Di Risparmio Di Firenze

2,942,982

5,119,733

Saipem Spa

197,600

1,851,106

TOTAL ITALY

8,812,991

Japan - 31.0%

Able, Inc.

275,600

7,591,219

Amiyaki Tei Co. Ltd.

536

2,081,214

ARRK Corp.

281,200

11,718,142

Asahi Broadcasting Corp.

34,480

2,294,667

Asahi Glass Co. Ltd.

102,000

1,058,555

BB Net Corp. (a)

177

572,460

Capcom Co. Ltd.

166,700

1,719,644

Casio Computer Co. Ltd.

160,000

1,809,752

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Chiyoda Integre Co. Ltd.

65,800

$ 2,116,436

Chugoku Marine Paints Ltd.

89,000

466,566

Citizen Electronics Co. Ltd.

120,450

7,652,150

Culture Convenience Club Co. Ltd.

63,400

675,992

Daikin Industries Ltd.

154,000

3,537,137

Daikokutenbussan Co. Ltd.

8,400

373,181

Disco Corp.

15,000

705,046

Drake Beam Morin Japan, Inc.

197,200

5,028,743

Dwango Co. Ltd.

157

3,808,315

Eizo Nanao Corp.

132,200

4,463,604

Excel Co. Ltd.

62,900

1,335,731

Faith, Inc.

1,741

12,731,196

Fast Retailing Co. Ltd.

20,000

1,528,266

Fuji Seal, Inc.

181,300

7,120,175

Fuji Spinning Co. Ltd. (a)

2,524,000

3,251,831

Fujikura Ltd.

2,469,000

13,118,763

Globaly Corp.

19,000

528,407

H.I.S. Co. Ltd.

43,700

1,176,507

Heian Ceremony Service Co. Ltd.

156,000

1,248,878

Hitachi Construction Machinery Co. Ltd.

114,000

1,499,123

Hogy Medical Co.

170,400

8,539,242

House of Rose Co. Ltd.

56,900

738,135

Ishihara Chemical Co. Ltd.

2,000

28,113

JACCS Co. Ltd.

226,000

1,383,561

Japan Medical Dynamic Marketing, Inc.

190,000

2,366,858

Japan Radio Co. Ltd. (a)

233,000

964,745

Jastec Co. Ltd.

54,500

855,181

KAGA ELECTRONICS Co. Ltd.

160,500

2,873,563

Kahma Co. Ltd.

135,000

1,752,486

Kawasho Corp. (a)

812,000

1,991,296

Kibun Food Chemifa Co. Ltd.

412,000

8,309,859

Kobe Steel Ltd. (a)

7,068,000

9,608,566

Konica Minolta Holdings, Inc.

121,500

1,649,568

Kubota Corp.

389,000

1,655,601

Kura Corp. Ltd.

527

2,224,205

Kura Corp. Ltd. New (a)

527

2,083,729

Leopalace21 Corp.

82,000

1,347,167

Livin' on the EDGE Co. Ltd. (a)

30,110

1,781,786

Marktec Corp.

59,000

517,416

Matsui Securities Co. Ltd.

51,300

1,659,164

Mazda Motor Corp.

396,000

1,235,017

Melco Holdings, Inc. (a)

216,000

5,690,482

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Mitsubishi Materials Corp. (a)

848,000

$ 1,642,566

Mitsui & Associates Telepark Corp.

242

1,378,301

Mitsui Fudosan Co. Ltd.

294,000

3,173,907

Mitsui Trust Holdings, Inc.

768,000

5,329,456

Mobilephone Telecommunications International Ltd.

87

103,584

Murata Manufacturing Co. Ltd.

41,100

2,643,936

Nabtesco Corp. (a)

147,000

858,130

Neturen Co. Ltd.

100,000

571,323

New Japan Radio Co. Ltd.

44,000

579,000

Nidec Corp.

46,700

4,941,960

Nihon Dempa Kogyo Co. Ltd.

510,100

11,466,911

Nihon Falcom Corp.

141

538,714

Nihon Falcom Corp. New (a)

116

443,197

Nihon Trim Co. Ltd.

31,250

2,165,784

Nihon Unicom Corp.

5,300

58,865

Nippon Chemi-con Corp.

761,000

4,124,631

Nippon Chemical Industrial Co. Ltd.

222,000

954,704

Nippon Electric Glass Co. Ltd.

77,000

1,778,831

Nippon Light Metal Co. Ltd.

2,939,000

7,181,297

Nippon Mining Holdings, Inc.

542,500

2,236,600

Nippon Shinpan Co. Ltd.

195,000

725,971

Nippon Thompson Co. Ltd.

278,000

1,842,698

Nishi-Nippon Bank Ltd. (a)

98,000

396,194

Nissin Co. Ltd.

186,200

666,738

Nissin Co. Ltd. New (a)

186,200

666,738

Nissin Kogyo Co. Ltd.

378,400

9,061,091

Nitta Corp.

154,100

2,359,166

Nittoku Engineering Co. Ltd.

79,500

621,613

NOF Corp.

252,000

1,021,024

NOK Corp.

365,100

13,851,931

Okamoto Glass Co. Ltd.

124,800

2,007,076

Osaki Electric Co. Ltd.

268,000

1,483,520

Pacific Metals Co. Ltd. (a)

846,000

3,532,961

Pigeon Corp.

217,400

3,048,156

Pixela Corp.

43,500

1,043,575

Reins International, Inc.

1,271

6,662,975

Rohto Pharmaceutical Co. Ltd.

611,000

5,363,753

Salomon & Taylor Made Co. Ltd.

26,000

274,910

Sankyo-Tateyama Holdings, Inc. (a)

731,000

2,422,684

Sekisui Chemical Co. Ltd.

136,000

943,758

Senshukai Co. Ltd.

86,000

891,743

Shin Nippon Biomedical Laboratories Ltd.

25,000

1,075,118

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Shinko Electric Industries Co.Ltd.

53,100

$ 1,604,147

Showa Denko KK

4,739,000

10,568,930

Siix Corp.

51,200

1,228,300

SMBC Friend Securities Co. Ltd.

457,500

2,451,202

Sodick Co. Ltd. (a)

322,000

2,889,667

Soken Chemical & Engineer Co. Ltd.

66,200

1,664,620

Stanley Electric Co. Ltd.

195,700

3,625,497

Sumitomo Corp.

1,119,000

8,421,396

Sumitomo Light Metal Industries Ltd. (a)

672,000

1,212,093

Sumitomo Metal Mining Co. Ltd.

1,091,000

6,504,559

Sumitomo Mitsui Financial Group, Inc.

738

5,468,812

Suncall Corp.

206,000

1,570,454

Takara Co. Ltd.

59,500

334,650

Takeuchi Manufacturing Co. Ltd.

159,200

7,737,506

Telewave, Inc.

353

3,011,040

Teraoka Seisakusho Co. Ltd.

58,000

622,538

Tokyo Seimitsu Co. Ltd.

58,600

1,884,850

Toppan Printing Co. Ltd.

482,000

5,554,662

Toyo Ink Manufacturing Co. Ltd.

2,749,000

11,528,886

Toyo Machinery & Metal Co. Ltd.

220,000

1,598,993

Toyo Radiator Co. Ltd.

202,000

1,044,588

Toyoda Gosei Co. Ltd.

275,800

7,400,683

Trancom Co. Ltd.

64,600

1,308,694

Trend Micro, Inc.

27,500

1,033,579

Ulvac Ltd.

2,900

123,425

USS Co. Ltd.

68,480

5,676,962

Wintest Corp.

70

653,067

Works Applications Co. Ltd. (a)

195

713,843

Yamato Transport Co. Ltd.

113,000

1,683,767

TOTAL JAPAN

371,723,940

Korea (South) - 0.3%

SKC Co. Ltd.

353,470

3,208,299

Liechtenstein - 0.2%

Verwaltungs-und Privat-Bank AG

16,273

2,477,691

Luxembourg - 1.3%

Millicom International Cellular SA unit (a)

253,600

6,371,776

Stolt-Nielsen SA

676,190

8,914,605

TOTAL LUXEMBOURG

15,286,381

Netherlands - 1.8%

Completel Europe NV (a)

76,809

2,942,955

Common Stocks - continued

Shares

Value (Note 1)

Netherlands - continued

Exact Holdings NV

89,311

$ 2,461,081

Fugro NV (Certificaten Van Aandelen)

32,965

1,908,416

Hunter Douglas NV

27,587

1,321,088

New Skies Satellites NV

196,190

1,502,003

PinkRoccade NV

186,326

2,931,104

Royal P & O Nedlloyd NV

30,560

980,521

Unit 4 Agresso NV (a)

57,667

792,472

Univar NV

297,072

6,015,081

Wolters Kluwer NV (Certificaten Van Aandelen)

57,025

959,919

TOTAL NETHERLANDS

21,814,640

New Zealand - 0.1%

The Warehouse Group Ltd.

344,626

940,684

Norway - 2.9%

ABG Sundal Collier ASA

5,860,000

5,121,930

Bolig- og Naeringsbanken ASA

29,740

1,083,093

Catch Communications ASA

691,000

1,852,169

Komplett ASA

153,200

1,472,948

Kverneland ASA

61,209

793,579

Nordic VLSI ASA (a)

449,000

1,471,681

Norsk Hydro ASA

183,500

10,745,760

Orkla ASA (A Shares)

64,572

1,561,482

P4 Radio Hele Norge ASA (a)

141,400

187,446

Statoil ASA

243,600

3,042,960

TANDBERG Data ASA (a)

165,800

367,124

TANDBERG Television ASA (a)

728,629

4,351,862

Visma ASA

107,762

1,177,366

Yara International ASA

142,247

1,005,008

TOTAL NORWAY

34,234,408

Portugal - 0.6%

Impresa SGPS (a)

121,200

609,881

Media Capital SGPS SA

1,182,976

6,122,838

TOTAL PORTUGAL

6,732,719

Russia - 1.5%

Mobile TeleSystems OJSC sponsored ADR

24,500

2,645,020

OAO Gazprom sponsored ADR

192,200

5,938,980

Sberbank RF unit (a)

82,400

3,172,400

Vimpel Communications sponsored ADR (a)

27,600

2,477,376

YUKOS Corp. sponsored ADR

90,000

4,005,000

TOTAL RUSSIA

18,238,776

Common Stocks - continued

Shares

Value (Note 1)

Singapore - 0.8%

Neptune Orient Lines Ltd.

3,048,000

$ 3,492,127

Singapore Exchange Ltd.

2,698,000

2,583,866

Singapore Petroleum Co. Ltd.

1,501,000

2,478,149

Venture Corp. Ltd.

124,000

1,391,539

TOTAL SINGAPORE

9,945,681

South Africa - 2.2%

African Bank Investments Ltd.

1,633,151

2,474,790

Discovery Holdings Ltd. (a)

1,369,619

2,711,787

MTN Group Ltd. (a)

803,802

3,343,860

Steinhoff International Holdings Ltd.

14,025,632

17,343,815

Wilson Bayly Holmes-Ovcon Ltd.

333,456

805,622

TOTAL SOUTH AFRICA

26,679,874

Spain - 0.5%

Antena 3 Television SA (a)

49,758

2,527,679

Corporacion Mapfre SA (Reg.)

271,121

3,248,301

TOTAL SPAIN

5,775,980

Sweden - 2.9%

Eniro AB

206,828

1,678,074

Finnveden Invest AB Series B (a)

402,884

3,505,998

Hexagon AB (B Shares)

88,343

2,999,988

Lindex AB

31,898

845,276

Lundin Petroleum AB (a)

370,708

1,751,254

Modern Times Group AB (MTG) (B Shares) (a)

72,700

1,227,253

Observer AB

297,314

1,186,657

OMHEX AB

295,085

3,977,355

Sectra AB (B Shares)

154,890

1,185,739

Skandia Foersaekrings AB

1,421,931

5,582,257

Song Networks Holding AB (a)

349,874

2,257,193

Teleca AB (B Shares)

545,353

3,097,258

Wedins Norden AB Series B (a)(c)

13,444,790

4,011,427

WM-Data AB (B Shares)

707,144

1,573,138

TOTAL SWEDEN

34,878,867

Switzerland - 1.6%

A Hiestand Holding AG

1,812

888,167

Actelion Ltd. (Reg.) (a)

19,177

2,105,695

Adecco SA

90,334

4,018,056

Amazys Holding AG

16,330

551,476

Barry Callebaut AG

7,735

1,609,095

Escor Casino & Entertainment SA

19,770

543,274

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - continued

Geberit AG (Reg.)

2,248

$ 1,367,367

Micronas Semiconductor Holding AG

19,509

908,814

Sika AG (Bearer)

4,767

2,244,593

Sulzer AG (Reg.)

6,935

1,798,657

Swissquote Group Holding SA (a)

20,533

2,060,432

Temenos Group AG (a)

156,181

1,314,066

TOTAL SWITZERLAND

19,409,692

Taiwan - 0.1%

Merry Electronics Co. Ltd.

507,000

1,244,219

Turkey - 0.7%

Beko Elektronik AS (a)

1,317,021,600

8,251,931

United Kingdom - 17.4%

AeroBox PLC (a)

3,800,000

1,367,902

AFA Systems PLC (a)

500,000

206,652

Air Partner PLC

45,000

333,176

Alba PLC

426,500

5,883,382

Amlin PLC

194,414

571,104

Atrium Underwriting PLC (a)

318,360

1,103,569

Biocompatibles International PLC

79,010

239,471

BP PLC

736,000

6,489,067

Britannic Group PLC

445,700

2,693,815

Caffe Nero Group PLC (a)

350,478

532,688

Carnival PLC

53,171

2,388,506

Carphone Warehouse Group PLC

1,542,749

3,921,729

Centrica PLC

589,758

2,290,718

Chaucer Holdings PLC

1,841,300

1,685,691

Collins Stewart Tullett PLC

158,575

1,175,485

Corac Group PLC (a)(c)

3,472,304

1,543,135

Corin Group PLC

1,239,214

5,936,785

CSS Stellar PLC

270,308

295,516

CustomVis PLC

375,215

210,105

Diagonal PLC

286,590

252,181

Domino's Pizza UK & IRL PLC

364,984

1,333,312

Domnick Hunter Group PLC

182,089

1,231,642

Edinburgh Oil & Gas PLC (a)

244,519

717,204

Eidos PLC (a)

403,313

1,218,814

Electra Investment Trust PLC (a)

128,483

1,651,316

Enterprise Inns PLC

179,562

1,947,110

Entertainment Rights PLC (a)

4,956,589

947,191

Flomerics Group PLC

449,658

547,544

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Future Network PLC (a)

1,717,169

$ 2,106,243

Galliford Try PLC

859,464

779,191

Games Workshop Group PLC

240,858

3,140,563

GMA Resources PLC (a)

1,850,000

813,942

Goldshield Group PLC

535,700

2,404,525

GTL Resources PLC (a)

7,498,739

916,447

Highbury House Communications PLC

713,914

272,854

Holidaybreak PLC

150,026

1,320,134

Hornby PLC

209,088

3,884,111

Icap PLC

599,250

2,934,782

Ideal Shopping Direct PLC (a)

25,000

32,442

Inchcape PLC

37,322

995,845

International Energy Group Ltd.

523,743

1,559,478

Intertek Group PLC

89,410

817,347

ITE Group PLC

3,169,616

3,127,130

ITV PLC

958,486

2,104,258

JJB Sports PLC

399,416

1,856,707

John David Group PLC

235,183

961,568

Kesa Electricals PLC

1,828,101

9,164,221

Lambert Howarth Group PLC (c)

1,320,284

6,630,283

Lastminute.com PLC (a)

2,006,726

6,858,051

Lawrence PLC

994,346

6,787,581

Lok'nStore Group PLC (a)

124,100

238,255

London Clubs International PLC (a)

140,155

327,005

Man Group PLC

82,669

2,480,627

Manganese Bronze Holdings PLC

239,797

1,037,980

Manpower Software PLC (a)

258,824

167,936

Marlborough Stirling PLC

408,469

435,669

Matalan PLC

888,363

2,672,793

Matchnet PLC (a)

550,000

6,260,073

Matchnet PLC unit (a)

656,190

7,468,722

Mothercare PLC (a)

273,362

1,637,624

N Brown Group PLC

544,210

1,189,920

NDS Group PLC sponsored ADR (a)

105,154

2,699,303

NETeller PLC (a)

625,000

1,966,525

Ocean Wilsons Holdings Ltd.

170,311

543,442

Oystertec PLC (a)

7,009,687

2,211,787

Peacock Group PLC

749,517

2,811,319

Phytopharm PLC (a)

528,100

1,797,758

Pilat Media Global PLC (a)(c)

2,880,000

3,097,377

Premier Farnell PLC

149,000

667,472

Premier Oil PLC (a)

173,870

1,545,400

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Proteome Sciences PLC (a)

648,207

$ 1,376,981

Provident Financial PLC

460,594

5,895,179

QA PLC (a)

13,554,656

1,144,533

Regal Petroleum PLC (a)

429,097

2,868,069

Robert Walters PLC

475,911

1,044,814

Royalblue Group PLC

230,103

2,331,543

Sanctuary Group PLC

3,046,215

2,721,090

SCI Entertainment Group PLC (a)

411,531

987,603

Shell Transport & Trading Co. PLC (Reg.)

955,700

6,701,050

Shore Capital Group PLC

7,219,477

4,010,532

Sibir Energy PLC (a)

1,162,800

578,774

Sinclair Pharma PLC

505,018

1,378,039

SkyePharma PLC (a)

124,100

130,709

SMG PLC

539,444

1,102,784

Staffware PLC

36,412

512,968

Sterling Energy PLC (a)

1,275,000

314,591

SurfControl PLC (a)

187,431

1,999,120

Ted Baker PLC

229,549

1,783,213

Teesland PLC

2,000,000

2,577,593

Tikit Group PLC (c)

797,761

1,921,579

Ukbetting PLC (a)

2,617,419

2,803,345

Urbium PLC

212,455

2,148,946

William Hill PLC

498,486

4,749,676

William Ransom & Son PLC

250,000

223,654

Windsor PLC

700,000

482,188

Wolfson Microelectronics PLC

926,350

4,376,175

WS Atkins PLC

222,222

2,408,713

Xansa PLC

598,007

967,373

TOTAL UNITED KINGDOM

208,980,334

United States of America - 0.6%

NTL, Inc. (a)

69,000

3,917,130

Private Media Group, Inc. (a)

202,400

487,784

ResMed, Inc. Chess Depositary Interests (a)

642,463

3,160,844

TOTAL UNITED STATES OF AMERICA

7,565,758

TOTAL COMMON STOCKS

(Cost $1,015,926,175)

1,166,519,136

Nonconvertible Preferred Stocks - 1.3%

Shares

Value (Note 1)

Germany - 0.7%

Fresenius AG

43,805

$ 3,057,121

Fresenius Medical Care AG

74,566

3,558,314

Rheinmetall AG

44,737

1,822,380

TOTAL GERMANY

8,437,815

Italy - 0.6%

Buzzi Unicem Spa (Risp)

525,105

4,515,254

Fondiaria-Sai Spa (Risp)

169,085

2,253,306

TOTAL ITALY

6,768,560

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $13,596,863)

15,206,375

Money Market Funds - 9.1%

Fidelity Cash Central Fund, 1.06% (b)

38,135,766

38,135,766

Fidelity Securities Lending Cash Central Fund, 1.06% (b)

70,952,562

70,952,562

TOTAL MONEY MARKET FUNDS

(Cost $109,088,328)

109,088,328

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $1,138,611,366)

1,290,813,839

NET OTHER ASSETS - (7.7)%

(91,922,719)

NET ASSETS - 100%

$ 1,198,891,120

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $840,279,398 and $254,960,893, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2 for the period.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $66,801,993) (cost $1,138,611,366) - See accompanying schedule

$ 1,290,813,839

Cash

2,123,716

Foreign currency held at value (cost $7,829,979)

7,819,806

Receivable for investments sold

1,360,464

Receivable for fund shares sold

3,847,820

Dividends receivable

2,983,513

Interest receivable

46,297

Prepaid expenses

809

Other affiliated receivables

60,363

Other receivables

206,221

Total assets

1,309,262,848

Liabilities

Payable for investments purchased

$ 25,173,285

Payable for fund shares redeemed

12,888,766

Accrued management fee

950,679

Distribution fees payable

14,412

Other affiliated payables

244,268

Other payables and accrued expenses

147,756

Collateral on securities loaned, at value

70,952,562

Total liabilities

110,371,728

Net Assets

$ 1,198,891,120

Net Assets consist of:

Paid in capital

$ 1,015,321,184

Undistributed net investment income

1,582,676

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

29,897,990

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

152,089,270

Net Assets

$ 1,198,891,120

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2004 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($9,303,622 ÷ 462,844 shares)

$ 20.10

Maximum offering price per share (100/94.25 of $20.10)

$ 21.33

Class T:
Net Asset Value and redemption price per share ($11,819,731 ÷ 588,824 shares)

$ 20.07

Maximum offering price per share (100/96.50 of $20.07)

$ 20.80

Class B:
Net Asset Value and offering price per share ($3,555,616 ÷ 178,290 shares) A

$ 19.94

Class C:
Net Asset Value and offering price per share ($5,917,935 ÷ 296,288 shares) A

$ 19.97

International Small Cap Fund:
Net Asset Value, offering price and redemption price per share ($1,165,911,494 ÷ 57,831,970 shares)

$ 20.16

Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,382,722 ÷ 118,191 shares)

$ 20.16

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended April 30, 2004 (Unaudited)

Investment Income

Dividends (including $244,234 received from affiliated issuers)

$ 7,560,674

Interest

275,287

Security lending

437,418

8,273,379

Less foreign taxes withheld

(637,702)

Total income

7,635,677

Expenses

Management fee
Basic fee

$ 4,008,244

Performance adjustment

243,411

Transfer agent fees

967,985

Distribution fees

56,268

Accounting and security lending fees

237,846

Non-interested trustees' compensation

1,804

Custodian fees and expenses

293,397

Registration fees

211,551

Audit

21,418

Legal

17,413

Miscellaneous

2,150

Total expenses before reductions

6,061,487

Expense reductions

(157,537)

5,903,950

Net investment income (loss)

1,731,727

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

30,547,090

Foreign currency transactions

(112,246)

Total net realized gain (loss)

30,434,844

Change in net unrealized appreciation (depreciation) on:

Investment securities

79,706,898

Assets and liabilities in foreign currencies

(101,885)

Total change in net unrealized appreciation (depreciation)

79,605,013

Net gain (loss)

110,039,857

Net increase (decrease) in net assets resulting from operations

$ 111,771,584

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
April 30, 2004
(Unaudited)

Year ended
October 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,731,727

$ 516,714

Net realized gain (loss)

30,434,844

11,443,482

Change in net unrealized appreciation (depreciation)

79,605,013

72,481,971

Net increase (decrease) in net assets resulting
from operations

111,771,584

84,442,167

Distributions to shareholders from net investment income

(740,876)

-

Distributions to shareholders from net realized gain

(11,573,205)

(27,060)

Total distributions

(12,314,081)

(27,060)

Share transactions - net increase (decrease)

539,645,028

470,607,516

Redemption fees

1,049,921

290,434

Total increase (decrease) in net assets

640,152,452

555,313,057

Net Assets

Beginning of period

558,738,668

3,425,611

End of period (including undistributed net investment income of $1,582,676 and undistributed net investment income of $614,412, respectively)

$ 1,198,891,120

$ 558,738,668

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.69

$ 12.35

Income from Investment Operations

Net investment income (loss) E

- I

.02 F

Net realized and unrealized gain (loss)

2.72

5.30

Total from investment operations

2.72

5.32

Distributions from net investment income

(.02)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.33)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 20.10

$ 17.69

Total Return B, C, D

15.73%

43.24%

Ratios to Average Net Assets H

Expenses before expense reductions

1.73% A

1.77% A

Expenses net of voluntary waivers, if any

1.73% A

1.77% A

Expenses net of all reductions

1.69% A

1.74% A

Net investment income (loss)

(.03)% A

.28% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 9,304

$ 4,960

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.68

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.02)

- F, I

Net realized and unrealized gain (loss)

2.71

5.31

Total from investment operations

2.69

5.31

Distributions from net investment income

(.01)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.32)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 20.07

$ 17.68

Total Return B, C, D

15.56%

43.16%

Ratios to Average Net Assets H

Expenses before expense reductions

1.93% A

2.12% A

Expenses net of voluntary waivers, if any

1.93% A

2.12% A

Expenses net of all reductions

1.89% A

2.09% A

Net investment income (loss)

(.23)% A

(.07)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 11,820

$ 3,990

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.62

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.09)

(.05) F

Net realized and unrealized gain (loss)

2.70

5.30

Total from investment operations

2.61

5.25

Distributions from net realized gain

(.31)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 19.94

$ 17.62

Total Return B, C, D

15.15%

42.67%

Ratios to Average Net Assets H

Expenses before expense reductions

2.58% A

2.76% A

Expenses net of voluntary waivers, if any

2.58% A

2.76% A

Expenses net of all reductions

2.55% A

2.73% A

Net investment income (loss)

(.89)% A

(.71)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,556

$ 1,016

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$ 17.64

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.07)

(.04) F

Net realized and unrealized gain (loss)

2.70

5.31

Total from investment operations

2.63

5.27

Distributions from net investment income

(.01)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.32)

-

Redemption fees added to paid in capital E

.02

.02

Net asset value, end of period

$ 19.97

$ 17.64

Total Return B, C, D

15.25%

42.83%

Ratios to Average Net Assets H

Expenses before expense reductions

2.42% A

2.57% A

Expenses net of voluntary waivers, if any

2.42% A

2.57% A

Expenses net of all reductions

2.38% A

2.55% A

Net investment income (loss)

(.72)% A

(.52)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 5,918

$ 1,383

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Investment income per share reflects a special dividend which amounted to $.01 per share.

G For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - International Small Cap Fund

Six months ended
April 30, 2004

Years ended
October 31,

(Unaudited)

2003

2002 F

Selected Per-Share Data

Net asset value, beginning of period

$ 17.71

$ 9.87

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.04

.07 E

(.01)

Net realized and unrealized gain (loss)

2.72

7.75

(.12)

Total from investment operations

2.76

7.82

(.13)

Distributions from net investment income

(.02)

-

-

Distributions from net realized gain

(.31)

(.02)

-

Total distributions

(.33)

(.02)

-

Redemption fees added to paid in capital D

.02

.04

- H

Net asset value, end of period

$ 20.16

$ 17.71

$ 9.87

Total Return B, C

15.94%

79.78%

(1.30)%

Ratios to Average Net Assets G

Expenses before expense reductions

1.30% A

1.54%

13.70% A

Expenses net of voluntary waivers, if any

1.30% A

1.54%

1.80% A

Expenses net of all reductions

1.27% A

1.51%

1.80% A

Net investment income (loss)

.39% A

.46%

(.56)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,165,911

$ 546,989

$ 3,426

Portfolio turnover rate

59% A

84%

85% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.03 per share.

F For the period September 18, 2002 (commencement of operations) to October 31, 2002.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30, 2004

Year ended
October 31,

(Unaudited)

2003 F

Selected Per-Share Data

Net asset value, beginning of period

$ 17.72

$ 12.35

Income from Investment Operations

Net investment income (loss) D

.04

.04 E

Net realized and unrealized gain (loss)

2.72

5.31

Total from investment operations

2.76

5.35

Distributions from net investment income

(.03)

-

Distributions from net realized gain

(.31)

-

Total distributions

(.34)

-

Redemption fees added to paid in capital D

.02

.02

Net asset value, end of period

$ 20.16

$ 17.72

Total Return B, C

15.94%

43.48%

Ratios to Average Net Assets G

Expenses before expense reductions

1.31% A

1.51% A

Expenses net of voluntary waivers, if any

1.31% A

1.51% A

Expenses net of all reductions

1.27% A

1.48% A

Net investment income (loss)

.39% A

.54% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 2,383

$ 401

Portfolio turnover rate

59% A

84%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.01 per share.

F For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2004 (Unaudited)

1. Significant Accounting Policies.

Fidelity International Small Cap Fund (the fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, International Small Cap (the original class), and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the fund will treat a portion of the proceeds from shares redeemed as a distribution from net investment income and realized gain for income tax purposes. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period. Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 186,615,114

Unrealized depreciation

(34,644,945)

Net unrealized appreciation (depreciation)

$ 151,970,169

Cost for federal income tax purposes

$ 1,138,843,670

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .92% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Class A

0%

.25%

$ 6,632

$ 253

Class T

.25%

.25%

19,674

397

Class B

.75%

.25%

11,371

8,719

Class C

.75%

.25%

18,591

12,804

$ 56,268

$ 22,173

Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 15,078

Class T

7,519

Class B*

202

Class C*

1,552

$ 24,351

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the fund, except for International Small Cap. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC or FSC were as follows:

Amount

% of
Average
Net Assets

Class A

$ 10,233

.38*

Class T

13,228

.33*

Class B

5,668

.49*

Class C

6,164

.33*

International Small Cap

931,330

.21*

Institutional Class

1,362

.21*

$ 967,985

* Annualized

Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $267,110 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $157,521 for the period. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $16.

Semiannual Report

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2004

Year ended
October 31,
2003

From net investment income

Class A

$ 3,252

$ -

Class T

2,950

-

Class C

1,354

-

International Small Cap

732,323

-

Institutional Class

997

-

Total

$ 740,876

$ -

From net realized gain

Class A

$ 50,399

$ -

Class T

91,451

-

Class B

28,049

-

Class C

41,980

-

International Small Cap

11,351,027

27,060

Institutional Class

10,299

-

Total

$ 11,573,205

$ 27,060

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2004

Year ended
October 31,
2003 A

Six months ended
April 30,
2004

Year ended
October 31,
2003 A

Class A

Shares sold

405,885

287,827

$ 7,909,904

$ 4,774,574

Reinvestment of distributions

2,641

-

46,931

-

Shares redeemed

(226,030)

(7,479)

(4,063,789)

(125,524)

Net increase (decrease)

182,496

280,348

$ 3,893,046

$ 4,649,050

Class T

Shares sold

415,812

229,190

$ 8,109,869

$ 3,468,992

Reinvestment of distributions

4,802

-

85,378

-

Shares redeemed

(57,455)

(3,525)

(1,117,574)

(55,853)

Net increase (decrease)

363,159

225,665

$ 7,077,673

$ 3,413,139

Class B

Shares sold

129,278

60,233

$ 2,493,335

$ 911,644

Reinvestment of distributions

1,477

-

26,163

-

Shares redeemed

(10,128)

(2,570)

(198,658)

(40,678)

Net increase (decrease)

120,627

57,663

$ 2,320,840

$ 870,966

Class C

Shares sold

238,619

88,372

$ 4,589,844

$ 1,388,024

Reinvestment of distributions

2,245

-

39,811

-

Shares redeemed

(23,006)

(9,942)

(450,761)

(158,911)

Net increase (decrease)

217,858

78,430

$ 4,178,894

$ 1,229,113

International Small Cap

Shares sold

37,728,104

32,919,552

$ 730,218,985

$ 492,932,712

Reinvestment of distributions

631,834

2,491

11,252,956

25,785

Shares redeemed

(11,408,705)

(2,388,222)

(221,190,639)

(32,859,600)

Net increase (decrease)

26,951,233

30,533,821

$ 520,281,302

$ 460,098,897

Institutional Class

Shares sold

128,971

23,006

$ 2,551,499

$ 351,524

Reinvestment of distributions

290

-

5,166

-

Shares redeemed

(33,680)

(396)

(663,392)

(5,173)

Net increase (decrease)

95,581

22,610

$ 1,893,273

$ 346,351

A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.

Semiannual Report

10. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Value, beginning
of period

Purchases

Sales
Proceeds

Dividend
Income

Value,end
of period

Articon-Integralis AG (Reg.)

$ -

$ 2,911,584

$ -

$ -

$ 2,213,515

Corac Group PLC

-

1,925,092

-

-

1,543,135

Lambert Howarth Group PLC

4,376,721

1,140,404

-

228,933

6,630,283

Online Travel Corp. PLC

2,164,843

-

-

-

-

Ontzinc Corp.

-

1,195,152

-

-

832,868

Pilat Media Global PLC

-

2,810,095

-

-

3,097,377

Tikit Group PLC

-

2,013,824

-

15,301

1,921,579

Wedins Norden AB Series B

956,215

2,235,131

-

-

4,011,427

TOTALS

$ 7,497,779

$ 14,231,282

$ -

$ 244,234

$ 20,250,184

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

Mellon Bank

Pittsburgh, PA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities Fund

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New Insights Fund

Fidelity Advisor New York
Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Short Intermediate Municipal Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Dividend & Income Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Total Bond Fund

Fidelity Advisor Ultra-Short Bond Fund

Fidelity Advisor Value Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AISCI-USAN-0604
1.800646.100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 9. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Investment Trust's Board of Trustees.

Item 10. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 11. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Investment Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

June 22, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

June 22, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

June 22, 2004