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, 2006

Item 1. Reports to Stockholders

Fidelity's

Broadly Diversified International Equity

Funds

Fidelity® Global Balanced Fund

Fidelity Diversified International Fund

Fidelity Aggressive International Fund

Fidelity Overseas Fund

Fidelity Worldwide Fund

Semiannual Report

April 30, 2006
(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Global Balanced Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Diversified International Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Aggressive International Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Overseas Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Worldwide Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Notes to Financial Statements

<Click Here>

Notes to the Financial Statements

Report of Independent Registered Public Accounting Firm

<Click Here>

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view each fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(Photograph of Edward C. Johnson 3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies

indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Global Balanced

Actual

$1,000.00

$1,129.40

$6.23

HypotheticalA

$1,000.00

$1,018.94

$5.91

Diversified International

Actual

$1,000.00

$1,247.80

$5.91

HypotheticalA

$1,000.00

$1,019.54

$5.31

Aggressive International

Actual

$1,000.00

$1,212.00

$4.88

HypotheticalA

$1,000.00

$1,020.38

$4.46

Overseas

Actual

$1,000.00

$1,266.70

$6.07

HypotheticalA

$1,000.00

$1,019.44

$5.41

Worldwide

Actual

$1,000.00

$1,186.40

$6.23

HypotheticalA

$1,000.00

$1,019.09

$5.76

A5% return per year before expenses

*Expenses are equal to each Fund's annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Global Balanced

1.18%

Diversified International

1.06%

Aggressive International

.89%

Overseas

1.08%

Worldwide

1.15%

Semiannual Report

Global Balanced

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

United States of America

39.9%

Japan

16.0%

France

8.3%

Germany

6.9%

United Kingdom

4.8%

Austria

4.3%

Switzerland

3.2%

Norway

2.4%

Netherlands

2.1%

Other

12.1%



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

As of October 31, 2005

United States of America

47.1%

Japan

20.1%

Germany

7.5%

United Kingdom

7.1%

France

3.7%

Switzerland

2.1%

Canada

1.9%

Spain

1.8%

Italy

1.4%

Other

7.3%



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 and Equity Futures

64.4

64.5

Bonds

31.3

23.3

Short-Term Investments and Net Other Assets

4.3

12.2

Top Five Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Google, Inc. Class A (sub. vtg.) (United States of America)

1.1

0.8

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

1.0

0.5

General Electric Co. (United States of America)

0.9

1.1

NTL, Inc. (United States of America)

0.8

0.0

Federated Department Stores, Inc. (United States of America)

0.8

0.4

4.6

Top Five Bond Issuers as of April 30, 2006

(with maturities greater than one year)

% of fund's
net assets

% of fund's net assets
6 months ago

Japan Government

9.6

9.5

French Government

5.8

1.5

U.S. Treasury Obligations

5.0

6.1

Austrian Republic

3.8

0.0

United Kingdom, Great Britain & Northern Ireland

1.7

0.6

25.9

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

14.3

12.8

Consumer Discretionary

8.6

8.7

Information Technology

8.1

7.4

Industrials

7.4

5.7

Energy

6.8

7.4

Consumer Staples

5.8

6.2

Health Care

5.6

6.3

Materials

4.9

2.4

Telecommunication Services

2.7

1.6

Utilities

1.7

1.3

Semiannual Report

Global Balanced

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 63.6%

Shares

Value (Note 1)

Argentina - 0.3%

Cresud S.A.C.I.F.y A. sponsored ADR

36,200

$628,794

Australia - 0.6%

BHP Billiton Ltd.

16,034

365,254

Downer EDI Ltd.

35,463

233,835

Oxiana Ltd.

185,924

481,619

Vision Group Holdings Ltd.

55,916

186,897

WorleyParsons Ltd.

15,900

235,529

TOTAL AUSTRALIA

1,503,134

Austria - 0.5%

Flughafen Wien AG

7,600

579,723

OMV AG

9,000

625,766

TOTAL AUSTRIA

1,205,489

Bermuda - 0.6%

Endurance Specialty Holdings Ltd.

11,000

340,560

Lazard Ltd. Class A

6,400

284,160

Marvell Technology Group Ltd. (a)

8,200

468,138

Pacific Basin Shipping Ltd.

604,000

268,763

TOTAL BERMUDA

1,361,621

Canada - 1.0%

European Goldfields Ltd. (a)

99,500

385,362

First Quantum Minerals Ltd.

13,700

662,208

MagIndustries Corp. (a)

154,500

221,109

MagIndustries Corp. (a)(i)

225,120

289,958

New Flyer Industries, Inc. / New Flyer Canada

58,400

444,007

Ultra Petroleum Corp. (a)

7,600

486,096

TOTAL CANADA

2,488,740

Cayman Islands - 0.6%

Foxconn International Holdings Ltd. (a)

108,000

232,624

Herbalife Ltd. (a)

5,300

184,440

Noble Corp.

11,400

899,916

TOTAL CAYMAN ISLANDS

1,316,980

China - 0.4%

China Life Insurance Co. Ltd. (H Shares)

225,000

303,258

Focus Media Holding Ltd. ADR

12,400

748,836

TOTAL CHINA

1,052,094

Finland - 0.4%

Metso Corp.

21,400

850,478

France - 2.5%

Compagnie Generale de Geophysique SA (a)

5,300

856,572

Icade SA

16,500

709,659

Lagardere S.C.A. (Reg.)

6,400

528,884

Pernod Ricard SA

6,165

1,195,490

Renault SA

9,600

1,114,289

Total SA Series B

5,751

1,587,506

TOTAL FRANCE

5,992,400

Shares

Value (Note 1)

Germany - 3.8%

Bayer AG (f)

34,300

$1,584,283

Deutsche Postbank AG

8,000

611,648

E.ON AG

11,700

1,424,709

Infineon Technologies AG (a)

116,500

1,423,630

Lanxess AG (a)

25,300

1,034,838

MAN AG

9,600

727,800

Premiere AG (a)(f)

56,200

921,761

SAP AG sponsored ADR

21,500

1,174,545

TOTAL GERMANY

8,903,214

Greece - 0.3%

Greek Organization of Football Prognostics SA

21,950

811,411

Hong Kong - 0.3%

Chaoda Modern Agriculture (Holdings) Ltd.

306,000

213,122

China Mobile (Hong Kong) Ltd.

27,500

158,730

CNOOC Ltd.

146,000

117,692

Esprit Holdings Ltd.

13,000

103,788

Hong Kong & China Gas Co. Ltd.

84,000

200,431

Prosperity (REIT)

468

131

TOTAL HONG KONG

793,894

India - 0.4%

Bharat Heavy Electricals Ltd.

4,562

239,925

Crompton Greaves Ltd.

12,219

289,188

ICICI Bank Ltd.

14,638

188,827

Larsen & Toubro Ltd.

3,037

182,274

TOTAL INDIA

900,214

Italy - 1.3%

Banca Intesa Spa (f)

89,700

533,031

ENI Spa sponsored ADR

12,050

737,581

FASTWEB Spa

17,600

884,205

Unicredito Italiano Spa

139,400

1,050,495

TOTAL ITALY

3,205,312

Japan - 6.4%

Aeon Fantasy Co. Ltd.

1,800

75,557

Anritsu Corp.

12,000

79,877

Asics Corp.

5,000

60,988

Canon, Inc.

2,800

212,240

Create SD Co. Ltd.

1,800

58,801

Dainippon Ink & Chemicals, Inc.

40,000

160,527

Daiwa House Industry Co. Ltd.

5,000

85,225

Diamond Lease Co. Ltd.

6,200

332,119

eAccess Ltd. (f)

267

184,292

East Japan Railway Co.

38

296,659

EDION Corp.

4,300

104,031

Fanuc Ltd.

2,300

217,528

First Juken Co. Ltd.

4,700

54,894

Fujitsu Ltd.

28,000

233,344

Heiwado Co. Ltd.

5,000

100,549

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Hirose Electric Co. Ltd.

700

$102,718

Hitachi Ltd.

25,000

186,025

Iino Kaiun Kaisha Ltd.

7,900

75,410

Itochushokuhin Co. Ltd.

8,200

349,243

Japan Retail Fund Investment Corp.

8

66,318

Japan Tobacco, Inc.

60

241,317

JSR Corp.

5,900

181,857

Kamigumi Co. Ltd.

10,000

79,737

Kansai Urban Banking Corp.

19,000

89,598

Kawasaki Kisen Kaisha Ltd. (f)

21,000

132,040

KDDI Corp.

25

154,116

Kobayashi Pharmaceutical Co. Ltd.

2,500

88,474

Kuraray Co. Ltd.

15,000

185,071

Kurita Water Industries Ltd.

2,900

59,082

Kyocera Corp.

2,500

234,700

Land Business Co. Ltd.

16

56,202

Matsushita Electric Industrial Co. Ltd.

16,000

387,360

Mitsubishi Estate Co. Ltd.

2,000

43,732

Mitsui & Co. Ltd.

32,000

483,618

Mitsui Fudosan Co. Ltd.

10,000

223,930

Mizuho Financial Group, Inc.

133

1,134,077

Murata Manufacturing Co. Ltd.

3,000

218,397

Nafco Co. Ltd.

2,600

102,288

Nikko Cordial Corp.

26,000

420,795

Nintendo Co. Ltd.

1,200

179,144

Nippon Oil Corp.

51,000

403,521

Nippon Steel Corp.

141,000

520,044

Nissan Motor Co. Ltd.

34,400

452,876

Nissin Food Products Co. Ltd.

5,100

162,573

NTN Corp.

10,000

82,547

Omron Corp.

10,200

284,839

Organo Corp.

18,000

176,404

Ricoh Co. Ltd.

3,000

59,539

Sasakura Engineering Co. Ltd.

7,000

80,035

Seiko Epson Corp.

4,700

148,171

Shinagawa Refractories Co. Ltd.

14,000

68,847

Sho-Bond Corp.

9,700

97,532

Shoei Co.

3,700

123,794

Sompo Japan Insurance, Inc.

7,000

101,427

Sony Corp.

1,300

63,622

Stanley Electric Co. Ltd.

19,500

453,787

Sumitomo Corp.

22,000

329,589

Sumitomo Electric Industries Ltd.

12,600

200,051

Sumitomo Metal Industries Ltd.

56,000

236,048

Sumitomo Mitsui Financial Group, Inc.

45

493,963

Sumitomo Trust & Banking Co. Ltd.

13,000

138,362

Takeda Pharamaceutical Co. Ltd.

9,000

550,077

Takefuji Corp.

2,690

174,806

Teijin Ltd.

10,000

68,584

The Sumitomo Warehouse Co. Ltd.

9,000

69,945

Toc Co. Ltd.

20,000

119,429

Toenec Corp.

32,000

158,490

Shares

Value (Note 1)

Tokyo Tatemono Co. Ltd.

8,000

$92,382

Tokyo Tomin Bank Ltd.

2,300

114,924

TonenGeneral Sekiyu KK (f)

36,000

391,060

Torishima Pump Manufacturing Co. Ltd.

12,000

97,370

Toyota Motor Corp.

8,100

474,377

UNY Co. Ltd.

18,000

321,668

Valor Co. Ltd.

5,200

105,941

Yachiyo Industry Co. Ltd.

2,600

70,779

TOTAL JAPAN

15,219,283

Korea (South) - 0.7%

Industrial Bank of Korea

11,090

223,411

Kookmin Bank

2,820

252,653

Korea Electric Power Corp.

4,450

197,694

KT&G Corp.

3,020

169,068

NHN Corp. (a)

708

251,477

Samsung Engineering Co. Ltd.

7,990

341,830

Taewoong Co. Ltd.

10,360

225,731

TOTAL KOREA (SOUTH)

1,661,864

Luxembourg - 0.7%

Millicom International Cellular SA unit (a)

34,500

1,694,877

Netherlands - 1.7%

Completel Europe NV (a)

6,559

433,619

ING Groep NV (Certificaten Van Aandelen)

33,500

1,359,430

Reed Elsevier NV

64,800

960,620

Tele Atlas NV (a)

49,200

1,250,775

TOTAL NETHERLANDS

4,004,444

Norway - 2.4%

Petroleum Geo-Services ASA (a)

21,450

1,207,951

Statoil ASA

46,900

1,545,117

TANDBERG ASA

56,600

576,398

TANDBERG Television ASA (a)

31,800

639,943

TGS Nopec Geophysical Co. ASA (a)

7,000

470,317

Yara International ASA

70,900

1,142,008

TOTAL NORWAY

5,581,734

Papua New Guinea - 0.1%

Oil Search Ltd.

78,100

255,113

Philippines - 0.1%

Semirara Mining Corp.

384,000

204,196

Russia - 0.3%

JSC MMC 'Norilsk Nickel' sponsored ADR

5,200

689,000

Singapore - 0.1%

Keppel Land Ltd.

69,000

206,889

Spain - 0.7%

Banco Bilbao Vizcaya Argentaria SA

45,100

994,906

Telefonica SA sponsored ADR

14,840

712,172

TOTAL SPAIN

1,707,078

Common Stocks - continued

Shares

Value (Note 1)

Sweden - 0.9%

Micronic Laser Systems AB (a)

50,300

$1,021,927

OMX AB

3,800

73,072

Swedish Match Co.

68,200

1,024,135

TOTAL SWEDEN

2,119,134

Switzerland - 3.2%

Actelion Ltd. (Reg.) (a)

13,016

1,471,292

Alcon, Inc.

6,700

681,457

Credit Suisse Group sponsored ADR

20,300

1,234,037

Nestle SA sponsored ADR

9,400

718,630

Novartis AG:

(Reg.)

15,988

919,470

sponsored ADR

4,400

253,044

Swissfirst AG

4,084

357,264

Syngenta AG:

warrants 5/22/06 (a)

9,023

14,477

(Switzerland)

4,975

691,028

The Swatch Group AG (Reg.)

31,679

1,162,134

TOTAL SWITZERLAND

7,502,833

Taiwan - 0.1%

Holtek Semiconductor, Inc.

84,000

168,232

Powertech Technology, Inc.

35,000

120,118

TOTAL TAIWAN

288,350

Turkey - 0.2%

Akenerji Elektrik Uretimi Otoproduktor Grubu AS (a)

106,401

392,618

Selcuk Ecza Deposu Tic AS

18,000

91,191

TOTAL TURKEY

483,809

United Kingdom - 2.9%

Amlin PLC

6,300

32,343

AstraZeneca PLC sponsored ADR

1,600

88,208

BAE Systems PLC

183,510

1,397,274

Benfield Group PLC

217,800

1,543,172

BG Group PLC

61,900

832,000

Chaucer Holdings PLC

661,400

832,297

ITV PLC

471,800

989,512

NETeller PLC (a)

43,200

610,592

Standard Chartered PLC (United Kingdom)

16,893

448,573

TOTAL UNITED KINGDOM

6,773,971

United States of America - 30.1%

Actel Corp. (a)

4,800

77,136

AES Corp. (a)

25,500

432,735

Airgas, Inc.

9,400

380,230

AirTran Holdings, Inc. (a)

20,700

289,386

Alcoa, Inc.

15,800

533,724

Allergan, Inc.

5,200

534,144

Allied Waste Industries, Inc. (a)

46,800

662,688

Altria Group, Inc.

18,900

1,382,724

Amerada Hess Corp.

3,100

444,137

Shares

Value (Note 1)

American Express Co.

13,900

$747,959

American International Group, Inc.

35,687

2,328,577

American Tower Corp. Class A (a)

18,400

628,176

Amphenol Corp. Class A

7,400

427,720

AMR Corp. (a)

6,800

167,552

Amylin Pharmaceuticals, Inc. (a)

2,900

126,295

Apple Computer, Inc. (a)

10,300

725,017

Applied Materials, Inc.

10,000

179,500

aQuantive, Inc. (a)

17,500

438,550

Aspect Medical Systems, Inc. (a)

8,400

239,064

AT&T, Inc.

15,600

408,876

Atmel Corp. (a)

67,600

354,224

Avon Products, Inc.

33,600

1,095,696

Badger Meter, Inc.

3,200

197,376

Bank of America Corp.

18,400

918,528

BEA Systems, Inc. (a)

19,500

258,375

Beacon Roofing Supply, Inc. (a)

4,600

170,200

Best Buy Co., Inc.

21,000

1,189,860

BioMarin Pharmaceutical, Inc. (a)

16,800

206,640

C.R. Bard, Inc.

10,200

759,492

Carpenter Technology Corp.

3,800

452,010

Cisco Systems, Inc. (a)

43,400

909,230

Coldwater Creek, Inc. (a)

12,750

356,490

Colgate-Palmolive Co.

18,700

1,105,544

CONSOL Energy, Inc.

8,900

757,924

Cooper Companies, Inc.

100

5,482

CyberSource Corp. (a)

39,200

366,128

E*TRADE Financial Corp. (a)

16,300

405,544

Entegris, Inc. (a)

17,200

175,096

Evergreen Solar, Inc. (a)

11,200

155,456

Exelixis, Inc. (a)

8,800

94,688

Exelon Corp.

15,000

810,000

Exxon Mobil Corp.

10,400

656,032

Federated Department Stores, Inc.

23,000

1,790,550

First Data Corp.

12,300

586,587

Fluor Corp.

9,300

864,063

FormFactor, Inc. (a)

4,400

183,436

FPL Group, Inc.

12,100

479,160

Gartner, Inc. Class A (a)

7,200

100,944

Genentech, Inc. (a)

12,300

980,433

General Dynamics Corp.

7,900

518,398

General Electric Co.

62,700

2,168,793

General Growth Properties, Inc.

9,040

424,428

Gilead Sciences, Inc. (a)

8,500

488,750

Golden West Financial Corp., Delaware

18,200

1,308,034

Goldman Sachs Group, Inc.

4,300

689,247

Google, Inc. Class A (sub. vtg.) (a)

6,300

2,633,022

Halliburton Co.

15,400

1,203,510

Harris Corp.

10,400

484,328

Hartford Financial Services Group, Inc.

8,200

753,826

Health Net, Inc. (a)

12,600

512,820

Hewlett-Packard Co.

29,700

964,359

Honeywell International, Inc.

32,600

1,385,500

Hudson City Bancorp, Inc.

33,200

445,212

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

International Game Technology

11,700

$443,781

Inverness Medical Innovations, Inc. (a)

6,700

174,200

JCPenney Co., Inc.

7,200

471,312

Johnson & Johnson

30,500

1,787,605

JPMorgan Chase & Co.

29,200

1,325,096

Kellogg Co.

14,500

671,495

MCF Corp. (a)

77,100

97,917

Merck & Co., Inc.

11,000

378,620

Monsanto Co.

6,600

550,440

Myogen, Inc. (a)

4,400

145,464

National Oilwell Varco, Inc. (a)

8,500

586,245

NCI, Inc. Class A

7,725

108,536

NCR Corp. (a)

18,600

732,840

Norfolk Southern Corp.

3,200

172,800

Northern Trust Corp.

13,000

765,570

NTL, Inc. (a)

68,450

1,881,006

OfficeMax, Inc.

15,900

615,330

PepsiCo, Inc.

22,490

1,309,818

QUALCOMM, Inc.

4,800

246,432

Quicksilver Resources, Inc. (a)

11,950

495,208

Range Resources Corp.

6,800

180,404

Red Hat, Inc. (a)

6,200

182,218

Robert Half International, Inc.

10,400

439,608

Rockwell Collins, Inc.

7,500

429,000

Safeway, Inc.

17,700

444,801

Service Corp. International (SCI)

45,200

363,860

Starbucks Corp. (a)

24,300

905,661

State Street Corp.

15,600

1,018,992

Synthes, Inc.

13,711

1,702,406

TD Ameritrade Holding Corp.

18,100

335,936

The Coca-Cola Co.

16,400

688,144

The Walt Disney Co.

26,300

735,348

Titanium Metals Corp. (a)

7,800

558,870

TradeStation Group, Inc. (a)

22,300

355,462

Trimble Navigation Ltd. (a)

6,200

293,756

United Dominion Realty Trust, Inc. (SBI)

14,900

405,131

United Technologies Corp.

12,500

785,125

UnitedHealth Group, Inc.

10,300

512,322

Valero Energy Corp.

14,600

945,204

Verizon Communications, Inc.

25,400

838,962

Viacom, Inc. Class A (a)

9,300

370,326

Wachovia Corp.

8,700

520,695

Walgreen Co.

6,600

276,738

Wells Fargo & Co.

17,300

1,188,337

Weyerhaeuser Co.

4,800

338,256

Whole Foods Market, Inc.

6,600

405,108

Wm. Wrigley Jr. Co.

7,600

357,732

Wm. Wrigley Jr. Co. Class B

1,600

75,360

Shares

Value (Note 1)

Wyeth

16,600

$807,922

Yahoo!, Inc. (a)

11,300

370,414

TOTAL UNITED STATES OF AMERICA

71,311,418

TOTAL COMMON STOCKS

(Cost $127,643,379)

150,717,768

Nonconvertible Preferred Stocks - 0.8%

Germany - 0.2%

Porsche AG (non-vtg.)

500

498,667

Italy - 0.6%

Istituto Finanziario Industriale Spa (IFI) (a)

60,600

1,441,425

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $1,541,660)

1,940,092

Nonconvertible Bonds - 1.5%

Principal
Amount (d)

Cayman Islands - 0.2%

Finans Capital Finance Ltd. (Reg. S) 9% 10/7/14 (e)

$50,000

52,750

MUFG Capital Finance 1 Ltd. 6.346% (h)

175,000

171,477

Vale Overseas Ltd. 6.25% 1/11/16

250,000

245,625

TOTAL CAYMAN ISLANDS

469,852

Cyprus - 0.1%

Mizuho Capital Investment Europe 1 Ltd. 5.02% (h)

EUR

100,000

123,900

Germany - 0.0%

Wuerttembergische Lebens AG 5.375% 6/1/26 (h)

EUR

100,000

121,579

Ireland - 0.1%

Dali Capital PLC 7% 4/13/09

RUB

7,000,000

256,303

Luxembourg - 0.3%

BTA Finance Luxembourg 8.25% (h)

100,000

95,354

Damovo III SA 10.997% 4/30/12 (h)

EUR

250,000

316,075

RSHB Capital SA 6.875% 11/29/10

200,000

200,380

TOTAL LUXEMBOURG

611,809

Netherlands - 0.4%

ALB Finance BV 8.75% 4/20/11

200,000

198,500

CenterCredit International BV 8% 2/2/11

250,000

245,000

Eureko BV 5.125% (h)

EUR

200,000

253,748

Kazkommerts International BV 5.125% 3/23/11

EUR

250,000

310,242

TOTAL NETHERLANDS

1,007,490

United Kingdom - 0.1%

Amlin PLC 6.5% 12/19/26 (h)

GBP

125,000

222,178

Nonconvertible Bonds - continued

Principal
Amount (d)

Value (Note 1)

United States of America - 0.3%

EB Holdings, Inc. (Reg. S) 10% 2/15/15 pay-in-kind

EUR

262,500

$329,527

Fortune Brands, Inc. 4% 1/30/13

EUR

300,000

364,281

TOTAL UNITED STATES OF AMERICA

693,808

TOTAL NONCONVERTIBLE BONDS

(Cost $3,439,124)

3,506,919

Government Obligations - 29.4%

Austria - 3.8%

Austrian Republic 4% 9/15/16

EUR

7,100,000

8,962,277

Brazil - 0.1%

Brazilian Federative Republic 7.375% 2/3/15

EUR

100,000

142,314

Canada - 0.5%

Canadian Government 5.25% 6/1/12

CAD

1,250,000

1,168,493

France - 5.8%

French Government:

3.25% 4/25/16

EUR

2,000,000

2,374,425

3.5% 1/12/09

EUR

6,350,000

8,011,477

4.75% 4/25/35

EUR

2,500,000

3,426,957

TOTAL FRANCE

13,812,859

Germany - 2.9%

German Federal Republic:

3% 3/14/08

EUR

225,000

282,026

4.5% 8/18/06

EUR

5,125,000

6,498,286

TOTAL GERMANY

6,780,312

Japan - 9.6%

Japan Government:

Real Return Bond 0.82% 11/20/20 (h)

JPY

125,000,000

1,054,335

Inflation-Indexed 1.1% 6/10/14

JPY

699,300,000

6,242,371

0.1% 6/20/07

JPY

600,000,000

5,253,972

1.3% 3/20/15

JPY

800,000,000

6,692,672

1.5% 3/20/14

JPY

400,000,000

3,436,435

TOTAL JAPAN

22,679,785

United Kingdom - 1.7%

United Kingdom, Great Britain & Northern Ireland:

4% 3/7/09

GBP

1,275,000

2,284,938

4.25% 6/7/32

GBP

950,000

1,708,913

5% 3/7/25

GBP

85,000

165,641

TOTAL UNITED KINGDOM

4,159,492

Principal
Amount (d)

Value (Note 1)

United States of America - 5.0%

U.S. Treasury Notes:

3.375% 12/15/08

$875,000

$843,077

3.5% 5/31/07

4,450,000

4,383,424

4.375% 8/15/12

6,400,000

6,196,000

4.5% 2/15/16

500,000

478,203

TOTAL UNITED STATES OF AMERICA

11,900,704

TOTAL GOVERNMENT OBLIGATIONS

(Cost $68,981,566)

69,606,236

Asset-Backed Securities - 0.4%

Affinity PLC Series 2002-A CLass C, 5.9744% 5/15/09 (h)

GBP

110,000

201,916

Bosphorus Financial Services Ltd. (Reg. S) 6.5488% 2/15/12 (h)

250,000

253,900

Meridian Funding Co. LLC 5.22% 10/15/14 (g)(h)

500,000

500,162

TOTAL ASSET-BACKED SECURITIES

(Cost $949,754)

955,978

Collateralized Mortgage Obligations - 0.0%

Private Sponsor - 0.0%

Lansdowne Mortgage Securities No. 1 PLC Series M1, 2.899% 6/15/45 (h)
(Cost $122,905)

EUR

100,000

126,165

Money Market Funds - 7.5%

Shares

Fidelity Cash Central Fund, 4.8% (b)

15,215,319

15,215,319

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

2,515,640

2,515,640

TOTAL MONEY MARKET FUNDS

(Cost $17,730,959)

17,730,959

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $220,409,347)

244,584,117

NET OTHER ASSETS - (3.2)%

(7,606,912)

NET ASSETS - 100%

$236,977,205

Currency Abbreviations

CAD

-

Canadian dollar

EUR

-

European Monetary Unit

GBP

-

British pound

JPY

-

Japanese yen

RUB

-

Russian ruble

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

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

(e)Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f)Security or a portion of the security is on loan at period end.

(g)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 $500,162 or 0.2% of net assets.

(h)The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(i)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 $289,958 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

MagIndustries Corp.

3/16/06

$239,188

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$549,310

Fidelity Securities Lending Cash Central Fund

13,442

Total

$562,752

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

5.0%

AAA, AA, A

24.6%

BBB

1.2%

BB

0.3%

B

0.1%

CCC, CC, C

0.1%

Not Rated

0.0%

Equities

64.4%

Short-Term Investments and Net Other Assets

4.3%

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.

Semiannual Report

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

Global Balanced

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $2,383,646) - See accompanying schedule:

Unaffiliated issuers (cost $202,678,388)

$226,853,158

Affiliated Central Funds (cost $17,730,959)

17,730,959

Total Investments (cost $220,409,347)

$244,584,117

Foreign currency held at value (cost $2,364,780)

2,364,780

Receivable for investments sold

1,703,127

Receivable for fund shares sold

658,524

Dividends receivable

332,297

Interest receivable

891,945

Prepaid expenses

568

Other affiliated receivables

1

Other receivables

34,471

Total assets

250,569,830

Liabilities

Payable for investments purchased

$10,660,092

Payable for fund shares redeemed

127,988

Accrued management fee

136,558

Other affiliated payables

55,550

Other payables and accrued expenses

96,797

Collateral on securities loaned, at value

2,515,640

Total liabilities

13,592,625

Net Assets

$236,977,205

Net Assets consist of:

Paid in capital

$191,478,944

Undistributed net investment income

978,121

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

20,378,675

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

24,141,465

Net Assets, for 10,386,758 shares outstanding

$236,977,205

Net Asset Value, offering price and redemption price per share ($236,977,205 ÷ 10,386,758 shares)

$22.82

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$1,091,075

Interest

777,476

Income from affiliated Central Funds

562,752

2,431,303

Less foreign taxes withheld

(48,259)

Total income

2,383,044

Expenses

Management fee

$762,078

Transfer agent fees

265,318

Accounting and security lending fees

53,199

Independent trustees' compensation

444

Custodian fees and expenses

108,262

Registration fees

19,479

Audit

43,537

Legal

1,208

Miscellaneous

926

Total expenses before reductions

1,254,451

Expense reductions

(49,413)

1,205,038

Net investment income (loss)

1,178,006

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $2,709)

19,845,427

Foreign currency transactions

72,756

Futures contracts

710,088

Total net realized gain (loss)

20,628,271

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $24,802)

3,891,944

Assets and liabilities in foreign currencies

2,256

Futures contracts

139,170

Total change in net unrealized appreciation (depreciation)

4,033,370

Net gain (loss)

24,661,641

Net increase (decrease) in net assets resulting from operations

$25,839,647

Semiannual Report

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

Global Balanced
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$1,178,006

$1,411,815

Net realized gain (loss)

20,628,271

17,750,076

Change in net unrealized appreciation (depreciation)

4,033,370

2,312,645

Net increase (decrease) in net assets resulting from operations

25,839,647

21,474,536

Distributions to shareholders from net investment income

(1,257,249)

(947,033)

Distributions to shareholders from net realized gain

(15,002,921)

(2,331,147)

Total distributions

(16,260,170)

(3,278,180)

Share transactions
Proceeds from sales of shares

51,602,304

85,851,097

Reinvestment of distributions

15,532,156

3,105,549

Cost of shares redeemed

(30,987,327)

(53,533,775)

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

36,147,133

35,422,871

Redemption fees

3,877

8,689

Total increase (decrease) in net assets

45,730,487

53,627,916

Net Assets

Beginning of period

191,246,718

137,618,802

End of period (including undistributed net investment income of $978,121 and undistributed net investment income of $1,211,763, respectively)

$236,977,205

$191,246,718

Other Information

Shares

Sold

2,355,333

4,082,256

Issued in reinvestment of distributions

741,039

151,048

Redeemed

(1,421,889)

(2,510,378)

Net increase (decrease)

1,674,483

1,722,926

Financial Highlights

Six months ended April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$21.95

$19.69

$18.06

$14.84

$15.36

$19.10

Income from Investment Operations

Net investment income (loss) D

.12

.17 E

.10 F

.15

.17 H

.28

Net realized and unrealized gain (loss)

2.56

2.54

1.85

3.29

(.66) H

(2.46)

Total from investment operations

2.68

2.71

1.95

3.44

(.49)

(2.18)

Distributions from net investment income

(.14)

(.13)

(.32)

(.22)

(.03)

(.32)

Distributions from net realized gain

(1.67)

(.32)

-

-

-

(1.24)

Total distributions

(1.81)

(.45)

(.32)

(.22)

(.03)

(1.56)

Redemption fees added to paid in capital D

- I

- I

- I

- I

- I

- I

Net asset value, end of period

$22.82

$21.95

$19.69

$18.06

$14.84

$15.36

Total Return B, C

12.94%

13.92%

10.93%

23.49%

(3.20)%

(12.36)%

Ratios to Average Net Assets G

Expenses before reductions

1.18% A

1.17%

1.20%

1.29%

1.29%

1.29%

Expenses net of fee waivers, if any

1.18% A

1.17%

1.20%

1.29%

1.29%

1.29%

Expenses net of all reductions

1.14% A

1.15%

1.19%

1.28%

1.27%

1.27%

Net investment income (loss)

1.11% A

.80% E

.54% F

.98%

1.07% H

1.69%

Supplemental Data

Net assets, end of period (000 omitted)

$236,977

$191,247

$137,619

$115,864

$88,263

$88,809

Portfolio turnover rate

220% A

95%

94%

113%

126%

102%

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. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .66%. F Net investment income per share includes approximately $.05 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .26%. 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 fee 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. H 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. I Amount represents less than $.01 per share.

Semiannual Report

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

Diversified International

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan

18.2%

United Kingdom

11.2%

Switzerland

10.1%

France

9.4%

United States of America

7.4%

Germany

6.8%

Canada

5.7%

Netherlands

3.9%

Korea (South)

2.8%

Other

24.5%



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

As of October 31, 2005

United Kingdom

15.4%

Japan

15.1%

Switzerland

11.5%

France

8.9%

Canada

6.6%

Germany

5.8%

United States of America

4.5%

Netherlands

3.4%

Spain

3.2%

Other

25.6%



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

96.0

98.8

Bonds

0.4

0.0

Short-Term Investments and Net Other Assets

3.6

1.2

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.7

2.4

Novartis AG sponsored ADR (Switzerland, Pharmaceuticals)

1.5

2.1

ORIX Corp. (Japan, Consumer Finance)

1.3

0.8

Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels)

1.3

1.7

Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)

1.2

1.3

Toyota Motor Corp. (Japan, Automobiles)

1.1

1.3

UBS AG (NY Shares) (Switzerland, Capital Markets)

1.1

1.2

ING Groep NV sponsored ADR (Netherlands, Diversified Financial Services)

1.0

0.6

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

1.0

1.5

E.ON AG (Germany, Electric Utilities)

0.9

0.6

12.1

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

24.5

22.2

Industrials

13.3

12.6

Consumer Discretionary

10.7

12.1

Energy

10.1

10.6

Information Technology

9.6

9.1

Materials

8.7

6.7

Health Care

7.9

10.8

Consumer Staples

6.5

8.3

Utilities

2.4

1.5

Telecommunication Services

2.3

4.1

Semiannual Report

Diversified International

Investments April 30, 2006 (Audited)

Showing Percentage of Net Assets

Common Stocks - 95.7%

Shares

Value (Note 1)

Australia - 2.4%

Australia & New Zealand Banking Group Ltd.

4,500,000

$95,544,979

Australian Gas Light Co.

2,118,164

31,215,828

BHP Billiton Ltd. sponsored ADR

2,300,000

104,788,000

Brambles Industries Ltd. (e)

15,000,000

127,165,410

Computershare Ltd.

21,000,000

125,706,882

CSL Ltd.

5,300,000

232,308,566

Macquarie Capital Alliance Group unit (a)

12,499,900

32,284,867

National Australia Bank Ltd.

1,500,000

42,839,998

QBE Insurance Group Ltd.

9,500,000

161,509,186

Zinifex Ltd.

6,000,000

47,174,265

TOTAL AUSTRALIA

1,000,537,981

Austria - 0.5%

OMV AG

3,200,000

222,494,500

Belgium - 0.2%

RHJ International (a)

1,300,000

32,310,856

Umicore SA (e)

300,000

47,841,768

TOTAL BELGIUM

80,152,624

Bermuda - 0.3%

Clear Media Ltd. (a)(f)

27,321,500

33,829,002

Willis Group Holdings Ltd.

2,200,000

77,330,000

TOTAL BERMUDA

111,159,002

Brazil - 1.2%

Banco Nossa Caixa SA

3,785,000

85,420,939

Companhia Vale do Rio Doce sponsored ADR

2,000,000

103,040,000

Cyrela Brazil Realty SA

1,300,000

22,113,081

Gerdau SA sponsored ADR

2,700,000

46,710,000

TAM SA (PN) sponsored ADR (ltd. vtg.)

1,500,000

37,725,000

Uniao de Bancos Brasileiros SA (Unibanco) GDR

1,232,100

97,767,135

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

3,000,000

113,847,628

TOTAL BRAZIL

506,623,783

Canada - 5.7%

ACE Aviation Holdings, Inc. Class A (a)

991,000

27,389,893

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

1,500,000

48,837,209

ATI Technologies, Inc. (a)

8,000,000

124,137,789

Brookfield Asset Management, Inc. Class A

3,150,000

131,212,433

Canadian National Railway Co.

2,000,000

89,677,996

Canadian Natural Resources Ltd.

3,500,000

210,375,671

Canadian Western Bank, Edmonton

400,000

15,202,147

Corus Entertainment, Inc. Class B (non-vtg.)

1,100,000

36,532,200

EnCana Corp.

4,400,000

219,921,288

Flint Energy Services Ltd. (a)

467,500

26,515,362

Shares

Value (Note 1)

Goldcorp, Inc.

3,000,000

$105,322,004

ITF Optical Technologies, Inc. Series A (a)(h)

39,827

0

Meridian Gold, Inc. (a)

525,000

17,088,327

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

700,000

20,449,016

National Bank of Canada

2,020,400

112,658,082

OZ Optics Ltd. unit (a)(h)

102,000

1,504,500

Petro-Canada

3,300,000

162,343,471

Potash Corp. of Saskatchewan

500,000

47,334,526

Power Corp. of Canada (sub. vtg.)

3,400,000

96,738,819

Precision Drilling Trust (e)

3,350,000

118,957,961

Research In Motion Ltd. (a)

900,000

68,954,662

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

1,500,000

63,582,290

Suncor Energy, Inc.

1,000,000

85,635,063

Synenco Energy, Inc. Class A

1,991,100

44,060,657

Talisman Energy, Inc.

3,900,000

220,255,814

Teck Cominco Ltd. Class B (sub. vtg.)

1,250,000

86,180,680

TELUS Corp. (non-vtg.)

650,000

26,860,465

TimberWest Forest Corp.

3,724,900

46,977,719

TransCanada Corp.

3,200,000

94,511,628

Western Silver Corp. (a)

2,000,000

56,565,295

TOTAL CANADA

2,405,782,967

Cayman Islands - 0.7%

Apex Silver Mines Ltd. (a)(e)(f)

3,300,000

70,290,000

GlobalSantaFe Corp.

2,700,000

165,267,000

Himax Technologies, Inc. sponsored ADR

2,000,000

17,800,000

Hutchison Telecommunications International Ltd. sponsored ADR (a)

900,000

24,210,000

Suntech Power Holdings Co. Ltd. sponsored ADR

1,000,000

34,290,000

TOTAL CAYMAN ISLANDS

311,857,000

China - 0.5%

BYD Co. Ltd. (H Shares) (f)

10,000,000

20,184,954

China Life Insurance Co. Ltd. (H Shares)

40,000,000

53,912,528

China Shenhua Energy Co. Ltd. (H Shares)

9,999,700

18,120,772

China Techfaith Wireless Communication Technology Ltd. sponsored ADR (e)

3,000,000

40,830,000

Global Bio-Chem Technology Group Co. Ltd.

109,999,600

57,459,196

Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)

7,500,000

14,917,500

Weichai Power Co. Ltd. (H Shares)

5,356,000

12,641,688

TOTAL CHINA

218,066,638

Czech Republic - 0.1%

Zentiva NV

929,500

48,273,401

Denmark - 0.6%

Coloplast AS Series B

178,300

14,413,807

Common Stocks - continued

Shares

Value (Note 1)

Denmark - continued

Danske Bank AS

2,300,000

$91,507,551

Novozymes AS Series B

1,793,280

139,964,945

TOTAL DENMARK

245,886,303

Finland - 0.9%

Metso Corp.

4,121,000

163,776,679

Neste Oil Oyj

2,200,000

76,773,926

Nokia Corp. sponsored ADR

5,500,000

124,630,000

TOTAL FINLAND

365,180,605

France - 9.4%

Accor SA

1,000,000

62,943,718

Alcatel SA sponsored ADR (a)

7,000,000

100,940,000

Alstom SA (a)

1,450,926

131,434,264

AXA SA sponsored ADR

4,000,000

146,440,000

BNP Paribas SA

2,700,000

255,143,479

BNP Paribas SA New

278,720

25,441,667

Bouygues SA (e)

1,000,000

54,566,362

Carrefour SA (e)

1,500,000

87,016,000

CNP Assurances

1,036,072

112,023,632

Dassault Aviation SA (e)

36,265

30,311,851

Essilor International SA

1,000,000

100,301,175

Financiere Marc de Lacharriere SA (Fimalac)

1,401,759

133,081,825

Ipsos SA (f)

556,666

81,960,471

JC Decaux SA

1,000,000

29,901,105

L'Air Liquide SA

61,194

13,240,728

L'Oreal SA

1,800,000

166,916,295

Lagardere S.C.A. (Reg.)

1,900,000

157,012,342

Louis Vuitton Moet Hennessy (LVMH)

1,000,000

105,284,692

Neopost SA (f)

1,650,000

186,626,422

Pernod Ricard SA

950,000

184,219,824

Renault SA

1,329,200

154,282,636

Sanofi-Aventis sponsored ADR

11,000,000

517,440,000

Schneider Electric SA

800,000

90,586,470

Societe Generale Series A

700,000

106,950,070

Total SA sponsored ADR

3,850,000

531,377,000

Veolia Environnement

2,400,000

143,404,185

Vinci SA

2,100,000

208,645,368

Vinci SA New

381,818

37,333,353

TOTAL FRANCE

3,954,824,934

Germany - 6.8%

Allianz AG sponsored ADR (e)

17,500,000

292,775,000

Bayer AG (e)

5,000,000

230,945,032

Bayerische Motoren Werke AG (BMW)

1,068,500

58,115,428

Bijou Brigitte Modische Accessoires AG

30,038

8,621,668

cash.life AG

232,145

9,460,209

Celesio AG (e)

900,000

84,707,181

Commerzbank AG

1,500,000

62,167,804

Continental AG (e)

500,000

59,530,955

Deutsche Boerse AG

750,000

108,467,204

Shares

Value (Note 1)

Deutsche Postbank AG (e)

1,000,000

$76,455,990

E.ON AG (e)

320,700

39,051,640

E.ON AG sponsored ADR (e)

8,500,000

345,015,000

Fresenius AG

400,000

66,822,030

GFK AG

1,600,000

73,317,005

Heidelberger Druckmaschinen AG

2,071,600

104,545,365

Hypo Real Estate Holding AG

2,000,000

139,841,286

Infineon Technologies AG sponsored ADR (a)

9,000,000

109,980,000

KarstadtQuelle AG (a)(e)

2,000,000

60,130,239

Linde AG (e)

1,110,848

99,450,538

MPC Muenchmeyer Petersen Capital AG (e)

236,029

19,832,547

MTU Aero Engines Holding AG

1,250,000

45,356,317

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (e)

300,000

42,512,558

Praktiker Bau- und Heimwerkermaerkte Holding AG

666,000

19,947,746

Premiere AG (a)(e)

2,000,000

32,802,900

Q-Cells AG

550,000

50,759,334

RWE AG (e)

1,500,000

130,050,882

SAP AG sponsored ADR

2,800,000

152,964,000

Siemens AG sponsored ADR

1,070,700

101,331,048

SolarWorld AG

290,000

90,371,989

Techem AG (f)

2,000,000

89,602,383

Thyssenkrupp AG

1,000,000

32,966,914

United Internet AG

200,000

13,121,160

Wincor Nixdorf AG

100,000

14,382,810

TOTAL GERMANY

2,865,402,162

Hong Kong - 1.0%

China Mobile (Hong Kong) Ltd. sponsored ADR

500,000

14,430,000

Cosco Pacific Ltd.

22,000,000

52,351,902

Esprit Holdings Ltd.

5,500,000

43,910,335

Melco International Development Ltd.

35,000,000

78,772,910

Shun Tak Holdings Ltd.

30,000,000

38,112,804

Techtronic Industries Co. Ltd.

37,916,500

63,574,801

Television Broadcasts Ltd.

6,648,000

41,543,033

Wharf Holdings Ltd.

17,500,000

70,195,917

TOTAL HONG KONG

402,891,702

Hungary - 0.0%

Gedeon Richter Ltd.

90,000

19,389,586

India - 2.1%

ABB Ltd. India

225,000

15,505,457

Bajaj Auto Ltd.

1,500,000

98,275,056

Bharat Forge Ltd.

1,250,000

11,872,216

Bharti Televentures Ltd. (a)

8,000,000

74,574,611

HDFC Bank Ltd.

800,000

14,563,029

Infosys Technologies Ltd.

2,800,000

195,791,092

Larsen & Toubro Ltd.

600,000

36,010,691

Reliance Industries Ltd.

5,000,000

112,349,666

Common Stocks - continued

Shares

Value (Note 1)

India - continued

Satyam Computer Services Ltd.

8,500,000

$141,859,132

State Bank of India

7,000,000

157,824,277

TOTAL INDIA

858,625,227

Ireland - 1.4%

Allied Irish Banks PLC

5,000,000

119,799,975

CRH PLC

5,500,000

202,274,036

DEPFA BANK PLC

4,344,493

81,560,696

IAWS Group PLC (Ireland)

3,916,027

70,799,593

Ryanair Holdings PLC sponsored ADR (a)

2,600,000

122,408,000

TOTAL IRELAND

596,842,300

Israel - 0.2%

Scopus Video Networks Ltd.

500,000

2,730,000

Teva Pharmaceutical Industries Ltd. sponsored ADR

2,000,000

81,000,000

TOTAL ISRAEL

83,730,000

Italy - 2.6%

Banca Intesa Spa (e)

32,500,000

193,127,073

ENI Spa sponsored ADR (e)

3,925,000

240,249,250

FASTWEB Spa

800,000

40,191,122

Fiat Spa (a)(e)

18,500,000

260,666,983

IFIL Finanziaria di Partecipazioni Spa

1,000,000

6,119,002

Tod's Spa

200,000

15,848,847

Unicredito Italiano Spa

42,500,000

320,273,006

TOTAL ITALY

1,076,475,283

Japan - 17.8%

Aeon Co. Ltd.

6,500,000

161,822,178

Aiful Corp.

600,000

35,828,761

Canon, Inc. sponsored ADR

4,300,000

325,940,000

Credit Saison Co. Ltd.

2,300,000

120,579,587

Daiei, Inc. (a)(e)

768,100

22,933,393

Daiwa Securities Group, Inc.

15,000,000

207,991,225

eAccess Ltd. (e)

25,000

17,255,763

East Japan Railway Co.

24,000

187,363,343

Fanuc Ltd.

2,500,000

236,443,476

Furukawa Electric Co. Ltd. (a)

2,000,000

15,964,874

Hirose Electric Co. Ltd.

300,000

44,021,955

Hitachi Metals Ltd.

2,000,000

22,340,286

Honda Motor Co. Ltd.

665,000

47,121,901

Hoya Corp.

6,800,000

275,284,311

Ibiden Co. Ltd.

2,400,000

114,019,762

Japan Tobacco, Inc.

30,000

120,658,621

JFE Holdings, Inc.

700,000

27,170,144

JGC Corp.

1,750,000

30,658,618

JSR Corp.

4,200,000

129,457,743

Kahma Co. Ltd.

500,000

13,611,416

Keyence Corp.

600,000

157,435,790

Komatsu Ltd.

6,000,000

128,298,577

Kuraray Co. Ltd.

3,500,000

43,183,316

Shares

Value (Note 1)

Leopalace21 Corp.

500,000

$19,495,061

Matsushita Electric Industrial Co. Ltd.

8,000,000

193,680,006

Mitsubishi Corp.

2,000,000

48,386,390

Mitsubishi Electric Corp.

6,000,000

52,215,150

Mitsubishi Estate Co. Ltd.

1,500,000

32,799,123

Mitsubishi UFJ Financial Group, Inc.

9,000

140,940,004

Mitsui & Co. Ltd.

10,100,000

152,641,937

Mitsui Fudosan Co. Ltd.

4,000,000

89,571,902

Mitsui Trust Holdings, Inc.

5,000,000

69,066,962

Mizuho Financial Group, Inc.

45,000

383,710,221

Murata Manufacturing Co. Ltd.

1,300,000

94,638,861

NEOMAX Co. Ltd.

966,000

27,739,364

Nikko Cordial Corp.

16,000,000

258,950,612

Nintendo Co. Ltd.

950,000

141,822,178

Nippon Electric Glass Co. Ltd.

3,000,000

67,705,820

Nippon Oil Corp.

5,000,000

39,560,923

Nissan Motor Co. Ltd.

1,000,000

13,165,000

Nitto Denko Corp.

4,000,000

335,455,554

ORIX Corp.

1,780,000

534,586,186

Seven & I Holdings Co. Ltd.

2,050,000

79,389,684

Shin-Etsu Chemical Co. Ltd.

4,500,000

260,021,962

Sompo Japan Insurance, Inc.

2,700,000

39,121,845

Sony Corp.

2,590,800

126,793,756

Stanley Electric Co. Ltd.

2,000,000

46,542,263

Sumco Corp.

2,500,000

149,506,042

Sumitomo Electric Industries Ltd.

4,000,000

63,508,235

Sumitomo Metal Industries Ltd.

24,999,900

105,378,286

Sumitomo Mitsui Financial Group, Inc.

34,000

373,216,258

T&D Holdings, Inc.

2,700,000

206,990,127

Takefuji Corp.

1,100,000

71,481,890

Tokuyama Corp.

6,500,000

107,253,571

Tokyo Electron Ltd.

1,200,000

86,410,541

Toyota Motor Corp. sponsored ADR

3,900,000

456,807,000

Yahoo! Japan Corp.

185,000

107,872,671

TOTAL JAPAN

7,461,810,425

Korea (South) - 2.8%

AmorePacific Corp.

255,950

94,032,442

CJ Home Shopping

100,000

11,450,992

Core Logic, Inc.

270,000

10,449,030

Hana Financial Group, Inc.

1,010,000

49,581,733

Hyundai Department Store Co. Ltd.

200,000

19,191,014

Kookmin Bank sponsored ADR

2,600,000

231,530,000

Korea Exchange Bank (a)

5,000,000

64,411,828

LG Household & Health Care Ltd.

400,000

31,935,543

Orion Corp.

100,000

26,188,842

Samsung Electronics Co. Ltd.

555,000

378,964,205

Shinhan Financial Group Co. Ltd.

3,949,840

196,832,452

Woongjin Coway Co. Ltd.

2,000,000

59,375,512

TOTAL KOREA (SOUTH)

1,173,943,593

Common Stocks - continued

Shares

Value (Note 1)

Luxembourg - 0.2%

Tenaris SA sponsored ADR

1,500,000

$68,850,000

Malaysia - 0.1%

Genting BHD

1,000,000

7,034,483

Lion Diversified Holdings BHD

10,000,000

12,965,517

Resorts World BHD

2,000,000

7,393,103

TOTAL MALAYSIA

27,393,103

Mexico - 1.0%

America Movil SA de CV Series L sponsored ADR

4,400,000

162,404,000

Cemex SA de CV sponsored ADR

1,500,000

101,280,000

Fomento Economico Mexicano SA de CV sponsored ADR

1,600,000

148,608,000

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

233,800

7,780,864

TOTAL MEXICO

420,072,864

Netherlands - 3.9%

DSM NV

2,000,000

91,242,528

EADS NV

2,400,000

94,714,589

Fugro NV (Certificaten Van Aandelen) unit

1,900,000

79,776,653

ING Groep NV sponsored ADR

10,500,000

426,090,000

Koninklijke KPN NV

9,000,000

105,713,653

Koninklijke Numico NV

4,675,000

211,863,837

Koninklijke Philips Electronics NV (NY Shares)

2,000,000

68,960,000

OPG Groep NV (A Shares) (Certificaten Van Aandelen) unit

523,600

49,611,055

QIAGEN NV (a)

4,000,000

59,600,000

Reed Elsevier NV sponsored ADR

7,000,000

206,990,000

VNU NV

6,000,000

205,976,979

Wolters Kluwer NV (Certificaten Van Aandelen) (e)

1,750,000

45,592,877

TOTAL NETHERLANDS

1,646,132,171

Netherlands Antilles - 0.5%

Schlumberger Ltd. (NY Shares)

3,000,000

207,420,000

Norway - 0.8%

DnB NOR ASA (e)

18,500,000

256,702,587

Storebrand ASA (A Shares) (e)

6,000,000

71,083,125

TOTAL NORWAY

327,785,712

Philippines - 0.0%

Philippine Long Distance Telephone Co. sponsored ADR

500,000

19,875,000

Poland - 0.1%

Polski Koncern Naftowy Orlen SA

1,000,000

20,848,264

Shares

Value (Note 1)

Portugal - 0.4%

Brisa Auto-Estradas de Portugal SA (e)

5,000,000

$52,610,805

Energias de Portugal SA

30,000,000

118,090,440

TOTAL PORTUGAL

170,701,245

Russia - 0.3%

Novatek JSC GDR (g)

1,500,000

63,750,000

OAO Gazprom sponsored ADR

1,500,000

69,000,000

TOTAL RUSSIA

132,750,000

Singapore - 0.0%

Ascendas Real Estate Investment Trust (A-REIT)

2,000,000

2,884,524

South Africa - 1.5%

African Bank Investments Ltd.

11,000,000

61,471,933

Edgars Consolidated Stores Ltd.

3,000,000

18,960,499

FirstRand Ltd.

30,000,000

98,794,179

Gold Fields Ltd. sponsored ADR

1,500,000

38,115,000

JD Group Ltd.

5,000,000

77,313,929

Massmart Holdings Ltd.

3,000,000

29,338,877

MTN Group Ltd.

3,910,000

39,018,711

Nedbank Group Ltd.

4,063,808

84,858,394

Sasol Ltd.

1,750,000

73,638,254

Steinhoff International Holdings Ltd.

25,000,000

99,085,239

TOTAL SOUTH AFRICA

620,595,015

Spain - 2.6%

Actividades de Construccion y Servicios SA (ACS)

4,200,000

174,387,786

Altadis SA (Spain)

2,000,000

94,926,546

Antena 3 Television SA

2,888,962

76,104,654

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (e)

14,000,000

308,840,000

Compania de Distribucion Integral Logista SA

647,820

38,414,139

Enagas SA

4,000,000

88,012,704

Fomento Construcciones y Contratas SA (FOCSA)

800,000

64,899,276

Gestevision Telecinco SA (e)

3,000,000

76,645,237

Inditex SA

2,500,000

101,720,531

Red Electrica de Espana SA

1,065,977

37,186,205

Union Fenosa SA

1,254,138

48,496,980

TOTAL SPAIN

1,109,634,058

Sweden - 1.6%

Atlas Copco AB (A Shares) (e)

8,264,300

244,273,324

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

1,000,000

37,983,285

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

700,800

38,475,668

Skandinaviska Enskilda Banken AB (A Shares)

2,022,000

50,972,481

Common Stocks - continued

Shares

Value (Note 1)

Sweden - continued

SKF AB (B Shares) (e)

6,000,000

$103,146,022

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (e)

5,500,000

195,085,000

TOTAL SWEDEN

669,935,780

Switzerland - 10.1%

ABB Ltd. (Reg.)

25,000,000

356,768,524

Actelion Ltd. (Reg.) (a)

800,000

90,429,735

Adecco SA sponsored ADR (e)

5,000,000

77,750,000

Alcon, Inc.

125,000

12,713,750

Compagnie Financiere Richemont unit

3,750,000

194,257,438

Credit Suisse Group sponsored ADR

5,950,000

361,700,500

Julius Baer Holding AG (Bearer)

350,000

33,552,366

Logitech International SA (Reg.) (a)

940,000

39,030,880

Lonza Group AG

700,000

49,665,404

Nestle SA (Reg.)

800,000

243,973,232

Nobel Biocare Holding AG (Switzerland)

470,000

116,145,287

Novartis AG sponsored ADR

11,200,000

644,112,000

Roche Holding AG (participation certificate)

4,600,000

707,264,363

Schindler Holding AG (Reg.)

1,400,000

77,602,193

Societe Generale de Surveillance Holding SA (SGS) (Reg.)

175,000

173,123,438

Swiss Reinsurance Co. (Reg.) (e)

2,250,000

164,173,990

Syngenta AG sponsored ADR

6,500,000

180,570,000

Tecan Group AG (e)(f)

800,000

45,666,371

The Swatch Group AG (Reg.)

4,000,000

146,738,692

UBS AG (NY Shares)

3,875,000

452,793,750

Zurich Financial Services AG

300,000

72,986,374

TOTAL SWITZERLAND

4,241,018,287

Taiwan - 0.2%

Catcher Technology Co. Ltd.

3,000,000

33,473,328

Chi Mei Optoelectronics Corp.

15,000,000

21,320,441

Powertech Technology, Inc.

5,000,000

17,159,782

TOTAL TAIWAN

71,953,551

Turkey - 0.2%

Acibadem Saglik Hizmetleri AS

2,500,000

30,434,783

Finansbank AS

9,000,000

46,956,522

TOTAL TURKEY

77,391,305

United Arab Emirates - 0.1%

Investcom LLC GDR

1,500,000

22,725,000

United Kingdom - 11.1%

Associated British Foods PLC

422,714

5,870,591

BAE Systems PLC

34,000,000

258,881,311

BG Group PLC

13,000,000

174,733,487

BP PLC sponsored ADR

5,450,000

401,774,000

British American Tobacco PLC sponsored ADR

4,500,000

229,950,000

Shares

Value (Note 1)

Cadbury Schweppes PLC sponsored ADR

1,000,000

$39,960,000

Capita Group PLC

24,000,000

203,858,774

Diageo PLC sponsored ADR

800,000

53,000,000

Enterprise Inns PLC

2,000,000

34,031,175

Filtrona PLC (f)

12,000,000

68,937,750

GlaxoSmithKline PLC sponsored ADR

750,000

42,660,000

HSBC Holdings PLC sponsored ADR

3,550,000

307,714,000

Imperial Tobacco Group PLC

1,000,000

31,076,700

Informa PLC

7,000,000

62,426,962

International Power PLC

5,000,000

27,151,078

Intertek Group PLC

3,000,000

45,110,456

ITV PLC

35,000,000

73,405,937

Jardine Lloyd Thompson Group PLC

2,983,300

20,783,831

Ladbrokes PLC

1,764,705

13,501,107

Meggitt PLC

10,000,000

61,369,187

Old Mutual PLC

15,119,329

53,010,777

Pearson PLC

3,000,000

41,581,500

Prudential PLC

3,000,000

35,207,494

Punch Taverns Ltd.

4,500,000

71,892,225

Reckitt Benckiser PLC

7,600,000

277,071,394

Rio Tinto PLC (Reg.)

3,000,000

167,025,006

Rolls-Royce Group PLC

20,000,000

173,803,374

Royal Bank of Scotland Group PLC

8,850,000

289,070,757

Smiths Group PLC

9,500,000

176,634,746

Standard Chartered PLC (United Kingdom)

7,000,000

185,876,599

Tesco PLC

50,000,000

291,344,061

Vedanta Resources PLC

1,000,000

28,778,775

Vodafone Group PLC sponsored ADR

10,500,000

248,850,000

William Hill PLC

5,000,000

57,858,468

Wolseley PLC

4,500,000

112,680,393

Xstrata PLC

5,500,000

199,007,599

Yell Group PLC

9,000,000

84,366,675

TOTAL UNITED KINGDOM

4,650,256,189

United States of America - 3.8%

3Com Corp. (a)

5,000,000

26,950,000

Amerada Hess Corp.

300,000

42,981,000

Applied Materials, Inc.

1,000,000

17,950,000

Corning, Inc. (a)

5,000,000

138,150,000

Flowserve Corp. (a)

2,050,000

117,916,000

Halliburton Co.

3,150,000

246,172,500

Hexcel Corp. (a)

2,000,000

44,180,000

Honeywell International, Inc.

3,500,000

148,750,000

Lucent Technologies, Inc. (a)

13,000,000

36,270,000

Newmont Mining Corp.

2,900,000

169,244,000

NII Holdings, Inc. (a)

350,000

20,965,000

NTL, Inc. (a)

1,750,000

48,090,000

Synthes, Inc.

2,950,000

366,282,351

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

Transocean, Inc. (a)

1,200,000

$97,284,000

Weatherford International Ltd. (a)

1,000,000

52,930,000

TOTAL UNITED STATES OF AMERICA

1,574,114,851

TOTAL COMMON STOCKS

(Cost $27,460,520,084)

40,092,286,935

Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.0%

Canada - 0.0%

MetroPhotonics, Inc. Series 2 (h)

198,000

2

Nonconvertible Preferred Stocks - 0.3%

Italy - 0.2%

Banca Intesa Spa (Risp)

11,000,000

61,133,251

Istituto Finanziario Industriale Spa (IFI) (a)

100,000

2,378,589

TOTAL ITALY

63,511,840

United Kingdom - 0.1%

European Capital Ltd. preference shares (h)

4,900,000

61,820,850

Rolls-Royce Group PLC Series B

753,200,000

1,462,936

TOTAL UNITED KINGDOM

63,283,786

TOTAL NONCONVERTIBLE PREFERRED STOCKS

126,795,626

TOTAL PREFERRED STOCKS

(Cost $103,362,944)

126,795,628

Government Obligations - 0.4%

Principal
Amount (d)

Japan - 0.4%

Japan Government:

0.2% 3/20/08

JPY

5,860,000,000

51,070,384

0.3% 1/15/08

JPY

11,400,000,000

99,739,767

TOTAL JAPAN

150,810,151

United States of America - 0.0%

U.S. Treasury Bills, yield at date of purchase 4.44% to 4.48% 5/11/06

$875,000

873,938

TOTAL GOVERNMENT OBLIGATIONS

(Cost $151,034,615)

151,684,089

Money Market Funds - 9.3%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

1,461,199,310

$1,461,199,310

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

2,450,151,318

2,450,151,318

TOTAL MONEY MARKET FUNDS

(Cost $3,911,350,628)

3,911,350,628

Cash Equivalents - 0.0%

Maturity
Amount

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.69%, dated 4/28/06 due 5/1/06)
(Cost $10,131,000)

$10,134,959

10,131,000

TOTAL INVESTMENT
PORTFOLIO - 105.7%

(Cost $31,636,399,271)

44,292,248,280

NET OTHER ASSETS - (5.7)%

(2,396,611,526)

NET ASSETS - 100%

$41,895,636,754

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

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

(e)Security or a portion of the security is on loan at period end.

(f)Affiliated company

(g)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 $63,750,000 or 0.2% of net assets.

(h)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 $63,325,352 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

European Capital Ltd. preference shares

8/22/05 - 8/29/05

$59,927,350

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$24,180,296

Fidelity Securities Lending Cash Central Fund

9,780,222

Total

$33,960,518

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Apex Silver Mines Ltd.

$40,981,000

$15,604,065

$-

$-

$70,290,000

Beijing Media Corp. Ltd. (H Shares)

4,450,407

-

4,125,101

-

-

BYD Co. Ltd. (H Shares)

14,060,706

-

-

-

20,184,954

Clear Media Ltd.

22,908,599

-

-

-

33,829,002

Filtrona PLC

57,309,467

-

-

889,501

68,937,750

Ipsos SA

66,063,034

-

-

-

81,960,471

Neopost SA

156,956,234

2,228,229

-

-

186,626,422

Tecan Group AG

29,756,041

-

-

-

45,666,371

Techem AG

-

86,858,636

-

1,023,485

89,602,383

Total

$392,485,488

$104,690,930

$4,125,101

$1,912,986

$597,097,353

Semiannual Report

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

Diversified International

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Audited)

Assets

Investment in securities, at value (including securities loaned of $2,320,777,090 and repurchase agreements of $10,131,000) - See accompanying schedule:

Unaffiliated issuers (cost $27,338,132,333)

$39,783,800,299

Affiliated Central Funds (cost $3,911,350,628)

3,911,350,628

Other affiliated issuers (cost $386,916,310)

597,097,353

Total Investments (cost $31,636,399,271)

$44,292,248,280

Cash

7,627

Foreign currency held at value (cost $38,161,910)

38,326,921

Receivable for investments sold

216,166,077

Receivable for fund shares sold

75,180,410

Dividends receivable

132,394,096

Interest receivable

6,075,028

Prepaid expenses

80,904

Other affiliated receivables

56,268

Other receivables

9,229,739

Total assets

44,769,765,350

Liabilities

Payable for investments purchased

$357,098,045

Payable for fund shares redeemed

20,024,521

Accrued management fee

26,508,300

Other affiliated payables

7,474,276

Other payables and accrued expenses

12,872,136

Collateral on securities loaned, at value

2,450,151,318

Total liabilities

2,874,128,596

Net Assets

$41,895,636,754

Net Assets consist of:

Paid in capital

$27,649,220,371

Undistributed net investment income

197,462,637

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

1,401,798,828

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

12,647,154,918

Net Assets, for 1,124,772,080 shares outstanding

$41,895,636,754

Net Asset Value, offering price and redemption price per share ($41,895,636,754 ÷ 1,124,772,080 shares)

$37.25

Statement of Operations

Six months ended April 30, 2006 (Audited)

Investment Income

Dividends (including $1,912,986 received from other affiliated issuers)

$430,514,402

Interest

1,319,670

Income from affiliated Central Funds

33,960,518

465,794,590

Less foreign taxes withheld

(32,263,365)

Total income

433,531,225

Expenses

Management fee
Basic fee

$127,650,279

Performance adjustment

14,354,972

Transfer agent fees

39,443,921

Accounting and security lending fees

1,295,645

Independent trustees' compensation

67,700

Appreciation in deferred trustee compensation account

22,666

Custodian fees and expenses

4,890,762

Registration fees

982,955

Audit

156,659

Legal

114,395

Interest

1,649

Miscellaneous

175,922

Total expenses before reductions

189,157,525

Expense reductions

(8,387,864)

180,769,661

Net investment income (loss)

252,761,564

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

1,580,417,665

Other affiliated issuers

(2,910,086)

Foreign currency transactions

4,018,734

Futures contracts

50,298,827

Total net realized gain (loss)

1,631,825,140

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $5,664,138)

5,870,816,233

Assets and liabilities in foreign currencies

2,108,460

Futures contracts

(9,062,186)

Total change in net unrealized appreciation (depreciation)

5,863,862,507

Net gain (loss)

7,495,687,647

Net increase (decrease) in net assets resulting from operations

$7,748,449,211

Semiannual Report

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

Diversified International
Financial Statements - continued

Statement of Changes in Net Assets (Audited)

Six months ended
April 30,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$252,761,564

$262,281,673

Net realized gain (loss)

1,631,825,140

833,286,256

Change in net unrealized appreciation (depreciation)

5,863,862,507

3,068,430,486

Net increase (decrease) in net assets resulting from operations

7,748,449,211

4,163,998,415

Distributions to shareholders from net investment income

(273,726,420)

(119,489,325)

Distributions to shareholders from net realized gain

(713,589,246)

(47,795,646)

Total distributions

(987,315,666)

(167,284,971)

Share transactions
Proceeds from sales of shares

7,425,330,095

10,151,395,231

Reinvestment of distributions

945,932,837

158,992,781

Cost of shares redeemed

(2,874,520,021)

(4,573,060,649)

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

5,496,742,911

5,737,327,363

Redemption fees

567,319

1,089,152

Total increase (decrease) in net assets

12,258,443,775

9,735,129,959

Net Assets

Beginning of period

29,637,192,979

19,902,063,020

End of period (including undistributed net investment income of $197,462,637 and undistributed net investment income of $239,713,275, respectively)

$41,895,636,754

$29,637,192,979

Other Information

Shares

Sold

218,196,954

350,205,116

Issued in reinvestment of distributions

29,746,270

5,838,883

Redeemed

(85,271,674)

(157,193,752)

Net increase (decrease)

162,671,550

198,850,247

Financial Highlights (Audited)

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$30.80

$26.08

$22.35

$16.90

$18.06

$22.98

Income from Investment Operations

Net investment income (loss) D

.24

.30

.16

.18

.14

.22

Net realized and unrealized gain (loss)

7.22

4.63

3.87

5.40

(1.29)

(3.78)

Total from investment operations

7.46

4.93

4.03

5.58

(1.15)

(3.56)

Distributions from net investment income

(.28)

(.15)

(.30)

(.13)

(.01)

(.55)

Distributions from net realized gain

(.73)

(.06)

-

-

-

(.81)

Total distributions

(1.01)

(.21)

(.30)

(.13)

(.01)

(1.36)

Redemption fees added to paid in capital D

- F

- F

- F

- F

- F

- F

Net asset value, end of period

$37.25

$30.80

$26.08

$22.35

$16.90

$18.06

Total Return B, C

24.78%

19.01%

18.20%

33.26%

(6.37)%

(16.45)%

Ratios to Average Net Assets E

Expenses before reductions

1.06% A

1.10%

1.15%

1.24%

1.22%

1.21%

Expenses net of fee waivers, if any

1.06% A

1.10%

1.15%

1.24%

1.22%

1.21%

Expenses net of all reductions

1.02% A

1.07%

1.12%

1.22%

1.19%

1.16%

Net investment income (loss)

1.42% A

1.02%

.66%

.96%

.77%

1.08%

Supplemental Data

Net assets, end of period (000 omitted)

$41,895,637

$29,637,193

$19,902,063

$11,542,386

$6,735,472

$5,843,745

Portfolio turnover rate

54% A

41%

55%

51%

55%

86%

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 fee 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.

Semiannual Report

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

Aggressive International

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan

21.6%

France

14.9%

Germany

10.9%

Switzerland

9.5%

United States of America

9.1%

South Africa

4.6%

Canada

4.5%

Korea (South)

4.4%

Italy

4.1%

Other

16.4%



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

As of October 31, 2005

Japan

17.8%

Switzerland

12.5%

United States of America

12.4%

France

10.8%

Germany

8.1%

Taiwan

7.2%

United Kingdom

7.2%

Canada

6.2%

Netherlands

5.4%

Other

12.4%



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

96.0

94.6

Short-Term Investments and Net Other Assets

4.0

5.4

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

3.4

3.4

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (Germany, Insurance)

2.6

0.0

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

2.6

4.4

ORIX Corp. (Japan, Consumer Finance)

2.5

0.0

E.ON AG (Germany, Electric Utilities)

2.4

3.5

UBS AG (NY Shares) (Switzerland, Capital Markets)

2.4

0.0

Total SA Series B (France, Oil, Gas & Consumable Fuels)

2.3

4.5

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

2.2

0.0

Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels)

2.2

0.0

Novartis AG (Reg.) (Switzerland, Pharmaceuticals)

2.1

3.8

24.7

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

33.9

24.0

Energy

11.5

16.2

Information Technology

10.0

22.3

Health Care

8.4

9.2

Consumer Discretionary

8.3

0.9

Industrials

8.2

5.3

Consumer Staples

6.1

4.8

Materials

5.1

4.7

Utilities

2.4

3.5

Telecommunication Services

2.1

3.7

Semiannual Report

Aggressive International

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%

Shares

Value (Note 1)

Australia - 0.8%

BHP Billiton Ltd. sponsored ADR

109,200

$4,975,152

Austria - 1.4%

OMV AG

128,300

8,920,639

Brazil - 0.8%

Uniao de Bancos Brasileiros SA (Unibanco) GDR

65,600

5,205,360

Canada - 4.5%

ATI Technologies, Inc. (a)

350,300

5,435,683

Canadian Natural Resources Ltd.

232,400

13,968,945

Sasamat Capital Corp. (a)

4,010

12,832

Talisman Energy, Inc.

168,400

9,510,533

TOTAL CANADA

28,927,993

Finland - 0.6%

Metso Corp. sponsored ADR

91,000

3,619,980

France - 14.9%

Accor SA

56,100

3,531,143

AXA SA

306,000

11,202,661

BNP Paribas SA

129,600

12,246,887

Compagnie Generale de Geophysique SA (a)(d)

41,300

6,674,797

Lagardere S.C.A. (Reg.)

25,200

2,082,479

Neopost SA

101,935

11,529,554

Nexity

80,800

5,647,549

Pernod Ricard SA

47,800

9,269,166

Sanofi-Aventis sponsored ADR

148,200

6,971,328

Societe Generale Series A

81,300

12,421,487

Total SA Series B

52,493

14,490,168

TOTAL FRANCE

96,067,219

Germany - 10.9%

Allianz AG (Reg.) (d)

53,600

8,967,280

Deutsche Postbank AG

65,600

5,015,513

E.ON AG (d)

130,100

15,842,278

Heidelberger Druckmaschinen AG

200,121

10,099,306

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d)

119,500

16,934,169

Pfleiderer AG

187,375

5,652,364

Q-Cells AG

6,700

618,341

SolarWorld AG

12,300

3,833,019

Techem AG

77,900

3,490,013

TOTAL GERMANY

70,452,283

India - 1.1%

Infosys Technologies Ltd.

101,653

7,108,126

Italy - 4.1%

Banca Intesa Spa (d)

1,702,100

10,114,511

Fiat Spa (a)(d)

665,900

9,382,602

Unicredito Italiano Spa

963,800

7,263,038

TOTAL ITALY

26,760,151

Shares

Value (Note 1)

Japan - 21.6%

Aeon Co. Ltd.

478,100

$11,902,644

Credit Saison Co. Ltd.

167,100

8,760,369

Daiwa Securities Group, Inc.

379,100

5,256,632

Fanuc Ltd.

60,000

5,674,643

Hoya Corp.

176,200

7,133,102

Mitsui Fudosan Co. Ltd.

247,000

5,531,065

Murata Manufacturing Co. Ltd.

118,500

8,626,696

Nikko Cordial Corp.

730,600

11,824,332

Nitto Denko Corp.

143,000

11,992,536

ORIX Corp.

53,670

16,118,674

SHIMIZU Corp.

471,000

3,259,258

Shin-Etsu Chemical Co. Ltd.

118,800

6,864,580

Sony Corp.

161,400

7,898,916

Sumitomo Electric Industries Ltd.

423,800

6,728,697

Sumitomo Mitsui Financial Group, Inc.

1,532

16,816,685

T&D Holdings, Inc.

51,350

3,936,646

Tokuyama Corp.

69,700

1,150,088

TOTAL JAPAN

139,475,563

Korea (South) - 4.4%

Daegu Bank Co. Ltd.

214,600

4,027,377

Kookmin Bank sponsored ADR

61,600

5,485,480

Samsung Electronics Co. Ltd.

20,870

14,250,420

Shinsegae Co. Ltd.

10,180

4,975,859

TOTAL KOREA (SOUTH)

28,739,136

Mexico - 1.0%

America Movil SA de CV Series L sponsored ADR

182,200

6,725,002

Netherlands - 3.9%

ING Groep NV (Certificaten Van Aandelen)

259,400

10,526,452

Koninklijke Numico NV

158,400

7,178,445

Koninklijke Philips Electronics NV (NY Shares)

211,900

7,306,312

TOTAL NETHERLANDS

25,011,209

Norway - 1.2%

Norsk Hydro ASA

52,780

8,075,340

South Africa - 4.6%

FirstRand Ltd.

2,092,800

6,891,882

MTN Group Ltd.

746,229

7,446,776

Standard Bank Group Ltd.

503,400

7,183,654

Steinhoff International Holdings Ltd.

2,129,243

8,439,062

TOTAL SOUTH AFRICA

29,961,374

Sweden - 0.7%

Atlas Copco AB (A Shares) (d)

145,600

4,303,595

Switzerland - 9.5%

Novartis AG (Reg.)

236,902

13,624,233

Roche Holding AG (participation certificate)

142,783

21,953,336

Syngenta AG sponsored ADR

263,300

7,314,474

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - continued

UBS AG:

(NY Shares)

129,500

$15,132,075

(Reg.)

26,491

3,095,473

TOTAL SWITZERLAND

61,119,591

Taiwan - 1.6%

Advanced Semiconductor Engineering, Inc.

8,983,000

10,670,585

Turkey - 0.6%

Finansbank AS

789,500

4,119,130

United Kingdom - 2.7%

BAE Systems PLC

788,500

6,003,762

Benfield Group PLC

41,800

296,164

HSBC Holdings PLC (Hong Kong) (Reg.)

289,400

5,017,038

Reckitt Benckiser PLC

168,400

6,139,319

TOTAL UNITED KINGDOM

17,456,283

United States of America - 5.1%

Halliburton Co.

159,600

12,472,740

NTL, Inc. (a)

326,800

8,980,464

Synthes, Inc.

90,588

11,247,724

TOTAL UNITED STATES OF AMERICA

32,700,928

TOTAL COMMON STOCKS

(Cost $529,871,543)

620,394,639

Money Market Funds - 13.4%

Fidelity Cash Central Fund, 4.8% (b)

27,592,081

27,592,081

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

58,780,340

58,780,340

TOTAL MONEY MARKET FUNDS

(Cost $86,372,421)

86,372,421

Cash Equivalents - 0.6%

Maturity Amount

Value (Note 1)

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.69%, dated 4/28/06 due 5/1/06)
(Cost $4,205,000)

$4,206,643

$4,205,000

TOTAL INVESTMENT PORTFOLIO - 110.0%

(Cost $620,448,964)

710,972,060

NET OTHER ASSETS - (10.0)%

(64,729,815)

NET ASSETS - 100%

$646,242,245

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$665,174

Fidelity Securities Lending Cash Central Fund

240,702

Total

$905,876

Semiannual Report

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

Aggressive International

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $55,626,286 and repurchase agreements of $4,205,000) - See accompanying schedule:

Unaffiliated issuers (cost $534,076,543)

$624,599,639

Affiliated Central Funds (cost $86,372,421)

86,372,421

Total Investments (cost $620,448,964)

$710,972,060

Foreign currency held at value (cost $154)

153

Receivable for investments sold

4,425,107

Receivable for fund shares sold

685,412

Dividends receivable

1,667,024

Interest receivable

106,127

Prepaid expenses

2,146

Other affiliated receivables

71

Other receivables

455,076

Total assets

718,313,176

Liabilities

Payable to custodian bank

$4,205,000

Payable for investments purchased

7,694,410

Payable for fund shares redeemed

888,893

Accrued management fee

273,156

Other affiliated payables

163,394

Other payables and accrued expenses

65,738

Collateral on securities loaned, at value

58,780,340

Total liabilities

72,070,931

Net Assets

$646,242,245

Net Assets consist of:

Paid in capital

$491,202,340

Undistributed net investment income

2,568,570

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

61,920,247

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

90,551,088

Net Assets, for 34,756,604 shares outstanding

$646,242,245

Net Asset Value, offering price and redemption price per share ($646,242,245 ÷ 34,756,604 shares)

$18.59

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$5,194,579

Interest

3,519

Income from affiliated Central Funds

905,876

6,103,974

Less foreign taxes withheld

(540,714)

Total income

5,563,260

Expenses

Management fee
Basic fee

$2,252,270

Performance adjustment

(612,086)

Transfer agent fees

825,733

Accounting and security lending fees

152,723

Independent trustees' compensation

1,305

Custodian fees and expenses

100,628

Registration fees

20,869

Audit

40,331

Legal

3,410

Interest

5,369

Miscellaneous

3,261

Total expenses before reductions

2,793,813

Expense reductions

(549,712)

2,244,101

Net investment income (loss)

3,319,159

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

63,096,596

Foreign currency transactions

(352,568)

Total net realized gain (loss)

62,744,028

Change in net unrealized appreciation (depreciation) on:

Investment securities

56,990,068

Assets and liabilities in foreign currencies

49,362

Total change in net unrealized appreciation (depreciation)

57,039,430

Net gain (loss)

119,783,458

Net increase (decrease) in net assets resulting from operations

$123,102,617

Semiannual Report

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

Aggressive International
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$3,319,159

$8,428,691

Net realized gain (loss)

62,744,028

112,898,015

Change in net unrealized appreciation (depreciation)

57,039,430

(31,480,640)

Net increase (decrease) in net assets resulting from operations

123,102,617

89,846,066

Distributions to shareholders from net investment income

(7,891,662)

(2,242,652)

Distributions to shareholders from net realized gain

(60,750,944)

-

Total distributions

(68,642,606)

(2,242,652)

Share transactions
Proceeds from sales of shares

105,924,768

249,436,853

Reinvestment of distributions

62,343,713

2,093,978

Cost of shares redeemed

(272,319,939)

(364,612,526)

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

(104,051,458)

(113,081,695)

Redemption fees

119,374

48,960

Total increase (decrease) in net assets

(49,472,073)

(25,429,321)

Net Assets

Beginning of period

695,714,318

721,143,639

End of period (including undistributed net investment income of $2,568,570 and undistributed net investment income of $7,917,620, respectively)

$646,242,245

$695,714,318

Other Information

Shares

Sold

6,029,137

15,019,784

Issued in reinvestment of distributions

3,762,445

132,029

Redeemed

(15,495,558)

(22,112,916)

Net increase (decrease)

(5,703,976)

(6,961,103)

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$17.19

$15.21

$14.36

$10.78

$10.78

$15.08

Income from Investment Operations

Net investment income (loss) D

.09

.20

.04

.06

.02

.04

Net realized and unrealized gain (loss)

3.31

1.83

.91

3.53

.04

(3.63)

Total from investment operations

3.40

2.03

.95

3.59

.06

(3.59)

Distributions from net investment income

(.23)

(.05)

(.10)

(.01)

(.06)

(.02)

Distributions from net realized gain

(1.77)

-

-

-

-

(.70)

Total distributions

(2.00)

(.05)

(.10)

(.01)

(.06)

(.72)

Redemption fees added to paid in capital D

- F

- F

- F

- F

- F

.01

Net asset value, end of period

$18.59

$17.19

$15.21

$14.36

$10.78

$10.78

Total Return B, C

21.20%

13.37%

6.65%

33.33%

.50%

(24.71)%

Ratios to Average Net Assets E

Expenses before reductions

.89% A

.97%

1.24%

1.23%

1.54%

1.16%

Expenses net of fee waivers, if any

.89% A

.97%

1.24%

1.23%

1.54%

1.16%

Expenses net of all reductions

.71% A

.84%

1.16%

1.16%

1.40%

1.02%

Net investment income (loss)

1.06% A

1.20%

.27%

.50%

.13%

.35%

Supplemental Data

Net assets, end of period (000 omitted)

$646,242

$695,714

$721,144

$554,853

$298,478

$203,107

Portfolio turnover rate

187% A

185%

161%

212%

188%

242%

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 fee 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.

Semiannual Report

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

Overseas

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan

16.2%

United Kingdom

11.9%

France

9.0%

Switzerland

8.4%

Germany

6.5%

United States of America

5.2%

Korea (South)

4.8%

Italy

4.7%

Netherlands

3.1%

Other

30.2%



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

As of October 31, 2005

Japan

22.6%

United Kingdom

10.4%

France

10.3%

Switzerland

9.4%

Taiwan

8.1%

United States of America

7.6%

Germany

6.2%

Netherlands

6.0%

Korea (South)

2.8%

Other

16.6%



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

96.5

97.3

Short-Term Investments and Net Other Assets

3.5

2.7

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Total SA Series B (France, Oil, Gas & Consumable Fuels)

2.9

3.4

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

2.1

2.0

Credit Suisse Group (Reg.) (Switzerland, Capital Markets)

2.0

1.1

Neste Oil Oyj (Finland, Oil, Gas & Consumable Fuels)

2.0

0.2

Banco Bilbao Vizcaya Argentaria SA (Spain, Commercial Banks)

2.0

0.3

Pernod Ricard SA (France, Beverages)

1.9

1.1

ING Groep NV (Certificaten Van Aandelen) (Netherlands, Diversified Financial Services)

1.7

1.0

OMX AB (Sweden, Diversified Financial Services)

1.7

0.0

Nippon Oil Corp. (Japan, Oil, Gas & Consumable Fuels)

1.6

0.0

Reuters Group PLC (United Kingdom, Media)

1.6

0.0

19.5

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

31.4

25.2

Energy

18.5

10.6

Consumer Discretionary

10.0

9.6

Information Technology

6.8

23.4

Materials

6.8

6.1

Health Care

6.7

8.0

Industrials

6.1

2.9

Consumer Staples

5.3

5.7

Telecommunication Services

3.7

4.7

Utilities

1.2

1.1

Semiannual Report

Overseas

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%

Shares

Value (Note 1)

Australia - 0.8%

Computershare Ltd.

2,665,768

$15,957,399

Westfield Group unit

3,000,000

38,582,623

TOTAL AUSTRALIA

54,540,022

Austria - 0.9%

OMV AG

901,900

62,708,684

Brazil - 0.4%

Banco Nossa Caixa SA

1,207,800

27,257,968

Canada - 2.4%

Canadian Natural Resources Ltd.

754,000

45,320,930

Freehold Royalty Trust

1,647,800

30,479,878

Synenco Energy, Inc. Class A

1,858,200

41,119,739

Talisman Energy, Inc.

791,900

44,723,225

TOTAL CANADA

161,643,772

Cayman Islands - 1.3%

GlobalSantaFe Corp.

1,440,800

88,191,368

China - 0.5%

Global Bio-Chem Technology Group Co. Ltd.

65,000,000

33,953,284

Denmark - 0.6%

Vestas Wind Systems AS (a)

1,465,700

39,785,021

Finland - 2.6%

Metso Corp.

1,024,200

40,703,731

Neste Oil Oyj

3,871,922

135,119,387

TOTAL FINLAND

175,823,118

France - 9.0%

Alstom SA (a)

570,700

51,697,698

AXA SA

1,226,960

44,919,011

BNP Paribas SA

343,598

32,469,181

Carrefour SA

795,900

46,170,690

L'Oreal SA

480,116

44,521,769

Louis Vuitton Moet Hennessy (LVMH)

187,700

19,761,937

Pernod Ricard SA

652,400

126,510,540

Sanofi-Aventis sponsored ADR

884,400

41,602,176

Total SA Series B

713,669

197,001,190

TOTAL FRANCE

604,654,192

Germany - 6.5%

BASF AG (d)

850,378

72,758,347

Bayer AG (d)

2,305,100

106,470,279

E.ON AG (d)

675,591

82,266,719

Infineon Technologies AG sponsored ADR (a)(d)

4,749,200

58,035,224

MG Technologies AG

1,119,400

21,184,365

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

471,876

66,868,853

SAP AG sponsored ADR

601,900

32,881,797

TOTAL GERMANY

440,465,584

Shares

Value (Note 1)

Greece - 0.1%

Greek Organization of Football Prognostics SA

213,000

$7,873,831

Hong Kong - 2.1%

CNOOC Ltd. sponsored ADR (d)

475,900

39,347,412

Hong Kong Exchanges & Clearing Ltd.

3,853,500

27,708,540

Shanghai Industrial Holdings Ltd. Class H

5,588,000

12,036,114

Television Broadcasts Ltd.

5,646,000

35,281,583

Wharf Holdings Ltd.

6,053,000

24,279,765

TOTAL HONG KONG

138,653,414

India - 1.3%

Satyam Computer Services Ltd.

3,435,812

57,341,330

State Bank of India

1,223,012

27,574,426

TOTAL INDIA

84,915,756

Italy - 4.7%

Banca Intesa Spa

7,293,200

43,338,904

ENI Spa

1,936,742

59,273,998

FASTWEB Spa

1,035,200

52,007,312

Lottomatica Spa (d)

1,718,802

79,324,701

Mediaset Spa

388,766

4,919,581

Unicredito Italiano Spa

10,649,100

80,249,865

TOTAL ITALY

319,114,361

Japan - 16.2%

Aeon Co. Ltd.

1,263,200

31,448,273

Ajinomoto Co., Inc.

2,510,000

31,255,149

Canon, Inc.

516,100

39,120,381

Citizen Watch Co. Ltd. (d)

3,166,400

30,920,192

Credit Saison Co. Ltd.

298,300

15,638,648

Fuji Television Network, Inc.

16,009

39,785,266

Fujitsu Ltd.

4,147,000

34,559,852

JAFCO Co. Ltd. (d)

652,500

43,433,152

Kahma Co. Ltd. (d)

187,800

5,112,448

Matsushita Electric Industrial Co. Ltd.

3,479,900

84,248,382

Mitsubishi Estate Co. Ltd.

1,608,000

35,160,660

Mitsui & Co. Ltd.

1,368,000

20,674,670

Mitsui Fudosan Co. Ltd.

2,876,000

64,402,197

Mizuho Financial Group, Inc.

5,377

45,849,108

Nikko Cordial Corp.

2,773,000

44,879,378

Nippon Oil Corp.

13,900,000

109,979,367

Nitto Denko Corp.

230,700

19,347,399

ORIX Corp.

176,600

53,038,158

Sompo Japan Insurance, Inc.

4,536,000

65,724,700

Sumco Corp.

421,000

25,176,817

Sumitomo Mitsui Financial Group, Inc.

6,220

68,276,621

T&D Holdings, Inc.

1,389,700

106,538,585

Takefuji Corp.

241,210

15,674,679

Tokuyama Corp.

1,857,000

30,641,520

Yaskawa Electric Corp. (a)

2,649,000

32,590,552

TOTAL JAPAN

1,093,476,154

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - 4.8%

Doosan Heavy Industries & Construction Co. Ltd.

1,090,700

$39,492,567

Hyundai Engineering & Construction Co. Ltd. (a)

1,120,190

69,718,676

Industrial Bank of Korea

2,931,110

59,047,982

Kookmin Bank

204,770

18,346,042

Lotte Shopping Co. Ltd. GDR (a)(f)

1,395,700

29,151,071

NHN Corp. (a)

190,679

67,727,807

SK Telecom Co. Ltd. sponsored ADR (d)

1,603,800

42,821,460

TOTAL KOREA (SOUTH)

326,305,605

Luxembourg - 1.6%

Millicom International Cellular SA unit (a)

2,176,700

106,934,437

Malaysia - 0.3%

UMW Holdings BHD

9,288,800

18,833,843

Netherlands - 3.1%

ING Groep NV (Certificaten Van Aandelen)

2,826,264

114,689,795

Reed Elsevier NV (d)

3,902,400

57,850,690

VNU NV

1,112,639

38,196,337

TOTAL NETHERLANDS

210,736,822

Norway - 1.3%

Statoil ASA

2,702,400

89,030,348

Philippines - 0.2%

Metropolitan Bank & Trust Co.

21,057,600

15,880,236

Portugal - 0.5%

Sonae Industria SGPS SA (a)

3,352,700

33,585,676

Russia - 0.7%

OAO Gazprom sponsored ADR

941,000

43,286,000

Singapore - 0.2%

Singapore Petroleum Co. Ltd.

3,752,900

13,650,362

South Africa - 2.3%

FirstRand Ltd.

12,210,100

40,209,560

Impala Platinum Holdings Ltd.

111,869

21,210,921

Steinhoff International Holdings Ltd.

23,102,326

91,563,980

TOTAL SOUTH AFRICA

152,984,461

Spain - 2.7%

Banco Bilbao Vizcaya Argentaria SA

6,084,700

134,228,486

Banco Santander Central Hispano SA

2,083,600

32,307,632

Gestevision Telecinco SA

665,923

17,013,275

TOTAL SPAIN

183,549,393

Sweden - 2.5%

OMX AB

5,923,300

113,901,876

TELE2 AB (B Shares)

4,074,900

51,638,843

TOTAL SWEDEN

165,540,719

Shares

Value (Note 1)

Switzerland - 8.4%

Actelion Ltd. (Reg.) (a)

664,280

$75,088,330

Credit Suisse Group (Reg.)

2,168,334

136,187,389

Novartis AG (Reg.)

1,818,638

104,589,867

Roche Holding AG (participation certificate)

923,100

141,929,509

Syngenta AG sponsored ADR

1,388,100

38,561,418

UBS AG (Reg.)

614,620

71,818,350

TOTAL SWITZERLAND

568,174,863

Taiwan - 1.3%

Formosa Petrochemical Corp.

13,940,000

25,777,596

Hon Hai Precision Industry Co. Ltd. (Foxconn)

9,080,648

61,617,259

TOTAL TAIWAN

87,394,855

Thailand - 2.2%

Bangkok Bank Ltd. PCL (For. Reg.)

17,060,400

54,095,059

Thai Military Bank PCL (For.Reg.) (a)

478,869,800

53,590,544

Thai Oil PCL (For. Reg.)

24,060,000

43,273,381

TOTAL THAILAND

150,958,984

Turkey - 1.4%

Yapi ve Kredi Bankasi AS (a)

39,482,811

92,549,500

United Kingdom - 11.9%

BAE Systems PLC

8,142,900

62,001,313

BHP Billiton PLC

2,265,875

46,654,678

BP PLC

5,680,360

69,792,643

British American Tobacco PLC

1,517,000

38,759,362

British Land Co. PLC

2,586,100

59,237,982

GlaxoSmithKline PLC

3,331,400

94,745,000

ITV PLC

19,884,597

41,704,214

Prudential PLC

7,156,100

83,982,782

Reuters Group PLC

15,231,200

108,056,034

Rio Tinto PLC (Reg.)

666,938

37,131,775

Rolls-Royce Group PLC

3,284,300

28,541,121

Smiths Group PLC

1,766,700

32,848,485

Standard Chartered PLC (United Kingdom)

2,174,800

57,749,204

The Weir Group PLC

1,785,850

14,900,518

Xstrata PLC

751,600

27,195,293

TOTAL UNITED KINGDOM

803,300,404

United States of America - 1.7%

Forest Oil Corp. (a)

460,700

16,847,799

Global Industries Ltd. (a)(e)

5,937,200

94,223,364

TOTAL UNITED STATES OF AMERICA

111,071,163

TOTAL COMMON STOCKS

(Cost $5,324,968,353)

6,506,824,200

Nonconvertible Preferred Stocks - 0.0%

Shares

Value (Note 1)

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B
(Cost $314,403)

176,695,340

$343,194

Money Market Funds - 9.0%

Fidelity Cash Central Fund, 4.8% (b)

262,542,394

262,542,394

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

339,748,525

339,748,525

TOTAL MONEY MARKET FUNDS

(Cost $602,290,919)

602,290,919

TOTAL INVESTMENT
PORTFOLIO - 105.5%

(Cost $5,927,573,675)

7,109,458,313

NET OTHER ASSETS - (5.5)%

(368,612,508)

NET ASSETS - 100%

$6,740,845,805

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $29,151,071 or 0.4% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$5,377,276

Fidelity Securities Lending Cash Central Fund

1,871,807

Total

$7,249,083

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Global Industries Ltd.

$-

$85,302,135

$-

$-

$94,223,364

Income Tax Information

At October 31, 2005, the fund had a capital loss carryforward of approximately $28,516,772 all of which will expire on October 31, 2010.

Semiannual Report

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

Overseas

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $324,307,811) - See accompanying schedule:

Unaffiliated issuers (cost $5,239,980,621)

$6,412,944,030

Affiliated Central Funds (cost $602,290,919)

602,290,919

Other affiliated issuers (cost $85,302,135)

94,223,364

Total Investments (cost $5,927,573,675)

$7,109,458,313

Foreign currency held at value (cost $1,691,118)

1,702,329

Receivable for investments sold

94,301,858

Receivable for fund shares sold

12,977,287

Dividends receivable

19,023,233

Interest receivable

1,269,136

Prepaid expenses

14,011

Other affiliated receivables

49,796

Other receivables

3,777,100

Total assets

7,242,573,063

Liabilities

Payable for investments purchased

$151,177,957

Payable for fund shares redeemed

4,025,534

Accrued management fee

4,501,668

Other affiliated payables

1,501,370

Other payables and accrued expenses

772,204

Collateral on securities loaned, at value

339,748,525

Total liabilities

501,727,258

Net Assets

$6,740,845,805

Net Assets consist of:

Paid in capital

$4,927,396,770

Undistributed net investment income

29,587,677

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

601,616,871

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

1,182,244,487

Net Assets, for 143,354,622 shares outstanding

$6,740,845,805

Net Asset Value, offering price and redemption price per share ($6,740,845,805 ÷ 143,354,622 shares)

$47.02

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$59,834,760

Interest

23,769

Income from affiliated Central Funds

7,249,083

67,107,612

Less foreign taxes withheld

(5,482,087)

Total income

61,625,525

Expenses

Management fee
Basic fee

$20,404,801

Performance adjustment

1,368,963

Transfer agent fees

6,961,378

Accounting and security lending fees

772,416

Independent trustees' compensation

10,878

Appreciation in deferred trustee compensation account

10,878

Custodian fees and expenses

1,034,339

Registration fees

137,912

Audit

65,562

Legal

20,342

Interest

854

Miscellaneous

22,943

Total expenses before reductions

30,811,266

Expense reductions

(4,159,020)

26,652,246

Net investment income (loss)

34,973,279

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $167,727)

670,204,412

Foreign currency transactions

(2,708,636)

Total net realized gain (loss)

667,495,776

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $18,131)

617,370,316

Assets and liabilities in foreign currencies

656,584

Total change in net unrealized appreciation (depreciation)

618,026,900

Net gain (loss)

1,285,522,676

Net increase (decrease) in net assets resulting from operations

$1,320,495,955

Semiannual Report

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

Overseas
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$34,973,279

$51,394,630

Net realized gain (loss)

667,495,776

401,382,614

Change in net unrealized appreciation (depreciation)

618,026,900

289,293,624

Net increase (decrease) in net assets resulting from operations

1,320,495,955

742,070,868

Distributions to shareholders from net investment income

(51,835,693)

(24,791,518)

Distributions to shareholders from net realized gain

(20,228,484)

(14,353,048)

Total distributions

(72,064,177)

(39,144,566)

Share transactions
Proceeds from sales of shares

1,194,516,318

977,608,152

Reinvestment of distributions

71,154,696

38,479,891

Cost of shares redeemed

(507,144,071)

(1,167,494,600)

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

758,526,943

(151,406,557)

Redemption fees

90,271

173,736

Total increase (decrease) in net assets

2,007,048,992

551,693,481

Net Assets

Beginning of period

4,733,796,813

4,182,103,332

End of period (including undistributed net investment income of $29,587,677 and undistributed net investment income of $46,450,091, respectively)

$6,740,845,805

$4,733,796,813

Other Information

Shares

Sold

27,811,694

27,631,957

Issued in reinvestment of distributions

1,782,432

1,105,744

Redeemed

(11,971,677)

(32,826,166)

Net increase (decrease)

17,622,449

(4,088,465)

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$37.65

$32.21

$29.19

$22.34

$25.98

$40.72

Income from Investment Operations

Net investment income (loss) D

.26

.39

.17 E

.18

.11

.20

Net realized and unrealized gain (loss)

9.68

5.35

3.15

6.76

(3.75)

(9.96)

Total from investment operations

9.94

5.74

3.32

6.94

(3.64)

(9.76)

Distributions from net investment income

(.41)

(.19)

(.30)

(.09)

-

(.86)

Distributions from net realized gain

(.16)

(.11)

-

-

-

(4.12)

Total distributions

(.57)

(.30)

(.30)

(.09)

-

(4.98)

Redemption fees added to paid in capital D

- G

- G

- G

- G

- G

- G

Net asset value, end of period

$47.02

$37.65

$32.21

$29.19

$22.34

$25.98

Total Return B, C

26.67%

17.90%

11.45%

31.18%

(14.01)%

(27.21)%

Ratios to Average Net Assets F

Expenses before reductions

1.08% A

.93%

1.05%

1.04%

1.21%

1.18%

Expenses net of fee waivers, if any

1.08% A

.93%

1.05%

1.04%

1.21%

1.18%

Expenses net of all reductions

.94% A

.86%

1.01%

1.00%

1.16%

1.12%

Net investment income (loss)

1.23% A

1.11%

.55% E

.75%

.42%

.63%

Supplemental Data

Net assets, end of period (000 omitted)

$6,740,846

$4,733,797

$4,182,103

$3,500,394

$2,862,101

$3,392,740

Portfolio turnover rate

174% A

87%

79%

104%

72%

95%

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 Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .52%. 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 fee 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.

Semiannual Report

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

Worldwide

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

United States of America

46.5%

Japan

10.8%

United Kingdom

7.0%

France

6.1%

Switzerland

5.6%

Germany

5.3%

Australia

2.0%

Italy

1.7%

Korea (South)

1.3%

Other

13.7%



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

As of October 31, 2005

United States of America

49.8%

Japan

11.8%

France

5.7%

Switzerland

5.6%

Taiwan

4.1%

United Kingdom

3.8%

Germany

3.5%

Netherlands

3.1%

Canada

2.0%

Other

10.6%



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

98.4

97.3

Short-Term Investments and Net Other Assets

1.6

2.7

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services)

1.8

0.5

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

1.5

2.2

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

1.5

2.1

Johnson & Johnson (United States of America, Pharmaceuticals)

1.1

0.4

Federated Department Stores, Inc. (United States of America, Multiline Retail)

1.0

0.0

Best Buy Co., Inc. (United States of America, Specialty Retail)

1.0

0.0

Nestle SA (Switzerland, Food Products)

0.9

0.9

Roche Holding AG (Switzerland, Pharmaceuticals)

0.9

1.3

Honeywell International, Inc. (United States of America, Aerospace & Defense)

0.9

1.6

Golden West Financial Corp., Delaware (United States of America, Thrifts & Mortgage Finance)

0.9

0.0

11.5

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

23.9

20.5

Consumer Discretionary

13.3

9.4

Information Technology

12.1

20.9

Industrials

11.5

8.4

Health Care

9.8

11.6

Energy

8.8

10.1

Consumer Staples

8.6

7.0

Materials

5.0

5.6

Utilities

3.0

1.0

Telecommunication Services

2.4

2.8

Semiannual Report

Worldwide

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (Note 1)

Australia - 2.0%

AMP Ltd.

69,700

$477,058

Aristocrat Leisure Ltd.

95,000

1,063,016

Babcock & Brown Japan Property Trust

886,700

1,205,711

BHP Billiton Ltd.

251,700

5,733,725

Billabong International Ltd.

168,200

1,970,262

Commonwealth Bank of Australia

31,700

1,131,803

Computershare Ltd.

253,800

1,519,257

CSL Ltd.

35,400

1,551,646

Downer EDI Ltd.

307,500

2,027,582

Dyno Nobel Ltd.

113,700

226,295

Macquarie Airports unit

204,600

509,792

Macquarie Bank Ltd.

40,900

2,218,376

Macquarie Communications Infrastructure Group unit

179,300

749,129

Macquarie Infrastructure Group unit

214,600

581,985

Mortgage Choice Ltd.

119,900

236,813

National Australia Bank Ltd.

57,300

1,636,488

QBE Insurance Group Ltd.

119,900

2,038,416

Seek Ltd.

211,400

637,542

Transurban Group unit

120,700

605,152

Zinifex Ltd.

241,500

1,898,764

TOTAL AUSTRALIA

28,018,812

Austria - 0.6%

Austriamicrosystems AG (a)

11,400

734,846

Erste Bank der Oesterreichischen Sparkassen AG

22,000

1,335,078

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

3,900

1,853,823

OMV AG

36,800

2,558,687

Telekom Austria AG

51,300

1,258,855

TOTAL AUSTRIA

7,741,289

Bermuda - 1.0%

ACE Ltd.

82,900

4,604,266

Endurance Specialty Holdings Ltd.

108,600

3,362,256

Lazard Ltd. Class A

39,300

1,744,920

Marvell Technology Group Ltd. (a)

55,400

3,162,786

Ports Design Ltd.

248,000

391,833

TOTAL BERMUDA

13,266,061

Brazil - 0.3%

Banco Bradesco SA (PN) sponsored ADR (non-vtg.)

26,600

1,012,662

Banco Itau Holding Financeira SA (PN) (non-vtg.)

8,700

279,050

Banco Nossa Caixa SA

25,200

568,721

CSU Cardsystem SA sponsored ADR (a)(e)

31,000

792,050

Uniao de Bancos Brasileiros SA (Unibanco) GDR

18,200

1,444,170

TOTAL BRAZIL

4,096,653

Shares

Value (Note 1)

Canada - 0.4%

Ultra Petroleum Corp. (a)

83,100

$5,315,076

Cayman Islands - 0.8%

Foxconn International Holdings Ltd. (a)

562,000

1,210,504

GlobalSantaFe Corp.

29,700

1,817,937

Noble Corp.

83,900

6,623,066

Suntech Power Holdings Co. Ltd. sponsored ADR

19,900

682,371

The9 Ltd. sponsored ADR (a)

22,800

683,772

Xinao Gas Holdings Ltd.

558,000

514,581

TOTAL CAYMAN ISLANDS

11,532,231

China - 0.8%

China Shenhua Energy Co. Ltd. (H Shares)

601,000

1,089,091

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

30,300

412,383

Dalian Port (PDA) Co. Ltd. (H Shares)

138,000

76,980

Focus Media Holding Ltd. ADR

133,900

8,086,221

Li Ning Co. Ltd.

772,000

866,263

Shanghai Prime Machinery Co. Ltd. (H Shares)

310,000

115,951

TOTAL CHINA

10,646,889

Denmark - 0.1%

Vestas Wind Systems AS (a)

65,900

1,788,792

Finland - 1.0%

Citycon Oyj

76,000

355,735

Citycon Oyj New

15,200

71,147

Fortum Oyj

92,700

2,341,438

Metso Corp.

48,700

1,935,434

Neste Oil Oyj

61,700

2,153,160

Nokia Corp. sponsored ADR

260,800

5,909,728

Sampo Oyj (A Shares)

74,900

1,545,980

TOTAL FINLAND

14,312,622

France - 6.1%

Accor SA

31,300

1,970,138

Alcatel SA (RFD) (a)

107,100

1,544,382

Alstom SA (a)

21,700

1,965,726

April Group (d)

28,600

1,520,906

AXA SA

103,140

3,775,956

BNP Paribas SA

38,520

3,640,047

BNP Paribas SA New

4,262

389,037

Carrefour SA

56,800

3,295,006

Compagnie Generale de Geophysique SA (a)

25,400

4,105,081

Financiere Marc de Lacharriere SA (Fimalac)

11,100

1,053,825

Groupe Danone

9,700

1,210,339

L'Oreal SA

66,700

6,185,176

Legrand SA

7,300

213,673

Louis Vuitton Moet Hennessy (LVMH)

33,700

3,548,094

Neopost SA

29,600

3,347,965

Common Stocks - continued

Shares

Value (Note 1)

France - continued

Nexity

40,100

$2,802,806

Orpea (a)

27,800

2,062,344

Pernod Ricard SA

17,700

3,432,306

Renault SA

37,800

4,387,514

Sanofi-Aventis sponsored ADR

98,700

4,642,848

Schneider Electric SA

19,000

2,151,429

Silicon On Insulator Technologies SA (SOITEC) (a)

31,500

1,028,125

Societe Generale Series A

29,500

4,507,182

Suez SA (France)

111,800

4,399,427

Total SA Series B

35,724

9,861,253

Veolia Environnement

17,600

1,051,631

Vinci SA

25,900

2,573,293

Vivendi Universal SA sponsored ADR

82,500

3,013,725

TOTAL FRANCE

83,679,234

Germany - 4.9%

ADVA AG Optical Networking (a)

28,650

339,775

Allianz AG (Reg.) (d)

41,900

7,009,870

Bayer AG (d)

47,600

2,198,597

Bilfinger Berger AG

16,500

1,051,062

Continental AG (d)

9,900

1,178,713

Deutsche Boerse AG

23,500

3,398,639

Deutsche Postbank AG

26,700

2,041,375

E.ON AG (d)

60,300

7,342,731

GFK AG

32,877

1,506,527

Heidelberger Druckmaschinen AG

71,500

3,608,319

Hypo Real Estate Holding AG

19,000

1,328,492

Infineon Technologies AG sponsored ADR (a)

203,700

2,489,214

KarstadtQuelle AG (a)(d)

76,200

2,290,962

Linde AG (d)

18,900

1,692,054

Merck KGaA

12,300

1,303,537

MPC Muenchmeyer Petersen Capital AG

6,600

554,571

MTU Aero Engines Holding AG

23,500

852,699

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d)

18,400

2,607,437

Pfleiderer AG

104,000

3,137,269

Premiere AG (a)(d)

96,200

1,577,819

Q-Cells AG

14,700

1,356,659

RWE AG

39,100

3,389,993

SAP AG

3,200

699,264

SAP AG sponsored ADR

27,100

1,480,473

SGL Carbon AG (a)

76,200

1,600,693

Siemens AG sponsored ADR

36,300

3,435,432

SolarWorld AG

6,000

1,869,765

United Internet AG

58,100

3,811,697

Wacker Chemie AG

2,200

288,666

Wincor Nixdorf AG

11,800

1,697,172

TOTAL GERMANY

67,139,476

Shares

Value (Note 1)

Greece - 0.2%

EFG Eurobank Ergasias SA

32,900

$1,310,832

Greek Organization of Football Prognostics SA

35,800

1,323,395

TOTAL GREECE

2,634,227

Hong Kong - 0.5%

Chaoda Modern Agriculture (Holdings) Ltd.

1,384,000

963,925

CNOOC Ltd.

2,117,700

1,707,096

Esprit Holdings Ltd.

355,000

2,834,213

Li & Fung Ltd.

452,000

1,072,679

Wharf Holdings Ltd.

159,000

637,780

TOTAL HONG KONG

7,215,693

India - 0.5%

Cipla Ltd.

140,297

795,537

Infosys Technologies Ltd.

34,660

2,423,614

Pfizer Ltd.

22,577

516,908

State Bank of India

72,882

1,643,221

Sun TV Ltd.

1,152

32,675

Suzlon Energy Ltd.

74,979

2,103,503

TOTAL INDIA

7,515,458

Indonesia - 0.2%

PT Bank Rakyat Indonesia Tbk

1,486,200

782,430

PT Perusahaan Gas Negara Tbk Series B

1,032,500

1,457,365

TOTAL INDONESIA

2,239,795

Ireland - 0.6%

AgCert International

148,500

681,130

Allied Irish Banks PLC

89,000

2,132,440

C&C Group PLC

206,600

1,603,040

Paddy Power PLC (Ireland)

61,300

1,090,482

Ryanair Holdings PLC sponsored ADR (a)

45,700

2,151,556

TOTAL IRELAND

7,658,648

Israel - 0.4%

Bank Hapoalim BM (Reg.)

245,500

1,237,088

Ormat Industries Ltd.

181,400

1,724,940

Teva Pharmaceutical Industries Ltd.

46,300

1,910,482

TOTAL ISRAEL

4,872,510

Italy - 1.5%

Azimut Holdings Spa

96,200

1,183,365

Banca Monte dei Paschi di Siena Spa

281,600

1,670,530

ENI Spa

107,051

3,276,296

FASTWEB Spa

27,700

1,391,618

Fiat Spa (a)

164,000

2,310,778

Geox Spa

86,900

1,239,780

Lottomatica Spa

29,900

1,379,920

Mediobanca Spa

43,000

932,031

Common Stocks - continued

Shares

Value (Note 1)

Italy - continued

Pirelli & C. Real Estate Spa

24,900

$1,827,416

Unicredito Italiano Spa

672,100

5,064,835

TOTAL ITALY

20,276,569

Japan - 10.8%

Aeon Co. Ltd.

146,100

3,637,265

Aeon Fantasy Co. Ltd.

3,100

130,125

Asics Corp.

139,000

1,695,464

Canon, Inc.

60,200

4,563,160

Credit Saison Co. Ltd.

19,900

1,043,276

Daikin Industries Ltd.

38,000

1,324,786

Daiwa House Industry Co. Ltd.

96,000

1,636,321

Daiwa Securities Group, Inc.

103,000

1,428,206

East Japan Railway Co.

208

1,623,816

FamilyMart Co. Ltd.

4,500

130,406

Fanuc Ltd.

28,800

2,723,829

Fast Retailing Co. Ltd.

14,900

1,415,745

Fujitsu Ltd.

172,000

1,433,396

Fullcast Co. Ltd.

175

708,452

Hokuhoku Financial Group, Inc.

180,000

733,436

Hoya Corp.

75,800

3,068,610

Ibiden Co. Ltd.

40,600

1,928,834

JAFCO Co. Ltd.

12,600

838,709

Japan Tobacco, Inc.

439

1,765,638

JGC Corp.

102,600

1,797,471

JSR Corp.

81,700

2,518,261

JTEKT Corp.

64,800

1,397,006

Kahma Co. Ltd. (d)

39,000

1,061,691

Kansai Urban Banking Corp.

136,000

641,335

Keyence Corp.

8,000

2,099,144

Kose Corp.

19,910

725,589

Kurita Water Industries Ltd.

16,900

344,307

Matsushita Electric Industrial Co. Ltd.

210,000

5,084,100

Mitsubishi Estate Co. Ltd.

87,000

1,902,349

Mitsubishi UFJ Financial Group, Inc.

322

5,042,520

Mitsui & Co. Ltd.

204,000

3,083,065

Mitsui Fudosan Co. Ltd.

131,000

2,933,480

Mizuho Financial Group, Inc.

651

5,551,008

Nidec Corp.

14,400

1,110,270

Nikko Cordial Corp.

208,000

3,366,358

Nintendo Co. Ltd.

20,400

3,045,445

Nippon Electric Glass Co. Ltd.

97,000

2,189,155

Nippon Oil Corp.

163,000

1,289,686

Nishimatsuya Chain Co. Ltd.

18,600

417,326

Nissan Motor Co. Ltd.

135,000

1,777,275

Nitto Denko Corp.

33,600

2,817,827

Nomura Holdings, Inc.

44,300

1,004,724

NSK Ltd.

186,000

1,682,371

Omron Corp.

56,200

1,569,405

ORIX Corp.

17,350

5,210,714

SHIMIZU Corp.

247,000

1,709,208

Shin-Etsu Chemical Co. Ltd.

19,200

1,109,427

Shares

Value (Note 1)

Sompo Japan Insurance, Inc.

195,000

$2,825,467

Sony Corp. sponsored ADR

70,000

3,425,800

St. Marc Holdings Co. Ltd.

8,000

551,482

Sugi Pharmacy Co. Ltd.

54,600

1,280,193

Sumco Corp.

48,500

2,900,417

Sumitomo Electric Industries Ltd.

169,200

2,686,398

Sumitomo Metal Industries Ltd.

412,100

1,737,063

Sumitomo Mitsui Financial Group, Inc.

532

5,839,737

Sumitomo Titanium Corp.

7,500

1,476,619

Sumitomo Trust & Banking Co. Ltd.

145,000

1,543,271

T&D Holdings, Inc.

37,650

2,886,362

Takeda Pharamaceutical Co. Ltd.

46,200

2,823,728

Teijin Ltd.

307,800

2,111,015

The Daimaru, Inc.

118,000

1,718,059

The Sumitomo Warehouse Co. Ltd.

44,000

341,954

Toho Titanium Co. Ltd.

19,500

1,453,831

Token Corp.

8,300

541,550

Tokuyama Corp.

330,000

5,445,181

Tokyo Tomin Bank Ltd.

4,500

224,852

Toyota Motor Corp.

158,900

9,305,979

Valor Co. Ltd.

19,400

395,240

Yahoo! Japan Corp.

1,620

944,615

Yamada Denki Co. Ltd.

24,600

2,680,887

TOTAL JAPAN

149,449,691

Korea (South) - 1.3%

Daegu Bank Co. Ltd.

80,190

1,504,918

Hyundai Department Store Co. Ltd.

12,060

1,157,218

Hyundai Engineering & Construction Co. Ltd. (a)

12,300

765,531

Hyundai Motor Co.

8,001

703,264

Kookmin Bank

29,070

2,604,480

Korean Reinsurance Co.

122,002

1,461,722

LG Household & Health Care Ltd.

19,310

1,541,688

NHN Corp. (a)

8,139

2,890,914

Samsung Electronics Co. Ltd.

2,384

1,627,839

Shinhan Financial Group Co. Ltd.

46,166

2,300,591

Shinsegae Co. Ltd.

1,664

813,343

Woongjin Coway Co. Ltd. unit (a)(e)

47,900

711,021

TOTAL KOREA (SOUTH)

18,082,529

Luxembourg - 0.1%

SES Global unit

109,764

1,793,365

Mexico - 0.2%

America Movil SA de CV Series L sponsored ADR

45,500

1,679,405

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

4,000

133,120

Urbi, Desarrollos Urbanos, SA de CV (a)

150,800

1,233,574

TOTAL MEXICO

3,046,099

Netherlands - 1.3%

ABN-AMRO Holding NV

118,000

3,526,842

ASML Holding NV (NY Shares) (a)

37,700

797,355

Common Stocks - continued

Shares

Value (Note 1)

Netherlands - continued

EADS NV (d)

52,200

$2,060,042

Fugro NV (Certificaten Van Aandelen) unit

43,400

1,822,267

ING Groep NV (Certificaten Van Aandelen)

126,400

5,129,312

Koninklijke Numico NV

25,100

1,137,494

Randstad Holdings NV

19,500

1,296,535

Tele Atlas NV (Netherlands) (a)

17,400

441,249

VNU NV

38,155

1,309,842

TOTAL NETHERLANDS

17,520,938

Norway - 1.0%

DnB NOR ASA (d)

100,400

1,393,132

Norsk Hydro ASA

27,200

4,161,600

ProSafe ASA

36,400

2,162,095

Statoil ASA (d)

51,100

1,683,485

TANDBERG ASA (d)

192,500

1,960,365

TANDBERG Television ASA (a)

66,800

1,344,283

Telenor ASA

133,500

1,549,101

TOTAL NORWAY

14,254,061

Portugal - 0.1%

Energias de Portugal SA

426,500

1,678,852

Russia - 0.2%

Novatek JSC GDR (e)

8,800

374,000

OAO Gazprom sponsored ADR

41,300

1,899,800

TOTAL RUSSIA

2,273,800

Singapore - 0.2%

Ascendas Real Estate Investment Trust (A-REIT)

489,000

705,266

GigaMedia Ltd. (a)

50,000

413,500

HTL International Holdings Ltd.

678,750

562,458

Keppel Corp. Ltd.

128,000

1,238,827

TOTAL SINGAPORE

2,920,051

South Africa - 1.0%

African Bank Investments Ltd.

184,200

1,029,375

FirstRand Ltd.

756,300

2,490,601

Foschini Ltd.

137,100

1,388,672

Gold Fields Ltd.

39,900

1,013,859

MTN Group Ltd.

215,800

2,153,514

Naspers Ltd. Class N

44,500

976,965

Nedbank Group Ltd.

45,108

941,923

Standard Bank Group Ltd.

57,400

819,114

Steinhoff International Holdings Ltd.

712,300

2,823,137

TOTAL SOUTH AFRICA

13,637,160

Spain - 0.8%

Banco Bilbao Vizcaya Argentaria SA

304,500

6,717,270

Banco Santander Central Hispano SA

187,000

2,899,562

Shares

Value (Note 1)

Gestevision Telecinco SA

25,600

$654,039

Inditex SA

34,000

1,383,399

TOTAL SPAIN

11,654,270

Sweden - 0.6%

Atlas Copco AB (B Shares) (d)

142,100

3,881,511

Eniro AB

101,800

1,117,123

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

14,950

567,850

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

17,650

969,029

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

36,600

1,298,202

TOTAL SWEDEN

7,833,715

Switzerland - 5.6%

ABB Ltd.:

(Reg.)

103,836

1,481,817

sponsored ADR

62,000

881,640

Actelion Ltd. (Reg.) (a)

13,541

1,530,636

Alcon, Inc.

62,400

6,346,704

Compagnie Financiere Richemont unit

80,715

4,181,197

Credit Suisse Group sponsored ADR

23,000

1,398,170

Credit Suisse Group (Reg.) (d)

70,277

4,413,915

Lindt & Spruengli AG (participation certificate)

1,118

2,280,529

Nestle SA:

(Reg.)

19,913

6,072,799

sponsored ADR

88,000

6,727,600

Nobel Biocare Holding AG (Switzerland)

6,836

1,689,296

Novartis AG sponsored ADR

141,400

8,131,914

Pargesa Holding SA

15,252

1,549,425

Roche Holding AG:

(participation certificate)

58,314

8,965,960

sponsored ADR

43,900

3,380,300

Societe Generale de Surveillance Holding SA (SGS) (Reg.)

1,369

1,354,320

Swiss Life Holding

9,379

2,160,807

Syngenta AG:

sponsored ADR

54,900

1,525,122

warrants 5/22/06 (a)

8,900

14,280

(Switzerland)

8,900

1,236,210

The Swatch Group AG (Reg.)

40,966

1,502,824

UBS AG (NY Shares)

67,020

7,831,287

Zurich Financial Services AG

9,844

2,394,926

TOTAL SWITZERLAND

77,051,678

Taiwan - 0.3%

Hon Hai Precision Industry Co. Ltd. (Foxconn)

257,512

1,747,362

Merry Electronics Co. Ltd.

308,000

1,086,003

Phoenix Precision Technology Corp.

499,100

1,137,233

Powertech Technology, Inc.

211,000

724,143

TOTAL TAIWAN

4,694,741

Common Stocks - continued

Shares

Value (Note 1)

Thailand - 0.1%

Kasikornbank PCL (For. Reg.)

658,200

$1,192,582

Turkey - 0.3%

Finansbank AS

421,500

2,199,130

Tupras-Turkiye Petrol Rafinerileri AS

88,700

1,877,958

TOTAL TURKEY

4,077,088

United Arab Emirates - 0.1%

Investcom LLC GDR

109,000

1,651,350

United Kingdom - 7.0%

Anglo American PLC (United Kingdom)

89,300

3,802,801

AstraZeneca PLC sponsored ADR

28,500

1,571,205

BAE Systems PLC

497,000

3,784,236

Benfield Group PLC

288,800

2,046,226

BG Group PLC

138,000

1,854,863

BG Group PLC sponsored ADR

19,600

1,316,336

BHP Billiton PLC

138,400

2,849,675

BP PLC

802,475

9,859,736

British American Tobacco PLC

137,800

3,520,791

British Land Co. PLC

61,700

1,413,319

Capita Group PLC

118,500

1,006,553

Carnival PLC

22,400

1,108,352

CLS Holdings PLC (a)

68,500

688,347

CSR PLC (a)

30,900

681,318

EMI Group PLC

188,700

970,479

Enterprise Inns PLC

55,500

944,365

GlaxoSmithKline PLC sponsored ADR

170,200

9,680,976

HSBC Holdings PLC:

(Hong Kong) (Reg.)

272,400

4,722,326

(United Kingdom) (Reg.)

74,000

1,282,864

Imperial Tobacco Group PLC sponsored ADR

23,000

1,441,640

Informa PLC

149,800

1,335,937

International Power PLC

311,100

1,689,340

Ladbrokes PLC

12

92

Man Group PLC

26,900

1,239,718

Marks & Spencer Group PLC

213,400

2,278,697

Prudential PLC

116,500

1,367,224

Reckitt Benckiser PLC

56,400

2,056,161

Renovo Group PLC

335,100

693,642

Reuters Group PLC sponsored ADR

31,000

1,316,880

Rio Tinto PLC sponsored ADR

13,400

2,984,180

Rolls-Royce Group PLC

353,700

3,073,713

Royal Bank of Scotland Group PLC

74,000

2,417,089

Royal Dutch Shell PLC Class B

189,500

6,766,096

Scottish & Southern Energy PLC

101,900

2,090,701

SIG PLC

58,900

972,141

Smiths Group PLC

96,500

1,794,237

Tesco PLC

205,700

1,198,589

Vedanta Resources PLC

45,700

1,315,190

Virgin Mobile Holdings (UK) PLC

125,300

852,364

Vodafone Group PLC sponsored ADR

218,700

5,183,190

VT Group PLC

124,500

1,044,462

Shares

Value (Note 1)

Whatman PLC

96,800

$553,891

Yell Group PLC

67,400

631,813

TOTAL UNITED KINGDOM

97,401,755

United States of America - 44.9%

AES Corp. (a)

231,700

3,931,949

Airgas, Inc.

86,900

3,515,105

AirTran Holdings, Inc. (a)

192,000

2,684,160

Alcoa, Inc.

142,800

4,823,784

Allergan, Inc.

79,900

8,207,328

Allied Waste Industries, Inc. (a)

368,400

5,216,544

Altria Group, Inc.

157,000

11,486,120

Amerada Hess Corp.

27,600

3,954,252

American Express Co.

112,200

6,037,482

American International Group, Inc.

310,100

20,234,025

American Tower Corp. Class A (a)

168,100

5,738,934

Amphenol Corp. Class A

56,600

3,271,480

AMR Corp. (a)

62,800

1,547,392

Amylin Pharmaceuticals, Inc. (a)

16,400

714,220

Apple Computer, Inc. (a)

91,400

6,433,646

Applied Materials, Inc.

112,900

2,026,555

aQuantive, Inc. (a)(d)

157,400

3,944,444

AT&T, Inc.

146,600

3,842,386

Atmel Corp. (a)

394,700

2,068,228

Avon Products, Inc.

240,600

7,845,966

Badger Meter, Inc.

29,000

1,788,720

Bank of America Corp.

170,300

8,501,376

BEA Systems, Inc. (a)

173,300

2,296,225

Beacon Roofing Supply, Inc. (a)

41,800

1,546,600

Best Buy Co., Inc.

233,200

13,213,112

BioMarin Pharmaceutical, Inc. (a)

79,000

971,700

C.R. Bard, Inc.

74,500

5,547,270

Carpenter Technology Corp.

28,000

3,330,600

Chemed Corp.

23,500

1,280,515

Cisco Systems, Inc. (a)

501,300

10,502,235

Coldwater Creek, Inc. (a)

119,650

3,345,414

Colgate-Palmolive Co.

139,300

8,235,416

CONSOL Energy, Inc.

81,300

6,923,508

Cooper Companies, Inc.

800

43,856

CyberSource Corp. (a)

333,900

3,118,626

E*TRADE Financial Corp. (a)

151,900

3,779,272

Entegris, Inc. (a)

162,653

1,655,808

Exelixis, Inc. (a)

59,300

638,068

Exelon Corp.

120,900

6,528,600

Exxon Mobil Corp.

98,000

6,181,840

Federated Department Stores, Inc.

180,200

14,028,570

First Data Corp.

111,700

5,326,973

Fluor Corp.

85,000

7,897,350

FormFactor, Inc. (a)

41,400

1,725,966

FPL Group, Inc.

75,500

2,989,800

Gartner, Inc. Class A (a)

67,900

951,958

Genentech, Inc. (a)

104,700

8,345,637

General Dynamics Corp.

74,100

4,862,442

General Electric Co.

590,200

20,415,018

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

General Growth Properties, Inc.

73,300

$3,441,435

Gilead Sciences, Inc. (a)

84,300

4,847,250

Golden West Financial Corp., Delaware

168,000

12,074,160

Goldman Sachs Group, Inc.

22,700

3,638,583

Google, Inc. Class A (sub. vtg.) (a)

59,200

24,742,045

Halliburton Co.

115,100

8,995,065

Harris Corp.

90,700

4,223,899

Hartford Financial Services Group, Inc.

57,200

5,258,396

Health Net, Inc. (a)

118,100

4,806,670

Hewlett-Packard Co.

251,200

8,156,464

Honeywell International, Inc.

290,500

12,346,250

Hudson City Bancorp, Inc.

309,900

4,155,759

International Game Technology

110,100

4,176,093

Inverness Medical Innovations, Inc. (a)

50,000

1,300,000

JCPenney Co., Inc.

67,200

4,398,912

Johnson & Johnson

267,100

15,654,731

JPMorgan Chase & Co.

254,200

11,535,596

Kellogg Co.

105,500

4,885,705

Macquarie Infrastructure Co. Trust

17,200

502,240

MCF Corp. (a)

725,900

921,893

Merck & Co., Inc.

136,700

4,705,214

Merrill Lynch & Co., Inc.

95,900

7,313,334

Monsanto Co.

67,300

5,612,820

Myogen, Inc. (a)

40,900

1,352,154

National Oilwell Varco, Inc. (a)

148,104

10,214,733

NCR Corp. (a)

175,300

6,906,820

Norfolk Southern Corp.

83,800

4,525,200

Northern Trust Corp.

124,900

7,355,361

NTL, Inc. (a)

93,750

2,576,250

OfficeMax, Inc.

145,400

5,626,980

PepsiCo, Inc.

179,800

10,471,552

Quicksilver Resources, Inc. (a)

73,700

3,054,128

Range Resources Corp.

74,600

1,979,138

Red Hat, Inc. (a)

58,000

1,704,620

Robert Half International, Inc.

93,000

3,931,110

Rockwell Collins, Inc.

70,400

4,026,880

Safeway, Inc.

158,100

3,973,053

Service Corp. International (SCI)

331,500

2,668,575

Starbucks Corp. (a)

167,900

6,257,633

State Street Corp.

136,400

8,909,648

Sunrise Senior Living, Inc. (a)

94,700

3,522,840

Synthes, Inc.

24,713

3,068,453

TD Ameritrade Holding Corp.

168,900

3,134,784

The Coca-Cola Co.

117,300

4,921,908

Shares

Value (Note 1)

The Walt Disney Co.

248,200

$6,939,672

Titanium Metals Corp. (a)

48,920

3,505,118

TradeStation Group, Inc. (a)

240,800

3,838,352

Trimble Navigation Ltd. (a)

57,500

2,724,350

United Dominion Realty Trust, Inc. (SBI)

129,200

3,512,948

United Technologies Corp.

117,900

7,405,299

UnitedHealth Group, Inc.

96,200

4,784,988

Univision Communications, Inc. Class A (a)

105,300

3,758,157

Valero Energy Corp.

138,700

8,979,438

Verizon Communications, Inc.

262,100

8,657,163

Viacom, Inc. Class A (a)

45,500

1,811,810

Wachovia Corp.

106,200

6,356,070

Walgreen Co.

60,000

2,515,800

Wells Fargo & Co.

157,900

10,846,151

Weyerhaeuser Co.

45,200

3,185,244

Whole Foods Market, Inc.

62,000

3,805,560

Wm. Wrigley Jr. Co.

68,400

3,219,588

Wm. Wrigley Jr. Co. Class B

14,975

705,323

Wyeth

202,400

9,850,808

Yahoo!, Inc. (a)

111,000

3,638,580

TOTAL UNITED STATES OF AMERICA

621,411,228

TOTAL COMMON STOCKS

(Cost $1,159,624,521)

1,351,574,988

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.4%

Fresenius AG (non-vtg.)

9,400

1,626,532

Hugo Boss AG (non-vtg.)

40,100

1,897,206

Porsche AG (non-vtg.)

2,071

2,065,479

TOTAL GERMANY

5,589,217

Italy - 0.2%

Banca Intesa Spa (Risp)

569,800

3,166,702

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

21,025,040

40,837

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $7,303,840)

8,796,756

Money Market Funds - 4.8%

Fidelity Cash Central Fund, 4.8% (b)

23,705,752

23,705,752

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

42,440,497

42,440,497

TOTAL MONEY MARKET FUNDS

(Cost $66,146,249)

66,146,249

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 4.72%, dated 4/28/06 due 5/1/06)
(Cost $3,084,000)

$3,085,213

$3,084,000

TOTAL INVESTMENT
PORTFOLIO - 103.4%

(Cost $1,236,158,610)

1,429,601,993

NET OTHER ASSETS - (3.4)%

(47,015,261)

NET ASSETS - 100%

$1,382,586,732

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $1,877,071 or 0.1% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$626,463

Fidelity Securities Lending Cash Central Fund

176,030

Total

$802,493

Semiannual Report

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

Worldwide

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $40,314,090 and repurchase agreements of $3,084,000) - See accompanying schedule:

Unaffiliated issuers (cost $1,170,012,361)

$1,363,455,744

Affiliated Central Funds (cost $66,146,249)

66,146,249

Total Investments (cost $1,236,158,610)

$1,429,601,993

Receivable for investments sold

21,498,744

Receivable for fund shares sold

1,144,895

Dividends receivable

2,152,672

Interest receivable

71,688

Prepaid expenses

3,534

Other affiliated receivables

18

Other receivables

482,755

Total assets

1,454,956,299

Liabilities

Payable to custodian bank

$1,029,874

Payable for investments purchased

26,671,972

Payable for fund shares redeemed

843,557

Accrued management fee

939,555

Other affiliated payables

318,821

Other payables and accrued expenses

125,291

Collateral on securities loaned, at value

42,440,497

Total liabilities

72,369,567

Net Assets

$1,382,586,732

Net Assets consist of:

Paid in capital

$1,018,605,685

Undistributed net investment income

4,038,965

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

166,477,587

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

193,464,495

Net Assets, for 64,793,720 shares outstanding

$1,382,586,732

Net Asset Value, offering price and redemption price per share ($1,382,586,732 ÷ 64,793,720 shares)

$21.34

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$11,580,339

Interest

30,735

Income from affiliated Central Funds

802,493

12,413,567

Less foreign taxes withheld

(535,553)

Total income

11,878,014

Expenses

Management fee
Basic fee

$4,650,593

Performance adjustment

690,694

Transfer agent fees

1,575,519

Accounting and security lending fees

285,262

Independent trustees' compensation

2,685

Custodian fees and expenses

191,507

Registration fees

21,272

Audit

41,303

Legal

6,190

Miscellaneous

5,661

Total expenses before reductions

7,470,686

Expense reductions

(593,254)

6,877,432

Net investment income (loss)

5,000,582

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $55,959)

172,073,148

Foreign currency transactions

(229,099)

Total net realized gain (loss)

171,844,049

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $2,054)

40,921,925

Assets and liabilities in foreign currencies

43,953

Total change in net unrealized appreciation (depreciation)

40,965,878

Net gain (loss)

212,809,927

Net increase (decrease) in net assets resulting from operations

$217,810,509

Semiannual Report

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

Worldwide
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$5,000,582

$9,556,230

Net realized gain (loss)

171,844,049

88,740,949

Change in net unrealized appreciation (depreciation)

40,965,878

57,827,036

Net increase (decrease) in net assets resulting from operations

217,810,509

156,124,215

Distributions to shareholders from net investment income

(6,174,295)

(6,368,718)

Distributions to shareholders from net realized gain

(64,208,484)

(1,273,744)

Total distributions

(70,382,779)

(7,642,462)

Share transactions
Proceeds from sales of shares

118,198,064

207,137,584

Reinvestment of distributions

68,541,709

7,416,065

Cost of shares redeemed

(132,641,299)

(246,181,366)

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

54,098,474

(31,627,717)

Redemption fees

16,613

27,535

Total increase (decrease) in net assets

201,542,817

116,881,571

Net Assets

Beginning of period

1,181,043,915

1,064,162,344

End of period (including undistributed net investment income of $4,038,965 and undistributed net investment income of $5,779,821, respectively)

$1,382,586,732

$1,181,043,915

Other Information

Shares

Sold

5,853,999

11,450,556

Issued in reinvestment of distributions

3,551,383

421,368

Redeemed

(6,605,978)

(13,517,553)

Net increase (decrease)

2,799,404

(1,645,629)

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$19.05

$16.72

$15.30

$11.91

$13.48

$19.07

Income from Investment Operations

Net investment income (loss) D

.08

.15 E

.05 F

.04

.03

.04

Net realized and unrealized gain (loss)

3.35

2.30

1.44

3.37

(1.60)

(2.98)

Total from investment operations

3.43

2.45

1.49

3.41

(1.57)

(2.94)

Distributions from net investment income

(.10)

(.10)

(.07)

(.02)

-

(.40)

Distributions from net realized gain

(1.04)

(.02)

-

-

-

(2.25)

Total distributions

(1.14)

(.12)

(.07)

(.02)

-

(2.65)

Redemption fees added to paid in capital D

- H

- H

- H

- H

- H

- H

Net asset value, end of period

$21.34

$19.05

$16.72

$15.30

$11.91

$13.48

Total Return B, C

18.64%

14.71%

9.77%

28.68%

(11.65)%

(17.21)%

Ratios to Average Net Assets G

Expenses before reductions

1.15% A

1.07%

1.23%

1.31%

1.24%

1.12%

Expenses net of fee waivers, if any

1.15% A

1.07%

1.23%

1.31%

1.24%

1.12%

Expenses net of all reductions

1.06% A

1.01%

1.19%

1.28%

1.20%

1.05%

Net investment income (loss)

.77% A

.82% E

.29% F

.28%

.19%

.29%

Supplemental Data

Net assets, end of period (000 omitted)

$1,382,587

$1,181,044

$1,064,162

$849,087

$647,789

$742,294

Portfolio turnover rate

265% A

93%

95%

106%

120%

152%

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. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .60%. F Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .25%. 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 fee 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. H Amount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited, except as indicated)

1. Significant Accounting Policies.

Fidelity Global Balanced 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. The financial statements and notes to financial statements, as they relate to Fidelity Diversified International Fund, have been audited by Deloitte & Touche LLP. Fidelity Diversified International Fund is currently closed to most new accounts. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The funds may invest in affiliated money market central funds (Money Market Central Funds) which are open-end investment companies available to investment companies and other accounts managed by affiliates of Fidelity Management & Research Company (FMR), and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, each fund uses independent pricing services approved by the Board of Trustees to value their investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because each fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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 and may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

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

Semiannual Report

Notes to Financial Statements (Unaudited, except as indicated) - continued

1. Significant Accounting Policies - continued

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Overseas and Diversified International, independent 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. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain funds claimed a portion of the payment made to redeeming shareholders as a distribution 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 futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), prior period premium and discount on debt securities, market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Cost for Federal
Income Tax
Purposes

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)

Global Balanced

$220,636,688

$26,095,308

$(2,147,879)

$23,947,429

Diversified International

31,780,666,864

12,671,023,906

(159,442,490)

12,511,581,416

Aggressive International

621,496,932

93,425,404

(3,950,276)

89,475,128

Overseas

5,934,049,325

1,221,149,175

(45,740,187)

1,175,408,988

Worldwide

1,239,183,014

206,823,834

(16,404,855)

190,418,979

Short-Term Trading (Redemption) Fees. Shares held in the funds 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 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 certain funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Futures Contracts. Certain funds may use futures contracts to manage their exposure to the stock market. 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. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in each applicable fund's Schedule of Investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. 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.

Semiannual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, are noted in the table below.

Purchases ($)

Sales ($)

Global Balanced

240,896,819

196,936,422

Diversified International

13,144,353,308

9,276,786,882

Aggressive International

568,387,082

726,477,420

Overseas

5,362,505,188

4,752,779,950

Worldwide

1,674,004,344

1,674,271,584

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. 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%

.27%

.72%

Diversified International

.45%

.27%

.80%

Aggressive International

.45%

.27%

.52%

Overseas

.45%

.27%

.77%

Worldwide

.45%

.27%

.82%

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

.25%

Diversified International

.22%

Aggressive International

.26%

Overseas

.25%

Worldwide

.24%

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.

Affiliated Central Funds. Certain funds may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM) an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were as follows:

Amount

Global Balanced

$2,531

Diversified International

23,459

Aggressive International

200

Overseas

486

Worldwide

18,496

Semiannual Report

Notes to Financial Statements (Unaudited, except as indicated) - continued

4. Fees and Other Transactions with Affiliates - continued

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 affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Daily
Loan Balance

Weighted
Average
Interest Rate

Interest
Expense

Aggressive International

Borrower

$5,450,000

4.43%

$5,369

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 participating funds have agreed to pay commitment fees on their pro rata portion of the line of credit, which is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:

Amount

Global Balanced

$307

Diversified International

50,124

Aggressive International

960

Overseas

8,049

Worldwide

1,890

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. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to:

Amount

Global Balanced

$13,442

Diversified International

9,780,222

Aggressive International

240,702

Overseas

1,871,807

Worldwide

176,030

7. Bank Borrowings.

Each fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

Average Daily
Loan Balance

Weighted Average
Interest Rate

Diversified International

$13,013,000

4.56%

Overseas

6,829,000

4.50%

Semiannual Report

8. 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

$43,031

$3,315

$3,067

Diversified International

7,495,577

12,282

880,005

Aggressive International

535,299

10,759

3,654

Overseas

3,967,383

13,541

178,096

Worldwide

564,439

2,820

25,995

9. Other.

The funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the funds. In the normal course of business, the funds may also enter into contracts that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the funds. The risk of material loss from such claims is considered remote.

At the end of the period, Fidelity Freedom Funds were the owners of record, in the aggregate of approximately 20% of the total outstanding shares of Overseas.

Semiannual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments as of April 30, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and each of the five years in the period ended October 31, 2005. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of April 30, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and each of the five years in the period ended October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 19, 2006

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Broadly Diversified International Equity Funds

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for each fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for each fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to each fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for each fund to access the research and investment advisory support services supplied by FRAC at no additional expense to each fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under each fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of each fund's assets; (iii) the nature or level of services provided under each fund's management contract or sub-advisory agreements; (iv) the day-to-day management of each fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of each Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of each fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which each fund will not bear any additional management fees or expenses and under which each fund's portfolio manager would not change, it did not consider each fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of each fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to each fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of each fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that each fund's Agreement is fair and reasonable, and that each fund's Agreement should be approved.

Semiannual Report

Managing Your 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.

(phone_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.

Semiannual Report

To Write Fidelity

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Covington, KY 41015

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Semiannual Report

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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
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601 Larkspur Landing Circle
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10100 Santa Monica Blvd.
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27101 Puerta Real
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73-575 El Paseo
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251 University Avenue
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16995 Bernardo Ctr. Drive
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1740 Arden Way
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7676 Hazard Center Drive
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8 Montgomery Street
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3793 State Street
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21701 Hawthorne Boulevard
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2001 North Main Street
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8880 Tamiami Trail, North
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1502 N. Westshore Blvd.
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2465 State Road 7
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3445 Peachtree Road, N.E.
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1000 Abernathy Road
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One North LaSalle Street
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3232 Lake Avenue
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4729 East 82nd Street
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5400 College Boulevard
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Three Canal Plaza
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Maryland

7315 Wisconsin Avenue
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One W. Pennsylvania Ave.
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Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
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44 Mall Road
Burlington, MA

405 Cochituate Road
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416 Belmont Street
Worcester, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
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43420 Grand River Avenue
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29155 Northwestern Hwy.
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7600 France Avenue South
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Missouri

8885 Ladue Road
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2225 Village Walk Drive
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150 Essex Street
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56 South Street
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396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Highway 35
Shrewsbury, NJ

New York

1055 Franklin Avenue
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37 West Jericho Turnpike
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1271 Avenue of the Americas
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61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
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1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, 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
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Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, 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

Semiannual Report

Semiannual Report

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IBD-USAN-0606
1.784910.103

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, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

Shareholder Expense Example

<Click Here>

An example of Shareholder Expenses

Canada Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

China Region Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Emerging Markets Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Europe Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Europe Capital Appreciation Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Japan Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Japan Smaller Companies Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Latin America Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Nordic Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Pacific Basin Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Southeast Asia Fund

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Notes to Financial Statements

<Click Here>

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

<Click Here>

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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.

Semiannual Report

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view each fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Canada

Actual

$1,000.00

$1,228.80

$5.58

HypotheticalA

$1,000.00

$1,019.79

$5.06

China Region

Actual

$1,000.00

$1,258.70

$6.44

HypotheticalA

$1,000.00

$1,019.09

$5.76

Emerging Markets

Actual

$1,000.00

$1,461.50

$6.77

HypotheticalA

$1,000.00

$1,019.29

$5.56

Europe

Actual

$1,000.00

$1,253.20

$6.54

HypotheticalA

$1,000.00

$1,018.99

$5.86

Europe Capital Appreciation

Actual

$1,000.00

$1,336.40

$6.49

HypotheticalA

$1,000.00

$1,019.24

$5.61

Japan

Actual

$1,000.00

$1,265.60

$6.18

HypotheticalA

$1,000.00

$1,019.34

$5.51

Japan Smaller Companies

Actual

$1,000.00

$1,191.50

$5.49

HypotheticalA

$1,000.00

$1,019.79

$5.06

Latin America

Actual

$1,000.00

$1,413.00

$6.34

HypotheticalA

$1,000.00

$1,019.54

$5.31

Nordic

Actual

$1,000.00

$1,303.20

$6.62

HypotheticalA

$1,000.00

$1,019.04

$5.81

Pacific Basin

Actual

$1,000.00

$1,315.60

$6.66

HypotheticalA

$1,000.00

$1,019.04

$5.81

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Southeast Asia

Actual

$1,000.00

$1,393.40

$7.24

HypotheticalA

$1,000.00

$1,018.74

$6.11

A5% return per year before expenses

*Expenses are equal to each Fund's annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Canada

1.01%

China Region

1.15%

Emerging Markets

1.11%

Europe

1.17%

Europe Capital Appreciation

1.12%

Japan

1.10%

Japan Smaller Companies

1.01%

Latin America

1.06%

Nordic

1.16%

Pacific Basin

1.16%

Southeast Asia

1.22%

Semiannual Report

Canada

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Canada

98.2%

United States of America

1.8%



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

As of October 31, 2005

Canada

97.8%

United States of America

2.2%



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

97.4

94.9

Short-Term Investments and
Net Other Assets

2.6

5.1

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Manulife Financial Corp. (Insurance)

5.0

3.5

Toronto-Dominion Bank (Commercial Banks)

4.5

3.4

Royal Bank of Canada (Commercial Banks)

4.3

4.9

Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)

3.9

2.8

Canadian National Railway Co. (Road & Rail)

3.7

3.4

EnCana Corp. (Oil, Gas & Consumable Fuels)

3.0

5.2

ING Canada, Inc. (Insurance)

2.9

3.2

Bank of Montreal (Commercial Banks)

2.8

1.6

Talisman Energy, Inc. (Oil, Gas & Consumable Fuels)

2.5

1.9

TELUS Corp. (non-vtg.) (Diversified Telecommunication Services)

2.4

3.0

35.0

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

29.3

27.4

Energy

26.0

22.0

Materials

11.8

8.3

Industrials

8.2

8.8

Consumer Discretionary

7.0

10.8

Information Technology

6.5

6.2

Telecommunication Services

4.5

4.6

Consumer Staples

3.4

4.5

Utilities

0.5

0.9

Health Care

0.2

0.0

Semiannual Report

Canada

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 7.0%

Hotels, Restaurants & Leisure - 0.3%

Great Canadian Gaming Corp. (a)

780,000

$9,830,233

Media - 4.0%

Aeroplan Income Fund (d)

747,300

8,388,743

Aeroplan Income Fund (a)(e)

31,800

356,968

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

521,240

16,620,936

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

270,000

8,790,698

Corus Entertainment, Inc. Class B (non-vtg.)

378,100

12,557,114

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

709,400

17,443,118

Thomson Corp.

550,000

21,980,322

Yellow Pages Income Fund (d)

2,450,000

36,048,748

122,186,647

Multiline Retail - 0.7%

Canadian Tire Corp. Ltd. Class A (non-vtg.)

375,000

21,128,131

Specialty Retail - 0.3%

RONA, Inc. (a)

420,000

8,662,970

Textiles, Apparel & Luxury Goods - 1.7%

Gildan Activewear, Inc. Class A (a)

1,100,000

52,687,835

TOTAL CONSUMER DISCRETIONARY

214,495,816

CONSUMER STAPLES - 3.4%

Food & Staples Retailing - 3.4%

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

1,598,000

36,605,349

CVS Corp.

190,000

5,646,800

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

700,000

20,449,016

Shoppers Drug Mart Corp.

1,081,300

42,845,787

105,546,952

ENERGY - 26.0%

Energy Equipment & Services - 1.5%

CCS Income Trust (d)

515,000

17,642,665

CCS Income Trust rights (a)(e)

135,000

4,437,612

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

595,000

14,901,610

Savanna Energy Services Corp. (a)

280,000

7,713,775

44,695,662

Oil, Gas & Consumable Fuels - 24.5%

AltaGas Income Trust

510,300

13,318,921

Cameco Corp.

1,525,000

62,050,313

Canadian Natural Resources Ltd.

2,000,000

120,214,669

Canadian Oil Sands Trust unit

205,000

32,088,551

EnCana Corp.

1,825,632

91,248,941

Galleon Energy, Inc. Class A (a)

300,000

8,694,097

Highpine Oil & Gas Ltd.

540,000

10,867,621

Husky Energy, Inc.

325,000

19,127,907

Imperial Oil Ltd.

650,000

70,627,907

Keyera Facilities Income Fund (d)

520,400

9,914,597

Niko Resources Ltd.

75,000

4,367,174

Shares

Value (Note 1)

Penn West Energy Trust (d)

800,000

$30,962,433

Petro-Canada

1,400,000

68,872,987

Rider Resources Ltd. (a)

190,000

2,753,131

Suncor Energy, Inc.

850,000

72,789,803

Talisman Energy, Inc.

1,375,000

77,654,293

TransCanada Corp.

1,800,000

53,162,791

Valero Energy Corp.

30,000

1,942,200

750,658,336

TOTAL ENERGY

795,353,998

FINANCIALS - 29.3%

Capital Markets - 1.3%

Addenda Capital, Inc.

240,000

5,796,064

CI Financial, Inc.

1,203,500

34,587,169

40,383,233

Commercial Banks - 14.9%

Bank of Montreal

1,500,000

86,766,547

Bank of Nova Scotia

475,000

19,764,759

Canadian Imperial Bank of Commerce

850,000

62,913,685

National Bank of Canada

325,000

18,122,093

Royal Bank of Canada

3,050,400

130,528,744

Toronto-Dominion Bank

2,475,000

138,250,224

456,346,052

Diversified Financial Services - 0.9%

TSX Group, Inc.

600,000

26,082,290

Insurance - 10.7%

Industrial Alliance Life Insurance Co.

200,000

5,822,898

ING Canada, Inc.

1,660,000

89,369,768

ING Canada, Inc. (e)

31,000

1,668,953

Manulife Financial Corp.

2,340,300

152,810,283

Power Corp. of Canada (sub. vtg.)

1,000,000

28,452,594

Sun Life Financial, Inc.

1,200,701

50,637,793

328,762,289

Real Estate - 1.5%

Brookfield Asset Management, Inc. Class A

1,100,000

45,820,215

TOTAL FINANCIALS

897,394,079

HEALTH CARE - 0.2%

Pharmaceuticals - 0.2%

Labopharm, Inc. (a)

650,000

5,808,140

INDUSTRIALS - 8.2%

Aerospace & Defense - 1.0%

CAE, Inc.

3,850,700

31,687,335

Airlines - 0.8%

ACE Aviation Holdings, Inc. Class A (a)

575,000

15,892,218

Jazz Air Income Fund (d)

700,000

5,728,980

WestJet Airlines Ltd. (a)

327,500

3,491,771

25,112,969

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Commercial Services & Supplies - 0.3%

Canyon Services Group, Inc.

79,900

$786,136

Garda World Security Corp. (a)

340,000

7,633,274

8,419,410

Construction & Engineering - 1.2%

SNC-Lavalin Group, Inc.

1,265,000

36,773,256

Road & Rail - 4.2%

ATS Andlauer Income Fund

220,500

2,396,310

Canadian National Railway Co.

2,500,000

112,097,496

Mullen Group Income Fund

75,000

2,286,896

TransForce Income Fund (d)

618,658

10,248,252

127,028,954

Trading Companies & Distributors - 0.7%

Finning International, Inc.

590,800

21,296,279

TOTAL INDUSTRIALS

250,318,203

INFORMATION TECHNOLOGY - 6.5%

Communications Equipment - 3.2%

Bookham, Inc. (a)

791,500

4,820,235

Corning, Inc. (a)

190,000

5,249,700

Nortel Networks Corp. (a)

8,550,000

22,738,932

Research In Motion Ltd. (a)

800,000

61,293,033

Sandvine Corp. (e)

1,344,100

2,818,998

96,920,898

Electronic Equipment & Instruments - 0.4%

Miranda Technologies, Inc.

479,800

7,982,361

Miranda Technologies, Inc. (e)

186,300

3,099,445

11,081,806

Internet Software & Services - 0.3%

Emergis, Inc. (a)

1,600,000

7,212,880

Open Text Corp. (a)

150,000

2,728,980

9,941,860

IT Services - 0.4%

CGI Group, Inc. Class A (sub. vtg.) (a)

1,750,000

12,647,585

Semiconductors & Semiconductor Equipment - 1.5%

ATI Technologies, Inc. (a)

2,850,000

44,224,087

Tundra Semiconductor Corp. Ltd. (a)

200,000

3,255,814

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

4,300

70,000

47,549,901

Shares

Value (Note 1)

Software - 0.7%

Cognos, Inc. (a)

225,000

$8,384,250

MacDonald Dettwiler & Associates Ltd. (a)

220,000

10,035,778

NAVTEQ Corp. (a)

90,000

3,736,800

22,156,828

TOTAL INFORMATION TECHNOLOGY

200,298,878

MATERIALS - 11.8%

Chemicals - 1.6%

Potash Corp. of Saskatchewan

500,000

47,334,526

Metals & Mining - 10.2%

Aber Diamond Corp.

247,500

9,722,898

Alcan, Inc.

1,250,000

65,272,809

Barrick Gold Corp.

625,000

19,007,156

Eldorado Gold Corp. (a)

600,000

3,134,168

Falconbridge Ltd.

850,708

33,860,918

Goldcorp, Inc.

800,000

28,085,868

Inco Ltd.

400,000

22,565,295

IPSCO, Inc.

175,000

18,060,376

Meridian Gold, Inc. (a)

515,800

16,788,875

Shore Gold, Inc. (a)

2,892,200

16,556,422

Teck Cominco Ltd. Class B (sub. vtg.)

1,050,000

72,391,771

US Gold Corp. (a)

411,300

3,681,135

US Gold Corp. (subscription receipt) rights (a)(f)

400,000

4,335,581

313,463,272

TOTAL MATERIALS

360,797,798

TELECOMMUNICATION SERVICES - 4.5%

Diversified Telecommunication Services - 2.4%

TELUS Corp. (non-vtg.)

1,805,000

74,589,445

Wireless Telecommunication Services - 2.1%

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

1,505,000

63,794,231

TOTAL TELECOMMUNICATION SERVICES

138,383,676

UTILITIES - 0.5%

Electric Utilities - 0.5%

Fortis, Inc.

750,000

14,617,621

TOTAL COMMON STOCKS

(Cost $2,296,377,732)

2,983,015,161

Government Obligations - 1.9%

Principal
Amount

Canadian Government Treasury Bills 3.6102% to 3.9983% 5/18/06 to 7/27/06
(Cost $56,796,702)

CAD

65,800,000

58,577,775

Money Market Funds - 4.8%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

35,412,217

$35,412,217

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

112,327,774

112,327,774

TOTAL MONEY MARKET FUNDS

(Cost $147,739,991)

147,739,991

TOTAL INVESTMENT PORTFOLIO - 104.1%

(Cost $2,500,914,425)

3,189,332,927

NET OTHER ASSETS - (4.1)%

(124,425,067)

NET ASSETS - 100%

$3,064,907,860

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $12,451,976 or 0.4% of net assets.

(f)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 $4,335,581 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

US Gold Corp. (subscription receipt) rights

2/8/06

$1,800,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$1,192,539

Fidelity Securities Lending Cash Central Fund

799,863

Total

$1,992,402

Income Tax Information

At October 31, 2005, the fund had a capital loss carryforward of approximately $11,571,042 all of which will expire on October 31, 2009.

Semiannual Report

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

Canada

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $107,895,559) - See accompanying schedule:

Unaffiliated issuers (cost $2,353,174,434)

$3,041,592,936

Affiliated Central Funds (cost $147,739,991)

147,739,991

Total Investments (cost $2,500,914,425)

$3,189,332,927

Cash

261,418

Receivable for investments sold

18,481,912

Receivable for fund shares sold

11,068,837

Dividends receivable

3,595,184

Interest receivable

145,221

Prepaid expenses

3,559

Other receivables

450,911

Total assets

3,223,339,969

Liabilities

Payable to custodian bank

$1,790,385

Payable for investments purchased

37,605,884

Payable for fund shares redeemed

4,144,960

Accrued management fee

1,695,547

Other affiliated payables

633,538

Other payables and accrued expenses

234,021

Collateral on securities loaned, at value

112,327,774

Total liabilities

158,432,109

Net Assets

$3,064,907,860

Net Assets consist of:

Paid in capital

$2,360,574,582

Undistributed net investment income

4,377,075

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

11,321,068

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

688,635,135

Net Assets, for 63,980,268 shares outstanding

$3,064,907,860

Net Asset Value, offering price and redemption price per share ($3,064,907,860 ÷ 63,980,268 shares)

$47.90

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$18,620,586

Interest

864,566

Income from affiliated Central Funds (including $799,863 from security lending)

1,992,402

21,477,554

Less foreign taxes withheld

(2,793,537)

Total income

18,684,017

Expenses

Management fee
Basic fee

$8,655,700

Performance adjustment

(218,589)

Transfer agent fees

2,733,992

Accounting and security lending fees

510,476

Independent trustees' compensation

4,442

Custodian fees and expenses

257,254

Registration fees

212,188

Audit

37,572

Legal

6,662

Interest

1,336

Miscellaneous

6,902

Total expenses before reductions

12,207,935

Expense reductions

(466,059)

11,741,876

Net investment income (loss)

6,942,141

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

23,154,566

Foreign currency transactions

(3,129)

Futures contracts

1,591,012

Total net realized gain (loss)

24,742,449

Change in net unrealized appreciation (depreciation) on:

Investment securities

423,692,737

Assets and liabilities in foreign currencies

225,195

Futures contracts

1,423,893

Total change in net unrealized appreciation (depreciation)

425,341,825

Net gain (loss)

450,084,274

Net increase (decrease) in net assets resulting from operations

$457,026,415

Semiannual Report

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

Canada
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$6,942,141

$5,635,643

Net realized gain (loss)

24,742,449

4,899,843

Change in net unrealized appreciation (depreciation)

425,341,825

166,157,370

Net increase (decrease) in net assets resulting from operations

457,026,415

176,692,856

Distributions to shareholders from net investment income

(7,430,512)

(1,384,456)

Distributions to shareholders from net realized gain

(464,413)

-

Total distributions

(7,894,925)

(1,384,456)

Share transactions
Proceeds from sales of shares

1,221,206,723

1,409,653,307

Reinvestment of distributions

7,617,749

1,331,051

Cost of shares redeemed

(336,125,326)

(277,969,085)

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

892,699,146

1,133,015,273

Redemption fees

560,849

874,168

Total increase (decrease) in net assets

1,342,391,485

1,309,197,841

Net Assets

Beginning of period

1,722,516,375

413,318,534

End of period (including undistributed net investment income of $4,377,075 and undistributed net investment income of $4,865,446, respectively)

$3,064,907,860

$1,722,516,375

Other Information

Shares

Sold

27,320,663

38,729,389

Issued in reinvestment of distributions

181,418

40,068

Redeemed

(7,532,112)

(7,727,493)

Net increase (decrease)

19,969,969

31,041,964

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$39.14

$31.87

$25.13

$17.52

$17.23

$22.27

Income from Investment Operations

Net investment income (loss) F

.13

.20

.10

.05

.02

.02

Net realized and unrealized gain (loss)

8.79

7.12

6.74

7.58

.28

(4.04)

Total from investment operations

8.92

7.32

6.84

7.63

.30

(4.02)

Distributions from net investment income

(.16)

(.08)

(.13)

(.04)

(.03)

(1.04)

Distributions from net realized gain

(.01)

-

-

-

-

-

Total distributions

(.17)

(.08)

(.13)

(.04)

(.03)

(1.04)

Redemption fees added to paid in capital F

.01

.03

.03

.02

.02

.02

Net asset value, end of period

$47.90

$39.14

$31.87

$25.13

$17.52

$17.23

Total Return B, C, D, E

22.88%

23.11%

27.45%

43.75%

1.85%

(18.87)%

Ratios to Average Net Assets G

Expenses before reductions

1.01% A

1.08%

1.20%

1.42%

1.52%

1.33%

Expenses net of fee waivers, if any

1.01% A

1.08%

1.20%

1.42%

1.52%

1.33%

Expenses net of all reductions

.97% A

1.04%

1.15%

1.37%

1.46%

1.20%

Net investment income (loss)

.58% A

.55%

.34%

.26%

.12%

.11%

Supplemental Data

Net assets, end of period (000 omitted)

$3,064,908

$1,722,516

$413,319

$167,205

$77,251

$81,213

Portfolio turnover rate

34% A

24%

47%

52%

98%

93%

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 former 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 fee 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.

Semiannual Report

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

China Region

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Hong Kong

37.6%

Taiwan

26.7%

United Kingdom

11.1%

United States of America

11.0%

China

8.0%

Cayman Islands

3.2%

Korea (South)

1.9%

Australia

0.4%

Singapore

0.1%



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

As of October 31, 2005

Hong Kong

44.8%

Taiwan

24.8%

United Kingdom

13.1%

China

8.1%

United States of America

3.3%

Cayman Islands

3.0%

Korea (South)

2.1%

Australia

0.4%

Singapore

0.2%

Other

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

89.0

96.7

Short-Term Investments and Net Other Assets

11.0

3.3

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

8.3

9.8

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

4.8

4.2

Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Instruments)

4.1

3.1

Cheung Kong Holdings Ltd. (Real Estate)

3.5

5.0

Hutchison Whampoa Ltd. (Industrial Conglomerates)

3.3

5.0

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

3.0

3.9

PetroChina Co. Ltd. (H Shares) (Oil, Gas & Consumable Fuels)

2.7

3.0

China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services)

2.5

2.2

Dairy Farm International Holdings Ltd. (Food & Staples Retailing)

2.2

2.9

Li & Fung Ltd. (Distributors)

2.1

3.3

36.5

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

28.7

32.3

Information Technology

23.9

21.0

Consumer Discretionary

10.2

13.5

Industrials

6.2

8.4

Energy

5.0

5.8

Utilities

4.4

5.4

Telecommunication Services

4.4

5.6

Consumer Staples

3.5

3.6

Materials

2.7

1.1

Semiannual Report

China Region

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.0%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 10.2%

Auto Components - 0.4%

Tong Yang Industry Co. Ltd.

1,751,736

$2,223,573

Automobiles - 1.7%

Hyundai Motor Co.

112,390

9,878,740

Distributors - 2.1%

Li & Fung Ltd.

5,366,000

12,734,500

Hotels, Restaurants & Leisure - 2.8%

Cafe de Coral Holdings Ltd.

3,660,000

5,523,068

Hong Kong & Shanghai Hotels Ltd.

2,878,996

3,341,927

Mandarin Oriental International Ltd.

1,235,000

1,407,900

Regal Hotel International Holdings Ltd.

19,454,000

1,856,753

Shangri-La Asia Ltd.

2,594,000

4,600,299

16,729,947

Household Durables - 0.9%

Basso Industry Corp. Ltd.

863,420

1,547,910

Inventec Appliances Corp.

244,000

1,154,767

Merry Electronics Co. Ltd.

685,988

2,418,782

5,121,459

Leisure Equipment & Products - 0.2%

Li Ning Co. Ltd.

1,192,000

1,337,547

Media - 1.0%

Hong Kong Economic Time Holdings Ltd.

4,572,000

1,371,016

Television Broadcasts Ltd.

760,000

4,749,204

6,120,220

Specialty Retail - 1.1%

Esprit Holdings Ltd.

452,000

3,608,631

Giordano International Ltd.

3,402,000

2,007,423

Hotai Motor Co. Ltd.

529,000

1,197,073

6,813,127

TOTAL CONSUMER DISCRETIONARY

60,959,113

CONSUMER STAPLES - 3.5%

Beverages - 0.5%

Dynasty Fine Wines Group Ltd.

2,366,000

938,368

Yantai Changyu Pioneer Wine Co. (B Shares)

543,279

1,793,109

2,731,477

Food & Staples Retailing - 2.5%

Convenience Retail Asia Ltd.

962,200

397,126

Dairy Farm International Holdings Ltd.

3,868,200

13,383,972

Lianhua Supermarket Holdings Co. (H Shares)

949,000

1,107,715

14,888,813

Food Products - 0.5%

China Mengniu Dairy Co. Ltd.

2,588,000

2,954,071

TOTAL CONSUMER STAPLES

20,574,361

Shares

Value (Note 1)

ENERGY - 5.0%

Energy Equipment & Services - 0.2%

China Oilfield Services Ltd. (H Shares)

1,666,000

$918,596

Oil, Gas & Consumable Fuels - 4.8%

China Shenhua Energy Co. Ltd. (H Shares)

1,114,000

2,018,715

CNOOC Ltd.

12,174,500

9,813,966

PetroChina Co. Ltd. (H Shares)

14,100,000

15,848,402

S-Oil Corp.

14,940

1,156,359

28,837,442

TOTAL ENERGY

29,756,038

FINANCIALS - 28.7%

Commercial Banks - 15.9%

Bank of East Asia Ltd.

2,517,507

10,520,324

BOC Hong Kong Holdings Ltd.

1,949,000

4,022,029

Hang Seng Bank Ltd.

481,300

6,232,510

HSBC Holdings PLC (Hong Kong) (Reg.)

2,837,252

49,186,600

Mega Financial Holding Co. Ltd.

1,479,000

1,154,237

Standard Chartered PLC:

(Hong Kong)

395,370

10,198,754

(United Kingdom)

238,841

6,342,136

Wing Hang Bank Ltd.

271,500

2,517,747

Wing Lung Bank Ltd.

443,600

4,216,697

94,391,034

Diversified Financial Services - 0.9%

First Pacific Co. Ltd.

8,184,000

3,430,539

Jardine Matheson Holdings Ltd.

102,400

1,853,440

5,283,979

Insurance - 3.3%

AXA Asia Pacific Holdings Ltd.

538,150

2,575,476

Cathay Financial Holding Co. Ltd.

898,000

2,012,380

China Life Insurance Co. Ltd. (H Shares)

8,137,000

10,967,156

Shin Kong Financial Holding Co. Ltd.

3,787,000

4,035,542

19,590,554

Real Estate - 8.6%

Cheung Kong Holdings Ltd.

1,857,000

20,921,279

Fortune (REIT)

571,000

467,652

Henderson Investment Ltd.

1,106,000

1,940,026

Hong Kong Land Holdings Ltd.

773,000

3,030,160

Hysan Development Co. Ltd.

984,000

2,830,176

Shun Tak Holdings Ltd.

1,981,000

2,516,715

Sun Hung Kai Properties Ltd.

722,021

8,250,817

Swire Pacific Ltd. (A Shares)

438,000

4,479,822

Wharf Holdings Ltd.

1,696,685

6,805,735

51,242,382

TOTAL FINANCIALS

170,507,949

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - 6.2%

Electrical Equipment - 0.2%

Dongfang Electrical Machinery Co. Ltd. (H Shares)

616,000

$1,271,201

Suntech Power Holdings Co. Ltd. sponsored ADR

4,200

144,018

1,415,219

Industrial Conglomerates - 4.1%

Beijing Enterprises Holdings Ltd.

2,064,000

4,525,557

Hutchison Whampoa Ltd.

2,003,500

19,664,704

24,190,261

Machinery - 1.0%

Enric Energy Equipment Holdings Ltd.

2,644,000

1,696,555

King Slide Works Co. Ltd.

141,000

835,235

Kinik Co.

756,350

3,081,724

Shanghai Prime Machinery Co. Ltd. (H Shares)

262,000

97,997

5,711,511

Road & Rail - 0.1%

MTR Corp. Ltd.

297,000

791,024

Transportation Infrastructure - 0.8%

Cosco Pacific Ltd.

1,086,000

2,584,280

Dalian Port (PDA) Co. Ltd. (H Shares)

118,000

65,824

Hopewell Holdings Ltd.

794,000

2,314,421

4,964,525

TOTAL INDUSTRIALS

37,072,540

INFORMATION TECHNOLOGY - 23.9%

Communications Equipment - 2.0%

AAC Acoustic Technology Holdings, Inc.

2,016,000

2,288,161

Foxconn International Holdings Ltd. (a)

3,543,000

7,631,344

ZTE Corp. (H Shares)

567,000

1,937,949

11,857,454

Computers & Peripherals - 4.6%

Acer, Inc.

2,174,200

4,211,294

ASUSTeK Computer, Inc.

2,539,410

7,027,829

Catcher Technology Co. Ltd.

529,000

5,902,463

High Tech Computer Corp.

324,840

10,384,780

27,526,366

Electronic Equipment & Instruments - 7.6%

AU Optronics Corp.

4,408,733

7,226,752

Everfocus Electronics Co. Ltd.

476,000

478,894

Hon Hai Precision Industry Co. Ltd. (Foxconn)

3,552,961

24,108,821

Kingboard Chemical Holdings Ltd.

2,434,300

6,420,677

Nan Ya Printed Circuit Board Corp.

138,000

1,483,545

Phoenix Precision Technology Corp.

1,979,000

4,509,287

Radiant Opto-Electronics Corp.

384,000

878,581

45,106,557

Shares

Value (Note 1)

Semiconductors & Semiconductor Equipment - 9.7%

Advanced Semiconductor Engineering, Inc.

8,696,690

$10,330,488

Holtek Semiconductor, Inc.

737,000

1,476,033

King Yuan Electronics Co. Ltd.

2,046,000

2,279,675

Siliconware Precision Industries Co. Ltd.

5,324,218

7,726,174

Solomon Systech International Ltd.

12,454,000

5,541,679

Taiwan Semiconductor Manufacturing Co. Ltd.

13,452,714

28,713,402

United Microelectronics Corp.

2,560,538

1,781,607

57,849,058

TOTAL INFORMATION TECHNOLOGY

142,339,435

MATERIALS - 2.7%

Chemicals - 2.2%

Formosa Chemicals & Fibre Corp.

795,500

1,291,509

Nan Ya Plastics Corp.

5,445,000

7,952,642

Taiwan Fertilizer Co. Ltd.

2,048,000

3,774,287

13,018,438

Containers & Packaging - 0.4%

Vision Grande Group Holdings Ltd.

2,106,000

2,173,010

Metals & Mining - 0.1%

China Rare Earth Holdings Ltd.

3,594,000

811,203

TOTAL MATERIALS

16,002,651

TELECOMMUNICATION SERVICES - 4.4%

Diversified Telecommunication Services - 0.5%

China Telecom Corp. Ltd. (H Shares)

8,732,000

3,070,171

Wireless Telecommunication Services - 3.9%

China Mobile (Hong Kong) Ltd.

2,540,000

14,660,881

Far EasTone Telecommunications Co. Ltd.

5,535,685

6,887,942

SmarTone Telecommunications Holdings Ltd.

1,235,000

1,385,797

22,934,620

TOTAL TELECOMMUNICATION SERVICES

26,004,791

UTILITIES - 4.4%

Electric Utilities - 1.0%

Cheung Kong Infrastructure Holdings Ltd.

1,878,000

6,128,152

Gas Utilities - 3.1%

Hong Kong & China Gas Co. Ltd.

7,474,400

17,834,522

Xinao Gas Holdings Ltd.

492,000

453,716

18,288,238

Common Stocks - continued

Shares

Value (Note 1)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.3%

China Resources Power Holdings Co. Ltd.

2,708,000

$2,025,770

TOTAL UTILITIES

26,442,160

TOTAL COMMON STOCKS

(Cost $378,248,325)

529,659,038

Money Market Funds - 10.7%

Fidelity Cash Central Fund, 4.8% (b)
(Cost $63,284,872)

63,284,872

63,284,872

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $441,533,197)

592,943,910

NET OTHER ASSETS - 0.3%

1,959,199

NET ASSETS - 100%

$594,903,109

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$735,461

Income Tax Information

At October 31, 2005, the fund had a capital loss carryforward of approximately $9,093,376 of which $1,077,556 and $8,015,820 will expire on October 31, 2009 and 2010, respectively.

Semiannual Report

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

China Region

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $378,248,325)

$529,659,038

Affiliated Central Funds (cost $63,284,872)

63,284,872

Total Investments (cost $441,533,197)

$592,943,910

Foreign currency held at value (cost $420,737)

419,627

Receivable for investments sold

2,289,716

Receivable for fund shares sold

1,895,665

Dividends receivable

2,411,692

Interest receivable

197,936

Prepaid expenses

1,151

Other affiliated receivables

852

Other receivables

99,267

Total assets

600,259,816

Liabilities

Payable for investments purchased

$4,135,862

Payable for fund shares redeemed

627,314

Accrued management fee

337,198

Other affiliated payables

136,902

Other payables and accrued expenses

119,431

Total liabilities

5,356,707

Net Assets

$594,903,109

Net Assets consist of:

Paid in capital

$446,343,021

Undistributed net investment income

1,610,860

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

(4,465,376)

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

151,414,604

Net Assets, for 26,954,586 shares outstanding

$594,903,109

Net Asset Value, offering price and redemption price per share ($594,903,109 ÷ 26,954,586 shares)

$22.07

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$4,012,005

Interest

531

Income from affiliated Central Funds

735,461

4,747,997

Less foreign taxes withheld

(28,994)

Total income

4,719,003

Expenses

Management fee

$1,733,809

Transfer agent fees

632,141

Accounting fees and expenses

120,184

Independent trustees' compensation

920

Custodian fees and expenses

224,248

Registration fees

34,286

Audit

31,435

Legal

1,707

Miscellaneous

1,900

Total expenses before reductions

2,780,630

Expense reductions

(164,740)

2,615,890

Net investment income (loss)

2,103,113

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

5,295,298

Foreign currency transactions

(60,156)

Total net realized gain (loss)

5,235,142

Change in net unrealized appreciation (depreciation) on:

Investment securities

101,506,371

Assets and liabilities in foreign currencies

3,848

Total change in net unrealized appreciation (depreciation)

101,510,219

Net gain (loss)

106,745,361

Net increase (decrease) in net assets resulting from operations

$108,848,474

Semiannual Report

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

China Region
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$2,103,113

$7,344,399

Net realized gain (loss)

5,235,142

12,847,382

Change in net unrealized appreciation (depreciation)

101,510,219

18,616,807

Net increase (decrease) in net assets resulting from operations

108,848,474

38,808,588

Distributions to shareholders from net investment income

(4,953,821)

(4,953,877)

Share transactions
Proceeds from sales of shares

153,396,104

167,800,419

Reinvestment of distributions

4,673,741

4,707,630

Cost of shares redeemed

(64,094,271)

(105,619,907)

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

93,975,574

66,888,142

Redemption fees

127,897

158,224

Total increase (decrease) in net assets

197,998,124

100,901,077

Net Assets

Beginning of period

396,904,985

296,003,908

End of period (including undistributed net investment income of $1,610,860 and undistributed net investment income of $6,428,926, respectively)

$594,903,109

$396,904,985

Other Information

Shares

Sold

7,544,708

9,516,821

Issued in reinvestment of distributions

249,399

279,550

Redeemed

(3,215,954)

(6,064,944)

Net increase (decrease)

4,578,153

3,731,427

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$17.74

$15.88

$15.14

$11.16

$11.27

$14.96

Income from Investment Operations

Net investment income (loss) E

.09

.36

.25

.25

.19

.14

Net realized and unrealized gain (loss)

4.45

1.75

.73

3.91

(.15)

(3.29)

Total from investment operations

4.54

2.11

.98

4.16

.04

(3.15)

Distributions from net investment income

(.22)

(.26)

(.26)

(.19)

(.16)

(.56)

Redemption fees added to paid in capital E

.01

.01

.02

.01

.01

.02

Net asset value, end of period

$22.07

$17.74

$15.88

$15.14

$11.16

$11.27

Total Return B, C, D

25.87%

13.44%

6.71%

37.91%

.23%

(21.82)%

Ratios to Average Net Assets F

Expenses before reductions

1.15% A

1.16%

1.22%

1.30%

1.32%

1.32%

Expenses net of fee waivers, if any

1.15% A

1.16%

1.22%

1.30%

1.32%

1.32%

Expenses net of all reductions

1.08% A

1.12%

1.22%

1.30%

1.31%

1.30%

Net investment income (loss)

.87% A

2.04%

1.64%

2.07%

1.52%

1.03%

Supplemental Data

Net assets, end of period (000 omitted)

$594,903

$396,905

$296,004

$231,654

$110,359

$116,754

Portfolio turnover rate

41% A

44%

101%

39%

53%

75%

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 fee 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.

Semiannual Report

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

Emerging Markets

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Korea (South)

20.7%

Brazil

12.2%

South Africa

11.3%

Russia

9.2%

Taiwan

7.8%

Mexico

5.9%

United States of America

3.6%

Israel

3.0%

Turkey

2.7%

Other

23.6%



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

As of October 31, 2005

Korea (South)

21.9%

Brazil

13.4%

South Africa

10.1%

Taiwan

9.0%

Mexico

7.4%

Russia

7.0%

Israel

4.6%

Turkey

4.4%

India

3.5%

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

97.5

98.2

Short-Term Investments and Net Other Assets

2.5

1.8

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

4.6

5.6

Petroleo Brasileiro SA Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)

2.8

3.0

Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels)

2.5

2.9

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

2.2

3.2

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

1.8

2.5

Kookmin Bank (Korea (South), Commercial Banks)

1.7

0.0

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

1.6

1.5

OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels)

1.5

1.0

Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels)

1.5

1.7

Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments)

1.4

1.3

20.2

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Energy

17.8

14.8

Financials

16.5

20.5

Information Technology

14.9

17.1

Materials

14.5

10.7

Consumer Discretionary

11.3

10.5

Industrials

7.7

6.2

Telecommunication Services

7.4

10.5

Consumer Staples

2.7

3.0

Health Care

2.4

2.0

Utilities

2.3

2.9

Semiannual Report

Emerging Markets

Investments April 30, 2006 (Audited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value (Note 1)

Argentina - 0.4%

Banco Macro Bansud SA sponsored ADR

148,500

$3,440,745

Inversiones y Representaciones SA sponsored GDR (a)

867,300

11,543,763

TOTAL ARGENTINA

14,984,508

Austria - 0.7%

Erste Bank der Oesterreichischen Sparkassen AG

69,500

4,217,633

Raiffeisen International Bank Holding AG (d)

141,100

12,299,320

voestalpine AG

71,800

10,483,572

TOTAL AUSTRIA

27,000,525

Bermuda - 1.3%

Aquarius Platinum Ltd. (Australia)

935,700

13,462,637

Central European Media Enterprises Ltd. Class A (a)

226,400

14,582,424

Credicorp Ltd. (NY Shares)

228,600

6,195,060

Emperor International Holding Ltd.

10,862,000

2,647,799

Katanga Mining Ltd. (a)

662,900

4,120,890

Sinochem Hong Kong Holding Ltd.

11,043,900

4,700,562

TOTAL BERMUDA

45,709,372

Brazil - 12.2%

AES Tiete SA (PN) (non-vtg.)

107,195,400

3,017,599

Banco Bradesco SA:

(PN)

924,900

35,316,378

(PN) sponsored ADR (non-vtg.)

177,500

6,757,425

Banco do Brasil SA

215,500

6,195,496

Banco Itau Holding Financeira SA (PN) (non-vtg.)

668,300

21,435,554

Banco Nossa Caixa SA

234,600

5,294,518

Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (d)

333,500

15,804,565

Companhia Vale do Rio Doce:

(PN-A) sponsored ADR (non-vtg.)

1,495,100

66,502,048

sponsored ADR

133,400

6,872,768

CSU Cardsystem SA sponsored ADR (a)(e)

80,000

2,044,000

Cyrela Brazil Realty SA

633,100

10,769,070

Diagnosticos Da America SA (a)

326,000

8,325,731

Duratex SA (PN)

300,000

6,425,491

Itausa Investimentos Itau SA (PN)

1,280,200

5,876,529

Klabin Industria de Papel e Celulose (PN) (non-vtg.)

2,192,400

5,536,151

Localiza Rent a Car SA

425,000

8,960,230

Lojas Renner SA

311,000

17,807,619

Natura Cosmeticos SA

533,000

6,778,064

NET Servicos de Communicacao SA sponsored ADR (d)

1,231,100

7,583,576

Petroleo Brasileiro SA Petrobras:

(PN) (non-vtg.)

2,242,700

49,786,436

Shares

Value (Note 1)

(PN) sponsored ADR (non-vtg.)

549,900

$48,880,611

sponsored ADR

255,400

25,241,182

Submarino SA

161,800

4,380,307

TAM SA:

(PN) (ltd.-vtg.)

307,400

7,939,080

(PN) sponsored ADR (ltd. vtg.)

108,500

2,728,775

Uniao de Bancos Brasileiros SA (Unibanco):

unit

778,400

12,345,491

GDR

225,300

17,877,555

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

536,600

20,363,546

Vivo Participacoes SA (PN) sponsored ADR

870,700

3,595,991

TOTAL BRAZIL

440,441,786

British Virgin Islands - 0.3%

Equator Exploration Ltd. (a)

1,248,700

7,725,797

Titanium Resources Group Ltd.

1,364,400

1,903,568

TOTAL BRITISH VIRGIN ISLANDS

9,629,365

Canada - 0.7%

Addax Petroleum Corp.

142,300

3,808,243

Falcon Oil & Gas Ltd. (a)

3,503,400

10,748,356

First Quantum Minerals Ltd.

45,500

2,199,302

Pan American Silver Corp. (a)

133,200

3,300,215

SXR Uranium One, Inc. (a)

379,060

3,719,674

Valkyries Petroleum Corp. (a)

136,000

1,733,453

TOTAL CANADA

25,509,243

Cayman Islands - 1.2%

Foxconn International Holdings Ltd. (a)

7,694,800

16,573,996

FU JI Food & Catering Services Holdings Ltd.

2,067,700

4,320,320

Lee & Man Paper Manufacturing Ltd.

3,188,000

4,687,449

Primeline Energy Holdings, Inc. (a)(f)

767,500

2,594,946

Primeline Energy Holdings, Inc. warrants 4/4/08 (a)(f)

383,750

861,623

Samson Holding Ltd.

6,186,000

3,430,771

SinoCom Software Group Ltd.

4,536,000

5,499,387

Xinao Gas Holdings Ltd. (d)

7,413,700

6,836,825

TOTAL CAYMAN ISLANDS

44,805,317

China - 2.7%

Agile Property Holdings Ltd.

9,506,000

7,356,352

Beijing Capital International Airport Co. Ltd. (H Shares)

7,723,200

4,482,530

China Gas Holdings Ltd. (a)

13,903,100

2,402,868

China National Building Materials Co. Ltd. (H Shares)

4,420,000

1,824,255

China Petroleum & Chemical Corp. (H Shares)

46,023,300

29,592,971

China Shenhua Energy Co. Ltd. (H Shares)

10,741,600

19,465,193

China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d)

235,600

3,206,516

Common Stocks - continued

Shares

Value (Note 1)

China - continued

Dongfeng Motor Group Co. Ltd. (H Shares)

15,348,000

$7,670,734

First Tractor Co. Ltd. Class H (a)

8,104,800

1,599,363

Golden Eagle Retail Group Ltd. (H Shares)

2,149,000

1,198,770

Li Ning Co. Ltd.

8,776,000

9,847,575

Shanghai Prime Machinery Co. Ltd. (H Shares)

792,000

296,235

Xiamen International Port Co. Ltd. (H Shares)

19,966,400

4,995,914

Yantai Changyu Pioneer Wine Co. (B Shares)

1,096,500

3,619,031

TOTAL CHINA

97,558,307

Croatia - 0.1%

Pliva D.D. GDR

181,100

3,730,660

Cyprus - 0.1%

XXI Century Investments Public Ltd.

216,700

3,122,132

Czech Republic - 0.6%

Ceske Energeticke Zavody AS

584,800

20,038,429

Egypt - 1.3%

Commercial International Bank Ltd. sponsored GDR

441,200

5,740,012

Eastern Tobacco Co.

151,700

9,649,322

Misr International Bank SAE GDR

71,041

248,644

Orascom Construction Industries SAE:

GDR

130,640

10,581,840

GDR (e)

17,092

1,384,452

Orascom Hotels & Development (OHD)

690,483

4,716,021

Orascom Telecom SAE GDR

250,413

13,447,178

TOTAL EGYPT

45,767,469

Hong Kong - 2.6%

Chaoda Modern Agriculture (Holdings) Ltd.

21,976,200

15,305,932

China Mobile (Hong Kong) Ltd.

6,382,500

36,839,792

China Overseas Land & Investment Ltd.

10,511,700

6,711,067

CNOOC Ltd.

25,745,600

20,753,744

CNOOC Ltd. sponsored ADR

62,000

5,126,160

Kerry Properties Ltd.

2,439,800

8,637,936

TOTAL HONG KONG

93,374,631

Hungary - 0.9%

MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)

259,772

30,905,248

India - 2.6%

Apollo Hospitals Enterprise Ltd.

206,342

2,160,387

Bharat Forge Ltd.

305,169

2,898,426

Bharti Televentures Ltd. (a)

1,325,544

12,356,491

Crompton Greaves Ltd.

281,244

6,656,212

Federal Bank Ltd.:

GDR (a)

249,942

1,162,832

GDR (a)(e)

337,300

1,569,257

Shares

Value (Note 1)

Gujarat Ambuja Cement Ltd.

2,755,252

$7,133,587

ITC Ltd.

1,500

6,712

Jaiprakash Associates Ltd.

609,625

7,629,138

Larsen & Toubro Ltd.

272,458

16,352,335

Nagarjuna Construction Co. Ltd.

174,584

1,478,520

Reliance Energy Ventures Ltd. (a)

678,549

647,568

Reliance Industries Ltd.

491,416

11,042,085

Reliance Natural Resources Ltd. (a)

678,549

446,573

Rolta India Ltd.

506,544

2,876,809

Rolta India Ltd. sponsored GDR (e)

242,105

1,314,630

Sintex Industries Ltd.

106,175

495,996

State Bank of India

432,374

9,748,445

Suzlon Energy Ltd.

88,926

2,494,780

Uti Bank Ltd.

569,900

4,387,215

TOTAL INDIA

92,857,998

Indonesia - 1.3%

PT Aneka Tambang Tbk

20,751,900

13,582,585

PT Bakrie & Brothers Tbk (a)

242,898,000

4,700,343

PT Medco Energi International Tbk

20,865,000

11,400,302

PT Perusahaan Gas Negara Tbk Series B

13,327,800

18,812,083

TOTAL INDONESIA

48,495,313

Israel - 3.0%

Bank Hapoalim BM (Reg.)

3,452,445

17,397,056

Delek Group Ltd.

15,100

2,574,178

ECI Telecom Ltd. (a)

330,700

3,531,876

ECtel Ltd. (a)

122,700

672,396

Israel Chemicals Ltd.

3,324,600

13,154,465

Ituran Location & Control Ltd.

245,000

4,076,800

Orckit Communications Ltd. (a)

472,600

7,618,312

Ormat Industries Ltd.

349,800

3,326,262

Orpak Systems Ltd.

832,800

2,597,180

RADWARE Ltd. (a)

344,500

5,460,325

Teva Pharmaceutical Industries Ltd. sponsored ADR

1,166,200

47,231,100

TOTAL ISRAEL

107,639,950

Korea (South) - 20.5%

CJ Corp.

89,600

12,255,106

CJ Home Shopping

89,271

10,222,415

Daegu Bank Co. Ltd.

694,920

13,041,496

Daelim Industrial Co.

173,640

13,255,668

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

648,850

18,953,318

Fantom Co. Ltd. (a)

91,300

1,703,738

Fantom Co. Ltd. rights 5/19/06 (a)

24,283

39,907

Fursys, Inc.

44,700

1,488,184

Hanil Cement Co. Ltd.

76,430

5,518,618

Hanjin Heavy Industries & Construction Co. Ltd.

346,300

10,794,913

Hanwha Corp.

187,380

5,860,904

Hynix Semiconductor, Inc. (a)

277,470

9,693,727

Hyundai Department Store Co. Ltd.

158,990

15,255,896

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - continued

Hyundai Engineering & Construction Co. Ltd. (a)

231,030

$14,378,905

Hyundai Mipo Dockyard Co. Ltd.

181,200

16,983,602

Hyundai Motor Co.

437,560

38,460,195

Industrial Bank of Korea

607,010

12,228,376

Kookmin Bank

684,000

61,281,890

Korea Investment Holdings Co. Ltd.

307,070

13,153,402

Korea Zinc Co. Ltd.

107,110

9,641,776

Korean Air Co. Ltd.

414,030

15,079,186

Kyeryong Construction Industrial Co. Ltd.

301,250

14,181,735

LG Electronics, Inc.

277,830

23,006,445

LG Engineering & Construction Co. Ltd.

228,050

16,538,858

LG Investment & Securities Co. Ltd.

429,000

10,507,239

Lotte Shopping Co. Ltd. GDR (a)(e)

285,764

5,968,565

Macquarie Korea Infrastructure Fund:

GDR (e)

589,200

4,289,376

GDR

498,000

3,625,440

MegaStudy Co. Ltd.

89,494

8,872,068

NHN Corp. (a)

55,419

19,684,430

Phicom Corp.

122,164

1,677,383

POSCO

157,760

43,991,826

Samchully Co. Ltd.

45,040

5,467,933

Samsung Electronics Co. Ltd.

244,765

167,130,043

Samsung Heavy Industries Ltd.

802,940

18,984,856

Samsung SDI Co. Ltd.

94,890

7,847,555

Shinhan Financial Group Co. Ltd.

623,810

31,086,336

SK Corp.

382,660

28,157,356

Taewoong Co. Ltd.

202,400

4,410,031

Woongjin Coway Co. Ltd.

482,990

14,338,889

Woori Finance Holdings Co. Ltd.

428,040

9,666,813

TOTAL KOREA (SOUTH)

738,724,399

Lebanon - 0.2%

Solidere GDR (a)

350,000

7,833,000

Luxembourg - 1.6%

Evraz Group SA:

GDR (e)

66,100

1,652,500

GDR

522,200

13,055,000

Orco Property Group

100,300

12,869,473

Tenaris SA sponsored ADR

658,500

30,225,150

Ternium SA sponsored ADR

22,500

601,200

TOTAL LUXEMBOURG

58,403,323

Malaysia - 0.6%

Genting BHD

892,000

6,274,759

Lion Diversified Holdings BHD

2,886,400

3,742,367

Resorts World BHD

1,583,800

5,854,599

Steppe Cement Ltd. (a)

510,900

1,840,214

UMW Holdings BHD

2,448,500

4,964,545

TOTAL MALAYSIA

22,676,484

Shares

Value (Note 1)

Mexico - 5.9%

America Movil SA de CV Series L sponsored ADR

2,169,700

$80,083,627

Cemex SA de CV sponsored ADR

702,600

47,439,552

Corporacion Geo SA de CV Series B (a)

1,833,000

6,872,663

Gruma SA de CV Series B

1,757,700

5,508,622

Grupo Mexico SA de CV Series B

8,357,901

29,282,771

Sare Holding SA de CV Series B (a)

1,561,500

1,838,677

Urbi, Desarrollos Urbanos, SA de CV (a)

1,770,700

14,484,672

Wal-Mart de Mexico SA de CV Series V

9,208,174

26,253,791

TOTAL MEXICO

211,764,375

Oman - 0.1%

BankMuscat SAOG sponsored GDR (e)

369,325

3,674,784

Philippines - 0.4%

Philippine Long Distance Telephone Co.

348,450

13,778,985

Poland - 0.2%

Echo Investment SA (a)

19,400

1,687,341

Globe Trade Centre SA (a)

16,600

1,438,400

TVN SA (a)

175,600

5,491,433

TOTAL POLAND

8,617,174

Romania - 0.1%

Banca Transilvania SA

5,127,000

2,696,953

Russia - 9.2%

Concern Kalina OJSC (a)

118,262

5,437,956

JSC MMC 'Norilsk Nickel' sponsored ADR

338,600

44,864,500

Lukoil Oil Co. sponsored ADR

992,540

89,328,600

Novatek JSC:

GDR

167,600

7,123,000

GDR (e)

317,000

13,472,500

Novolipetsk Iron & Steel Corp. sponsored GDR

301,300

6,631,613

OAO Gazprom sponsored ADR

1,156,106

53,180,876

Polyus Gold Co. Zao ADR (a)

153,900

5,355,720

RBC Information Systems Jsc (a)

583,200

5,423,760

Sberbank RF GDR (a)

112,000

20,253,539

Seventh Continent (a)

127,500

3,213,000

Sistema JSFC sponsored:

GDR (e)

442,200

10,833,900

GDR

54,300

1,330,350

Surgutneftegaz JSC sponsored ADR

347,200

46,177,600

Vimpel Communications sponsored ADR (a)

309,400

14,402,570

VSMPO-Avisma Corp.

14,100

3,454,500

TOTAL RUSSIA

330,483,984

Singapore - 0.2%

Boustead Singapore Ltd.

4,118,000

3,125,913

Keppel Corp. Ltd.

354,600

3,431,939

Raffles Education Corp. Ltd.

1,549,400

2,450,264

TOTAL SINGAPORE

9,008,116

Common Stocks - continued

Shares

Value (Note 1)

South Africa - 11.3%

Absa Group Ltd.

723,418

$14,281,866

African Bank Investments Ltd.

4,254,726

23,776,930

Anglogold Ashanti Ltd. sponsored ADR (d)

124,400

6,802,192

Aspen Pharmacare Holdings Ltd.

2,409,800

17,033,929

Aveng Ltd.

3,013,329

11,907,975

Edgars Consolidated Stores Ltd.

1,772,781

11,204,271

Ellerine Holdings Ltd.

913,072

14,035,113

FirstRand Ltd.

8,172,656

26,913,695

Foschini Ltd.

1,373,300

13,910,016

Gold Fields Ltd.

1,012,400

25,725,085

Impala Platinum Holdings Ltd.

148,566

28,168,855

JD Group Ltd.

925,600

14,312,355

Lewis Group Ltd.

1,317,473

13,289,769

MTN Group Ltd.

3,976,000

39,677,339

Mvelaphanda Group Ltd.

2,136,700

3,376,075

Naspers Ltd. Class N sponsored ADR

970,318

21,356,699

Sasol Ltd.

1,257,375

52,909,085

Standard Bank Group Ltd.

1,547,500

22,083,243

Steinhoff International Holdings Ltd.

3,458,600

13,707,848

Telkom SA Ltd.

799,000

19,029,821

Truworths International Ltd.

3,326,000

16,042,245

TOTAL SOUTH AFRICA

409,544,406

Spain - 0.1%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

146,900

3,240,614

Taiwan - 7.8%

Advanced Semiconductor Engineering, Inc.

18,442,000

21,906,594

Chipbond Technology Corp.

6,174,035

8,224,048

Delta Electronics, Inc.

5,477,000

17,063,054

Foxconn Technology Co. Ltd.

1,469,000

11,026,938

High Tech Computer Corp.

888,200

28,394,784

Hon Hai Precision Industry Co. Ltd. (Foxconn)

7,250,187

49,196,561

MediaTek, Inc.

1,885,600

22,014,229

Motech Industries, Inc.

258,599

7,172,949

Nan Ya Printed Circuit Board Corp.

43,000

462,264

Novatek Microelectronics Corp.

1,908,855

11,367,218

Phoenix Precision Technology Corp.

4,629,000

10,547,493

Powertech Technology, Inc.

896,000

3,075,033

Shin Kong Financial Holding Co. Ltd.

10,941,000

11,659,061

Siliconware Precision Industries Co. Ltd.

12,328,000

17,889,626

Taiwan Semiconductor Manufacturing Co. Ltd.

26,825,343

57,255,872

TSRC Corp.

4,848,000

3,464,377

TOTAL TAIWAN

280,720,101

Thailand - 1.5%

Bangchak Petroleum PCL:

warrants 4/12/11 (a)

336,940

16,560

(For. Reg.)

2,975,200

1,093,998

Shares

Value (Note 1)

Bumrungrad Hospital PCL (For. Reg.)

451,500

$446,537

Charoen Pokphand Foods PCL (For. Reg.)

27,622,100

4,048,003

Minor International PCL (For. Reg.)

24,621,894

7,610,284

PTT PCL (For. Reg.)

1,821,800

12,523,965

Siam Cement PCL (For. Reg.)

1,323,000

8,953,957

Siam Commercial Bank PCL (For. Reg.)

10,662,000

18,466,027

TOTAL THAILAND

53,159,331

Turkey - 2.7%

Acibadem Saglik Hizmetleri AS

711,800

8,665,391

Akbank T. A. S.

1,976,200

16,437,202

Alarko Gayrimenkul Yatirim Ortakligi AS (a)

108,200

4,827,070

Aygaz AS

945,400

3,824,491

Denizbank AS (a)

699,900

6,191,932

Dogan Yayin Holding AS

3,000,839

15,202,738

Dogus Otomotiv Servis ve Ticaret AS

880,700

7,258,699

Enka Insaat ve Sanayi AS

742,407

11,508,010

Finansbank AS

3,358,643

17,523,355

Koytas Tekstil Sanayi ve Ticaret AS (a)

26,770

0

Selcuk Ecza Deposu Tic AS

257,500

1,304,537

Turk Traktor ve Ziraat Makinalari AS

390,100

5,338,987

Vestel White Goods AS

329,000

711,486

TOTAL TURKEY

98,793,898

Ukraine - 0.1%

Stirol sponsored ADR (a)

105,400

2,460,091

Ukrnafta Open JSC sponsored ADR

8,700

3,108,065

TOTAL UKRAINE

5,568,156

United Arab Emirates - 0.4%

Investcom LLC GDR

913,400

13,838,010

United Kingdom - 1.3%

Aricom PLC (a)

2,043,200

2,217,140

Kazakhgold Group Ltd. GDR

209,200

5,826,220

Kazakhmys PLC

720,100

14,951,720

Oxus Gold PLC (a)(d)

2,966,117

4,435,754

Sibir Energy PLC (a)

640,900

6,405,251

Trader Media East Ltd. GDR (a)(e)

153,646

1,367,449

Vedanta Resources PLC

368,300

10,599,223

Victoria Oil & Gas PLC (a)

649,500

2,973,159

TOTAL UNITED KINGDOM

48,775,916

United States of America - 1.1%

Central European Distribution Corp. (a)(d)

85,196

3,497,296

CTC Media, Inc. (f)

93,240

2,797,200

DSP Group, Inc. (a)

110,300

2,982,512

Freeport-McMoRan Copper & Gold, Inc. Class B

202,300

13,064,534

Common Stocks - continued

Shares

Value (Note 1)

United States of America - continued

NII Holdings, Inc. (a)

159,000

$9,524,100

Zoran Corp. (a)

267,900

7,351,176

TOTAL UNITED STATES OF AMERICA

39,216,818

TOTAL COMMON STOCKS

(Cost $2,472,464,409)

3,512,089,080

Nonconvertible Preferred Stocks - 0.2%

Korea (South) - 0.2%

Samsung Electronics Co. Ltd.
(Cost $5,212,960)

14,970

8,110,769

Money Market Funds - 3.1%

Fidelity Cash Central Fund, 4.8% (b)

81,667,529

81,667,529

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

30,626,604

30,626,604

TOTAL MONEY MARKET FUNDS

(Cost $112,294,133)

112,294,133

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $2,589,971,502)

3,632,493,982

NET OTHER ASSETS - (0.6)%

(23,132,879)

NET ASSETS - 100%

$3,609,361,103

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $47,571,413 or 1.3% of net assets.

(f)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 $6,253,769 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

CTC Media, Inc.

1/26/05

$1,400,073

Primeline Energy Holdings, Inc.

3/23/06

$745,745

Primeline Energy Holdings, Inc. warrants 4/4/08

3/23/06

$242,367

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$1,581,896

Fidelity Securities Lending Cash Central Fund

434,206

Total

$2,016,102

Income Tax Information

At September 30, 2005, the fund had a capital loss carryforward of approximately $360,364,607 of which $261,779,690, $46,041,026, $40,040,568 and $12,503,323 will expire on September 30, 2007, 2008, 2010 and 2011, respectively.

Semiannual Report

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

Emerging Markets

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Audited)

Assets

Investment in securities, at value (including securities loaned of $29,609,985) - See accompanying schedule:

Unaffiliated issuers (cost $2,477,677,369)

$3,520,199,849

Affiliated Central Funds (cost $112,294,133)

112,294,133

Total Investments (cost $2,589,971,502)

$3,632,493,982

Foreign currency held at value (cost $3,084,922)

3,079,487

Receivable for investments sold

35,098,316

Receivable for fund shares sold

19,460,418

Dividends receivable

6,937,817

Interest receivable

421,072

Prepaid expenses

3,190

Other receivables

867,588

Total assets

3,698,361,870

Liabilities

Payable for investments purchased

$49,588,143

Payable for fund shares redeemed

3,632,591

Accrued management fee

2,021,848

Other affiliated payables

655,471

Other payables and accrued expenses

2,476,110

Collateral on securities loaned, at value

30,626,604

Total liabilities

89,000,767

Net Assets

$3,609,361,103

Net Assets consist of:

Paid in capital

$2,868,514,673

Undistributed net investment income

6,155,114

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

(306,061,348)

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

1,040,752,664

Net Assets, for 159,059,194 shares outstanding

$3,609,361,103

Net Asset Value, offering price and redemption price per share ($3,609,361,103 ÷ 159,059,194 shares)

$22.69

Statement of Operations

Six months ended April 30, 2006 (Audited)

Investment Income

Dividends

$28,259,045

Interest

23,195

Income from affiliated Central Funds (including $434,206 from security lending)

2,016,102

30,298,342

Less foreign taxes withheld

(2,409,327)

Total income

27,889,015

Expenses

Management fee

$8,902,161

Transfer agent fees

2,657,787

Accounting and security lending fees

524,024

Independent trustees' compensation

4,555

Custodian fees and expenses

1,274,046

Registration fees

251,968

Audit

78,682

Legal

5,519

Miscellaneous

27,124

Total expenses before reductions

13,725,866

Expense reductions

(1,418,424)

12,307,442

Net investment income (loss)

15,581,573

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $332,576)

62,704,730

Foreign currency transactions

(1,405,401)

Total net realized gain (loss)

61,299,329

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $1,109,321)

770,054,877

Assets and liabilities in foreign currencies

59,727

Total change in net unrealized appreciation (depreciation)

770,114,604

Net gain (loss)

831,413,933

Net increase (decrease) in net assets resulting from operations

$846,995,506

Semiannual Report

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

Emerging Markets
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Audited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$15,581,573

$15,119,763

Net realized gain (loss)

61,299,329

68,322,535

Change in net unrealized appreciation (depreciation)

770,114,604

203,724,089

Net increase (decrease) in net assets resulting from operations

846,995,506

287,166,387

Distributions to shareholders from net investment income

(21,238,874)

(5,999,282)

Share transactions
Proceeds from sales of shares

1,682,537,647

816,361,551

Reinvestment of distributions

20,504,260

5,785,646

Cost of shares redeemed

(312,399,951)

(316,571,716)

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

1,390,641,956

505,575,481

Redemption fees

739,238

930,289

Total increase (decrease) in net assets

2,217,137,826

787,672,875

Net Assets

Beginning of period

1,392,223,277

604,550,402

End of period (including undistributed net investment income of $6,155,114 and undistributed net investment income of $11,812,415, respectively)

$3,609,361,103

$1,392,223,277

Other Information

Shares

Sold

84,829,200

57,501,628

Issued in reinvestment of distributions

1,159,762

485,074

Redeemed

(15,546,347)

(22,850,332)

Net increase (decrease)

70,442,615

35,136,370

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Audited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$15.71

$11.30

$9.81

$7.03

$6.52

$8.71

Income from Investment Operations

Net investment income (loss) E

.12

.21

.14

.10

.06 F

.06

Net realized and unrealized gain (loss)

7.06

4.30

1.46

2.73

.47

(2.22)

Total from investment operations

7.18

4.51

1.60

2.83

.53

(2.16)

Distributions from net investment income

(.21)

(.11)

(.12)

(.05)

(.03)

(.03)

Redemption fees added to paid in capital E

.01

.01

.01

- H

.01

- H

Net asset value, end of period

$22.69

$15.71

$11.30

$9.81

$7.03

$6.52

Total Return B, C, D

46.15%

40.25%

16.48%

40.50%

8.25%

(24.87)%

Ratios to Average Net Assets G

Expenses before reductions

1.11% A

1.16%

1.23%

1.36%

1.44%

1.54%

Expenses net of fee waivers, if any

1.11% A

1.16%

1.23%

1.36%

1.44%

1.54%

Expenses net of all reductions

.99% A

1.07%

1.18%

1.36%

1.39%

1.45%

Net investment income (loss)

1.26% A

1.53%

1.27%

1.31%

.73%

.78%

Supplemental Data

Net assets, end of period (000 omitted)

$3,609,361

$1,392,223

$604,550

$430,928

$263,729

$204,164

Portfolio turnover rate

34% A

68%

112%

105%

120%

113%

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 Investment income per share reflects a special dividend which amounted to $.01 per share. 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 fee 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. H Amount represents less than $.01 per share.

Semiannual Report

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

Europe

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

United Kingdom

21.8%

Switzerland

11.7%

Germany

11.6%

France

7.7%

Netherlands

7.4%

Italy

7.0%

Spain

5.7%

United States of America

4.8%

Sweden

4.5%

Other

17.8%



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

As of October 31, 2005

United Kingdom

14.2%

Italy

14.0%

Switzerland

12.7%

Germany

11.1%

France

11.0%

Netherlands

8.7%

Russia

5.3%

Poland

3.9%

Spain

3.3%

Other

15.8%



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

96.2

98.9

Short-Term Investments and Net Other Assets

3.8

1.1

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Banco Bilbao Vizcaya Argentaria SA (Spain, Commercial Banks)

3.6

0.3

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

3.2

3.2

BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)

3.0

0.0

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

2.5

0.0

Unicredito Italiano Spa (Italy, Commercial Banks)

2.5

2.0

Novartis AG (Reg.) (Switzerland, Pharmaceuticals)

2.3

2.2

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

2.2

0.0

Deutsche Boerse AG (Germany, Diversified Financial Services)

2.1

2.5

Sanofi-Aventis (France, Pharmaceuticals)

2.0

3.8

Total SA Series B (France, Oil, Gas & Consumable Fuels)

1.8

3.4

25.2

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

34.5

32.6

Health Care

11.9

13.1

Industrials

10.5

5.2

Energy

10.4

12.2

Consumer Discretionary

9.9

14.5

Materials

6.0

1.3

Information Technology

5.7

6.8

Consumer Staples

4.1

2.1

Utilities

1.8

4.1

Telecommunication Services

1.4

7.0

Semiannual Report

Europe

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%

Shares

Value (Note 1)

Austria - 1.5%

Andritz AG

60,400

$10,590,785

Erste Bank der Oesterreichischen Sparkassen AG

276,500

16,779,503

OMV AG

124,400

8,649,474

voestalpine AG

115,400

16,849,641

TOTAL AUSTRIA

52,869,403

Belgium - 0.5%

KBC Groupe SA

156,600

18,166,965

Denmark - 1.0%

Danske Bank AS

877,400

34,908,142

Finland - 2.7%

Fortum Oyj

992,200

25,061,219

Metso Corp.

713,700

28,363,848

Nokia Corp.

1,704,550

38,625,109

TOTAL FINLAND

92,050,176

France - 7.7%

Alcatel SA (RFD) (a)

541,600

7,809,874

Alstom SA (a)

189,800

17,193,312

AXA SA

936,100

34,270,625

Dassault Systemes SA

294,706

15,988,080

L'Oreal SA

184,900

17,146,013

Louis Vuitton Moet Hennessy (LVMH)

261,700

27,553,004

Sanofi-Aventis

732,948

68,955,751

Societe Generale Series A

109,400

16,714,768

Total SA Series B

225,600

62,274,624

TOTAL FRANCE

267,906,051

Germany - 10.8%

Allianz AG (Reg.) (d)

150,900

25,245,570

Bayer AG (d)

406,500

18,775,831

Bayerische Motoren Werke AG (BMW)

751,600

40,879,322

Deutsche Boerse AG

498,000

72,022,224

E.ON AG (d)

137,200

16,706,845

Fraport AG Frankfurt Airport Services Worldwide

550,918

41,683,090

Hypo Real Estate Holding AG (d)

556,200

38,889,862

SAP AG (d)

260,700

56,968,164

Siemens AG (Reg.)

365,600

34,600,384

Wincor Nixdorf AG

200,300

28,808,768

TOTAL GERMANY

374,580,060

Greece - 1.7%

Alpha Bank AE

1,113,000

42,126,493

EFG Eurobank Ergasias SA

406,700

16,204,110

TOTAL GREECE

58,330,603

Ireland - 1.2%

Allied Irish Banks PLC

1,747,100

41,860,507

Israel - 0.8%

Teva Pharmaceutical Industries Ltd. sponsored ADR

698,600

28,293,300

Shares

Value (Note 1)

Italy - 5.4%

Banca Popolare di Milano

3,039,080

$38,419,238

ENI Spa

1,156,000

35,379,385

Pirelli & C. Real Estate Spa

125,900

9,239,824

Tod's Spa

221,200

17,528,825

Unicredito Italiano Spa

11,411,800

85,997,447

TOTAL ITALY

186,564,719

Luxembourg - 0.8%

SES Global unit

1,704,200

27,929,850

Netherlands - 7.4%

DSM NV

350,200

15,976,567

EADS NV (d)

401,000

15,825,229

Euronext NV

611,644

54,673,574

ING Groep NV (Certificaten Van Aandelen)

872,300

35,397,935

Koninklijke Numico NV

696,900

31,582,440

Koninklijke Philips Electronics NV

1,460,200

50,347,694

Randstad Holdings NV

308,700

20,525,140

Rodamco Europe NV

305,752

32,904,646

TOTAL NETHERLANDS

257,233,225

Norway - 3.7%

Aker Kvaerner ASA

226,820

22,086,403

DnB NOR ASA (d)

3,214,600

44,605,197

Norsk Hydro ASA

126,240

19,314,720

Statoil ASA (d)

1,267,500

41,757,684

TOTAL NORWAY

127,764,004

Poland - 0.3%

Polski Koncern Naftowy Orlen SA

441,000

9,194,084

South Africa - 2.9%

FirstRand Ltd.

10,369,248

34,147,378

Impala Platinum Holdings Ltd.

89,900

17,045,489

MTN Group Ltd.

4,810,748

48,007,464

TOTAL SOUTH AFRICA

99,200,331

Spain - 5.7%

Antena 3 Television SA (d)

1,124,220

29,615,611

Banco Bilbao Vizcaya Argentaria SA

5,667,700

125,029,465

Banco Santander Central Hispano SA

2,878,800

44,637,747

TOTAL SPAIN

199,282,823

Sweden - 4.5%

Atlas Copco AB (A Shares) (d)

588,300

17,388,768

Elekta AB (B Shares)

784,000

12,945,030

Forenings Sparbanken AB
(A Shares) (d)

519,500

14,296,222

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

913,500

34,697,731

Hexagon AB (B Shares) (d)

665,925

24,705,786

Telefonaktiebolaget LM Ericsson
(B Shares) (d)

14,473,000

51,335,732

TOTAL SWEDEN

155,369,269

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - 11.7%

ABB Ltd. (Reg.)

2,644,188

$37,734,522

Compagnie Financiere Richemont unit

720,619

37,329,493

Credit Suisse Group (Reg.)

578,645

36,343,179

Novartis AG (Reg.)

1,390,015

79,939,759

Roche Holding AG (participation certificate)

719,699

110,655,970

Societe Generale de Surveillance Holding SA (SGS) (Reg.)

34,998

34,622,709

Syngenta AG (Switzerland)

249,892

34,709,999

UBS AG (Reg.)

298,765

34,910,691

TOTAL SWITZERLAND

406,246,322

Turkey - 0.7%

Turkiye Garanti Bankasi AS

6,239,478

25,712,783

United Kingdom - 21.8%

Anglo American PLC (United Kingdom)

594,700

25,325,039

BAE Systems PLC

5,517,695

42,012,592

BG Group PLC

4,402,574

59,175,162

BP PLC

8,417,400

103,421,718

British American Tobacco PLC

652,300

16,666,270

British Energy Group PLC (a)

1,378,860

16,647,287

Carnival PLC

775,400

38,366,790

Diageo PLC

1,530,200

25,343,930

GlaxoSmithKline PLC

2,742,400

77,993,842

HSBC Holdings PLC (United Kingdom) (Reg.)

5,039,100

87,357,848

Rio Tinto PLC (Reg.)

483,500

26,918,864

Rolls-Royce Group PLC

4,232,400

36,780,270

Royal Bank of Scotland Group PLC

1,483,400

48,452,832

Standard Chartered PLC (United Kingdom)

1,267,600

33,659,597

Tesco PLC

8,681,030

50,583,331

Vedanta Resources PLC

1,477,300

42,514,884

Xstrata PLC

264,700

9,577,693

Yell Group PLC

1,596,300

14,963,836

TOTAL UNITED KINGDOM

755,761,785

United States of America - 1.0%

Synthes, Inc.

275,320

34,184,697

TOTAL COMMON STOCKS

(Cost $2,684,992,957)

3,253,409,099

Nonconvertible Preferred Stocks - 2.4%

Shares

Value (Note 1)

Germany - 0.8%

Porsche AG (non-vtg.)

29,121

$29,043,373

Italy - 1.6%

Banca Intesa Spa (Risp) (d)

9,817,897

54,563,633

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

208,733,240

405,421

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $40,974,341)

84,012,427

Money Market Funds - 13.4%

Fidelity Cash Central Fund, 4.8% (b)

129,671,626

129,671,626

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

335,426,270

335,426,270

TOTAL MONEY MARKET FUNDS

(Cost $465,097,896)

465,097,896

TOTAL INVESTMENT
PORTFOLIO - 109.6%

(Cost $3,191,065,194)

3,802,519,422

NET OTHER ASSETS - (9.6)%

(333,077,009)

NET ASSETS - 100%

$3,469,442,413

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$1,701,596

Fidelity Securities Lending Cash Central Fund

1,388,463

Total

$3,090,059

Semiannual Report

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

Europe

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $317,595,159) - See accompanying schedule:

Unaffiliated issuers (cost $2,725,967,298)

$3,337,421,526

Affiliated Central Funds (cost $465,097,896)

465,097,896

Total Investments (cost $3,191,065,194)

$3,802,519,422

Foreign currency held at value (cost $2)

2

Receivable for investments sold

48,735,310

Receivable for fund shares sold

5,083,882

Dividends receivable

10,234,493

Interest receivable

404,827

Prepaid expenses

7,529

Other affiliated receivables

63

Other receivables

2,118,388

Total assets

3,869,103,916

Liabilities

Payable for investments purchased

$59,918,598

Payable for fund shares redeemed

947,283

Accrued management fee

2,343,026

Other affiliated payables

727,759

Other payables and accrued expenses

298,567

Collateral on securities loaned, at value

335,426,270

Total liabilities

399,661,503

Net Assets

$3,469,442,413

Net Assets consist of:

Paid in capital

$2,490,333,134

Undistributed net investment income

20,175,324

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

347,221,115

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

611,712,840

Net Assets, for 83,364,499 shares outstanding

$3,469,442,413

Net Asset Value, offering price and redemption price per share ($3,469,442,413 ÷ 83,364,499 shares)

$41.62

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$35,797,969

Interest

11,447

Income from affiliated Central Funds (including $1,388,463 from security lending)

3,090,059

38,899,475

Less foreign taxes withheld

(3,245,537)

Total income

35,653,938

Expenses

Management fee
Basic fee

$10,606,098

Performance adjustment

1,848,634

Transfer agent fees

3,359,767

Accounting and security lending fees

619,237

Independent trustees' compensation

6,049

Custodian fees and expenses

626,545

Registration fees

79,342

Audit

42,749

Legal

11,359

Interest

31,378

Miscellaneous

12,135

Total expenses before reductions

17,243,293

Expense reductions

(2,220,182)

15,023,111

Net investment income (loss)

20,630,827

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

361,061,908

Foreign currency transactions

(964,401)

Total net realized gain (loss)

360,097,507

Change in net unrealized appreciation (depreciation) on:

Investment securities

277,731,107

Assets and liabilities in foreign currencies

265,365

Total change in net unrealized appreciation (depreciation)

277,996,472

Net gain (loss)

638,093,979

Net increase (decrease) in net assets resulting from operations

$658,724,806

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, 2006 (Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$20,630,827

$22,737,953

Net realized gain (loss)

360,097,507

388,153,793

Change in net unrealized appreciation (depreciation)

277,996,472

46,504,527

Net increase (decrease) in net assets resulting from operations

658,724,806

457,396,273

Distributions to shareholders from net investment income

(20,654,281)

(5,654,760)

Distributions to shareholders from net realized gain

(273,319,234)

(5,026,446)

Total distributions

(293,973,515)

(10,681,206)

Share transactions
Proceeds from sales of shares

521,883,363

673,749,170

Reinvestment of distributions

289,349,938

10,481,613

Cost of shares redeemed

(254,375,085)

(428,684,899)

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

556,858,216

255,545,884

Redemption fees

21,184

110,346

Total increase (decrease) in net assets

921,630,691

702,371,297

Net Assets

Beginning of period

2,547,811,722

1,845,440,425

End of period (including undistributed net investment income of $20,175,324 and undistributed net investment income of $22,161,696, respectively)

$3,469,442,413

$2,547,811,722

Other Information

Shares

Sold

13,409,364

19,400,306

Issued in reinvestment of distributions

8,260,061

318,978

Redeemed

(6,683,687)

(12,015,269)

Net increase (decrease)

14,985,738

7,704,015

Financial Highlights

Six months ended April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$37.26

$30.42

$24.37

$18.31

$22.68

$34.88

Income from Investment Operations

Net investment income (loss) F

.27

.33

.09

.29

.12 G

.12

Net realized and unrealized gain (loss)

8.36

6.68

6.25

5.91

(4.25)

(8.11)

Total from investment operations

8.63

7.01

6.34

6.20

(4.13)

(7.99)

Distributions from net investment income

(.30)

(.09)

(.29)

(.14)

(.24)

(.12)

Distributions from net realized gain

(3.97)

(.08)

-

-

-

(4.09)

Total distributions

(4.27)

(.17)

(.29)

(.14)

(.24)

(4.21)

Redemption fees added to paid in capital F, I

-

-

-

-

-

-

Net asset value, end of period

$41.62

$37.26

$30.42

$24.37

$18.31

$22.68

Total Return B, C, D, E

25.32%

23.12%

26.20%

34.09%

(18.49)%

(25.64)%

Ratios to Average Net Assets H

Expenses before reductions

1.17% A

1.15%

1.11%

1.03%

1.20%

1.06%

Expenses net of fee waivers, if any

1.17% A

1.15%

1.11%

1.03%

1.20%

1.06%

Expenses net of all reductions

1.02% A

1.07%

1.05%

.98%

1.13%

.99%

Net investment income (loss)

1.40% A

.95%

.32%

1.44%

.52%

.45%

Supplemental Data

Net assets, end of period (000 omitted)

$3,469,442

$2,547,812

$1,845,440

$1,283,191

$875,995

$1,059,368

Portfolio turnover rate

137% A

99%

106%

162%

127%

123%

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 former 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 fee 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 Amount represents less than $.01 per share.

Semiannual Report

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

Europe Capital Appreciation

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

United States of America

15.2%

Germany

14.8%

United Kingdom

10.9%

Switzerland

9.2%

France

8.3%

Norway

8.1%

Italy

7.3%

Netherlands

6.5%

Canada

4.0%

Other

15.7%



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

As of October 31, 2005

United Kingdom

23.5%

Germany

12.6%

France

11.0%

United States of America

9.1%

Italy

8.5%

Switzerland

7.7%

Norway

5.6%

Turkey

4.3%

Netherlands

3.1%

Other

14.6%



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

89.8

92.9

Short-Term Investments and Net Other Assets

10.2

7.1

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

3.0

0.0

Benfield Group PLC (United Kingdom, Insurance)

2.8

0.0

Bayer AG (Germany, Chemicals)

2.7

1.9

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

2.6

0.5

Infineon Technologies AG (Germany, Semiconductors & Semiconductor Equipment)

2.4

0.0

Istituto Finanziario Industriale Spa (IFI) (Italy, Diversified Financial Services)

2.4

0.0

Millicom International Cellular SA unit (Luxembourg, Wireless Telecommunication Services)

2.3

1.1

Tele Atlas NV (Netherlands, Commercial Services & Supplies)

2.2

0.0

Statoil ASA (Norway, Oil, Gas & Consumable Fuels)

2.2

2.0

E.ON AG (Germany, Electric Utilities)

2.1

1.9

24.7

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

19.9

20.2

Consumer Discretionary

13.7

11.4

Materials

11.8

7.3

Energy

11.2

18.6

Industrials

7.5

5.2

Health Care

7.2

10.6

Information Technology

6.7

2.4

Consumer Staples

5.0

2.9

Telecommunication Services

4.1

10.7

Utilities

2.7

3.6

Semiannual Report

Europe Capital Appreciation

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.8%

Shares

Value (Note 1)

Argentina - 1.0%

Cresud S.A.C.I.F.y A. sponsored ADR (d)

444,600

$7,722,702

Austria - 2.0%

Flughafen Wien AG

107,900

8,230,543

OMV AG

95,300

6,626,164

TOTAL AUSTRIA

14,856,707

Canada - 4.0%

European Goldfields Ltd. (a)

3,067,200

11,879,227

First Quantum Minerals Ltd.

176,000

8,507,191

MagIndustries Corp. (a)

1,178,000

1,685,868

MagIndustries Corp. (a)(e)

1,518,880

1,956,339

New Flyer Industries, Inc. / New Flyer Canada

830,600

6,314,937

TOTAL CANADA

30,343,562

Finland - 1.2%

Metso Corp.

226,500

9,001,557

France - 8.3%

Compagnie Generale de Geophysique SA (a)(d)

55,900

9,034,411

Icade SA

120,999

5,204,124

Lagardere S.C.A. (Reg.)

79,800

6,594,518

Pernod Ricard SA

64,284

12,465,671

Renault SA

119,900

13,917,009

Total SA sponsored ADR

115,100

15,886,102

TOTAL FRANCE

63,101,835

Germany - 14.2%

Bayer AG (d)

441,200

20,378,590

Deutsche Postbank AG (d)

84,500

6,460,531

E.ON AG (d)

132,100

16,085,818

Infineon Technologies AG (a)

1,506,800

18,413,098

Lanxess AG (a)

345,600

14,135,971

MAN AG

100,800

7,641,905

Premiere AG (a)(d)

772,900

12,676,681

SAP AG

56,400

12,324,528

TOTAL GERMANY

108,117,122

Greece - 1.1%

Greek Organization of Football Prognostics SA

231,900

8,572,495

Hong Kong - 0.4%

Chaoda Modern Agriculture (Holdings) Ltd.

4,106,000

2,859,737

Italy - 4.9%

Banca Intesa Spa (d)

949,403

5,641,705

Banca Italease Spa (d)

183,700

11,184,984

FASTWEB Spa

186,580

9,373,574

Unicredito Italiano Spa

1,475,600

11,119,879

TOTAL ITALY

37,320,142

Luxembourg - 2.3%

Millicom International Cellular SA unit (a)

350,970

17,242,054

Shares

Value (Note 1)

Netherlands - 6.5%

Completel Europe NV (a)

70,902

$4,687,364

ING Groep NV (Certificaten Van Aandelen)

373,298

15,148,433

Reed Elsevier NV (d)

844,600

12,520,678

Tele Atlas NV (a)

669,078

17,009,466

TOTAL NETHERLANDS

49,365,941

Norway - 8.1%

Petroleum Geo-Services ASA (a)(d)

227,000

12,783,440

Statoil ASA (d)

496,700

16,363,741

TANDBERG ASA

163,600

1,666,055

TANDBERG Television ASA (a)

338,100

6,803,921

TGS Nopec Geophysical Co. ASA (a)

168,400

11,314,486

Yara International ASA

763,200

12,293,096

TOTAL NORWAY

61,224,739

Philippines - 0.4%

Semirara Mining Corp.

6,168,000

3,279,899

Russia - 1.2%

JSC MMC 'Norilsk Nickel' sponsored ADR

55,500

7,353,750

Polyus Gold Co. Zao ADR (a)

55,500

1,931,400

TOTAL RUSSIA

9,285,150

Spain - 1.8%

Banco Bilbao Vizcaya Argentaria SA

618,700

13,648,522

Sweden - 3.7%

Micronic Laser Systems AB (a)

601,470

12,219,850

OMX AB

40,200

773,024

Swedish Match Co.

999,600

15,010,641

TOTAL SWEDEN

28,003,515

Switzerland - 9.2%

Actelion Ltd. (Reg.) (a)

173,524

19,614,662

Credit Suisse Group (Reg.) (d)

226,861

14,248,546

Novartis AG:

(Reg.)

169,202

9,730,807

sponsored ADR

46,400

2,668,464

Swissfirst AG

29,654

2,594,097

Syngenta AG:

warrants 5/22/06 (a)

101,365

162,635

(Switzerland)

63,931

8,880,016

The Swatch Group AG (Reg.)

335,244

12,298,317

TOTAL SWITZERLAND

70,197,544

Turkey - 0.6%

Akenerji Elektrik Uretimi Otoproduktor Grubu AS (a)

1,125,996

4,154,904

Selcuk Ecza Deposu Tic AS

54,000

273,573

TOTAL TURKEY

4,428,477

United Kingdom - 10.9%

Amlin PLC

343,149

1,761,678

BAE Systems PLC

1,942,400

14,789,737

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Benfield Group PLC

2,977,800

$21,098,513

BG Group PLC

655,400

8,809,256

Chaucer Holdings PLC

7,397,871

9,309,388

ITV PLC

5,599,559

11,744,025

NETeller PLC (a)

648,033

9,159,339

Standard Chartered PLC (United Kingdom)

221,200

5,873,701

TOTAL UNITED KINGDOM

82,545,637

United States of America - 5.0%

NTL, Inc. (a)

546,400

15,015,072

Synthes, Inc.

181,837

22,577,521

TOTAL UNITED STATES OF AMERICA

37,592,593

TOTAL COMMON STOCKS

(Cost $523,405,465)

658,709,930

Nonconvertible Preferred Stocks - 3.0%

Germany - 0.6%

Porsche AG (non-vtg.)

5,132

5,118,320

Italy - 2.4%

Istituto Finanziario Industriale Spa (IFI) (a)

758,711

18,046,614

TOTAL NONCONVERTIBLE PREFERRED
STOCKS

(Cost $17,461,140)

23,164,934

Money Market Funds - 29.6%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

91,028,353

$91,028,353

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

133,562,710

133,562,710

TOTAL MONEY MARKET FUNDS

(Cost $224,591,063)

224,591,063

TOTAL INVESTMENT
PORTFOLIO - 119.4%

(Cost $765,457,668)

906,465,927

NET OTHER ASSETS - (19.4)%

(147,476,852)

NET ASSETS - 100%

$758,989,075

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

(e)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 $1,956,339 or 0.3% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

MagIndustries Corp.

3/16/06

$1,613,798

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$857,748

Fidelity Securities Lending Cash Central Fund

313,368

Total

$1,171,116

Semiannual Report

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

Europe Capital Appreciation

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $127,240,826) - See accompanying schedule:

Unaffiliated issuers (cost $540,866,605)

$681,874,864

Affiliated Central Funds (cost $224,591,063)

224,591,063

Total Investments (cost $765,457,668)

$906,465,927

Receivable for investments sold

1,349,463

Receivable for fund shares sold

5,163,263

Dividends receivable

2,178,825

Interest receivable

303,068

Prepaid expenses

1,451

Other affiliated receivables

48

Other receivables

403,907

Total assets

915,865,952

Liabilities

Payable for investments purchased

$22,384,873

Payable for fund shares redeemed

239,754

Accrued management fee

491,095

Other affiliated payables

138,711

Other payables and accrued expenses

59,734

Collateral on securities loaned, at value

133,562,710

Total liabilities

156,876,877

Net Assets

$758,989,075

Net Assets consist of:

Paid in capital

$557,251,430

Undistributed net investment income

2,696,955

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

57,992,230

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

141,048,460

Net Assets, for 27,874,157 shares outstanding

$758,989,075

Net Asset Value, offering price and redemption price per share ($758,989,075 ÷ 27,874,157 shares)

$27.23

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$4,892,115

Interest

4,511

Income from affiliated Central Funds (including $313,368 from security lending)

1,171,116

6,067,742

Less foreign taxes withheld

(390,173)

Total income

5,677,569

Expenses

Management fee
Basic fee

$2,019,719

Performance adjustment

230,116

Transfer agent fees

599,008

Accounting and security lending fees

139,584

Independent trustees' compensation

1,145

Custodian fees and expenses

111,737

Registration fees

28,522

Audit

27,233

Legal

1,957

Miscellaneous

2,332

Total expenses before reductions

3,161,353

Expense reductions

(307,888)

2,853,465

Net investment income (loss)

2,824,104

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

58,186,963

Foreign currency transactions

13,919

Total net realized gain (loss)

58,200,882

Change in net unrealized appreciation (depreciation) on:

Investment securities

104,389,077

Assets and liabilities in foreign currencies

39,884

Total change in net unrealized appreciation (depreciation)

104,428,961

Net gain (loss)

162,629,843

Net increase (decrease) in net assets resulting from operations

$165,453,947

Semiannual Report

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

Europe Capital Appreciation
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2006 (Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$2,824,104

$7,893,648

Net realized gain (loss)

58,200,882

80,741,934

Change in net unrealized appreciation (depreciation)

104,428,961

(10,249,032)

Net increase (decrease) in net assets resulting from operations

165,453,947

78,386,550

Distributions to shareholders from net investment income

(6,124,444)

(3,546,592)

Distributions to shareholders from net realized gain

(53,486,694)

(1,251,738)

Total distributions

(59,611,138)

(4,798,330)

Share transactions
Proceeds from sales of shares

175,757,056

110,398,063

Reinvestment of distributions

55,944,039

4,494,786

Cost of shares redeemed

(71,357,283)

(103,075,461)

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

160,343,812

11,817,388

Redemption fees

14,890

20,064

Total increase (decrease) in net assets

266,201,511

85,425,672

Net Assets

Beginning of period

492,787,564

407,361,892

End of period (including undistributed net investment income of $2,696,955 and undistributed net investment income of $6,919,085, respectively)

$758,989,075

$492,787,564

Other Information

Shares

Sold

6,989,705

4,991,864

Issued in reinvestment of distributions

2,608,114

217,455

Redeemed

(3,011,212)

(4,674,623)

Net increase (decrease)

6,586,607

534,696

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$23.15

$19.63

$17.26

$13.85

$15.43

$19.58

Income from Investment Operations

Net investment income (loss) E

.12

.37

.13 F

.14

.19

.16

Net realized and unrealized gain (loss)

6.88

3.38

2.46

3.46

(1.60)

(3.33)

Total from investment operations

7.00

3.75

2.59

3.60

(1.41)

(3.17)

Distributions from net investment income

(.30)

(.17)

(.22)

(.19)

(.17)

(.11)

Distributions from net realized gain

(2.62)

(.06)

-

-

-

(.87)

Total distributions

(2.92)

(.23)

(.22)

(.19)

(.17)

(.98)

Redemption fees added to paid in capital E, H

-

-

-

-

-

-

Net asset value, end of period

$27.23

$23.15

$19.63

$17.26

$13.85

$15.43

Total Return B, C, D

33.64%

19.24%

15.13%

26.36%

(9.29)%

(16.97)%

Ratios to Average Net Assets G

Expenses before reductions

1.12% A

.95%

1.22%

1.39%

1.37%

1.26%

Expenses net of fee waivers, if any

1.12% A

.95%

1.22%

1.39%

1.37%

1.26%

Expenses net of all reductions

1.01% A

.84%

1.15%

1.32%

1.32%

1.21%

Net investment income (loss)

1.00% A

1.66%

.69% F

.94%

1.18%

.90%

Supplemental Data

Net assets, end of period (000 omitted)

$758,989

$492,788

$407,362

$394,015

$424,006

$406,771

Portfolio turnover rate

134% A

133%

119%

184%

121%

67%

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 Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .65%. 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 fee 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. H Amount represents less than $.01 per share.

Semiannual Report

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

Japan

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan

97.4%

United States of America

2.6%



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

As of October 31, 2005

Japan

98.8%

United States of America

1.2%



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

97.4

98.8

Short-Term Investments and Net Other Assets

2.6

1.2

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Mizuho Financial Group, Inc. (Commercial Banks)

4.8

3.8

Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)

4.0

4.3

Yamada Denki Co. Ltd. (Specialty Retail)

3.7

3.7

Yaskawa Electric Corp. (Electronic Equipment & Instruments)

3.5

2.4

Inpex Holdings, Inc. (Oil, Gas & Consumable Fuels)

3.5

1.6

Sumitomo Metal Industries Ltd. (Metals & Mining)

3.4

2.6

Sumitomo Metal Mining Co. Ltd. (Metals & Mining)

3.2

2.5

Matsushita Electric Industrial Co. Ltd. (Household Durables)

3.2

2.8

Mitsui Engineering & Shipbuilding Co. (Machinery)

2.6

1.8

Mitsubishi Gas Chemical Co., Inc. (Chemicals)

2.5

1.4

34.4

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.2

26.0

Financials

19.8

20.8

Industrials

15.5

8.7

Materials

14.2

12.1

Information Technology

12.3

13.9

Energy

6.1

7.2

Consumer Staples

4.7

5.5

Health Care

1.6

4.6

Semiannual Report

Japan

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 23.2%

Auto Components - 0.5%

Riken Corp. (d)

921,000

$7,392,264

Stanley Electric Co. Ltd.

15,800

367,684

Tokai Rika Co. Ltd. (d)

107,500

2,888,694

10,648,642

Automobiles - 3.6%

Mazda Motor Corp.

7,475,000

48,903,404

Toyota Motor Corp.

395,800

23,180,028

72,083,432

Household Durables - 6.1%

Casio Computer Co. Ltd.

1,529,000

28,733,788

Matsushita Electric Industrial Co. Ltd.

2,624,000

63,527,042

Sekisui House Ltd.

413,000

6,394,020

Sony Corp.

495,000

24,225,301

122,880,151

Leisure Equipment & Products - 1.5%

Namco Bandai Holdings, Inc. (a)

449,300

6,474,655

Pentax Corp.

1,240,000

8,689,528

SHIMANO, Inc.

438,400

14,436,883

29,601,066

Media - 1.0%

cyber communications, Inc. (a)(d)

4,871

15,783,965

Usen Corp. (d)

258,200

4,716,189

20,500,154

Multiline Retail - 2.2%

Parco Co. Ltd.

551,600

6,330,988

The Daimaru, Inc. (d)

2,701,000

39,326,087

45,657,075

Specialty Retail - 6.2%

Best Denki Co. Ltd. (d)

1,797,000

8,158,499

Otsuka Kagu Ltd. (d)

841,800

38,809,661

United Arrows Ltd.

147,500

3,782,217

Yamada Denki Co. Ltd.

691,500

75,359,080

126,109,457

Textiles, Apparel & Luxury Goods - 2.1%

Gunze Ltd.

749,000

5,150,095

Onward Kashiyama Co. Ltd.

980,000

16,540,593

Sanyo Shokai Ltd.

2,466,000

21,741,946

43,432,634

TOTAL CONSUMER DISCRETIONARY

470,912,611

CONSUMER STAPLES - 4.7%

Food & Staples Retailing - 3.5%

Aeon Co. Ltd.

843,400

20,997,050

Seven & I Holdings Co. Ltd.

1,277,300

49,465,582

70,462,632

Shares

Value (Note 1)

Household Products - 0.9%

Uni-Charm Corp.

333,900

$19,147,021

Personal Products - 0.3%

Fancl Corp.

290,700

5,386,406

TOTAL CONSUMER STAPLES

94,996,059

ENERGY - 6.1%

Oil, Gas & Consumable Fuels - 6.1%

Inpex Holdings, Inc.

7,708

70,395,787

Nippon Mining Holdings, Inc.

2,760,000

25,521,669

Nippon Oil Corp.

3,558,000

28,151,553

124,069,009

FINANCIALS - 19.8%

Capital Markets - 3.7%

Daiwa Securities Group, Inc.

1,455,000

20,175,149

Nikko Cordial Corp.

348,500

5,640,268

Nomura Holdings, Inc.

746,500

16,930,621

Shinko Securities Co. Ltd.

4,844,000

25,735,412

SMBC Friend Securities Co. Ltd.

718,500

6,543,004

75,024,454

Commercial Banks - 9.9%

Juroku Bank Ltd.

656,000

4,395,416

Mizuho Financial Group, Inc.

11,308

96,422,113

Sumitomo Mitsui Financial Group, Inc.

7,402

81,251,375

The Keiyo Bank Ltd.

1,656,000

10,732,189

Tokyo Tomin Bank Ltd. (d)

155,500

7,769,879

200,570,972

Consumer Finance - 2.2%

Credit Saison Co. Ltd.

76,200

3,994,854

Nissin Co. Ltd. (d)

8,525,700

8,160,714

ORIX Corp.

107,620

32,321,441

44,477,009

Real Estate - 4.0%

Mitsubishi Estate Co. Ltd.

1,158,000

25,320,923

Mitsui Fudosan Co. Ltd.

874,000

19,571,461

Sumitomo Realty & Development Co. Ltd.

1,375,000

36,465,424

81,357,808

TOTAL FINANCIALS

401,430,243

HEALTH CARE - 1.6%

Health Care Equipment & Supplies - 1.5%

Hogy Medical Co.

166,000

8,775,588

Nikkiso Co. Ltd. (d)

1,384,000

13,879,500

Terumo Corp.

217,900

7,807,087

30,462,175

Pharmaceuticals - 0.1%

Astellas Pharma, Inc.

24,800

1,034,468

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Pharmaceuticals - continued

Daiichi Sankyo Co. Ltd. (a)

37,000

$953,633

Takeda Pharamaceutical Co. Ltd.

16,000

977,914

2,966,015

TOTAL HEALTH CARE

33,428,190

INDUSTRIALS - 15.5%

Building Products - 0.0%

Toto Ltd. (d)

29,000

301,778

Construction & Engineering - 2.4%

Chiyoda Corp.

59,000

1,326,367

JGC Corp.

2,467,000

43,219,892

Meisei Industrial Co. Ltd. (a)

561,000

4,088,957

48,635,216

Electrical Equipment - 1.9%

Fujikura Ltd.

393,000

4,545,168

Furukawa Electric Co. Ltd. (a)

1,601,000

12,779,882

Hitachi Cable Ltd. (d)

3,860,000

21,049,924

38,374,974

Industrial Conglomerates - 0.3%

Rasa Industries Ltd. (d)

1,354,000

5,731,091

Machinery - 9.6%

Ebara Corp. (d)

7,809,000

44,711,027

Iseki & Co. Ltd. (d)

5,912,000

25,439,123

JTEKT Corp. (d)

1,445,500

31,163,140

Kawasaki Heavy Industries Ltd. (d)

5,659,000

20,523,970

Komatsu Ltd.

310,000

6,628,760

Mitsui Engineering & Shipbuilding Co.

16,679,000

53,314,215

Miura Co. Ltd.

83,800

2,207,684

Nabtesco Corp.

921,000

11,670,718

195,658,637

Road & Rail - 1.0%

Tokyu Corp.

2,862,000

20,181,656

Transportation Infrastructure - 0.3%

Mitsui-Soko Co. Ltd. (d)

942,000

5,525,849

TOTAL INDUSTRIALS

314,409,201

INFORMATION TECHNOLOGY - 12.3%

Computers & Peripherals - 2.5%

Fujitsu Ltd.

2,819,000

23,492,699

NEC Corp.

3,798,000

26,581,832

50,074,531

Electronic Equipment & Instruments - 7.2%

Hoya Corp.

26,100

1,056,606

Ibiden Co. Ltd.

236,600

11,240,448

Nidec Corp.

129,300

9,969,300

Nihon Dempa Kogyo Co. Ltd.

196,500

8,403,557

Nippon Electric Glass Co. Ltd.

96,000

2,166,586

Shares

Value (Note 1)

Omron Corp.

387,700

$10,826,661

Yamatake Corp.

1,221,400

32,070,131

Yaskawa Electric Corp. (a)(d)

5,722,000

70,397,561

Yokogawa Electric Corp.

29,900

473,674

146,604,524

Internet Software & Services - 1.3%

eAccess Ltd. (d)

7,270

5,017,976

Telewave, Inc. (d)

3,310

9,592,097

Yahoo! Japan Corp.

20,576

11,997,773

26,607,846

Office Electronics - 0.0%

Canon, Inc.

13,000

985,400

Software - 1.3%

Nintendo Co. Ltd.

172,700

25,781,779

TOTAL INFORMATION TECHNOLOGY

250,054,080

MATERIALS - 14.2%

Chemicals - 7.2%

Asahi Kasei Corp.

5,689,000

42,064,879

JSR Corp.

128,900

3,973,120

Mitsubishi Gas Chemical Co., Inc.

3,814,000

50,674,706

Nitto Denko Corp.

42,800

3,589,374

Toho Tenax Co. Ltd. (a)(d)

2,256,000

20,980,058

Tokuyama Corp. (d)

1,522,000

25,113,836

146,395,973

Metals & Mining - 7.0%

Sumitomo Light Metal Industries Ltd. (d)

3,215,000

8,074,556

Sumitomo Metal Industries Ltd.

16,141,000

68,036,709

Sumitomo Metal Mining Co. Ltd.

4,490,000

65,255,326

141,366,591

TOTAL MATERIALS

287,762,564

TOTAL COMMON STOCKS

(Cost $1,578,140,387)

1,977,061,957

Money Market Funds - 9.5%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

2,638,009

$2,638,009

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

189,376,979

189,376,979

TOTAL MONEY MARKET FUNDS

(Cost $192,014,988)

192,014,988

TOTAL INVESTMENT PORTFOLIO - 106.9%

(Cost $1,770,155,375)

2,169,076,945

NET OTHER ASSETS - (6.9)%

(140,467,094)

NET ASSETS - 100%

$2,028,609,851

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$840,630

Fidelity Securities Lending Cash Central Fund

1,511,662

Total

$2,352,292

Income Tax Information

At October 31, 2005, the fund had a capital loss carryforward of approximately $37,999,714 of which $25,588,401 and $12,411,313 will expire on October 31, 2010 and 2011, respectively.

Semiannual Report

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

Japan

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $177,508,549) - See accompanying schedule:

Unaffiliated issuers (cost $1,578,140,387)

$1,977,061,957

Affiliated Central Funds (cost $192,014,988)

192,014,988

Total Investments (cost $1,770,155,375)

$2,169,076,945

Receivable for investments sold

47,154,471

Receivable for fund shares sold

4,159,248

Dividends receivable

9,839,705

Interest receivable

123,425

Prepaid expenses

2,163

Other affiliated receivables

6,411

Other receivables

374,617

Total assets

2,230,736,985

Liabilities

Payable for investments purchased

$6,477,098

Payable for fund shares redeemed

4,360,440

Accrued management fee

1,314,624

Other affiliated payables

424,115

Other payables and accrued expenses

173,878

Collateral on securities loaned, at value

189,376,979

Total liabilities

202,127,134

Net Assets

$2,028,609,851

Net Assets consist of:

Paid in capital

$1,537,150,750

Undistributed net investment income

3,088,734

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

89,286,408

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

399,083,959

Net Assets, for 107,063,269 shares outstanding

$2,028,609,851

Net Asset Value, offering price and redemption price per share ($2,028,609,851 ÷ 107,063,269 shares)

$18.95

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$11,004,912

Interest

26

Income from affiliated Central Funds (including $1,511,662 from security lending)

2,352,292

13,357,230

Less foreign taxes withheld

(778,697)

Total income

12,578,533

Expenses

Management fee
Basic fee

$6,255,844

Performance adjustment

559,026

Transfer agent fees

1,882,546

Accounting and security lending fees

393,218

Independent trustees' compensation

3,205

Custodian fees and expenses

238,122

Registration fees

162,426

Audit

36,222

Legal

3,733

Interest

782

Miscellaneous

4,618

Total expenses before reductions

9,539,742

Expense reductions

(173,209)

9,366,533

Net investment income (loss)

3,212,000

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

127,013,545

Foreign currency transactions

845,916

Total net realized gain (loss)

127,859,461

Change in net unrealized appreciation (depreciation) on:

Investment securities

204,947,634

Assets and liabilities in foreign currencies

269,270

Total change in net unrealized appreciation (depreciation)

205,216,904

Net gain (loss)

333,076,365

Net increase (decrease) in net assets resulting from operations

$336,288,365

Semiannual Report

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

Japan
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$3,212,000

$1,532,783

Net realized gain (loss)

127,859,461

36,054,734

Change in net unrealized appreciation (depreciation)

205,216,904

163,943,488

Net increase (decrease) in net assets resulting from operations

336,288,365

201,531,005

Distributions to shareholders from net investment income

(1,655,031)

-

Distributions to shareholders from net realized gain

(827,515)

-

Total distributions

(2,482,546)

-

Share transactions
Proceeds from sales of shares

1,023,382,518

367,814,312

Reinvestment of distributions

2,233,026

-

Cost of shares redeemed

(407,788,633)

(141,878,515)

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

617,826,911

225,935,797

Redemption fees

1,831,677

225,720

Total increase (decrease) in net assets

953,464,407

427,692,522

Net Assets

Beginning of period

1,075,145,444

647,452,922

End of period (including undistributed net investment income of $3,088,734 and undistributed net investment income of $1,531,765, respectively)

$2,028,609,851

$1,075,145,444

Other Information

Shares

Sold

57,938,873

27,168,421

Issued in reinvestment of distributions

136,493

-

Redeemed

(22,702,548)

(11,129,707)

Net increase (decrease)

35,372,818

16,038,714

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$15.00

$11.63

$11.19

$8.25

$9.67

$20.43

Income from Investment Operations

Net investment income (loss) E

.03

.03

(.01)

- G

(.07)

(.07)

Net realized and unrealized gain (loss)

3.93

3.34

.45

2.93

(1.37)

(6.64)

Total from investment operations

3.96

3.37

.44

2.93

(1.44)

(6.71)

Distributions from net investment income

(.02)

-

(.01)

-

-

-

Distributions from net realized gain

(.01)

-

-

-

-

(4.07)

Total distributions

(.03)

-

(.01)

-

-

(4.07)

Redemption fees added to paid in capital E

.02

- G

.01

.01

.02

.02

Net asset value, end of period

$18.95

$15.00

$11.63

$11.19

$8.25

$9.67

Total Return B, C, D

26.56%

28.98%

4.03%

35.64%

(14.68)%

(40.35)%

Ratios to Average Net Assets F

Expenses before reductions

1.10% A

1.03%

1.04%

1.03%

1.50%

1.42%

Expenses net of fee waivers, if any

1.10% A

1.03%

1.04%

1.03%

1.50%

1.42%

Expenses net of all reductions

1.08% A

1.02%

1.04%

1.03%

1.50%

1.40%

Net investment income (loss)

.37% A

.20%

(.04)%

(.04)%

(.77)%

(.57)%

Supplemental Data

Net assets, end of period (000 omitted)

$2,028,610

$1,075,145

$647,453

$529,352

$283,293

$322,936

Portfolio turnover rate

66% A

74%

99%

86%

66%

75%

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 fee 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.

Semiannual Report

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

Japan Smaller Companies

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan

97.9%

United States of America

2.1%



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

As of October 31, 2005

Japan

96.3%

United States of America

3.7%



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

97.9

96.3

Short-Term Investments and Net Other Assets

2.1

3.7

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Hitachi Construction Machinery Co. Ltd. (Machinery)

2.3

0.1

Meiko Electronics Co. Ltd. (Electronic Equipment & Instruments)

2.2

1.1

Yamada Denki Co. Ltd. (Specialty Retail)

1.8

1.7

Sumitomo Heavy Industries Ltd. (Machinery)

1.8

0.5

Konica Minolta Holdings, Inc. (Office Electronics)

1.7

0.0

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

1.7

1.7

Yokogawa Electric Corp. (Electronic Equipment & Instruments)

1.6

0.5

Elpida Memory, Inc. (Semiconductors & Semiconductor Equipment)

1.6

0.0

Zensho Co. Ltd. (Hotels, Restaurants & Leisure)

1.5

0.4

Sumco Corp. (Semiconductors & Semiconductor Equipment)

1.5

0.0

17.7

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

26.7

22.5

Industrials

24.6

21.0

Information Technology

24.5

23.1

Materials

9.6

9.6

Financials

7.0

11.4

Consumer Staples

2.6

3.5

Health Care

2.5

3.0

Telecommunication Services

0.4

0.4

Energy

0.0

1.8

Semiannual Report

Japan Smaller Companies

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 26.7%

Auto Components - 5.8%

Aisin Seiki Co. Ltd.

619,400

$23,280,194

Alpha Corp. (d)

71,900

3,523,179

Daido Metal Co. Ltd. (d)

780,000

6,740,022

Fine Sinter Co. Ltd.

461,000

2,599,008

Fuji Kiko Co. Ltd. (d)

978,000

3,504,053

NGK Spark Plug Co. Ltd.

1,180,000

25,905,599

NHK Spring Co. Ltd. (d)

2,143,000

24,840,923

Nippon Seiki Co. Ltd.

230,000

4,998,902

Nissin Kogyo Co. Ltd.

178,000

3,735,851

NOK Corp.

441,000

13,399,430

Teikoku Piston Ring Co. Ltd. (d)

192,600

3,105,279

115,632,440

Automobiles - 0.1%

Yachiyo Industry Co. Ltd.

92,600

2,520,834

Diversified Consumer Services - 1.4%

Best Bridal, Inc.

974

7,099,188

Take & Give Needs Co. Ltd. (a)(d)

13,042

19,813,533

26,912,721

Hotels, Restaurants & Leisure - 4.4%

H.I.S. Co. Ltd. (d)

244,200

7,720,044

Plenus Co. Ltd.

84,300

3,131,407

Resorttrust, Inc.

155,800

5,376,896

Rex Holdings Co. Ltd. (d)

9,104

29,980,242

Round One Corp. (d)

2,492

11,554,565

Zensho Co. Ltd. (d)

937,254

30,453,040

88,216,194

Household Durables - 3.6%

Hitachi Koki Co. Ltd.

1,470,000

26,011,417

Makita Corp.

611,000

18,135,500

Sohken Homes Co. Ltd.

1,152

2,255,947

Token Corp. (d)

394,700

25,752,985

72,155,849

Internet & Catalog Retail - 0.1%

Felissimo Corp.

22,400

684,540

Prime Network, Inc. (d)

1,918

1,475,449

2,159,989

Leisure Equipment & Products - 0.3%

Endo Manufacturing Co. Ltd.

332,000

4,892,171

Sega Toys Ltd. (a)(d)

50,000

743,798

5,635,969

Media - 3.2%

Avex Group Holdings, Inc. (d)

128,700

3,842,635

cyber communications, Inc. (a)(d)

1,126

3,648,685

CyberAgent, Inc. (d)

9,122

18,904,870

Opt, Inc. (a)(d)

3,029

15,480,817

Toei Co. Ltd.

1,581,000

13,369,950

Shares

Value (Note 1)

Usen Corp. (d)

388,580

$7,097,663

Zenrin Co. Ltd. (d)

38,100

1,030,498

63,375,118

Multiline Retail - 0.8%

Daiei, Inc. (a)(d)

514,450

15,360,088

Specialty Retail - 6.6%

Alpen Co. Ltd.

417,900

16,991,237

Culture Convenience Club Co. Ltd. (d)

701,800

8,831,433

Hikari Tsushin, Inc.

267,800

16,555,979

I.K Co. Ltd.

79

430,121

Komehyo Co. Ltd.

28,200

462,344

Meganesuper Co. Ltd.

269,300

3,559,135

Nishimatsuya Chain Co. Ltd.

925,100

20,756,361

USS Co. Ltd.

353,430

26,443,238

WonderCorp (d)

142

578,599

Yamada Denki Co. Ltd.

331,600

36,137,485

130,745,932

Textiles, Apparel & Luxury Goods - 0.4%

Seiren Co. Ltd. (d)

510,000

8,164,479

TOTAL CONSUMER DISCRETIONARY

530,879,613

CONSUMER STAPLES - 2.6%

Food & Staples Retailing - 1.7%

Cosmos Pharmaceutical Corp. (d)

384,200

10,627,706

Daikokutenbussan Co. Ltd.

87,100

2,244,905

Kirindo Co. Ltd.

110,500

1,635,060

Valor Co. Ltd.

992,400

20,218,380

34,726,051

Food Products - 0.7%

Frente Co. Ltd.

180,000

3,762,020

Hokuto Corp. (d)

309,200

5,305,614

Kibun Food Chemifa Co. Ltd. (d)

236,100

4,416,185

13,483,819

Personal Products - 0.2%

Fancl Corp.

181,800

3,368,588

TOTAL CONSUMER STAPLES

51,578,458

FINANCIALS - 7.0%

Capital Markets - 0.9%

FinTech Global, Inc. (d)

1,844

11,416,202

SMBC Friend Securities Co. Ltd.

808,500

7,362,586

18,778,788

Commercial Banks - 4.3%

Bank of Yokohama Ltd.

1,342,000

10,523,873

Chiba Bank Ltd.

1,332,000

12,059,645

Hachijuni Bank Ltd.

518,000

4,184,940

Higashi-Nippon Bank Ltd.

180,000

943,666

Hiroshima Bank Ltd.

1,062,000

6,798,665

Hokuhoku Financial Group, Inc.

2,197,000

8,951,992

Joyo Bank Ltd.

643,000

4,313,958

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Commercial Banks - continued

Juroku Bank Ltd.

1,061,000

$7,109,050

Kansai Urban Banking Corp. (d)

821,000

3,871,587

Kyushu-Shinwa Holdings, Inc. (a)

22,000

47,333

The Keiyo Bank Ltd.

1,738,000

11,263,614

Tokyo Tomin Bank Ltd. (d)

294,100

14,695,316

84,763,639

Real Estate - 1.8%

Heiwa Real Estate Co. Ltd. (d)

1,106,500

7,967,772

NTT Urban Development Co.

306

2,512,492

Sumitomo Realty & Development Co. Ltd.

918,000

24,345,643

Tokyu Community Corp.

19,000

587,311

35,413,218

TOTAL FINANCIALS

138,955,645

HEALTH CARE - 2.5%

Health Care Equipment & Supplies - 2.2%

Asahi Intecc Co. Ltd. (d)

81,200

2,388,760

Hogy Medical Co.

500,900

26,480,071

Nakanishi, Inc.

37,500

4,040,615

Sysmex Corp.

248,100

11,133,181

44,042,627

Health Care Providers & Services - 0.3%

I'rom Co. Ltd. (d)

100

56,465

Soiken, Inc. (d)

177

491,170

Tokai Corp.

235,300

3,977,629

4,525,264

TOTAL HEALTH CARE

48,567,891

INDUSTRIALS - 24.6%

Air Freight & Logistics - 1.4%

I-LOGISTICS Corp.

35,000

136,773

Kintetsu World Express, Inc.

240,500

5,924,062

SBS Co. Ltd. (d)

3,134

13,347,882

Yusen Air & Sea Service Co. Ltd.

292,300

7,905,897

27,314,614

Building Products - 0.6%

Comany, Inc.

316,100

4,913,256

Nitto Boseki Co. Ltd.

794,000

3,109,761

Wavelock Holdings Co. Ltd. (d)

365,100

3,433,784

11,456,801

Commercial Services & Supplies - 4.6%

ARRK Corp.

552,300

19,836,725

Career Design Center Co. Ltd. (e)

3,502

13,039,280

Certo Corp.

74,300

2,805,620

Gakujo Co. Ltd. (d)

300,900

12,419,144

Intelligence Ltd. (d)

4,159

12,308,084

Relo Holdings Corp.

236,600

4,529,423

Shares

Value (Note 1)

TFP Consulting Group Co. Ltd. (d)

1,490

$5,377,739

Toppan Printing Co. Ltd.

1,629,000

21,758,148

92,074,163

Construction & Engineering - 2.0%

Chiyoda Corp. (d)

453,000

10,183,798

COMSYS Holdings Corp.

897,000

12,028,268

JGC Corp.

416,000

7,287,991

Kyowa Exeo Corp. (d)

826,000

10,314,573

39,814,630

Electrical Equipment - 2.7%

Chiyoda Integre Co. Ltd.

254,200

7,835,276

Cosel Co. Ltd.

51,400

2,396,786

Endo Lighting Corp.

507,000

6,010,538

Furukawa Electric Co. Ltd. (a)

2,653,000

21,177,406

Iwabuchi Corp.

241,000

1,947,047

NEOMAX Co. Ltd. (d)

127,000

3,646,894

Sansha Electric Manufacturing Co. Ltd.

96,000

872,536

Sumitomo Wiring Systems Ltd.

347,000

10,482,371

54,368,854

Machinery - 10.3%

Daifuku Co. Ltd. (d)

236,000

3,834,029

Fuji Seiko Ltd.

51,000

398,595

Hitachi Construction Machinery Co. Ltd.

1,670,400

45,619,703

Ishikawajima-Harima Heavy Industries Co. Ltd. (a)

1,853,000

6,606,525

JTEKT Corp.

801,100

17,270,696

Micron Machinery Co. Ltd.

52,300

2,870,472

NGK Insulators Ltd.

868,000

12,432,123

Nihon Trim Co. Ltd. (d)

58,200

2,841,642

Nippon Filcon Co. Ltd. (d)

82,100

1,694,270

Nitta Corp.

390,900

6,934,077

NTN Corp.

1,887,000

15,576,554

Obara Corp. (d)

53,250

1,996,729

OSG Corp.

980,700

20,798,161

Sumitomo Heavy Industries Ltd.

3,428,000

36,123,821

THK Co. Ltd.

856,100

27,966,561

Tocalo Co. Ltd.

51,100

1,898,160

204,862,118

Road & Rail - 1.0%

Hamakyorex Co. Ltd. (d)

215,500

7,853,568

Ichinen Co. Ltd.

930,600

8,907,610

Zero Co. Ltd.

131,500

2,829,199

19,590,377

Trading Companies & Distributors - 2.0%

Itochu Corp.

2,554,000

23,190,657

Marubeni Corp.

2,406,000

13,860,251

Meiji Electric Industries Co. Ltd.

34,300

1,536,158

38,587,066

TOTAL INDUSTRIALS

488,068,623

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - 24.5%

Communications Equipment - 0.1%

Allied Telesis Holdings KK (a)(d)

383,600

$1,451,869

Electronic Equipment & Instruments - 13.1%

A&D Co. Ltd.

287,300

6,319,969

Excel Co. Ltd.

157,500

4,218,441

Forval Corp. (d)

375,300

2,653,054

Hamamatsu Photonics KK (d)

538,100

16,822,271

Hioki EE Corp.

34,800

1,326,296

Honda Tsushin Kogyo Co. Ltd.

267,000

2,930,845

Ibiden Co. Ltd.

393,600

18,699,241

KAGA ELECTRONICS Co. Ltd.

374,000

9,770,802

Meiko Electronics Co. Ltd. (d)

582,500

44,502,746

Murata Manufacturing Co. Ltd.

387,500

28,209,661

Nagano Keiki Co. Ltd.

284,700

4,382,693

Nippon Electric Glass Co. Ltd.

1,516,000

34,214,008

Optoelectronics Co. Ltd.

152,500

5,490,670

Sankyo Seiki Manufacturing Co. Ltd. (d)

598,000

7,325,664

Shibaura Electronics Co. Ltd.

98,000

1,384,694

Shizuki Electric Co., Inc.

96,000

455,236

SK-Electronics Co. Ltd. (d)

1,992

6,787,232

Star Micronics Co. Ltd.

469,000

10,131,636

Sunx Ltd.

764,900

20,151,043

Tietech Co. Ltd. (d)

195,100

2,227,267

Yokogawa Electric Corp.

2,017,500

31,961,099

259,964,568

Internet Software & Services - 2.0%

Excite Japan Co. Ltd. (d)

1,024

7,292,769

Index Corp. (d)

2,649

3,559,140

Sammy NetWorks Co. Ltd. (d)

954

7,204,742

Telewave, Inc. (d)

7,360

21,328,651

39,385,302

IT Services - 1.4%

Argo Graphics, Inc. (d)

67,200

2,041,818

CAC Corp.

55,100

640,636

Hitachi Systems & Services Ltd.

80,900

2,088,659

Inet Corp.

48,500

450,182

Otsuka Corp. (d)

188,600

22,673,406

27,894,701

Office Electronics - 2.1%

Canon Finetech, Inc.

425,400

8,423,948

Konica Minolta Holdings, Inc.

2,604,500

34,307,356

42,731,304

Semiconductors & Semiconductor Equipment - 4.5%

Elpida Memory, Inc. (a)(d)

685,400

31,418,556

Micronics Japan Co. Ltd. (d)

294,600

13,349,164

Shares

Value (Note 1)

Shinko Electric Industries Co.Ltd.

172,000

$4,712,536

Sumco Corp.

503,600

30,116,497

Ulvac, Inc.

154,400

6,711,570

Yamaichi Electronics Co. Ltd. (d)

277,800

3,661,715

89,970,038

Software - 1.3%

Access Co. Ltd.

1,060

2,280,571

Alpha Systems, Inc. (d)

103,100

3,078,288

Cybernet Systems Co. Ltd.

2,684

2,828,365

KOEI Co. Ltd. (d)

471,700

8,823,017

VIC Tokai Corp. (d)

429,900

5,776,044

Zentek Technology Japan, Inc. (a)

479

3,020,171

25,806,456

TOTAL INFORMATION TECHNOLOGY

487,204,238

MATERIALS - 9.6%

Chemicals - 6.0%

C. Uyemura & Co. Ltd.

311,000

15,812,866

Ebara-Udylite Co. Ltd.

114,200

5,615,983

Hitachi Chemical Co. Ltd.

730,600

21,300,479

Japan Carlit Co. Ltd.

178,000

2,032,053

Lintec Corp.

844,700

21,400,304

Mitsubishi Rayon Co. Ltd.

1,012,000

9,322,398

Nippon Parkerizing Co. Ltd.

56,000

1,015,499

Osaka Organic Chemical Industry Ltd.

360,300

2,939,352

Soken Chemical & Engineer Co. Ltd. (d)

69,400

2,803,425

Taiyo Kagaku (d)

343,400

4,571,630

Tohcello Co. Ltd. (d)

753,500

7,708,694

Tokuyama Corp.

302,000

4,983,166

Zeon Corp.

1,466,000

19,915,715

119,421,564

Construction Materials - 0.4%

Taiheiyo Cement Corp.

1,708,000

8,309,392

Containers & Packaging - 0.3%

Fuji Seal International, Inc. (d)

169,900

5,072,755

Metals & Mining - 2.9%

Aichi Steel Corp. (d)

2,271,000

19,743,491

Daido Steel Co. Ltd.

2,472,000

22,684,874

Furukawa-Sky Aluminium Corp.

740,000

3,769,045

Sumitomo Metal Mining Co. Ltd.

749,000

10,885,577

57,082,987

TOTAL MATERIALS

189,886,698

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.4%

Mitsui & Associates Telepark Corp. (d)

2,570

7,718,463

TOTAL COMMON STOCKS

(Cost $1,421,173,790)

1,942,859,629

Money Market Funds - 12.7%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

22,374,898

$22,374,898

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

230,419,960

230,419,960

TOTAL MONEY MARKET FUNDS

(Cost $252,794,858)

252,794,858

TOTAL INVESTMENT PORTFOLIO - 110.6%

(Cost $1,673,968,648)

2,195,654,487

NET OTHER ASSETS - (10.6)%

(210,575,458)

NET ASSETS - 100%

$1,985,079,029

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

(e)Affiliated company

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$1,535,326

Fidelity Securities Lending Cash Central Fund

2,887,247

Total

$4,422,573

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Career Design Center Co. Ltd.

$3,884,084

$4,478,113

$591,586

$-

$13,039,280

Semiannual Report

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

Japan Smaller Companies

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $218,883,535) - See accompanying schedule:

Unaffiliated issuers (cost $1,411,492,941)

$1,929,820,349

Affiliated Central Funds (cost $252,794,858)

252,794,858

Other affiliated issuers (cost $9,680,849)

13,039,280

Total Investments (cost $1,673,968,648)

$2,195,654,487

Receivable for investments sold

36,423,834

Receivable for fund shares sold

614,995

Dividends receivable

6,797,413

Interest receivable

140,189

Prepaid expenses

3,620

Other affiliated receivables

2,456

Other receivables

493,768

Total assets

2,240,130,762

Liabilities

Payable to custodian bank

$4,679,973

Payable for investments purchased

13,035,859

Payable for fund shares redeemed

5,131,655

Accrued management fee

1,232,438

Other affiliated payables

404,627

Other payables and accrued expenses

147,221

Collateral on securities loaned, at value

230,419,960

Total liabilities

255,051,733

Net Assets

$1,985,079,029

Net Assets consist of:

Paid in capital

$1,349,997,841

Undistributed net investment income

2,173,379

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

110,995,353

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

521,912,456

Net Assets, for 123,635,010 shares outstanding

$1,985,079,029

Net Asset Value, offering price and redemption price per share ($1,985,079,029 ÷ 123,635,010 shares)

$16.06

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$7,907,180

Interest

39

Income from affiliated Central Funds (including $2,887,247 from security lending)

4,422,573

12,329,792

Less foreign taxes withheld

(554,055)

Total income

11,775,737

Expenses

Management fee

$7,002,563

Transfer agent fees

1,875,573

Accounting and security lending fees

445,392

Independent trustees' compensation

3,631

Custodian fees and expenses

306,311

Registration fees

104,815

Audit

32,891

Legal

5,760

Miscellaneous

6,612

Total expenses before reductions

9,783,548

Expense reductions

(181,618)

9,601,930

Net investment income (loss)

2,173,807

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

111,772,090

Other affiliated issuers

(156,601)

Foreign currency transactions

53,559

Total net realized gain (loss)

111,669,048

Change in net unrealized appreciation (depreciation) on:

Investment securities

126,392,005

Assets and liabilities in foreign currencies

307,368

Total change in net unrealized appreciation (depreciation)

126,699,373

Net gain (loss)

238,368,421

Net increase (decrease) in net assets resulting from operations

$240,542,228

Semiannual Report

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

Japan Smaller Companies
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$2,173,807

$2,833,069

Net realized gain (loss)

111,669,048

104,804,644

Change in net unrealized appreciation (depreciation)

126,699,373

160,290,320

Net increase (decrease) in net assets resulting from operations

240,542,228

267,928,033

Distributions to shareholders from net investment income

(2,096,615)

(1,062,984)

Distributions to shareholders from net realized gain

(87,009,291)

(5,323,788)

Total distributions

(89,105,906)

(6,386,772)

Share transactions
Proceeds from sales of shares

858,606,192

408,744,851

Reinvestment of distributions

81,250,595

5,778,163

Cost of shares redeemed

(515,389,328)

(549,007,259)

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

424,467,459

(134,484,245)

Redemption fees

2,502,315

524,593

Total increase (decrease) in net assets

578,406,096

127,581,609

Net Assets

Beginning of period

1,406,672,933

1,279,091,324

End of period (including undistributed net investment income of $2,173,379 and undistributed net investment income of $2,487,857, respectively)

$1,985,079,029

$1,406,672,933

Other Information

Shares

Sold

52,126,899

31,449,513

Issued in reinvestment of distributions

5,471,421

493,860

Redeemed

(32,674,063)

(43,664,409)

Net increase (decrease)

24,924,257

(11,721,036)

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$14.25

$11.58

$10.35

$6.52

$6.97

$14.25

Income from Investment Operations

Net investment income (loss) E

.02

.03

.01

.01

- G

(.03)

Net realized and unrealized gain (loss)

2.62

2.69

1.20

3.81

(.47)

(2.80)

Total from investment operations

2.64

2.72

1.21

3.82

(.47)

(2.83)

Distributions from net investment income

(.02)

(.01)

(.02)

-

-

-

Distributions from net realized gain

(.83)

(.05)

-

-

-

(4.46)

Total distributions

(.85)

(.06)

(.02)

-

-

(4.46)

Redemption fees added to paid in capital E

.02

.01

.04

.01

.02

.01

Net asset value, end of period

$16.06

$14.25

$11.58

$10.35

$6.52

$6.97

Total Return B, C, D

19.15%

23.69%

12.12%

58.74%

(6.46)%

(25.96)%

Ratios to Average Net Assets F

Expenses before reductions

1.01% A

1.02%

1.04%

1.12%

1.19%

1.21%

Expenses net of fee waivers, if any

1.01% A

1.02%

1.04%

1.12%

1.19%

1.21%

Expenses net of all reductions

.99% A

1.01%

1.04%

1.12%

1.19%

1.19%

Net investment income (loss)

.22% A

.22%

.11%

.19%

(.06)%

(.40)%

Supplemental Data

Net assets, end of period (000 omitted)

$1,985,079

$1,406,673

$1,279,091

$931,728

$408,611

$339,130

Portfolio turnover rate

92% A

65%

57%

43%

50%

52%

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 fee 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.

Semiannual Report

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

Latin America

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Brazil

54.3%

Mexico

32.1%

Chile

5.8%

United States of America

4.0%

Canada

2.4%

Peru

0.5%

Cayman Islands

0.4%

Spain

0.4%

Argentina

0.1%



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

As of October 31, 2005

Brazil

52.2%

Mexico

33.7%

United States of America

7.0%

Chile

4.2%

Canada

1.5%

Luxembourg

0.6%

Peru

0.6%

Cayman Islands

0.1%

Argentina

0.1%



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

96.8

95.3

Short-Term Investments and Net Other Assets

3.2

4.7

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

9.2

8.9

Petroleo Brasileiro SA Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)

5.9

5.8

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

5.3

5.5

Banco Bradesco SA (PN) (Brazil, Commercial Banks)

4.7

5.1

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

4.4

4.3

Banco Itau Holding Financeira SA (Brazil, Commercial Banks)

4.3

4.9

Uniao de Bancos Brasileiros SA (Unibanco) (Brazil, Commercial Banks)

3.9

3.6

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

3.2

3.5

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

3.2

3.7

Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.) (Brazil, Metals & Mining)

3.1

2.8

47.2

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Materials

31.8

28.8

Telecommunication Services

14.7

16.5

Financials

14.3

13.9

Energy

10.2

10.7

Consumer Staples

8.4

9.4

Consumer Discretionary

6.5

6.6

Industrials

6.1

3.0

Utilities

3.8

4.5

Health Care

0.6

0.5

Information Technology

0.4

0.0

Semiannual Report

Latin America

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%

Shares

Value (Note 1)

Argentina - 0.1%

Banco Macro Bansud SA sponsored ADR

143,400

$3,322,578

Brazil - 54.3%

AES Tiete SA (PN) (non-vtg.)

381,200,000

10,730,954

Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)

747,000

41,144,760

Arcelor Brasil SA

1,029,785

18,947,649

Banco Bradesco SA:

(PN)

1,400,454

53,474,930

(PN) sponsored ADR (non-vtg.)

2,853,500

108,632,745

Banco Itau Holding Financeira SA:

(PN) (non-vtg.)

2,935,840

94,166,329

sponsored ADR (non-vtg.)

1,715,800

54,562,440

Banco Nossa Caixa SA

848,500

19,149,185

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

933,926

43,240,774

sponsored ADR

74,145

3,036,238

Companhia de Concessoes Rodoviarias

1,011,800

8,852,644

Companhia de Saneamento de Minas Minas Gerais

949,100

9,550,120

Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (d)

230,500

10,923,395

Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)

2,765,900

97,387,339

Companhia Vale do Rio Doce:

(PN-A)

228,300

10,184,346

(PN-A) sponsored ADR (non-vtg.)

2,208,900

98,251,872

sponsored ADR

2,155,800

111,066,816

Confab Industrial SA (PN) (non-vtg.)

4,691,522

10,340,681

Cosan SA Industria E Comercio

222,500

17,484,427

CSU Cardsystem SA sponsored ADR (a)(e)

74,667

1,907,742

Diagnosticos Da America SA (a)

777,200

19,848,951

Duratex SA (PN)

788,800

16,894,758

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

788,500

30,617,455

Embratel Participacoes SA sponsored ADR (d)

2,663,200

35,340,664

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

11,465,310

115,367

Energias do Brasil SA

661,800

9,671,730

Gafisa SA (a)

924,300

9,526,446

Gerdau SA

255,825

3,400,376

Gerdau SA sponsored ADR (d)

2,412,045

41,728,379

Klabin Industria de Papel e Celulose (PN) (non-vtg.)

5,136,900

12,971,472

Localiza Rent a Car SA

131,100

2,763,967

Lojas Renner SA

445,800

25,526,162

Natura Cosmeticos SA

808,100

10,276,461

Perdigao SA (ON)

889,000

8,796,287

Shares

Value (Note 1)

Petroleo Brasileiro SA Petrobras:

(ON)

208,100

$5,086,335

(PN) (non-vtg.)

3,270,280

72,598,022

(PN) sponsored ADR (non-vtg.)

1,466,400

130,348,296

sponsored ADR

1,468,730

145,154,586

Submarino SA

1,006,300

27,242,908

TAM SA:

(PN) (ltd.-vtg.)

1,870,200

48,300,805

(PN) sponsored ADR (ltd. vtg.)

291,700

7,336,255

Tele Norte Leste Participacoes SA

229,700

9,355,295

Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)

1,546,800

28,120,824

Totvs SA

712,400

13,824,724

Tractebel Energia SA

1,791,400

14,763,814

Uniao de Bancos Brasileiros SA (Unibanco):

unit

215,600

3,419,435

GDR

1,644,000

130,451,400

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

2,834,200

107,555,649

Votorantim Celulose e Papel SA:

(PN) (non-vtg.)

96,565

1,557,440

sponsored ADR (non-vtg.) (d)

3,780,650

60,830,659

TOTAL BRAZIL

1,856,460,308

Canada - 2.4%

Gerdau AmeriSteel Corp.

5,139,600

54,154,283

Glamis Gold Ltd. (a)

401,200

15,707,088

Meridian Gold, Inc. (a)

390,400

12,707,206

TOTAL CANADA

82,568,577

Cayman Islands - 0.4%

Apex Silver Mines Ltd. (a)(d)

677,500

14,430,750

Chile - 5.8%

Compania Acero del Pacifico SA

3,753,817

53,089,447

Compania de Telecomunicaciones de Chile SA sponsored ADR

1,143,400

10,039,052

Compania Sudamericana de Vapores

5,555,477

7,565,595

Empresa Nacional de Electricidad SA sponsored ADR

824,700

25,013,151

Enersis SA sponsored ADR

1,584,100

19,341,861

Inversiones Aguas Metropolitanas SA ADR (a)(e)

1,216,800

29,568,240

Lan Airlines SA sponsored ADR

1,257,600

47,788,800

Vina Concha y Toro SA sponsored ADR

152,150

4,130,873

TOTAL CHILE

196,537,019

Mexico - 32.1%

Alfa SA de CV Series A

1,728,100

8,693,792

Alsea SA de CV

2,471,800

10,498,574

America Movil SA de CV Series L sponsored ADR

8,497,500

313,642,724

AXTEL SA de CV unit

2,232,376

5,023,262

Cemex SA de CV sponsored ADR

2,701,857

182,429,385

Common Stocks - continued

Shares

Value (Note 1)

Mexico - continued

Consorcio ARA SA de CV

1,389,800

$7,351,060

Corporacion Geo SA de CV Series B (a)

7,369,300

27,630,505

Fomento Economico Mexicano SA de CV sponsored ADR

971,165

90,201,805

Gruma SA de CV Series B

3,922,800

12,294,034

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

819,400

27,269,632

Grupo Mexico SA de CV Series B

21,001,459

73,580,784

Grupo Modelo SA de CV Series C

2,990,400

11,398,692

Grupo Televisa SA de CV

1,507,400

6,407,889

Grupo Televisa SA de CV (CPO) sponsored ADR

3,711,400

78,681,680

Industrias Penoles SA de CV

2,943,400

26,577,912

Sare Holding SA de CV Series B (a)

7,928,700

9,336,101

Telefonos de Mexico SA de CV Series L sponsored ADR

4,603,500

101,230,965

Urbi, Desarrollos Urbanos, SA de CV (a)

2,452,200

20,059,476

Wal-Mart de Mexico SA de CV Series V

30,448,486

86,812,889

TOTAL MEXICO

1,099,121,161

Peru - 0.5%

Compania de Minas Buenaventura SA sponsored ADR

563,200

17,115,648

Spain - 0.4%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

595,700

13,141,142

United States of America - 0.8%

Southern Copper Corp. (d)

277,600

27,496,280

TOTAL COMMON STOCKS

(Cost $2,257,763,633)

3,310,193,463

Money Market Funds - 6.7%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

134,502,567

$134,502,567

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

93,442,440

93,442,440

TOTAL MONEY MARKET FUNDS

(Cost $227,945,007)

227,945,007

TOTAL INVESTMENT PORTFOLIO - 103.5%

(Cost $2,485,708,640)

3,538,138,470

NET OTHER ASSETS - (3.5)%

(118,627,932)

NET ASSETS - 100%

$3,419,510,538

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $31,475,982 or 0.9% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$1,882,617

Fidelity Securities Lending Cash Central Fund

782,604

Total

$2,665,221

Semiannual Report

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

Latin America

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $93,911,740) - See accompanying schedule:

Unaffiliated issuers (cost $2,257,763,633)

$3,310,193,463

Affiliated Central Funds (cost $227,945,007)

227,945,007

Total Investments (cost $2,485,708,640)

$3,538,138,470

Cash

1,574,422

Foreign currency held at value (cost $543,931)

545,531

Receivable for investments sold

16,468,446

Receivable for fund shares sold

17,852,555

Dividends receivable

14,831,638

Interest receivable

492,051

Prepaid expenses

2,471

Other affiliated receivables

11,120

Other receivables

299,595

Total assets

3,590,216,299

Liabilities

Payable for investments purchased

$69,831,075

Payable for fund shares redeemed

4,520,322

Accrued management fee

1,901,924

Other affiliated payables

606,874

Other payables and accrued expenses

403,126

Collateral on securities loaned, at value

93,442,440

Total liabilities

170,705,761

Net Assets

$3,419,510,538

Net Assets consist of:

Paid in capital

$2,317,410,932

Undistributed net investment income

26,945,309

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

22,645,207

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

1,052,509,090

Net Assets, for 84,479,971 shares outstanding

$3,419,510,538

Net Asset Value, offering price and redemption price per share ($3,419,510,538 ÷ 84,479,971 shares)

$40.48

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$48,553,575

Interest

4,727

Income from affiliated Central Funds (including $782,604 from security lending)

2,665,221

51,223,523

Less foreign taxes withheld

(2,838,065)

Total income

48,385,458

Expenses

Management fee

$8,502,933

Transfer agent fees

2,455,900

Accounting and security lending fees

516,144

Independent trustees' compensation

4,413

Custodian fees and expenses

605,984

Registration fees

296,426

Audit

44,145

Legal

4,646

Miscellaneous

130,335

Total expenses before reductions

12,560,926

Expense reductions

(451,490)

12,109,436

Net investment income (loss)

36,276,022

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

27,244,132

Foreign currency transactions

(887,086)

Total net realized gain (loss)

26,357,046

Change in net unrealized appreciation (depreciation) on:

Investment securities

688,999,960

Assets and liabilities in foreign currencies

52,274

Total change in net unrealized appreciation (depreciation)

689,052,234

Net gain (loss)

715,409,280

Net increase (decrease) in net assets resulting from operations

$751,685,302

Semiannual Report

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

Latin America
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$36,276,022

$18,097,464

Net realized gain (loss)

26,357,046

80,919,152

Change in net unrealized appreciation (depreciation)

689,052,234

247,588,239

Net increase (decrease) in net assets resulting from operations

751,685,302

346,604,855

Distributions to shareholders from net investment income

(25,559,500)

(6,575,674)

Distributions to shareholders from net realized gain

(20,858,777)

-

Total distributions

(46,418,277)

(6,575,674)

Share transactions
Proceeds from sales of shares

1,723,841,603

1,044,234,301

Reinvestment of distributions

44,620,869

6,298,102

Cost of shares redeemed

(439,651,404)

(365,491,989)

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

1,328,811,068

685,040,414

Redemption fees

1,349,687

1,678,494

Total increase (decrease) in net assets

2,035,427,780

1,026,748,089

Net Assets

Beginning of period

1,384,082,758

357,334,669

End of period (including undistributed net investment income of $26,945,309 and undistributed net investment income of $16,852,142, respectively)

$3,419,510,538

$1,384,082,758

Other Information

Shares

Sold

48,369,144

42,509,771

Issued in reinvestment of distributions

1,389,115

323,696

Redeemed

(12,350,058)

(15,505,564)

Net increase (decrease)

37,408,201

27,327,903

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$29.40

$18.10

$13.38

$8.92

$10.40

$13.87

Income from Investment Operations

Net investment income (loss) E

.55

.57

.40

.20

.17

.27 F

Net realized and unrealized gain (loss)

11.35

10.98

4.53

4.42

(1.41)

(3.68)

Total from investment operations

11.90

11.55

4.93

4.62

(1.24)

(3.41)

Distributions from net investment income

(.46)

(.30)

(.23)

(.17)

(.25)

(.07)

Distributions from net realized gain

(.38)

-

-

-

-

-

Total distributions

(.84)

(.30)

(.23)

(.17)

(.25)

(.07)

Redemption fees added to paid in capital E

.02

.05

.02

.01

.01

.01

Net asset value, end of period

$40.48

$29.40

$18.10

$13.38

$8.92

$10.40

Total Return B, C, D

41.30%

64.94%

37.47%

52.83%

(12.37)%

(24.61)%

Ratios to Average Net Assets G

Expenses before reductions

1.06% A

1.10%

1.19%

1.31%

1.44%

1.41%

Expenses net of fee waivers, if any

1.06% A

1.10%

1.19%

1.31%

1.44%

1.41%

Expenses net of all reductions

1.02% A

1.04%

1.16%

1.31%

1.41%

1.35%

Net investment income (loss)

3.07% A

2.38%

2.56%

1.89%

1.57%

2.14%

Supplemental Data

Net assets, end of period (000 omitted)

$3,419,511

$1,384,083

$357,335

$219,519

$140,399

$184,457

Portfolio turnover rate

26% A

40%

25%

28%

128%

96%

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 Investment income per share reflects a special dividend which amounted to $.07 per share. 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 fee 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.

Semiannual Report

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

Nordic

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Sweden

45.1%

Norway

24.3%

Finland

15.6%

Denmark

7.1%

United States of America

4.5%

Switzerland

1.3%

United Kingdom

0.7%

Luxembourg

0.6%

Iceland

0.5%

Other

0.3%



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

As of October 31, 2005

Sweden

43.7%

Norway

22.3%

Finland

14.7%

Denmark

9.6%

United Kingdom

4.7%

Switzerland

1.5%

Luxembourg

1.2%

Iceland

1.1%

Estonia

1.0%

Other

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

95.5

100.2

Short-Term Investments and Net Other Assets

4.5

(0.2)

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Nokia Corp. (Finland, Communications Equipment)

9.0

9.5

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

6.7

9.7

Nordea Bank AB (Sweden, Commercial Banks)

4.8

5.3

Norsk Hydro ASA (Norway, Oil, Gas & Consumable Fuels)

4.2

3.1

Danske Bank AS (Denmark, Commercial Banks)

3.8

4.0

Statoil ASA (Norway, Oil, Gas & Consumable Fuels)

3.3

2.3

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

3.1

3.0

DnB NOR ASA (Norway, Commercial Banks)

2.8

2.7

Skandinaviska Enskilda Banken AB (A Shares) (Sweden, Commercial Banks)

2.5

2.1

Metso Corp. (Finland, Machinery)

2.4

1.0

42.6

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

24.0

12.5

Financials

22.6

24.9

Information Technology

17.4

22.9

Energy

13.6

12.2

Consumer Discretionary

5.9

7.7

Health Care

5.1

13.3

Telecommunication Services

2.1

0.8

Utilities

1.9

1.5

Materials

1.5

0.8

Consumer Staples

1.4

3.6

Semiannual Report

Nordic

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%

Shares

Value (Note 1)

Denmark - 7.1%

A.P. Moller - Maersk AS Series B

366

$3,144,447

Danske Bank AS

300,120

11,940,542

H. Lundbeck AS (d)

21,800

492,195

Novo Nordisk AS Series B

59,395

3,857,275

Rockwool International AS Series B

5,600

705,576

Vestas Wind Systems AS (a)

78,200

2,122,664

TOTAL DENMARK

22,262,699

Estonia - 0.3%

Tallinna Vesi AS

58,562

1,066,157

Finland - 15.6%

Fortum Oyj

192,800

4,869,787

Kemira Oyj

62,400

1,105,327

Kone Oyj (B Shares)

62,960

2,938,245

Marimekko Oyj

36,500

819,694

Metso Corp.

186,900

7,427,775

Neste Oil Oyj

31,900

1,113,222

Nokia Corp.

1,244,695

28,204,793

Nokian Tyres Ltd.

137,020

2,344,135

TOTAL FINLAND

48,822,978

Iceland - 0.5%

Ossur Hf (a)

932,970

1,378,401

Luxembourg - 0.6%

Oriflame Cosmetics SA unit

29,500

1,116,498

Transcom WorldWide SA Series B (a)

63,500

796,069

TOTAL LUXEMBOURG

1,912,567

Norway - 24.3%

Acta Holding ASA

137,500

620,354

Aker Kvaerner ASA

56,800

5,530,851

Awilco Offshore ASA (a)

442,400

4,146,288

DnB NOR ASA

632,800

8,780,616

Farstad Shipping ASA

55,800

966,706

Havila Shipping ASA

57,300

520,757

Kongsberg Gruppen ASA (a)

3,900

91,775

Norsk Hydro ASA

86,340

13,210,020

Norwegian Air Shuttle AS (a)(d)

208,800

3,744,425

Ocean RIG ASA (a)

327,600

2,605,148

Orkla ASA (A Shares)

109,085

5,744,763

Otrum Electronics ASA (a)

94,000

305,106

Schibsted ASA (B Shares)

74,200

2,179,590

Sevan Marine ASA (a)

225,400

1,646,110

Solstad Offshore ASA

66,200

1,203,285

Statoil ASA

312,754

10,303,655

Steen & Stroem ASA

4,800

218,118

Storebrand ASA (A Shares)

502,300

5,950,842

TANDBERG ASA (d)

214,400

2,183,388

Shares

Value (Note 1)

TANDBERG Television ASA (a)

83,000

$1,670,291

Telenor ASA

355,200

4,121,653

TOTAL NORWAY

75,743,741

Sweden - 45.1%

AarhusKarlshamn AB (a)

20,400

539,213

ABB Ltd. (Sweden)

245,000

3,512,604

Assa Abloy AB (B Shares) (d)

176,002

3,408,342

Atlas Copco AB (A Shares) (d)

248,100

7,333,254

Elekta AB (B Shares)

139,100

2,296,752

Forenings Sparbanken AB (A Shares) (d)

164,700

4,532,412

Gant Co. AB

26,500

705,850

Getinge AB (B Shares)

66,760

1,156,744

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

153,990

5,849,046

Hexagon AB (B Shares)

139,625

5,180,081

HIQ International AB

80,000

483,794

Holmen AB (B Shares)

54,100

2,345,301

Investor AB (B Shares)

300,200

5,874,676

Lundin Petroleum AB (a)

85,600

1,180,730

Mekonomen AB

103,700

1,211,959

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

43,300

2,377,278

NCC AB Series B

26,000

655,433

NeoNet AB (d)

182,000

364,816

Nordea Bank AB

1,166,100

15,015,013

Orexo AB

67,400

1,300,646

Pergo AB (a)(d)

109,500

803,561

rnb Retail & Brands AB

253,250

2,323,079

Saab AB (B Shares)

49,400

1,278,888

Sandvik AB (d)

105,100

6,841,462

Scania AB (B Shares)

66,400

3,090,576

Securitas AB (B Shares)

107,100

2,234,131

Skandinaviska Enskilda Banken AB
(A Shares)

310,200

7,819,814

Skanska AB (B Shares)

168,600

2,921,315

SKF AB (B Shares) (d)

229,700

3,948,774

SSAB Swedish Steel AB (A Shares)

25,000

1,474,485

Studsvik AB

1,800

64,089

Svenska Handelsbanken AB
(A Shares) (d)

332,516

9,557,265

Swedish Match Co.

165,000

2,477,747

TELE2 AB (B Shares)

187,450

2,375,445

Teleca AB (B Shares) (a)(d)

101,600

617,180

Telefonaktiebolaget LM Ericsson
(B Shares)

5,879,200

20,853,523

Uniflex AB

11,580

121,174

Volvo AB (B Shares)

130,000

6,536,658

TOTAL SWEDEN

140,663,110

Switzerland - 1.3%

Nobel Biocare Holding AG (Switzerland)

16,546

4,088,808

United Kingdom - 0.7%

Axis Shield PLC (a)

172,300

1,220,792

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

Group 4 Securicor PLC (Denmark)

184,418

$642,495

Unibet Group PLC unit

14,000

361,487

TOTAL UNITED KINGDOM

2,224,774

TOTAL COMMON STOCKS

(Cost $223,443,414)

298,163,235

Money Market Funds - 14.0%

Fidelity Cash Central Fund, 4.8% (b)

10,541,370

10,541,370

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

33,270,516

33,270,516

TOTAL MONEY MARKET FUNDS

(Cost $43,811,886)

43,811,886

TOTAL INVESTMENT
PORTFOLIO - 109.5%

(Cost $267,255,300)

341,975,121

NET OTHER ASSETS - (9.5)%

(29,795,375)

NET ASSETS - 100%

$312,179,746

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$114,331

Fidelity Securities Lending Cash Central Fund

311,144

Total

$425,475

Semiannual Report

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

Nordic

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $31,286,148) - See accompanying schedule:

Unaffiliated issuers (cost $223,443,414)

$298,163,235

Affiliated Central Funds (cost $43,811,886)

43,811,886

Total Investments (cost $267,255,300)

$341,975,121

Foreign currency held at value (cost $171,440)

175,789

Receivable for fund shares sold

3,383,963

Dividends receivable

1,232,629

Interest receivable

54,588

Prepaid expenses

513

Other affiliated receivables

35

Other receivables

234,085

Total assets

347,056,723

Liabilities

Payable for investments purchased

$1,221,306

Payable for fund shares redeemed

93,091

Accrued management fee

166,132

Other affiliated payables

63,547

Other payables and accrued expenses

62,385

Collateral on securities loaned, at value

33,270,516

Total liabilities

34,876,977

Net Assets

$312,179,746

Net Assets consist of:

Paid in capital

$230,031,091

Undistributed net investment income

3,052,139

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

4,349,029

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

74,747,487

Net Assets, for 8,492,605 shares outstanding

$312,179,746

Net Asset Value, offering price and redemption price per share ($312,179,746 ÷ 8,492,605 shares)

$36.76

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$4,495,198

Interest

14

Income from affiliated Central Funds (including $311,144 from security lending)

425,475

4,920,687

Less foreign taxes withheld

(673,655)

Total income

4,247,032

Expenses

Management fee

$758,127

Transfer agent fees

273,149

Accounting and security lending fees

53,759

Independent trustees' compensation

399

Custodian fees and expenses

84,927

Registration fees

22,574

Audit

28,851

Legal

785

Miscellaneous

841

Total expenses before reductions

1,223,412

Expense reductions

(53,607)

1,169,805

Net investment income (loss)

3,077,227

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

5,576,179

Foreign currency transactions

41,967

Total net realized gain (loss)

5,618,146

Change in net unrealized appreciation (depreciation) on:

Investment securities

49,129,327

Assets and liabilities in foreign currencies

28,297

Total change in net unrealized appreciation (depreciation)

49,157,624

Net gain (loss)

54,775,770

Net increase (decrease) in net assets resulting from operations

$57,852,997

Semiannual Report

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

Nordic
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2006 (Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$3,077,227

$3,127,018

Net realized gain (loss)

5,618,146

22,607,311

Change in net unrealized appreciation (depreciation)

49,157,624

8,539,542

Net increase (decrease) in net assets resulting from operations

57,852,997

34,273,871

Distributions to shareholders from net investment income

(2,048,598)

(1,181,664)

Distributions to shareholders from net realized gain

(14,574,214)

-

Total distributions

(16,622,812)

(1,181,664)

Share transactions
Proceeds from sales of shares

110,725,742

95,465,404

Reinvestment of distributions

16,097,675

1,146,167

Cost of shares redeemed

(43,958,702)

(58,327,971)

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

82,864,715

38,283,600

Redemption fees

73,586

142,810

Total increase (decrease) in net assets

124,168,486

71,518,617

Net Assets

Beginning of period

188,011,260

116,492,643

End of period (including undistributed net investment income of $3,052,139 and undistributed net investment income of $3,006,975, respectively)

$312,179,746

$188,011,260

Other Information

Shares

Sold

3,262,226

3,292,109

Issued in reinvestment of distributions

544,945

43,024

Redeemed

(1,394,770)

(2,021,076)

Net increase (decrease)

2,412,401

1,314,057

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$30.92

$24.44

$19.49

$15.36

$17.31

$27.19

Income from Investment Operations

Net investment income (loss) E

.47

.55

.26

.11

.10

.07

Net realized and unrealized gain (loss)

8.20

6.12

4.80

4.14

(1.99)

(9.71)

Total from investment operations

8.67

6.67

5.06

4.25

(1.89)

(9.64)

Distributions from net investment income

(.35)

(.22)

(.15)

(.12)

(.06)

(.03)

Distributions from net realized gain

(2.49)

-

-

-

-

(.22)

Total distributions

(2.84)

(.22)

(.15)

(.12)

(.06)

(.25)

Redemption fees added to paid in capital E

.01

.03

.04

- H

- H

.01

Net asset value, end of period

$36.76

$30.92

$24.44

$19.49

$15.36

$17.31

Total Return B, C, D

30.32%

27.56%

26.31%

27.87%

(10.97)%

(35.72)%

Ratios to Average Net Assets G

Expenses before reductions

1.16% A

1.17%

1.28%

1.43%

1.35%

1.26%

Expenses net of fee waivers, if any

1.16% A

1.17%

1.28%

1.43%

1.35%

1.26%

Expenses net of all reductions

1.11% A

1.13%

1.24%

1.40%

1.30%

1.20%

Net investment income (loss)

1.46% F

1.89%

1.16%

.67%

.57%

.34%

Supplemental Data

Net assets, end of period (000 omitted)

$312,180

$188,011

$116,493

$81,337

$73,992

$98,434

Portfolio turnover rate

66% A

76%

90%

96%

106%

88%

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 Ratio has not been annualized because of the uneven rate at which the fund earns dividend income throughout the fiscal year. 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 fee 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. H Amount represents less than $.01 per share.

Semiannual Report

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

Pacific Basin

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan

44.0%

Korea (South)

12.7%

Australia

11.1%

Hong Kong

6.1%

China

5.1%

India

4.5%

Taiwan

4.4%

Singapore

3.2%

Cayman Islands

3.2%

Other

5.7%



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

As of October 31, 2005

Japan

46.8%

Korea (South)

12.3%

Australia

10.1%

Hong Kong

6.2%

Taiwan

3.8%

India

3.7%

China

3.7%

Singapore

2.8%

United States of America

2.5%

Other

8.1%



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

100.1

97.7

Bonds

0.1

0.0

Short-Term Investments and Net Other Assets

(0.2)

2.3

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Toyota Motor Corp. (Japan, Automobiles)

2.4

2.8

BHP Billiton Ltd. (Australia, Metals & Mining)

1.8

1.8

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

1.8

1.9

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

1.6

1.1

NHN Corp. (Korea (South), Internet Software & Services)

1.4

1.1

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

1.4

1.1

Financial Technology (India) Ltd. (India, Diversified Financial Services)

1.4

0.3

Esprit Holdings Ltd. (Hong Kong, Specialty Retail)

1.2

1.2

PT Perusahaan Gas Negara Tbk Series B (Indonesia, Gas Utilities)

1.2

0.4

Stanley Electric Co. Ltd. (Japan, Auto Components)

1.1

0.7

15.3

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

23.0

20.8

Consumer Discretionary

20.4

22.0

Information Technology

19.0

18.9

Industrials

15.2

16.2

Materials

7.9

4.9

Consumer Staples

5.7

4.1

Health Care

3.1

4.7

Energy

2.9

2.5

Utilities

2.1

1.1

Telecommunication Services

0.8

2.5

Semiannual Report

Pacific Basin

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%

Shares

Value (Note 1)

Australia - 11.1%

Alumina Ltd.

627,900

$3,415,207

AMP Ltd.

487,799

3,338,714

BHP Billiton Ltd.

970,330

22,104,114

Billabong International Ltd.

269,567

3,157,655

Bradken Ltd.

1,155,629

4,924,871

Cochlear Ltd.

52,300

2,097,728

Colorado Group Ltd.

199,900

574,008

Computershare Ltd.

1,939,200

11,608,133

ConnectEast Group unit

4,310,668

3,765,789

CSR Ltd.

2,423,300

7,455,482

Downer EDI Ltd.

837,004

5,519,005

Dyno Nobel Ltd.

205,400

408,804

Herald Resources Ltd. (a)

1,228,400

1,231,763

Macquarie Airports unit

913,221

2,275,429

Macquarie Bank Ltd.

103,898

5,635,325

Macquarie Communications Infrastructure Group unit

557,768

2,330,397

Macquarie Infrastructure Group unit

2,643,148

7,168,087

National Australia Bank Ltd.

429,200

12,257,952

Newcrest Mining Ltd.

297,354

5,150,177

PMP Ltd. (a)

643,900

719,034

QBE Insurance Group Ltd.

290,971

4,946,788

Seek Ltd.

2,234,400

6,738,527

Sonic Healthcare Ltd.

357,799

4,071,594

United Group Ltd.

482,294

4,839,809

Woodside Petroleum Ltd.

117,400

4,173,760

WorleyParsons Ltd. (d)

503,400

7,456,952

TOTAL AUSTRALIA

137,365,104

Bermuda - 0.8%

Asia Aluminum Holdings Ltd. (a)

9,088,000

1,652,726

Ports Design Ltd.

2,393,500

3,781,664

Sinochem Hong Kong Holding Ltd.

11,789,800

5,018,036

TOTAL BERMUDA

10,452,426

Cayman Islands - 3.2%

AAC Acoustic Technology Holdings, Inc.

2,420,000

2,746,701

Foxconn International Holdings Ltd. (a)

1,890,000

4,070,912

FU JI Food & Catering Services Holdings Ltd.

1,060,000

2,214,799

Hutchison Telecommunications International Ltd. (a)

1,796,000

3,161,931

Kingboard Chemical Holdings Ltd.

2,359,400

6,223,122

KongZhong Corp. sponsored ADR (a)

204,800

2,787,328

Norstar Founders Group Ltd.

5,672,000

2,597,036

Prime Success International Group Ltd.

2,490,000

1,653,941

SinoCom Software Group Ltd.

5,974,000

7,242,800

The9 Ltd. sponsored ADR (a)(d)

118,000

3,538,820

Xinao Gas Holdings Ltd.

3,068,000

2,829,273

TOTAL CAYMAN ISLANDS

39,066,663

China - 5.1%

Beijing Media Corp. Ltd. (H Shares)

1,084,000

1,398,114

Shares

Value (Note 1)

China Life Insurance Co. Ltd. (H Shares)

6,557,000

$8,837,611

China Mengniu Dairy Co. Ltd.

3,206,000

3,659,487

China Sun Bio-chem Technology Group Co. Ltd.

5,852,000

3,128,026

Chitaly Holdings Ltd.

2,700,000

1,096,952

Dalian Port (PDA) Co. Ltd. (H Shares)

124,000

69,171

Focus Media Holding Ltd. ADR

125,400

7,572,906

Global Bio-Chem Technology Group Co. Ltd.

5,722,000

2,988,934

Guangshen Railway Co. Ltd. Class H (a)

6,834,000

2,622,258

Li Ning Co. Ltd.

3,044,000

3,415,681

Macau Success Ltd. (a)

16,700,000

2,261,618

PetroChina Co. Ltd. (H Shares)

10,080,000

11,329,921

Shanghai Prime Machinery Co. Ltd.
(H Shares)

276,000

103,233

Shenzhou International Group Holdings Ltd.

3,828,000

1,653,980

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

567,000

1,257,839

Vision Grande Group Holdings Ltd.

3,892,000

4,015,838

Weichai Power Co. Ltd. (H Shares)

1,877,000

4,430,256

Yantai Changyu Pioneer Wine Co.
(B Shares)

1,135,700

3,748,412

TOTAL CHINA

63,590,237

Hong Kong - 6.1%

Chaoda Modern Agriculture (Holdings) Ltd.

2,774,000

1,932,029

China Overseas Land & Investment Ltd.

6,722,000

4,291,579

China State Construction International Holdings Ltd.

10,980,000

4,531,748

CNOOC Ltd.

6,852,000

5,523,455

Esprit Holdings Ltd.

1,915,000

15,288,780

Giordano International Ltd.

10,184,000

6,009,286

Guangzhou Investment Co. Ltd.

23,638,000

4,725,588

Hanny Holdings Ltd.

2,699,361

1,653,743

Hong Kong & China Gas Co. Ltd.

1,165,000

2,779,784

Hong Kong Land Holdings Ltd.

280,000

1,097,600

IPE Group Ltd.

6,650,000

1,561,013

PYI Corp. Ltd.

14,795,631

6,106,564

Shanghai Industrial Holdings Ltd. Class H

692,000

1,490,514

Shun Tak Holdings Ltd.

3,890,000

4,941,960

SIM Technology Group

4,618,000

2,144,222

Solomon Systech International Ltd.

5,296,000

2,356,571

Television Broadcasts Ltd.

419,000

2,618,311

Tom.com Ltd. (a)

4,784,000

1,073,628

Vtech Holdings Ltd.

628,000

2,984,768

Wharf Holdings Ltd.

660,000

2,647,389

TOTAL HONG KONG

75,758,532

India - 4.5%

Bajaj Auto Ltd.

30,383

1,990,594

Cipla Ltd.

402,940

2,284,822

Financial Technology (India) Ltd.

422,711

17,352,804

Common Stocks - continued

Shares

Value (Note 1)

India - continued

Geodesic Information Systems Ltd.

748,445

$3,286,324

HCL Infosystems Ltd.

227,933

819,087

Indian Hotels Co. Ltd.

62,127

1,858,967

IVRCL Infrastructures & Projects Ltd.

604,455

3,884,532

Max India Ltd. (a)

218,465

4,146,456

McDowell & Co. Ltd. GDR (a)

112,195

976,457

Pfizer Ltd.

85,600

1,959,840

Praj Industries Ltd.

761,014

3,266,936

Punj Lloyd Ltd.

110,526

2,511,697

Shree Renuka Sugars Ltd.

120,690

3,779,828

State Bank of India

208,783

4,707,289

Suzlon Energy Ltd.

104,027

2,918,432

TOTAL INDIA

55,744,065

Indonesia - 1.8%

Kalbe Farma Tbk PT

9,088,500

1,572,507

PT Mitra Adiperkasa Tbk

29,415,000

3,649,657

PT Perusahaan Gas Negara Tbk Series B

10,528,500

14,860,894

PT Semen Gresik Tbk

559,500

1,745,048

TOTAL INDONESIA

21,828,106

Japan - 44.0%

Access Co. Ltd. (a)(d)

1,222

10,945,686

Aeon Co. Ltd.

188,100

4,682,885

Aida Engineering Ltd.

391,000

2,873,914

Aiful Corp.

49,050

2,929,001

Aisin Seiki Co. Ltd.

101,200

3,803,609

ARRK Corp.

124,600

4,475,205

Aruze Corp.

108,100

2,643,763

Asics Corp. (d)

447,000

5,452,321

Bandai Visual Co. Ltd. (d)

710

2,868,057

Canon Finetech, Inc.

43,500

861,405

Commuture Corp.

234,000

2,426,819

Credit Saison Co. Ltd.

89,800

4,707,846

CyberAgent, Inc. (d)

1,060

2,196,795

Daiei, Inc. (a)(d)

130,200

3,887,421

Daiichi Sankyo Co. Ltd. (a)

260,800

6,721,827

Daikin Industries Ltd.

93,500

3,259,671

Daiwa House Industry Co. Ltd.

56,000

954,520

Dip Corp. (d)

481

726,516

eAccess Ltd. (d)

3,107

2,144,546

East Japan Railway Co.

698

5,449,151

EDION Corp.

95,900

2,320,127

Fuji Television Network, Inc.

1,614

4,011,082

Fujitsu Ltd.

806,000

6,716,962

Hamakyorex Co. Ltd. (d)

173,200

6,312,009

Hamamatsu Photonics KK (d)

123,700

3,867,153

Hitachi Metals Ltd.

210,000

2,345,730

Horiba Ltd.

131,000

4,348,452

Hoya Corp.

117,600

4,760,799

Intelligent Wave, Inc. (d)

1,185

3,007,377

Ise Chemical Corp.

620,000

6,261,252

Shares

Value (Note 1)

JAFCO Co. Ltd.

37,300

$2,482,845

Japan Logistics Fund, Inc.

801

6,189,945

Japan Tobacco, Inc.

2,076

8,349,577

Jeans Mate Corp.

227,400

2,861,596

JSR Corp.

223,700

6,895,166

Kahma Co. Ltd. (d)

81,700

2,224,105

Kansai Urban Banking Corp. (d)

637,600

3,006,729

Keihanshin Real Estate Co. Ltd.

204,000

1,710,824

Konica Minolta Holdings, Inc.

446,000

5,874,863

Kuraray Co. Ltd.

447,000

5,515,126

Kurita Water Industries Ltd. (d)

125,600

2,558,876

Kyoritsu Maintenance Co. Ltd. (d)

57,300

2,264,325

Lintec Corp.

158,100

4,005,432

Matsushita Electric Industrial Co. Ltd.

386,000

9,345,060

Miraca Holdings, Inc.

114,500

2,654,490

Mitsubishi Corp.

378,400

9,154,705

Mitsubishi Estate Co. Ltd.

381,000

8,330,977

Mitsubishi Gas Chemical Co., Inc.

364,000

4,836,286

Mitsui & Co. Ltd.

526,000

7,949,471

Mizuho Financial Group, Inc.

2,262

19,287,834

Nabtesco Corp.

288,000

3,649,475

Nidec Corp.

39,000

3,006,981

Nikko Cordial Corp.

498,500

8,067,930

Nintendo Co. Ltd.

63,600

9,494,622

Nippon Electric Glass Co. Ltd.

580,000

13,089,792

Nippon Mining Holdings, Inc.

746,000

6,898,248

Nissan Motor Co. Ltd.

584,800

7,698,892

Nissin Co. Ltd. (d)

4,349,400

4,163,202

Nitto Denko Corp.

82,300

6,901,998

Nittoku Engineering Co. Ltd.

140,500

1,494,143

NOK Corp.

150,500

4,572,821

NTT Urban Development Co.

461

3,785,159

Omron Corp.

173,400

4,842,257

Opt, Inc. (a)

604

3,086,964

Organo Corp.

259,000

2,538,257

Oricon, Inc. (d)

584

830,806

ORIX Corp.

42,960

12,902,147

Parco Co. Ltd.

238,900

2,741,974

Rakuten, Inc.

3,171

2,561,862

Riso Kyoiku Co. Ltd.

30,655

3,257,304

SBI Holdings, Inc.

5,193

2,644,953

Seikoh Giken Co. Ltd.

2,000

73,765

SFCG Co. Ltd.

20,530

4,700,041

Showa Denko KK

1,444,000

6,391,008

Sompo Japan Insurance, Inc.

679,000

9,838,420

St. Marc Holdings Co. Ltd.

34,500

2,378,266

Stanley Electric Co. Ltd.

583,300

13,574,051

Sumitomo Electric Industries Ltd.

487,000

7,732,128

Sumitomo Forestry Co. Ltd.

44,000

447,824

Sumitomo Heavy Industries Ltd.

591,000

6,227,882

Sumitomo Metal Industries Ltd.

334,000

1,407,860

Sumitomo Mitsui Financial Group, Inc.

1,975

21,679,474

Sumitomo Realty & Development Co. Ltd.

228,000

6,046,630

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Sysmex Corp.

53,200

$2,387,284

T&D Holdings, Inc.

151,300

11,599,113

Takara Holdings, Inc. (d)

649,000

4,012,259

Takeda Pharamaceutical Co. Ltd.

100,500

6,142,525

Takefuji Corp.

87,810

5,706,204

Teijin Ltd.

775,000

5,315,258

Telewave, Inc.

1,103

3,196,400

Terumo Corp.

126,000

4,514,424

The Nippon Synthetic Chemical Industry Co. Ltd. (d)

263,000

1,226,371

The Sumitomo Warehouse Co. Ltd.

276,000

2,144,984

Toc Co. Ltd.

285,000

1,701,866

Token Corp.

68,000

4,436,795

Tokuyama Corp.

153,000

2,524,584

Tokyo Tomin Bank Ltd. (d)

80,500

4,022,349

Toyota Motor Corp.

516,100

30,225,396

Trend Micro, Inc.

146,500

5,673,458

Tsutsumi Jewelry Co. Ltd.

76,200

3,071,421

Uni-Charm Corp.

38,000

2,179,056

UNY Co. Ltd.

175,000

3,127,333

Urban Corp.

206,300

3,061,664

Usen Corp. (d)

90,030

1,644,456

USS Co. Ltd.

33,060

2,473,512

Valor Co. Ltd.

176,900

3,604,022

Yaskawa Electric Corp. (a)

325,000

3,998,463

Yasuragi Co. Ltd.

46,200

1,480,834

Yokogawa Electric Corp.

224,000

3,548,593

TOTAL JAPAN

545,205,893

Korea (South) - 12.7%

Binggrea Co. Ltd.

38,230

1,822,021

CDNetworks Co. Ltd.

151,670

5,290,722

Cheil Industries, Inc.

108,360

3,935,038

China Lotsynergy Holding Ltd. (a)

6,382,000

1,317,013

Core Logic, Inc.

54,100

2,093,676

Doosan Co. Ltd. (a)

47,970

1,808,126

Doosan Heavy Industries & Construction Co. Ltd.

127,390

4,612,596

Hyundai Engineering & Construction Co. Ltd. (a)

120,890

7,523,983

Hyundai Mipo Dockyard Co. Ltd.

30,660

2,873,715

Hyundai Motor Co.

138,540

12,177,245

INTOPS Co. Ltd.

23,054

650,200

KH Vatec Co. Ltd.

63,933

1,691,278

kiwoom.com Securities Co. Ltd.

84,549

3,357,219

Kookmin Bank

98,640

8,837,494

Korea Investment Holdings Co. Ltd.

59,080

2,530,703

Korean Reinsurance Co.

356,926

4,276,377

Kyeryong Construction Industrial Co. Ltd.

65,110

3,065,138

LG Electronics, Inc.

52,340

4,334,152

LG Household & Health Care Ltd.

51,550

4,115,693

Shares

Value (Note 1)

Macquarie Korea Infrastructure Fund GDR (e)

258,800

$1,884,064

Neowiz Corp.

26,149

2,927,779

NHN Corp. (a)

50,468

17,925,870

Orion Corp.

36,820

9,642,732

Phoenix PDE Co. Ltd.

708,094

3,164,520

S.M. Entertainment Co. Ltd.

269,538

2,872,139

S1 Corp.

34,900

1,557,854

Samsung Electronics Co. Ltd.

26,100

17,821,560

Samyang Genex Co. Ltd.

14,620

1,302,105

Seoul Semiconductor Co. Ltd.

13,862

624,646

SFA Engineering Corp.

166,976

5,559,082

TSM Tech Co. Ltd.

195,659

3,951,975

Woongjin Coway Co. Ltd.

124,340

3,691,376

Woori Finance Holdings Co. Ltd.

133,280

3,009,982

YBM Sisa.com, Inc.

120,314

3,354,990

Yedang Entertainment Co. Ltd. (a)

208,825

1,882,005

TOTAL KOREA (SOUTH)

157,485,068

Malaysia - 1.4%

Bumiputra-Commerce Holdings BHD

1,191,700

2,071,092

IOI Corp. BHD

1,051,600

4,119,371

Lion Diversified Holdings BHD

1,712,100

2,219,826

PhileoAllied BHD

1,909,400

2,370,290

Southern Bank BHD (For. Reg.)

1,733,400

2,046,607

Tenaga Nasional BHD

1,757,425

4,145,099

TOTAL MALAYSIA

16,972,285

Philippines - 0.5%

Philippine Long Distance Telephone Co.

92,000

3,638,016

Philippine Long Distance Telephone Co. sponsored ADR (d)

66,700

2,651,325

TOTAL PHILIPPINES

6,289,341

Singapore - 3.2%

Ascendas Real Estate Investment Trust (A-REIT)

2,447,550

3,530,009

Citiraya Industries Ltd. (a)

1,791,000

11

Cosco Investment (Singapore) Ltd.

4,272,000

3,864,351

First Engineering Ltd.

1,615,000

1,093,114

GES International Ltd.

2,930,000

1,834,899

HTL International Holdings Ltd.

3,971,250

3,290,848

Keppel Corp. Ltd.

766,000

7,413,607

Mapletree Logistics Trust (REIT)

4,083,000

2,660,271

Mediaring Ltd. (a)

11,819,000

3,626,033

Osim International Ltd.

324,000

370,965

Pertama Holdings Ltd.

10,435,000

2,475,330

Raffles Education Corp. Ltd.

4,076,000

6,445,899

Singapore Exchange Ltd.

949,000

2,581,333

TOTAL SINGAPORE

39,186,670

Taiwan - 4.4%

Chi Mei Optoelectronics Corp.

1,778,000

2,527,183

Chinatrust Financial Holding Co. Ltd.

4,439,000

3,645,139

Common Stocks - continued

Shares

Value (Note 1)

Taiwan - continued

Chipbond Technology Corp.

1,431,231

$1,906,454

Formosan Rubber Group

6,324,000

3,181,226

Holtek Semiconductor, Inc.

1,098,258

2,199,545

Hon Hai Precision Industry Co. Ltd. (Foxconn)

1,079,071

7,322,098

MediaTek, Inc.

286,400

3,343,697

Opto Technology Corp. (a)

6,446,000

3,353,714

Phoenix Precision Technology Corp.

1,477,000

3,365,445

Shin Kong Financial Holding Co. Ltd.

7,690,000

8,194,697

Springsoft, Inc.

1,978,981

3,150,888

Taishin Financial Holdings Co. Ltd.

5,045,000

3,320,535

Taiwan Secom Co.

1,430,260

2,375,847

Tong Yang Industry Co. Ltd.

3,534,000

4,485,896

Tsann Kuen Enterprise Co. Ltd.

1,076,000

1,615,383

TOTAL TAIWAN

53,987,747

Thailand - 1.2%

AAPICO Hitech PCL (For. Reg.)

11,800

8,332

ACL Bank PCL:

NVDR (a)

8,219,800

1,138,901

(For. Reg.) (a)

8,517,800

1,180,191

Bangkok Bank Ltd. PCL (For. Reg.)

1,022,700

3,242,774

Bumrungrad Hospital PCL:

NVDR

675,800

661,755

(For. Reg.)

1,252,400

1,238,635

Khon Kaen Sugar Industry PCL (For. Reg.)

8,372,100

2,520,776

Sino Thai Engineering & Construction PCL (For. Reg.)

10,787,100

2,471,864

Thai Oil PCL (For. Reg.)

992,000

1,784,173

True Corp. PCL (For. Reg.) rights 4/30/08 (a)

206,113

0

TOTAL THAILAND

14,247,401

United States of America - 0.1%

ResMed, Inc. CHESS Depositary Interests (a)

414,302

1,841,138

TOTAL COMMON STOCKS

(Cost $945,896,949)

1,239,020,676

Convertible Bonds - 0.1%

Principal Amount

Value (Note 1)

Bermuda - 0.1%

Noble Group Ltd. 0.9% 4/20/09
(Cost $1,120,500)

$1,000,000

$1,100,000

Money Market Funds - 4.2%

Shares

Fidelity Cash Central Fund, 4.8% (b)

3,992,053

3,992,053

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

48,391,812

48,391,812

TOTAL MONEY MARKET FUNDS

(Cost $52,383,865)

52,383,865

TOTAL INVESTMENT
PORTFOLIO - 104.4%

(Cost $999,401,314)

1,292,504,541

NET OTHER ASSETS - (4.4)%

(53,902,070)

NET ASSETS - 100%

$1,238,602,471

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $1,884,064 or 0.2% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$324,606

Fidelity Securities Lending Cash Central Fund

395,178

Total

$719,784

Semiannual Report

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

Pacific Basin

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $45,681,340) - See accompanying schedule:

Unaffiliated issuers (cost $947,017,449)

$1,240,120,676

Affiliated Central Funds (cost $52,383,865)

52,383,865

Total Investments (cost $999,401,314)

$1,292,504,541

Foreign currency held at value (cost $367,166)

367,285

Receivable for investments sold

10,527,777

Receivable for fund shares sold

4,338,428

Dividends receivable

3,473,809

Interest receivable

26,893

Prepaid expenses

1,589

Other affiliated receivables

634

Other receivables

276,075

Total assets

1,311,517,031

Liabilities

Payable for investments purchased

$20,586,365

Payable for fund shares redeemed

1,008,162

Accrued management fee

778,611

Other affiliated payables

251,096

Other payables and accrued expenses

1,898,514

Collateral on securities loaned, at value

48,391,812

Total liabilities

72,914,560

Net Assets

$1,238,602,471

Net Assets consist of:

Paid in capital

$906,098,627

Undistributed net investment income

1,777,096

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

39,266,351

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

291,460,397

Net Assets, for 42,864,572 shares outstanding

$1,238,602,471

Net Asset Value, offering price and redemption price per share ($1,238,602,471 ÷ 42,864,572 shares)

$28.90

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$7,170,661

Interest

1,673

Income from affiliated Central Funds (including $395,178 from security lending)

719,784

7,892,118

Less foreign taxes withheld

(410,577)

Total income

7,481,541

Expenses

Management fee
Basic fee

$3,453,322

Performance adjustment

303,468

Transfer agent fees

1,110,273

Accounting and security lending fees

221,241

Independent trustees' compensation

2,103

Custodian fees and expenses

323,213

Registration fees

79,535

Audit

57,158

Legal

3,000

Miscellaneous

2,556

Total expenses before reductions

5,555,869

Expense reductions

(347,933)

5,207,936

Net investment income (loss)

2,273,605

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $97,373)

48,221,055

Foreign currency transactions

(174,674)

Total net realized gain (loss)

48,046,381

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $973,031)

188,126,839

Assets and liabilities in foreign currencies

95,871

Total change in net unrealized appreciation (depreciation)

188,222,710

Net gain (loss)

236,269,091

Net increase (decrease) in net assets resulting from operations

$238,542,696

Semiannual Report

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

Pacific Basin
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2006 (Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$2,273,605

$5,769,041

Net realized gain (loss)

48,046,381

48,906,097

Change in net unrealized appreciation (depreciation)

188,222,710

65,122,361

Net increase (decrease) in net assets resulting from operations

238,542,696

119,797,499

Distributions to shareholders from net investment income

(5,529,029)

(1,990,052)

Distributions to shareholders from net realized gain

(9,829,319)

(3,233,832)

Total distributions

(15,358,348)

(5,223,884)

Share transactions
Proceeds from sales of shares

502,344,103

203,333,895

Reinvestment of distributions

14,211,173

4,800,773

Cost of shares redeemed

(150,382,591)

(119,138,687)

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

366,172,685

88,995,981

Redemption fees

395,513

153,147

Total increase (decrease) in net assets

589,752,546

203,722,743

Net Assets

Beginning of period

648,849,925

445,127,182

End of period (including undistributed net investment income of $1,777,096 and undistributed net investment income of $5,234,889, respectively)

$1,238,602,471

$648,849,925

Other Information

Shares

Sold

19,115,204

9,742,425

Issued in reinvestment of distributions

586,996

262,912

Redeemed

(5,781,969)

(5,917,502)

Net increase (decrease)

13,920,231

4,087,835

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$22.42

$17.91

$17.06

$12.73

$13.09

$20.32

Income from Investment Operations

Net investment income (loss) F

.06

.22 G

.07

.06

(.02)

(.02)

Net realized and unrealized gain (loss)

6.91

4.49

.92

4.26

(.36)

(5.91)

Total from investment operations

6.97

4.71

.99

4.32

(.38)

(5.93)

Distributions from net investment income

(.18)

(.08)

(.16)

-

-

(1.10)

Distributions from net realized gain

(.32)

(.13)

-

-

-

(.23)

Total distributions

(.50)

(.21)

(.16)

-

-

(1.33)

Redemption fees added to paid in capital F

.01

.01

.02

.01

.02

.03

Net asset value, end of period

$28.90

$22.42

$17.91

$17.06

$12.73

$13.09

Total Return B, C, D, E

31.56%

26.62%

5.98%

34.01%

(2.75)%

(30.79)%

Ratios to Average Net Assets H

Expenses before reductions

1.16% A

1.10%

1.20%

1.17%

1.51%

1.48%

Expenses net of fee waivers, if any

1.16% A

1.10%

1.20%

1.17%

1.51%

1.48%

Expenses net of all reductions

1.09% A

1.05%

1.19%

1.17%

1.50%

1.45%

Net investment income (loss)

.47% A

1.09% G

.42%

.41%

(.15)%

(.11)%

Supplemental Data

Net assets, end of period (000 omitted)

$1,238,602

$648,850

$445,127

$419,251

$306,206

$303,672

Portfolio turnover rate

53% A

78%

145%

97%

98%

123%

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 former 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. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .84%. 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 fee 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.

Semiannual Report

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

Southeast Asia

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Korea (South)

31.6%

Hong Kong

12.6%

Taiwan

12.6%

China

9.9%

Indonesia

8.9%

Singapore

8.1%

Cayman Islands

3.7%

Malaysia

3.7%

United States of America

3.6%

Other

5.3%



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

As of October 31, 2005

Korea (South)

30.6%

Taiwan

14.9%

Hong Kong

13.9%

China

12.6%

Singapore

8.1%

Indonesia

6.8%

Cayman Islands

4.6%

Australia

3.1%

Malaysia

2.2%

Other

3.2%



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

96.4

98.9

Bonds

0.0

0.2

Short-Term Investments and Net Other Assets

3.6

0.9

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

5.7

6.4

PT Perusahaan Gas Negara Tbk Series B (Indonesia, Gas Utilities)

3.4

2.2

Kookmin Bank (Korea (South), Commercial Banks)

2.9

2.2

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

2.4

3.4

Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments)

2.3

1.4

Hyundai Motor Co. Series 2 (Korea (South), Automobiles)

1.6

2.1

Shanghai Electric (Group) Corp. (H Shares) (China, Electrical Equipment)

1.5

1.5

China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)

1.5

0.5

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

1.3

0.0

POSCO (Korea (South), Metals & Mining)

1.3

0.0

23.9

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

24.5

20.8

Information Technology

22.4

23.5

Industrials

12.9

16.7

Consumer Discretionary

9.8

14.2

Utilities

6.3

3.9

Materials

6.0

2.6

Energy

5.9

8.9

Telecommunication Services

5.3

4.7

Consumer Staples

2.5

3.1

Health Care

0.8

0.5

Semiannual Report

Southeast Asia

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%

Shares

Value (Note 1)

Australia - 2.5%

Alumina Ltd.

560,000

$3,045,893

BHP Billiton Ltd.

455,000

10,364,899

Macquarie Airports unit

1,000,000

2,491,652

National Australia Bank Ltd.

323,000

9,224,880

Rio Tinto Ltd.

90,000

5,377,183

Seek Ltd.

2,100,000

6,333,202

TOTAL AUSTRALIA

36,837,709

Bermuda - 0.5%

Asia Financial Holdings Ltd.

1,226,000

589,020

FibreChem Technologies Ltd.

5,600,000

4,357,150

Sinochem Hong Kong Holding Ltd.

3,998,800

1,701,990

TOTAL BERMUDA

6,648,160

Cayman Islands - 3.7%

AAC Acoustic Technology Holdings, Inc.

14,800,000

16,798,009

Foxconn International Holdings Ltd. (a)

7,150,000

15,400,539

International Entertainment Co. (a)

96,000

76,148

Kingboard Chemical Holdings Ltd.

3,892,500

10,266,806

Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a)

133,000

37,310

New World China Land Ltd.

12,000,000

5,765,287

The9 Ltd. sponsored ADR (a)(d)

225,000

6,747,750

TOTAL CAYMAN ISLANDS

55,091,849

China - 9.9%

Angang New Steel Co. Ltd. (H Shares)

5,600,000

4,875,343

Anhui Conch Cement Co. Ltd. (H Shares)

3,800,000

6,567,526

Anhui Expressway Co. Ltd. (H Shares)

6,000,000

4,372,332

Baidu.com, Inc. sponsored ADR (d)

72,000

4,173,120

China Gas Holdings Ltd. (a)

9,798,000

1,693,385

China Life Insurance Co. Ltd. (H Shares)

10,360,000

13,963,345

China Mengniu Dairy Co. Ltd.

4,000,000

4,565,798

China Oilfield Services Ltd. (H Shares)

10,800,000

5,954,884

China Petroleum & Chemical Corp. (H Shares)

15,600,000

10,030,796

China Shenhua Energy Co. Ltd. (H Shares)

2,957,000

5,358,473

China Sun Bio-chem Technology Group Co. Ltd.

6,000,000

3,207,135

Focus Media Holding Ltd. ADR

238,000

14,372,820

Golden Eagle Retail Group Ltd. (H Shares)

2,326,000

1,297,506

Guangzhou R&F Properties Co. Ltd. (H Shares)

170,000

879,239

Li Ning Co. Ltd.

5,000,000

5,610,514

PetroChina Co. Ltd. (H Shares)

12,000,000

13,488,001

Ping An Insurance (Group) Co. of China, Ltd. (H Shares)

1,110,000

3,056,569

Shanghai Electric (Group) Corp. (H Shares)

58,600,000

22,674,216

Shanghai Forte Land Co. Ltd. (H Shares)

11,810,000

5,750,164

Shanghai Prime Machinery Co. Ltd. (H Shares)

328,000

122,683

Shares

Value (Note 1)

Sina Corp. (a)

215,000

$5,686,750

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

6,200,000

3,678,434

Yanzhou Coal Mining Co. Ltd. (H Shares)

5,600,000

4,767,002

TOTAL CHINA

146,146,035

Hong Kong - 12.6%

BOC Hong Kong Holdings Ltd.

1,600,000

3,301,820

Cheung Kong Holdings Ltd.

1,327,000

14,950,208

China Mobile (Hong Kong) Ltd.

3,920,000

22,626,241

China Resources Enterprise Ltd.

2,720,000

5,823,585

CLP Holdings Ltd.

2,452,000

14,294,610

CNOOC Ltd.

14,678,000

11,832,059

Cross-Harbour Holdings Ltd.

2,500,000

2,144,248

Dynasty Fine Wines Group Ltd.

13,040,000

5,171,733

Esprit Holdings Ltd.

1,084,000

8,654,328

Guangnan Holdings Ltd.

9,606,000

1,957,551

Hong Kong & China Gas Co. Ltd.

5,820,000

13,886,990

Hong Kong Exchanges & Clearing Ltd.

660,000

4,745,721

Hong Kong Land Holdings Ltd.

2,146,000

8,412,320

Hutchison Whampoa Ltd.

769,000

7,547,870

MTR Corp. Ltd.

2,200,000

5,859,441

New World Development Co. Ltd.

4,680,000

8,390,234

NWS Holdings Ltd.

873,000

1,593,251

PYI Corp. Ltd.

10,040,314

4,143,914

Shui On Construction & Materials Ltd.

456,000

1,114,519

Sun Hung Kai Properties Ltd.

1,640,000

18,740,923

Swire Pacific Ltd. (A Shares)

1,140,000

11,659,809

Television Broadcasts Ltd.

263,000

1,643,474

Wharf Holdings Ltd.

1,880,000

7,541,047

YGM Trading Ltd.

130,000

148,388

TOTAL HONG KONG

186,184,284

Indonesia - 8.9%

Bakrie Telecom PT

80,000,000

1,639,152

PT Astra International Tbk

1,600,000

2,176,430

PT Bakrie & Brothers Tbk (a)

347,576,000

6,725,978

PT Bank Danamon Indonesia Tbk Series A

8,000,000

4,689,796

PT Bank Rakyat Indonesia Tbk

15,600,000

8,212,835

PT Berlian Laju Tanker Tbk

9,922,000

1,852,251

PT Bumi Resources Tbk

32,000,000

3,314,730

PT Ciputra Development Tbk (a)

18,000,000

932,268

PT Citra Marga Nusaphala Persada Tbk

8,000,000

792,257

PT Energi Mega Persada Tbk (a)

84,480,000

8,558,559

PT Gadjah Tunggal Tbk (a)

22,000,000

1,752,982

PT Hexindo Adiperkasa Tbk

22,500,000

2,868,516

PT Indosat Tbk

8,900,000

5,470,670

PT Jakarta International Hotel & Development Tbk (a)

52,000,000

4,025,029

PT Medco Energi International Tbk

16,900,000

9,233,890

PT Pabrik Kertas Tjiwi Kimia Tbk (a)

8,000,000

2,709,154

PT Perusahaan Gas Negara Tbk Series B

35,400,000

49,966,817

Common Stocks - continued

Shares

Value (Note 1)

Indonesia - continued

PT Telkomunikasi Indonesia Tbk Series B

10,400,000

$8,937,932

PT United Tractors Tbk

12,400,000

7,692,631

TOTAL INDONESIA

131,551,877

Korea (South) - 28.5%

Amotech Co. Ltd.

150,000

1,908,499

Celrun Co. Ltd. (a)

320,000

2,951,811

Cheil Industries, Inc.

315,000

11,439,063

Chong Kun Dang Pharmaceutical Corp.

95,000

3,948,472

Daewoo Engineering & Construction Co. Ltd.

375,000

6,480,943

Daewoo Securities Co. Ltd. (a)

305,000

5,529,875

Daishin Securities Co. Ltd.

181,720

4,248,451

Dongkuk Steel Mill Co. Ltd.

305,000

6,548,536

Ecoplastic Corp.

142,749

714,388

Forhuman Co. Ltd. (a)

186,620

2,127,091

Hanbit Soft, Inc. (a)

100,521

1,220,342

Handsome Co. Ltd.

305,000

5,562,213

Hanmi Pharm Co. Ltd.

35,000

4,545,938

Hite Brewery Co. Ltd.

65,007

8,546,753

Hynix Semiconductor, Inc. (a)

324,000

11,319,305

Hyundai Department Store Co. Ltd.

126,310

12,120,085

Hyundai Mipo Dockyard Co. Ltd.

72,000

6,748,451

Hyundai Motor Co.

88,948

7,818,259

Industrial Bank of Korea

180,000

3,626,147

INI Steel Co.

165,000

6,376,771

Kookmin Bank

471,000

42,198,495

Korea Circuit Co. Ltd.

340,000

2,177,385

Korea Electric Power Corp.

110,000

4,886,817

Korea Investment Holdings Co. Ltd.

295,590

12,661,654

Korean Reinsurance Co.

139,087

1,666,419

Kyeryong Construction Industrial Co. Ltd.

20,180

950,000

LG Investment & Securities Co. Ltd.

340,000

8,327,416

Macquarie Korea Infrastructure Fund GDR (e)

1,302,400

9,481,472

Meritz Fire & Marine Insurance Co. Ltd.

780,000

4,796,693

NHN Corp. (a)

22,166

7,873,203

POSCO

67,000

18,683,141

Samsung Electronics Co. Ltd.

119,372

81,509,395

Samsung Electronics Co. Ltd. GDR

8,200

2,796,200

Samsung Engineering Co. Ltd.

330,000

14,118,118

Samsung Fire & Marine Insurance Co. Ltd.

62,000

8,907,387

Samsung Securities Co. Ltd.

52,000

3,263,957

Shinhan Financial Group Co. Ltd.

709,670

35,364,999

Shinsegae Co. Ltd.

26,200

12,806,238

SK Corp.

130,000

9,565,819

SKC Co. Ltd.

120,000

2,799,131

STX Pan Ocean Co. Ltd.

617,000

298,577

The Basic House Co. Ltd.

140,000

2,619,944

Tong Yang Investment Bank (a)

665,000

9,800,670

Tong Yang Major Corp. (a)

380,420

3,101,766

Shares

Value (Note 1)

Woori Finance Holdings Co. Ltd.

183,000

$4,132,854

Yujin Co. Ltd.

82,170

1,019,339

TOTAL KOREA (SOUTH)

419,588,482

Malaysia - 3.7%

Bintulu Port Holdings BHD

700,000

942,345

Bumiputra-Commerce Holdings BHD

3,150,000

5,474,483

Bursa Malaysia BHD

2,500,000

4,517,241

DiGi.com BHD (a)

780,000

2,409,931

IJM Corp. BHD

1,000,000

1,613,793

Lafarge Malayan Cement BHD

12,000,000

2,731,034

Malayan Banking BHD

800,000

2,449,655

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

1,420,000

3,447,172

Pantai Holdings BHD

364,900

250,649

PhileoAllied BHD

4,824,900

5,989,531

Public Bank BHD (For. Reg.)

2,770,625

5,044,448

Telekom Malaysia BHD

4,280,000

11,511,724

Tenaga Nasional BHD

3,200,000

7,547,586

TOTAL MALAYSIA

53,929,592

Philippines - 0.5%

Philippine Long Distance Telephone Co.

190,000

7,513,294

Singapore - 8.1%

Advanced Holdings Ltd.

2,410,000

1,097,637

Ascendas Real Estate Investment Trust (A-REIT)

1,800,000

2,596,072

Cosco Investment (Singapore) Ltd.

18,200,000

16,463,295

DBS Group Holdings Ltd.

270,000

3,040,137

GigaMedia Ltd. (a)

300,000

2,481,000

Global Voice Group Ltd. (a)

28,500,000

2,974,666

Hotel Properties Ltd.

1,840,000

2,188,190

Inter-Roller Engineering Ltd.

2,300,000

3,026,220

Keppel Corp. Ltd.

1,450,000

14,033,590

Labroy Marine Ltd.

3,000,000

2,846,570

Metro Holdings Ltd.

3,038,000

1,768,011

Overseas Union Enterprises Ltd.

190,000

1,111,744

Sembcorp Marine Ltd.

4,580,000

8,865,357

Singapore Airlines Ltd.

960,000

8,623,209

Singapore Airport Terminal Service Ltd.

2,000,000

3,238,764

Singapore Exchange Ltd.

4,450,000

12,104,248

Singapore Land Ltd.

1,000,000

4,364,740

Singapore Post Ltd.

9,600,000

6,862,131

Sinomem Technology Ltd.

5,000,000

3,147,041

The Ascott Group Ltd.

16,300,000

11,341,999

United Overseas Land Ltd.

3,300,000

6,387,703

TOTAL SINGAPORE

118,562,324

Taiwan - 12.6%

Acer, Inc.

3,779,600

7,320,857

Alpha Networks, Inc.

3,900,000

5,048,267

AV Tech Corp.

445,000

2,552,341

Behavior Techno Computer Corp. (a)

1,630,139

1,116,359

China Steel Corp.

10,100,000

9,860,684

Common Stocks - continued

Shares

Value (Note 1)

Taiwan - continued

Chong Hong Construction Co. Ltd.

476,000

$825,011

Chung Hsin Electric & Machinery Manufacturing Corp.

1,005,000

762,270

Coretronic Corp.

2,700,000

5,246,662

EVA Airways Corp.

1,471,937

602,043

Far East Department Stores Co. Ltd.

9,600,000

5,536,263

Far EasTone Telecommunications Co. Ltd.

8,600,000

10,700,808

Foxconn Technology Co. Ltd.

752,300

5,647,084

Hon Hai Precision Industry Co. Ltd. (Foxconn)

5,034,188

34,159,772

Inventec Co. Ltd.

1,409,000

1,017,910

MediaTek, Inc.

680,000

7,938,946

Nan Ya Plastics Corp.

1,500,000

2,190,810

Nan Ya Printed Circuit Board Corp.

218,000

2,343,572

Novatek Microelectronics Corp.

980,000

5,835,893

Phison Electronics Corp.

688,000

3,547,170

Phoenix Precision Technology Corp.

7,200,000

16,405,692

Powerchip Semiconductor Corp.

6,900,000

4,757,726

Powertech Technology, Inc.

2,630,000

9,026,045

Shin Kong Financial Holding Co. Ltd.

2,200,000

2,344,387

Silitech Technology Corp.

1,003,000

6,224,346

Taiwan Cellular Co. Ltd.

3,500,000

3,521,281

Taiwan Semiconductor Manufacturing Co. Ltd.

3,182,637

6,793,004

Tripod Technology Corp.

760,000

2,858,397

U-Ming Marine Transport Corp.

3,400,000

3,873,566

Wistron Corp. (a)

7,100,000

9,257,193

Wistron Corp. GDR (a)

162,000

2,106,000

Wistron NeWeb Corp.

1,560,000

6,722,873

TOTAL TAIWAN

186,143,232

Thailand - 1.3%

Advanced Info Service PCL (For. Reg.)

1,680,000

3,961,631

Airports of Thailand PCL (For. Reg.)

1,400,000

2,182,254

Bangkok Bank Ltd. PCL:

NVDR

194,800

586,528

(For. Reg.)

225,600

715,332

Bangkok Dusit Medical Service PCL Class F (For. Reg.)

3,400,000

2,627,232

Banpu PCL (For. Reg.)

800,000

3,282,707

Central Pattana PCL (For. Reg.)

5,216,600

2,752,163

Glow Energy PCL (For. Reg.)

1,383,400

1,197,988

Kasikornbank PCL (For. Reg.)

717,300

1,299,664

Thai Airways International PCL (For. Reg.)

356,800

451,585

True Corp. PCL (a)

100

26

TOTAL THAILAND

19,057,110

Shares

Value (Note 1)

United Kingdom - 0.5%

HSBC Holdings PLC (Hong Kong) (Reg.)

388,855

$6,741,190

TOTAL COMMON STOCKS

(Cost $1,003,136,478)

1,373,995,138

Nonconvertible Preferred Stocks - 3.1%

Korea (South) - 3.1%

Hyundai Motor Co.

105,000

6,045,169

Hyundai Motor Co. Series 2

406,000

24,020,363

Samsung Electronics Co. Ltd.

28,900

15,658,065

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $23,603,713)

45,723,597

Money Market Funds - 5.2%

Fidelity Cash Central Fund, 4.8% (b)

68,292,897

68,292,897

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

8,625,000

8,625,000

TOTAL MONEY MARKET FUNDS

(Cost $76,917,897)

76,917,897

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $1,103,658,088)

1,496,636,632

NET OTHER ASSETS - (1.6)%

(22,979,961)

NET ASSETS - 100%

$1,473,656,671

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $9,481,472 or 0.6% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$777,197

Fidelity Securities Lending Cash Central Fund

61,630

Total

$838,827

Semiannual Report

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

Southeast Asia

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $8,594,018) - See accompanying schedule:

Unaffiliated issuers (cost $1,026,740,191)

$1,419,718,735

Affiliated Central Funds (cost $76,917,897)

76,917,897

Total Investments (cost $1,103,658,088)

$1,496,636,632

Foreign currency held at value (cost $709,178)

709,544

Receivable for investments sold

10,443,757

Receivable for fund shares sold

5,252,360

Dividends receivable

2,656,064

Interest receivable

181,024

Prepaid expenses

2,067

Other affiliated receivables

727

Other receivables

717,558

Total assets

1,516,599,733

Liabilities

Payable for investments purchased

$31,831,727

Payable for fund shares redeemed

981,061

Accrued management fee

936,096

Other affiliated payables

285,710

Other payables and accrued expenses

283,468

Collateral on securities loaned, at value

8,625,000

Total liabilities

42,943,062

Net Assets

$1,473,656,671

Net Assets consist of:

Paid in capital

$1,004,228,750

Undistributed net investment income

988,295

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

75,454,488

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

392,985,138

Net Assets, for 58,489,736 shares outstanding

$1,473,656,671

Net Asset Value, offering price and redemption price per share ($1,473,656,671 ÷ 58,489,736 shares)

$25.20

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$9,413,257

Special dividends

1,245,154

Interest

67,640

Income from affiliated Central Funds (including $61,630 from security lending)

838,827

11,564,878

Less foreign taxes withheld

(926,486)

Total income

10,638,392

Expenses

Management fee
Basic fee

$3,976,746

Performance adjustment

530,803

Transfer agent fees

1,242,646

Accounting and security lending fees

247,475

Independent trustees' compensation

2,195

Custodian fees and expenses

606,815

Registration fees

73,011

Audit

45,812

Legal

3,663

Miscellaneous

3,167

Total expenses before reductions

6,732,333

Expense reductions

(1,111,924)

5,620,409

Net investment income (loss)

5,017,983

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

76,941,342

Foreign currency transactions

(772,546)

Total net realized gain (loss)

76,168,796

Change in net unrealized appreciation (depreciation) on:

Investment securities

266,168,648

Assets and liabilities in foreign currencies

(560)

Total change in net unrealized appreciation (depreciation)

266,168,088

Net gain (loss)

342,336,884

Net increase (decrease) in net assets resulting from operations

$347,354,867

Semiannual Report

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

Southeast Asia
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$5,017,983

$10,708,090

Net realized gain (loss)

76,168,796

63,732,767

Change in net unrealized appreciation (depreciation)

266,168,088

54,484,965

Net increase (decrease) in net assets resulting from operations

347,354,867

128,925,822

Distributions to shareholders from net investment income

(11,222,518)

(4,393,636)

Distributions to shareholders from net realized gain

(18,514,528)

-

Total distributions

(29,737,046)

(4,393,636)

Share transactions
Proceeds from sales of shares

451,080,225

334,452,814

Reinvestment of distributions

28,757,047

4,237,758

Cost of shares redeemed

(107,788,982)

(144,703,410)

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

372,048,290

193,987,162

Redemption fees

225,731

371,624

Total increase (decrease) in net assets

689,891,842

318,890,972

Net Assets

Beginning of period

783,764,829

464,873,857

End of period (including undistributed net investment income of $988,295 and undistributed net investment income of $8,443,957, respectively)

$1,473,656,671

$783,764,829

Other Information

Shares

Sold

20,045,648

18,599,917

Issued in reinvestment of distributions

1,416,327

261,752

Redeemed

(4,873,991)

(8,212,035)

Net increase (decrease)

16,587,984

10,649,634

Financial Highlights

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$18.70

$14.87

$13.72

$9.96

$9.10

$11.74

Income from Investment Operations

Net investment income (loss) E

.10 F

.30

.16

.15

.06

.03

Net realized and unrealized gain (loss)

7.09

3.66

1.10

3.68

.81

(2.68)

Total from investment operations

7.19

3.96

1.26

3.83

.87

(2.65)

Distributions from net investment income

(.26)

(.14)

(.13)

(.08)

(.03)

-

Distributions from net realized gain

(.43)

-

-

-

-

-

Total distributions

(.69)

(.14)

(.13)

(.08)

(.03)

-

Redemption fees added to paid in capital E

- H

.01

.02

.01

.02

.01

Net asset value, end of period

$25.20

$18.70

$14.87

$13.72

$9.96

$9.10

Total Return B, C, D

39.34%

26.84%

9.39%

38.81%

9.75%

(22.49)%

Ratios to Average Net Assets G

Expenses before reductions

1.22% A

1.20%

1.21%

1.32%

1.54%

1.55%

Expenses net of fee waivers, if any

1.22% A

1.20%

1.21%

1.32%

1.54%

1.55%

Expenses net of all reductions

1.02% A

1.09%

1.20%

1.32%

1.50%

1.52%

Net investment income (loss)

.91% A, F

1.71%

1.11%

1.35%

.54%

.24%

Supplemental Data

Net assets, end of period (000 omitted)

$1,473,657

$783,765

$464,874

$395,554

$245,651

$206,012

Portfolio turnover rate

99% A

109%

131%

115%

131%

91%

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 Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. 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 fee 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. H Amount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited, except as indicated)

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. The funds are diversified with the exception of Fidelity China Region Fund and Fidelity Latin America Fund. Each fund is authorized to issue an unlimited number of shares. Effective the close of business on February 28, 2006, Fidelity Japan Smaller Companies Fund was closed to most new accounts. The financial statements and notes to financial statements, as they relate to Fidelity Emerging Markets Fund, have been audited by PricewaterhouseCoopers LLP. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. Certain funds may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by affiliates of Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, each fund uses independent pricing services approved by the Board of Trustees to value their investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because each fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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 and may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the funds are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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 each fund in the trust.

Semiannual Report

Notes to Financial Statements (Unaudited except as indicated) - continued

1. Significant Accounting Policies - continued

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. In addition, certain funds claimed a portion of the payment made to redeeming shareholders as a distribution 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 short-term capital gains, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

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

Cost for Federal
Income Tax
Purposes

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)

Canada

$2,507,946,706

$705,532,594

$(24,146,373)

$681,386,221

China Region

441,841,994

152,951,025

(1,849,109)

151,101,916

Emerging Markets

2,590,610,071

1,066,046,956

(24,163,045)

1,041,883,911

Europe

3,193,339,688

625,364,731

(16,184,997)

609,179,734

Europe Capital Appreciation

765,646,882

147,732,725

(6,913,680)

140,819,045

Japan

1,770,323,182

428,032,829

(29,279,066)

398,753,763

Japan Smaller Companies

1,674,722,847

570,491,434

(49,559,794)

520,931,640

Latin America

2,491,074,330

1,061,353,601

(14,289,461)

1,047,064,140

Nordic

267,914,388

75,803,621

(1,742,888)

74,060,733

Pacific Basin

1,005,855,198

310,135,142

(23,485,799)

286,649,343

Southeast Asia

1,103,818,905

401,554,716

(8,736,989)

392,817,727

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 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 certain funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Futures Contracts. Certain funds may use futures contracts to manage their exposure to the stock market. 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. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in each applicable fund's Schedule of Investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Semiannual Report

2. Operating Policies - continued

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.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

Purchases ($)

Sales ($)

Canada

1,322,231,505

394,154,618

China Region

131,817,300

92,935,967

Emerging Markets

1,736,374,898

417,758,061

Europe

2,152,813,114

1,972,227,334

Europe Capital Appreciation

418,417,138

356,947,034

Japan

1,137,496,158

554,921,923

Japan Smaller Companies

1,206,351,038

856,191,253

Latin America

1,569,946,994

294,699,937

Nordic

124,671,738

69,563,412

Pacific Basin

621,819,641

253,174,617

Southeast Asia

832,951,926

531,489,577

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%

.27%

.70%

China Region

.45%

.27%

.72%

Emerging Markets

.45%

.27%

.72%

Europe

.45%

.27%

.84%

Europe Capital Appreciation

.45%

.27%

.80%

Japan

.45%

.27%

.78%

Japan Smaller Companies

.45%

.27%

.72%

Latin America

.45%

.27%

.72%

Nordic

.45%

.27%

.72%

Pacific Basin

.45%

.27%

.78%

Southeast Asia

.45%

.27%

.82%

Semiannual Report

Notes to Financial Statements (Unaudited except as indicated) - continued

4. Fees and Other Transactions with Affiliates - continued

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

.23%

China Region

.26%

Emerging Markets

.21%

Europe

.23%

Europe Capital Appreciation

.21%

Japan

.22%

Japan Smaller Companies

.19%

Latin America

.21%

Nordic

.26%

Pacific Basin

.23%

Southeast Asia

.22%

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.

Affiliated Central Funds. Certain funds may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM) an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were as follows:

Amount

Canada

$395

Emerging Markets

306

Europe Capital Appreciation

73

Pacific Basin

19

Southeast Asia

130

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 affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Daily Loan Balance

Weighted
Average
Interest Rate

Interest
Expense

Europe

Borrower

$10,759,143

4.13%

$8,644

Japan

Borrower

6,416,000

4.39%

782

Semiannual Report

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 participating funds have agreed to pay commitment fees on their pro rata portion of the line of credit, which is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:

Canada

$3,248

China Region

680

Emerging Markets

2,114

Europe

4,210

Europe Capital Appreciation

787

Japan

2,310

Japan Smaller Companies

2,718

Latin America

2,029

Nordic

294

Pacific Basin

851

Southeast Asia

990

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. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented on each applicable fund's Statement of Operations as a component of income from affiliated central funds.

7. Bank Borrowings.

Each fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

Average Daily
Loan Balance

Weighted Average
Interest Rate

Canada

$9,500,000

5.06%

Europe

61,478,000

4.44%

Semiannual Report

Notes to Financial Statements (Unaudited except as indicated) - continued

8. 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

$428,460

$16,124

$21,475

China Region

160,584

1,124

3,032

Emerging Markets

1,391,322

4,893

22,209

Europe

2,144,135

2,539

73,508

Europe Capital Appreciation

304,467

14

3,407

Japan

149,922

12

23,275

Japan Smaller Companies

175,151

1

6,466

Latin America

431,416

4,662

15,412

Nordic

51,942

-

1,665

Pacific Basin

336,551

-

11,382

Southeast Asia

1,097,463

-

14,461

9. Other.

The funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the funds. In the normal course of business, the funds may also enter into contracts that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the funds. The risk of material loss from such claims is considered remote.

At the end of the period, Fidelity Freedom 2020 Fund was the owner of record of approximately 18% of the total outstanding shares of Europe. Fidelity Freedom 2030 Fund 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 55% and 27% of the total outstanding shares of Europe and Japan, respectively.

Semiannual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Emerging Markets Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Emerging Markets Fund (a fund of Fidelity Investment Trust) at April 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Investment Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which includes confirmation of securities at April 30, 2006, by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 20, 2006

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Targeted International Equity Funds

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for each fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for each fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to each fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for each fund to access the research and investment advisory support services supplied by FRAC at no additional expense to each fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under each fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of each fund's assets; (iii) the nature or level of services provided under each fund's management contract or sub-advisory agreements; (iv) the day-to-day management of each fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of each Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of each fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which each fund will not bear any additional management fees or expenses and under which each fund's portfolio manager would not change, it did not consider each fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of each fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to each fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of each fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that each fund's Agreement is fair and reasonable, and that each fund's Agreement should be approved.

Semiannual Report

Managing Your 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.

(phone_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

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Semiannual Report

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TIF-USAN-0606
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Fidelity®

International Discovery

Fund

Semiannual Report

April 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view each fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on redemptions of shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period *
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,248.70

$7.53

HypotheticalA

$1,000.00

$1,018.10

$6.76

Class T

Actual

$1,000.00

$1,246.70

$9.75

HypotheticalA

$1,000.00

$1,016.12

$8.75

Class B

Actual

$1,000.00

$1,243.90

$12.52

HypotheticalA

$1,000.00

$1,013.64

$11.23

Class C

Actual

$1,000.00

$1,244.10

$12.02

HypotheticalA

$1,000.00

$1,014.08

$10.79

International Discovery Fund

Actual

$1,000.00

$1,251.00

$6.25

HypotheticalA

$1,000.00

$1,019.24

$5.61

Institutional Class

Actual

$1,000.00

$1,251.80

$5.86

HypotheticalA

$1,000.00

$1,019.59

$5.26

A5% return per year before expenses

*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.35%

Class T

1.75%

Class B

2.25%

Class C

2.16%

International Discovery Fund

1.12%

Institutional Class

1.05%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan21.7%

United Kingdom13.7%

France11.1%

Germany10.0%

Switzerland8.5%

Australia3.8%

United States of America3.5%

Italy3.2%

Korea (South)2.6%

Other21.9%



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

As of October 31, 2005

Japan23.0%

United Kingdom17.8%

Germany9.1%

Switzerland8.8%

France7.5%

Australia4.3%

Netherlands3.0%

Italy2.8%

Spain2.5%

Other21.2%



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 Equity Futures

97.3

99.4

Short-Term Investments and Net Other Assets

2.7

0.6

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.4

2.1

Total SA Series B (France, Oil, Gas & Consumable Fuels)

1.4

1.7

GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)

1.4

1.5

Toyota Motor Corp. (Japan, Automobiles)

1.3

1.4

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

1.3

1.8

Novartis AG (Reg.) (Switzerland, Pharmaceuticals)

1.2

1.8

UBS AG (NY Shares) (Switzerland, Capital Markets)

1.1

0.5

E.ON AG (Germany, Electric Utilities)

1.1

0.9

Allianz AG (Reg.) (Germany, Insurance)

1.0

1.2

Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)

1.0

1.5

12.2

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

25.7

24.5

Consumer Discretionary

15.5

15.6

Industrials

11.3

11.0

Information Technology

9.3

7.6

Energy

8.7

8.4

Health Care

7.5

10.0

Materials

5.9

5.7

Consumer Staples

5.7

8.9

Utilities

4.2

2.0

Telecommunication Services

2.1

4.4

Semiannual Report

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%

Shares

Value (Note 1)
(000s)

Australia - 3.8%

ABC Learning Centres Ltd.

17,451

$104

AMP Ltd.

699,000

4,784

Aristocrat Leisure Ltd.

484,123

5,417

Babcock & Brown Japan Property Trust

8,156,000

11,090

BHP Billiton Ltd.

2,560,200

58,321

Billabong International Ltd.

1,664,428

19,497

Commonwealth Bank of Australia

296,000

10,568

Computershare Ltd.

2,543,600

15,226

CSL Ltd.

345,050

15,124

Downer EDI Ltd.

3,129,097

20,633

Dyno Nobel Ltd.

1,156,300

2,301

Macquarie Airports unit

2,050,236

5,108

Macquarie Bank Ltd.

404,800

21,956

Macquarie Communications Infrastructure Group unit

1,632,940

6,823

Macquarie Infrastructure Group unit

1,680,541

4,558

Mortgage Choice Ltd.

1,123,400

2,219

National Australia Bank Ltd.

582,700

16,642

QBE Insurance Group Ltd.

1,186,267

20,168

Seek Ltd.

2,000,000

6,032

Transurban Group unit

952,767

4,777

Zinifex Ltd.

2,388,800

18,782

TOTAL AUSTRALIA

270,130

Austria - 1.1%

Austriamicrosystems AG (a)

111,000

7,155

Erste Bank der Oesterreichischen Sparkassen AG

208,400

12,647

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

39,800

18,919

OMV AG

365,800

25,434

Telekom Austria AG

472,700

11,600

TOTAL AUSTRIA

75,755

Bermuda - 0.1%

Catlin Group Ltd.

486,300

4,297

Ports Design Ltd.

2,005,000

3,168

TOTAL BERMUDA

7,465

Brazil - 0.5%

Banco Bradesco SA (PN) sponsored ADR (non-vtg.)

234,400

8,924

Banco Itau Holding Financeira SA (PN) (non-vtg.)

108,170

3,470

Banco Nossa Caixa SA

256,500

5,789

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Brazil - continued

CSU Cardsystem SA sponsored ADR (a)(e)

158,000

$4,037

Uniao de Bancos Brasileiros SA (Unibanco) GDR

171,900

13,640

TOTAL BRAZIL

35,860

Cayman Islands - 0.6%

Foxconn International Holdings Ltd. (a)

5,711,000

12,301

GlobalSantaFe Corp.

283,300

17,341

Himax Technologies, Inc. sponsored ADR

158,800

1,413

Suntech Power Holdings Co. Ltd. sponsored ADR

187,900

6,443

Xinao Gas Holdings Ltd.

5,392,000

4,972

TOTAL CAYMAN ISLANDS

42,470

China - 0.5%

China Shenhua Energy Co. Ltd. (H Shares)

5,943,500

10,770

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

238,791

3,250

Dalian Port (PDA) Co. Ltd. (H Shares)

692,000

386

Focus Media Holding Ltd. ADR

162,000

9,783

Li Ning Co. Ltd.

7,030,000

7,888

Shanghai Prime Machinery Co. Ltd. (H Shares)

1,552,000

581

TOTAL CHINA

32,658

Denmark - 0.3%

Vestas Wind Systems AS (a)

670,200

18,192

Finland - 2.0%

Citycon Oyj

576,935

2,700

Citycon Oyj New

115,387

540

Fortum Oyj

929,700

23,483

Metso Corp.

481,500

19,136

Neste Oil Oyj

640,550

22,353

Nokia Corp. sponsored ADR

2,586,400

58,608

Sampo Oyj (A Shares)

695,900

14,364

TOTAL FINLAND

141,184

France - 11.1%

Accor SA

314,900

19,821

Alcatel SA (RFD) (a)

1,089,900

15,716

Alstom SA (a)

211,000

19,114

April Group (d)

286,900

15,257

AXA SA

1,049,400

38,419

BNP Paribas SA

381,127

36,016

BNP Paribas SA New

38,112

3,479

Common Stocks - continued

Shares

Value (Note 1)
(000s)

France - continued

Carrefour SA (d)

578,000

$33,530

Compagnie Generale de Geophysique SA (a)

205,999

33,293

Financiere Marc de Lacharriere SA (Fimalac)

105,900

10,054

Groupe Danone

88,500

11,043

L'Oreal SA

296,700

27,513

Legrand SA

35,600

1,042

Louis Vuitton Moet Hennessy (LVMH)

325,800

34,302

Neopost SA

280,900

31,772

Nexity

467,000

32,641

Orpea (a)

269,064

19,961

Pernod Ricard SA

171,500

33,257

Renault SA

383,100

44,467

Sanofi-Aventis sponsored ADR

976,500

45,935

Schneider Electric SA

190,000

21,514

Silicon On Insulator Technologies SA (SOITEC) (a)

283,425

9,251

Societe Generale Series A

291,500

44,537

Suez SA (France) (d)

1,105,800

43,514

Total SA Series B

363,844

100,435

Veolia Environnement

159,700

9,542

Vinci SA

263,500

26,180

Vivendi Universal SA sponsored ADR (d)

816,500

29,827

TOTAL FRANCE

791,432

Germany - 9.2%

ADVA AG Optical Networking (a)

279,500

3,315

Allianz AG (Reg.) (d)

425,830

71,241

Bayer AG sponsored ADR (d)

470,300

21,234

Bilfinger Berger AG

148,500

9,460

Continental AG

93,400

11,120

Deutsche Boerse AG

234,900

33,972

Deutsche Postbank AG (d)

267,100

20,421

E.ON AG (d)

613,300

74,682

GFK AG

288,897

13,238

Heidelberger Druckmaschinen AG

707,500

35,705

Hugo Boss AG

43,200

2,041

Hypo Real Estate Holding AG

179,368

12,542

Infineon Technologies AG sponsored ADR (a)

2,040,100

24,930

KarstadtQuelle AG (a)(d)

775,000

23,300

Linde AG (d)

177,200

15,864

Merck KGaA

118,800

12,590

MPC Muenchmeyer Petersen Capital AG (d)

50,500

4,243

MTU Aero Engines Holding AG

337,500

12,246

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Germany - continued

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

178,400

$25,281

Pfleiderer AG

1,058,096

31,919

Premiere AG (a)(d)

907,900

14,891

Q-Cells AG

149,200

13,770

RWE AG

398,119

34,517

SAP AG

99,900

21,830

SGL Carbon AG (a)

632,300

13,282

Siemens AG sponsored ADR

359,600

34,033

SolarWorld AG

59,700

18,604

United Internet AG

368,778

24,194

Wacker Chemie AG

22,300

2,926

Wincor Nixdorf AG

117,800

16,943

TOTAL GERMANY

654,334

Greece - 0.4%

EFG Eurobank Ergasias SA

311,750

12,421

Greek Organization of Football Prognostics SA

359,130

13,276

TOTAL GREECE

25,697

Hong Kong - 1.0%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

8,776

CNOOC Ltd.

21,546,300

17,369

Esprit Holdings Ltd.

3,610,500

28,825

Li & Fung Ltd.

4,172,000

9,901

Wharf Holdings Ltd.

1,509,000

6,053

TOTAL HONG KONG

70,924

India - 1.0%

Cipla Ltd.

1,277,912

7,246

Infosys Technologies Ltd.

342,896

23,977

Pfizer Ltd.

218,539

5,004

Punj Lloyd Ltd.

13,941

317

State Bank of India

721,022

16,256

Sun TV Ltd.

10,986

312

Suzlon Energy Ltd.

714,804

20,054

TOTAL INDIA

73,166

Indonesia - 0.3%

PT Bank Rakyat Indonesia Tbk

14,168,800

7,459

PT Perusahaan Gas Negara Tbk Series B

9,993,500

14,106

TOTAL INDONESIA

21,565

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Ireland - 0.9%

AgCert International

1,462,000

$6,706

Allied Irish Banks PLC

880,600

21,099

C&C Group PLC

2,070,005

16,061

Paddy Power PLC (Ireland)

623,197

11,086

Ryanair Holdings PLC sponsored ADR (a)

128,600

6,054

TOTAL IRELAND

61,006

Israel - 0.7%

Bank Hapoalim BM (Reg.)

2,497,200

12,584

Ormat Industries Ltd.

1,771,900

16,849

Teva Pharmaceutical Industries Ltd. sponsored ADR

459,700

18,618

TOTAL ISRAEL

48,051

Italy - 2.8%

Azimut Holdings Spa

864,500

10,634

Banca Credit Firenze

2,248,700

7,964

Banca Monte dei Paschi di Siena Spa (d)

2,684,000

15,922

ENI Spa

288,800

8,839

ENI Spa sponsored ADR

387,450

23,716

FASTWEB Spa

262,300

13,178

Fiat Spa (a)

1,623,400

22,874

Geox Spa

802,030

11,442

Lottomatica Spa (d)

227,400

10,495

Mediobanca Spa

391,500

8,486

Pirelli & C. Real Estate Spa

235,100

17,254

Unicredito Italiano Spa

6,648,800

50,104

TOTAL ITALY

200,908

Japan - 20.3%

Aeon Co. Ltd.

1,445,200

35,979

Aeon Fantasy Co. Ltd.

19,400

814

Asics Corp.

1,396,000

17,028

Canon, Inc.

603,100

45,715

Credit Saison Co. Ltd.

188,700

9,893

Daikin Industries Ltd.

350,000

12,202

Daiwa House Industry Co. Ltd.

939,000

16,005

Daiwa Securities Group, Inc.

944,000

13,090

East Japan Railway Co.

2,017

15,746

FamilyMart Co. Ltd.

42,100

1,220

Fanuc Ltd.

278,500

26,340

Fast Retailing Co. Ltd.

149,500

14,205

Fujitsu Ltd.

1,724,000

14,367

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Japan - continued

Fullcast Co. Ltd.

1,334

$5,400

Hokuhoku Financial Group, Inc.

1,567,000

6,385

Hoya Corp.

771,100

31,216

Ibiden Co. Ltd.

413,300

19,635

JAFCO Co. Ltd.

116,400

7,748

Japan Tobacco, Inc.

4,245

17,073

JGC Corp.

1,030,400

18,052

JSR Corp.

784,100

24,169

JTEKT Corp.

659,000

14,207

Kahma Co. Ltd. (d)

215,800

5,875

Kansai Urban Banking Corp.

1,288,000

6,074

Keyence Corp.

79,600

20,886

Kose Corp.

181,700

6,622

Kurita Water Industries Ltd.

150,900

3,074

Matsushita Electric Industrial Co. Ltd.

2,105,000

50,962

Mitsubishi Estate Co. Ltd.

826,000

18,061

Mitsubishi UFJ Financial Group, Inc.

3,272

51,240

Mitsui & Co. Ltd.

2,077,000

31,390

Mitsui Fudosan Co. Ltd.

1,335,000

29,895

Mizuho Financial Group, Inc.

6,623

56,474

Nidec Corp.

131,900

10,170

Nikko Cordial Corp.

2,117,500

34,270

Nintendo Co. Ltd.

202,100

30,171

Nippon Electric Glass Co. Ltd.

956,000

21,576

Nippon Oil Corp.

1,544,000

12,216

Nishimatsuya Chain Co. Ltd.

141,800

3,182

Nissan Motor Co. Ltd.

1,373,400

18,081

Nitto Denko Corp.

341,900

28,673

Nomura Holdings, Inc.

433,500

9,832

NSK Ltd.

1,893,000

17,122

Omron Corp.

555,800

15,521

ORIX Corp.

173,920

52,233

SHIMIZU Corp.

2,444,000

16,912

Shin-Etsu Chemical Co. Ltd.

190,300

10,996

Sompo Japan Insurance, Inc.

1,930,000

27,965

Sony Corp. sponsored ADR

711,800

34,835

St. Marc Holdings Co. Ltd.

83,900

5,784

Sugi Pharmacy Co. Ltd.

546,800

12,821

Sumco Corp.

479,700

28,687

Sumitomo Electric Industries Ltd.

1,721,600

27,334

Sumitomo Metal Industries Ltd.

4,099,000

17,278

Sumitomo Mitsui Financial Group, Inc.

5,327

58,474

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Japan - continued

Sumitomo Titanium Corp.

74,900

$14,747

Sumitomo Trust & Banking Co. Ltd.

1,452,000

15,454

T&D Holdings, Inc.

364,400

27,936

Takeda Pharamaceutical Co. Ltd.

457,000

27,932

Teijin Ltd.

3,129,200

21,461

The Daimaru, Inc.

1,171,000

17,050

The Sumitomo Warehouse Co. Ltd.

338,000

2,627

Toho Titanium Co. Ltd.

194,000

14,464

Token Corp.

78,400

5,115

Tokuyama Corp.

1,177,000

19,421

Tokyo Tomin Bank Ltd.

40,700

2,034

Toyota Motor Corp.

1,616,400

94,664

Valor Co. Ltd.

147,400

3,003

Yahoo! Japan Corp.

15,360

8,956

Yamada Denki Co. Ltd.

246,200

26,831

TOTAL JAPAN

1,442,870

Korea (South) - 2.6%

Daegu Bank Co. Ltd.

766,440

14,384

Hyundai Department Store Co. Ltd.

120,820

11,593

Hyundai Engineering & Construction Co. Ltd. (a)

102,900

6,404

Hyundai Motor Co.

79,150

6,957

Kookmin Bank

287,570

25,764

Korean Reinsurance Co.

1,154,385

13,831

LG Household & Health Care Ltd.

177,780

14,194

Macquarie Korea Infrastructure Fund GDR (e)

1,163,300

8,469

NHN Corp. (a)

79,108

28,099

Samsung Electronics Co. Ltd.

23,165

15,817

Shinhan Financial Group Co. Ltd.

456,710

22,759

Shinsegae Co. Ltd.

15,900

7,772

Woongjin Coway Co. Ltd. unit (a)(e)

483,500

7,177

TOTAL KOREA (SOUTH)

183,220

Luxembourg - 0.2%

SES Global unit

1,085,903

17,742

Mexico - 0.4%

America Movil SA de CV Series L sponsored ADR

423,900

15,646

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

36,100

1,201

Urbi, Desarrollos Urbanos, SA de CV (a)

1,373,800

11,238

TOTAL MEXICO

28,085

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Netherlands - 2.6%

ABN-AMRO Holding NV (d)

1,200,100

$35,869

ASML Holding NV (NY Shares) (a)

372,500

7,878

EADS NV (d)

505,400

19,945

Fugro NV (Certificaten Van Aandelen) unit

418,300

17,563

ING Groep NV (Certificaten Van Aandelen)

1,285,844

52,180

Koninklijke Numico NV

229,000

10,378

Koninklijke Wessanen NV

571,800

9,248

Randstad Holdings NV

198,700

13,211

Tele Atlas NV (Netherlands) (a)

132,400

3,358

VNU NV

388,575

13,340

TOTAL NETHERLANDS

182,970

Norway - 1.9%

DnB NOR ASA (d)

928,300

12,881

Norsk Hydro ASA

264,200

40,423

ProSafe ASA

329,200

19,554

Statoil ASA (d)

511,800

16,861

TANDBERG ASA (d)

1,789,900

18,228

TANDBERG Television ASA (a)

636,000

12,799

Telenor ASA

1,338,200

15,528

TOTAL NORWAY

136,274

Portugal - 0.2%

Energias de Portugal SA

4,219,400

16,609

Russia - 0.3%

Novatek JSC GDR (e)

66,900

2,843

OAO Gazprom sponsored ADR

411,600

18,934

TOTAL RUSSIA

21,777

Singapore - 0.4%

Ascendas Real Estate Investment Trust (A-REIT)

4,630,000

6,678

HTL International Holdings Ltd.

7,187,500

5,956

Keppel Corp. Ltd.

1,166,000

11,285

STATS ChipPAC Ltd. (a)

4,624,000

3,949

TOTAL SINGAPORE

27,868

South Africa - 1.8%

African Bank Investments Ltd.

1,707,000

9,539

FirstRand Ltd.

7,320,900

24,109

Foschini Ltd.

1,374,300

13,920

Gold Fields Ltd.

405,500

10,304

MTN Group Ltd.

2,089,100

20,848

Common Stocks - continued

Shares

Value (Note 1)
(000s)

South Africa - continued

Naspers Ltd. Class N

399,800

$8,777

Nedbank Group Ltd.

410,444

8,571

Standard Bank Group Ltd.

522,700

7,459

Steinhoff International Holdings Ltd.

6,519,266

25,839

TOTAL SOUTH AFRICA

129,366

Spain - 1.9%

Antena 3 Television SA (d)

554,756

14,614

Banco Bilbao Vizcaya Argentaria SA

3,093,800

68,249

Banco Santander Central Hispano SA

1,902,500

29,500

Gestevision Telecinco SA

256,800

6,561

Inditex SA

337,900

13,749

TOTAL SPAIN

132,673

Sweden - 1.1%

Atlas Copco AB (B Shares) (d)

1,378,700

37,660

Eniro AB

1,035,700

11,365

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

194,400

7,384

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

160,900

8,834

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

366,300

12,993

TOTAL SWEDEN

78,236

Switzerland - 8.5%

ABB Ltd. sponsored ADR

1,647,100

23,422

Actelion Ltd. (Reg.) (a)

123,336

13,942

Compagnie Financiere Richemont unit

783,838

40,604

Credit Suisse Group sponsored ADR

220,100

13,380

Credit Suisse Group (Reg.) (d)

704,294

44,235

Lindt & Spruengli AG (participation certificate)

10,132

20,668

Nestle SA (Reg.)

199,565

60,861

Nobel Biocare Holding AG (Switzerland) (d)

68,513

16,931

Novartis AG (Reg.)

1,440,008

82,815

Pargesa Holding SA

141,700

14,395

Roche Holding AG (participation certificate)

592,565

91,109

Societe Generale de Surveillance Holding SA (SGS) (Reg.)

12,915

12,777

Swiss Life Holding

95,400

21,979

Syngenta AG:

warrants 5/22/06 (a)

177,108

284

(Switzerland)

194,108

26,962

The Swatch Group AG (Reg.)

389,573

14,291

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Switzerland - continued

UBS AG (NY Shares)

681,550

$79,639

Zurich Financial Services AG

105,040

25,555

TOTAL SWITZERLAND

603,849

Taiwan - 0.7%

Holtek Semiconductor, Inc.

2,780,371

5,568

Hon Hai Precision Industry Co. Ltd. (Foxconn)

2,625,742

17,817

Merry Electronics Co. Ltd.

3,021,000

10,652

Phoenix Precision Technology Corp.

4,827,400

11,000

Powertech Technology, Inc.

2,086,000

7,159

TOTAL TAIWAN

52,196

Thailand - 0.2%

Kasikornbank PCL (For. Reg.)

6,171,500

11,182

Turkey - 0.6%

Finansbank AS

4,168,014

21,746

Tupras-Turkiye Petrol Rafinerileri AS

844,000

17,869

TOTAL TURKEY

39,615

United Arab Emirates - 0.2%

Investcom LLC GDR

1,055,300

15,988

United Kingdom - 13.7%

Anglo American PLC (United Kingdom)

880,600

37,500

AstraZeneca PLC sponsored ADR

266,300

14,681

BAE Systems PLC

4,917,309

37,441

Benfield Group PLC

2,792,700

19,787

BG Group PLC

1,368,000

18,387

BG Group PLC sponsored ADR

200,000

13,432

BHP Billiton PLC

1,346,800

27,731

BP PLC sponsored ADR

1,377,900

101,572

British American Tobacco PLC

623,100

15,920

British American Tobacco PLC sponsored ADR

388,200

19,837

British Land Co. PLC

627,900

14,383

Capita Group PLC

1,106,900

9,402

Carnival PLC

212,200

10,500

CLS Holdings PLC (a)

623,893

6,269

CSR PLC (a)

300,100

6,617

EMI Group PLC

1,826,400

9,393

Enterprise Inns PLC

505,225

8,597

GlaxoSmithKline PLC sponsored ADR

1,727,200

98,243

Common Stocks - continued

Shares

Value (Note 1)
(000s)

United Kingdom - continued

HSBC Holdings PLC:

(Hong Kong) (Reg.)

2,694,477

$46,711

(United Kingdom) (Reg.)

700,000

12,135

Imperial Tobacco Group PLC

76,000

2,362

Imperial Tobacco Group PLC sponsored ADR

175,100

10,975

Informa PLC

1,379,400

12,302

International Power PLC

3,077,300

16,710

Ladbrokes PLC

11

0

Man Group PLC

273,700

12,614

Marks & Spencer Group PLC

2,138,400

22,834

NDS Group PLC sponsored ADR (a)

83,800

4,224

Prudential PLC

1,167,482

13,701

Reckitt Benckiser PLC

538,900

19,647

Renovo Group PLC

2,788,400

5,772

Reuters Group PLC sponsored ADR

315,700

13,411

Rio Tinto PLC sponsored ADR

137,100

30,532

Rolls-Royce Group PLC

3,597,561

31,263

Royal Bank of Scotland Group PLC

732,071

23,912

Royal Dutch Shell PLC Class B

1,927,259

68,813

Scottish & Southern Energy PLC

1,021,200

20,952

SIG PLC

536,100

8,848

Smiths Group PLC

913,000

16,976

Tesco PLC

2,092,100

12,190

Vedanta Resources PLC

464,600

13,371

Virgin Mobile Holdings (UK) PLC

1,141,000

7,762

Vodafone Group PLC

22,088,212

52,349

VT Group PLC

1,218,600

10,223

Whatman PLC

735,900

4,211

Yell Group PLC

614,365

5,759

TOTAL UNITED KINGDOM

970,251

United States of America - 0.8%

Macquarie Infrastructure Co. Trust

131,000

3,825

NTL, Inc. (a)

934,000

25,666

Synthes, Inc.

244,488

30,356

TOTAL UNITED STATES OF AMERICA

59,847

TOTAL COMMON STOCKS

(Cost $5,213,229)

6,721,415

Nonconvertible Preferred Stocks - 1.2%

Shares

Value (Note 1)
(000s)

Germany - 0.8%

Fresenius AG (non-vtg.)

94,600

$16,369

Hugo Boss AG (non-vtg.) (d)

332,800

15,745

Porsche AG (non-vtg.)

20,595

20,540

TOTAL GERMANY

52,654

Italy - 0.4%

Banca Intesa Spa (Risp) (d)

5,637,502

31,331

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

193,548,781

376

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $58,570)

84,361

Government Obligations - 0.1%

Principal
Amount (000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 4.44% to 4.72% 5/11/06 to 7/27/06 (f)
(Cost $4,570)

$4,610

4,570

Money Market Funds - 13.6%

Shares

Fidelity Cash Central Fund, 4.8% (b)

371,284,488

371,284

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

595,888,669

595,889

TOTAL MONEY MARKET FUNDS

(Cost $967,173)

967,173

TOTAL INVESTMENT PORTFOLIO - 109.6%

(Cost $6,243,542)

7,777,519

NET OTHER ASSETS - (9.6)%

(681,315)

NET ASSETS - 100%

$7,096,204

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

1,157 Nikkei 225 Index Contracts (Japan)

June 2006

$97,969

$3,906

The face value of futures purchased as a percentage of net assets - 1.4%

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $22,526,000 or 0.3% of net assets.

(f)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 $4,570,000.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$4,313

Fidelity Securities Lending Cash Central Fund

2,139

Total

$6,452

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $568,605) - See accompanying schedule:

Unaffiliated issuers (cost $5,276,369)

$6,810,346

Affiliated Central Funds (cost $967,173)

967,173

Total Investments (cost $6,243,542)

$7,777,519

Receivable for investments sold

65,191

Receivable for fund shares sold

26,813

Dividends receivable

16,631

Interest receivable

1,027

Prepaid expenses

10

Other affiliated receivables

2

Other receivables

2,293

Total assets

7,889,486

Liabilities

Payable to custodian bank

$9,553

Payable for investments purchased

173,462

Payable for fund shares redeemed

5,561

Accrued management fee

4,525

Distribution fees payable

22

Payable for daily variation on futures contracts

636

Other affiliated payables

1,281

Other payables and accrued expenses

2,353

Collateral on securities loaned, at value

595,889

Total liabilities

793,282

Net Assets

$7,096,204

Net Assets consist of:

Paid in capital

$5,350,578

Undistributed net investment income

31,688

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

177,429

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

1,536,509

Net Assets

$7,096,204

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2006 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($83,827 ÷ 2,319.55 shares)

$36.14

Maximum offering price per share (100/94.25 of $36.14)

$38.34

Class T:
Net Asset Value and redemption price per share
($5,499 ÷ 152.48 shares)

$36.06

Maximum offering price per share (100/96.50 of $36.06)

$37.37

Class B:
Net Asset Value and offering price per share
($2,201 ÷ 61.195 shares)A

$35.97

Class C:
Net Asset Value and offering price per share
($3,302 ÷ 91.64 shares)A

$36.03

International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($6,978,595 ÷ 192,214 shares)

$36.31

Institutional Class:
Net Asset Value, offering price and redemption price per share ($22,780 ÷ 626.94 shares)

$36.34

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

Semiannual Report

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

Statement of Operations

Amounts in thousands

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$63,039

Interest

95

Income from affiliated Central Funds

6,452

69,586

Less foreign taxes withheld

(4,653)

Total income

64,933

Expenses

Management fee
Basic fee

$19,251

Performance adjustment

2,616

Transfer agent fees

5,958

Distribution fees

72

Accounting and security lending fees

821

Independent trustees' compensation

10

Custodian fees and expenses

927

Registration fees

470

Audit

60

Legal

17

Interest

2

Miscellaneous

22

Total expenses before reductions

30,226

Expense reductions

(2,053)

28,173

Net investment income (loss)

36,760

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

186,748

Foreign currency transactions

(545)

Futures contracts

9,715

Total net realized gain (loss)

195,918

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $1,490)

940,125

Assets and liabilities in foreign currencies

618

Futures contracts

435

Total change in net unrealized appreciation (depreciation)

941,178

Net gain (loss)

1,137,096

Net increase (decrease) in net assets resulting from operations

$1,173,856

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$36,760

$41,777

Net realized gain (loss)

195,918

194,174

Change in net unrealized appreciation (depreciation)

941,178

324,844

Net increase (decrease) in net assets resulting
from operations

1,173,856

560,795

Distributions to shareholders from net investment income

(41,324)

(12,813)

Distributions to shareholders from net realized gain

(189,744)

(10,250)

Total distributions

(231,068)

(23,063)

Share transactions - net increase (decrease)

2,188,556

1,234,164

Redemption fees

109

193

Total increase (decrease) in net assets

3,131,453

1,772,089

Net Assets

Beginning of period

3,964,751

2,192,662

End of period (including undistributed net investment income of $31,688 and undistributed net investment income of $40,185, respectively)

$7,096,204

$3,964,751

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.57

$27.41

Income from Investment Operations

Net investment income (loss) E

.19

.28

Net realized and unrealized gain (loss)

7.09

2.88

Total from investment operations

7.28

3.16

Distributions from net investment income

(.31)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.71)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.14

$30.57

Total Return B, C, D

24.87%

11.53%

Ratios to Average Net Assets G

Expenses before reductions

1.35% A

1.42% A

Expenses net of fee waivers, if any

1.35% A

1.42% A

Expenses net of all reductions

1.27% A

1.36% A

Net investment income (loss)

1.15% A

1.15% A

Supplemental Data

Net assets, end of period (in millions)

$84

$2

Portfolio turnover rate

57% A

75%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.49

$27.41

Income from Investment Operations

Net investment income (loss) E

.12

.20

Net realized and unrealized gain (loss)

7.09

2.88

Total from investment operations

7.21

3.08

Distributions from net investment income

(.24)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.64)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.06

$30.49

Total Return B, C, D

24.67%

11.24%

Ratios to Average Net Assets G

Expenses before reductions

1.78% A

1.75% A

Expenses net of fee waivers, if any

1.75% A

1.75% A

Expenses net of all reductions

1.67% A

1.69% A

Net investment income (loss)

.75% A

.83% A

Supplemental Data

Net assets, end of period (in millions)

$5

$2

Portfolio turnover rate

57% A

75%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.36

$27.41

Income from Investment Operations

Net investment income (loss) E

.04

.08

Net realized and unrealized gain (loss)

7.08

2.87

Total from investment operations

7.12

2.95

Distributions from net investment income

(.11)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.51)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$35.97

$30.36

Total Return B, C, D

24.39%

10.76%

Ratios to Average Net Assets G

Expenses before reductions

2.33% A

2.24% A

Expenses net of fee waivers, if any

2.25% A

2.24% A

Expenses net of all reductions

2.17% A

2.18% A

Net investment income (loss)

.25% A

.33% A

Supplemental Data

Net assets, end of period (in millions)

$2

$1

Portfolio turnover rate

57% A

75%

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.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.41

$27.41

Income from Investment Operations

Net investment income (loss) E

.06

.13

Net realized and unrealized gain (loss)

7.08

2.87

Total from investment operations

7.14

3.00

Distributions from net investment income

(.12)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.52)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.03

$30.41

Total Return B, C, D

24.41%

10.94%

Ratios to Average Net Assets G

Expenses before reductions

2.16% A

2.04% A

Expenses net of fee waivers, if any

2.16% A

2.04% A

Expenses net of all reductions

2.09% A

1.98% A

Net investment income (loss)

.34% A

.53% A

Supplemental Data

Net assets, end of period (in millions)

$3

$2

Portfolio turnover rate

57% A

75%

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.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Discovery Fund

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$30.65

$25.31

$21.87

$16.66

$17.61

$26.70

Income from Investment Operations

Net investment income (loss) E

.23

.37

.22

.19

.11

.19 F

Net realized and unrealized gain (loss)

7.14

5.24

3.40

5.11

(1.06)

(6.11)

Total from investment operations

7.37

5.61

3.62

5.30

(.95)

(5.92)

Distributions from net investment income

(.31)

(.15)

(.18)

(.09)

-

(.51)

Distributions from net realized gain

(1.40)

(.12)

-

-

-

(2.66)

Total distributions

(1.71)

(.27)

(.18)

(.09)

-

(3.17)

Redemption fees added to paid in capital E

- D

- D

- D

- D

- D

- D

Net asset value, end of period

$36.31

$30.65

$25.31

$21.87

$16.66

$17.61

Total Return B, C

25.10%

22.29%

16.65%

31.97%

(5.39)%

(24.91)%

Ratios to Average Net Assets G

Expenses before reductions

1.13% A

1.08%

1.10%

1.14%

1.14%

1.14%

Expenses net of fee waivers, if any

1.12% A

1.07%

1.10%

1.14%

1.14%

1.14%

Expenses net of all reductions

1.05% A

1.01%

1.06%

1.11%

1.12%

1.09%

Net investment income (loss)

1.37% A

1.35%

.92%

1.08%

.59%

.91%

Supplemental Data

Net assets, end of period (in millions)

$6,979

$3,949

$2,193

$1,243

$890

$882

Portfolio turnover rate

57% A

75%

87%

81%

63%

81%

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.

DAmount represents less than $.01 per share.

ECalculated based on average shares outstanding during the period.

FInvestment income per share reflects a special dividend which amounted to $.04 per share.

GExpense 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. Expenses net of fee 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.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 E

Selected Per-Share Data

Net asset value, beginning of period

$30.68

$27.41

Income from Investment Operations

Net investment income (loss) D

.24

.38

Net realized and unrealized gain (loss)

7.15

2.89

Total from investment operations

7.39

3.27

Distributions from net investment income

(.33)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.73)

-

Redemption fees added to paid in capital D

- G

- G

Net asset value, end of period

$36.34

$30.68

Total Return B, C

25.18%

11.93%

Ratios to Average Net Assets F

Expenses before reductions

1.05% A

.97% A

Expenses net of fee waivers, if any

1.05% A

.97% A

Expenses net of all reductions

.98% A

.90% A

Net investment income (loss)

1.44% A

1.60% A

Supplemental Data

Net assets, end of period (in millions)

$23

$10

Portfolio turnover rate

57% A

75%

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.

EFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

FExpense 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 fee 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.

GAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity International Discovery 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 Discovery Fund 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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 and may include proceeds received from litigation. 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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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 futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

Unrealized appreciation

$1,559,876

Unrealized depreciation

(28,627)

Net unrealized appreciation (depreciation)

$1,531,249

Cost for federal income tax purposes

$6,246,270

Short-Term Trading (Redemption) Fees. Shares held in the fund 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 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 which are then invested in repurchase agreements. The fund may also invest directly with

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

2. Operating Policies - continued

Repurchase Agreements - continued

institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. 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. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the 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 contract's terms. 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. The fund 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 the fund's Schedule of Investments.

Semiannual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,279,645 and $1,491,856, respectively.

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 .45% of the fund's average net assets and a group fee rate that averaged .27% 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 .82% 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%

$44

$-

Class T

.25%

.25%

9

1

Class B

.75%

.25%

7

5

Class C

.75%

.25%

12

9

$72

$15

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 depend on the holding period. The deferred sales charges range from 5% to 1% for

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$14

Class T

3

Class B *

-

Class C *

-

$17

*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 Discovery Fund. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery Fund 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

$30

.17 *

Class T

6

.37 *

Class B

3

.42 *

Class C

3

.26 *

International Discovery Fund

5,904

.22 *

Institutional Class

12

.14 *

$5,958

*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

4. Fees and Other Transactions with Affiliates - continued

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were $1 for the period.

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, which amounts to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Bank Borrowings.

The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,674. The weighted average interest rate was 4.78%. At period end, there were no bank borrowings outstanding.

7. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Security Lending - continued

disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to $2,139.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement reduced the class expenses by $38.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class T

1.75%

1

Class B

2.25%

1

$2

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 $1,935 for the period. In addition, through arrangements with the fund's custodian and ach class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Discovery Fund

$78

Semiannual Report

9. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net investment income

Class A

$38

$-

Class T

18

-

Class B

3

-

Class C

8

-

International Discovery Fund

41,152

12,813

Institutional Class

105

-

Total

$41,324

$12,813

From net realized gain

Class A

$173

$-

Class T

102

-

Class B

40

-

Class C

94

-

International Discovery Fund

188,890

10,250

Institutional Class

445

-

Total

$189,744

$10,250

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

11. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Class A

Shares sold

2,274

62

$75,461

$1,786

Reinvestment of distributions

5

-

160

-

Shares redeemed

(20)

(1)

(687)

(30)

Net increase (decrease)

2,259

61

$74,934

$1,756

Class T

Shares sold

97

63

$3,258

$1,829

Reinvestment of distributions

4

-

112

-

Shares redeemed

(10)

(2)

(354)

(58)

Net increase (decrease)

91

61

$3,016

$1,771

Class B

Shares sold

40

27

$1,324

$759

Reinvestment of distributions

1

-

37

-

Shares redeemed

(5)

(2)

(159)

(53)

Net increase (decrease)

36

25

$1,202

$706

Class C

Shares sold

48

63

$1,559

$1,805

Reinvestment of distributions

1

-

41

-

Shares redeemed

(20)

-

(660)

(1)

Net increase (decrease)

29

63

$940

$1,804

International Discovery Fund

Shares sold

69,363

73,475

$2,314,644

$2,106,762

Reinvestment of distributions

7,089

781

215,944

21,434

Shares redeemed

(13,064)

(32,072)

(432,403)

(909,132)

Net increase (decrease)

63,388

42,184

$2,098,185

$1,219,064

Institutional Class

Shares sold

337

365

$11,189

$10,479

Reinvestment of distributions

4

-

121

-

Shares redeemed

(31)

(48)

(1,031)

(1,416)

Net increase (decrease)

310

317

$10,279

$9,063

AShare transactions for Class A, T, B, C and Institutional Class are for the period January 6, 2005 (commencement of sale of shares) to April 30, 2006.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Discovery Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

Managing Your 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.

(phone_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.

Semiannual Report

To Visit Fidelity

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

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

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, 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

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

3501 PGA Boulevard
West Palm Beach, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1572 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

7315 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

500 E. Eisenhower Pkwy.
Ann Arbor, MI

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

Semiannual Report

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Missouri

8885 Ladue Road
Ladue, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Highway 35
Shrewsbury, NJ

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

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, 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

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, 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

Semiannual Report

To Write Fidelity

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

(letter_graphic)Making Changes
To Your Account

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

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

(letter_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

(letter_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

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 Research & Analysis Company
(formerly 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 Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance1-800-544-6666

Product Information1-800-544-8888

Retirement Accounts1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service1-800-544-0118
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

IGI-USAN-0606
1.807260.101

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Discovery

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

Semiannual Report

April 30, 2006

(2_fidelity_logos) (Registered_Trademark)

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

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on redemptions of shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period *
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,248.70

$7.53

HypotheticalA

$1,000.00

$1,018.10

$6.76

Class T

Actual

$1,000.00

$1,246.70

$9.75

HypotheticalA

$1,000.00

$1,016.12

$8.75

Class B

Actual

$1,000.00

$1,243.90

$12.52

HypotheticalA

$1,000.00

$1,013.64

$11.23

Class C

Actual

$1,000.00

$1,244.10

$12.02

HypotheticalA

$1,000.00

$1,014.08

$10.79

International Discovery Fund

Actual

$1,000.00

$1,251.00

$6.25

HypotheticalA

$1,000.00

$1,019.24

$5.61

Institutional Class

Actual

$1,000.00

$1,251.80

$5.86

HypotheticalA

$1,000.00

$1,019.59

$5.26

A5% return per year before expenses

*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.35%

Class T

1.75%

Class B

2.25%

Class C

2.16%

International Discovery Fund

1.12%

Institutional Class

1.05%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan21.7%

United Kingdom13.7%

France11.1%

Germany10.0%

Switzerland8.5%

Australia3.8%

United States of America3.5%

Italy3.2%

Korea (South)2.6%

Other21.9%



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

As of October 31, 2005

Japan23.0%

United Kingdom17.8%

Germany9.1%

Switzerland8.8%

France7.5%

Australia4.3%

Netherlands3.0%

Italy2.8%

Spain2.5%

Other21.2%



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 Equity Futures

97.3

99.4

Short-Term Investments and Net Other Assets

2.7

0.6

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.4

2.1

Total SA Series B (France, Oil, Gas & Consumable Fuels)

1.4

1.7

GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)

1.4

1.5

Toyota Motor Corp. (Japan, Automobiles)

1.3

1.4

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

1.3

1.8

Novartis AG (Reg.) (Switzerland, Pharmaceuticals)

1.2

1.8

UBS AG (NY Shares) (Switzerland, Capital Markets)

1.1

0.5

E.ON AG (Germany, Electric Utilities)

1.1

0.9

Allianz AG (Reg.) (Germany, Insurance)

1.0

1.2

Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)

1.0

1.5

12.2

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

25.7

24.5

Consumer Discretionary

15.5

15.6

Industrials

11.3

11.0

Information Technology

9.3

7.6

Energy

8.7

8.4

Health Care

7.5

10.0

Materials

5.9

5.7

Consumer Staples

5.7

8.9

Utilities

4.2

2.0

Telecommunication Services

2.1

4.4

Semiannual Report

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%

Shares

Value (Note 1)
(000s)

Australia - 3.8%

ABC Learning Centres Ltd.

17,451

$104

AMP Ltd.

699,000

4,784

Aristocrat Leisure Ltd.

484,123

5,417

Babcock & Brown Japan Property Trust

8,156,000

11,090

BHP Billiton Ltd.

2,560,200

58,321

Billabong International Ltd.

1,664,428

19,497

Commonwealth Bank of Australia

296,000

10,568

Computershare Ltd.

2,543,600

15,226

CSL Ltd.

345,050

15,124

Downer EDI Ltd.

3,129,097

20,633

Dyno Nobel Ltd.

1,156,300

2,301

Macquarie Airports unit

2,050,236

5,108

Macquarie Bank Ltd.

404,800

21,956

Macquarie Communications Infrastructure Group unit

1,632,940

6,823

Macquarie Infrastructure Group unit

1,680,541

4,558

Mortgage Choice Ltd.

1,123,400

2,219

National Australia Bank Ltd.

582,700

16,642

QBE Insurance Group Ltd.

1,186,267

20,168

Seek Ltd.

2,000,000

6,032

Transurban Group unit

952,767

4,777

Zinifex Ltd.

2,388,800

18,782

TOTAL AUSTRALIA

270,130

Austria - 1.1%

Austriamicrosystems AG (a)

111,000

7,155

Erste Bank der Oesterreichischen Sparkassen AG

208,400

12,647

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

39,800

18,919

OMV AG

365,800

25,434

Telekom Austria AG

472,700

11,600

TOTAL AUSTRIA

75,755

Bermuda - 0.1%

Catlin Group Ltd.

486,300

4,297

Ports Design Ltd.

2,005,000

3,168

TOTAL BERMUDA

7,465

Brazil - 0.5%

Banco Bradesco SA (PN) sponsored ADR (non-vtg.)

234,400

8,924

Banco Itau Holding Financeira SA (PN) (non-vtg.)

108,170

3,470

Banco Nossa Caixa SA

256,500

5,789

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Brazil - continued

CSU Cardsystem SA sponsored ADR (a)(e)

158,000

$4,037

Uniao de Bancos Brasileiros SA (Unibanco) GDR

171,900

13,640

TOTAL BRAZIL

35,860

Cayman Islands - 0.6%

Foxconn International Holdings Ltd. (a)

5,711,000

12,301

GlobalSantaFe Corp.

283,300

17,341

Himax Technologies, Inc. sponsored ADR

158,800

1,413

Suntech Power Holdings Co. Ltd. sponsored ADR

187,900

6,443

Xinao Gas Holdings Ltd.

5,392,000

4,972

TOTAL CAYMAN ISLANDS

42,470

China - 0.5%

China Shenhua Energy Co. Ltd. (H Shares)

5,943,500

10,770

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

238,791

3,250

Dalian Port (PDA) Co. Ltd. (H Shares)

692,000

386

Focus Media Holding Ltd. ADR

162,000

9,783

Li Ning Co. Ltd.

7,030,000

7,888

Shanghai Prime Machinery Co. Ltd. (H Shares)

1,552,000

581

TOTAL CHINA

32,658

Denmark - 0.3%

Vestas Wind Systems AS (a)

670,200

18,192

Finland - 2.0%

Citycon Oyj

576,935

2,700

Citycon Oyj New

115,387

540

Fortum Oyj

929,700

23,483

Metso Corp.

481,500

19,136

Neste Oil Oyj

640,550

22,353

Nokia Corp. sponsored ADR

2,586,400

58,608

Sampo Oyj (A Shares)

695,900

14,364

TOTAL FINLAND

141,184

France - 11.1%

Accor SA

314,900

19,821

Alcatel SA (RFD) (a)

1,089,900

15,716

Alstom SA (a)

211,000

19,114

April Group (d)

286,900

15,257

AXA SA

1,049,400

38,419

BNP Paribas SA

381,127

36,016

BNP Paribas SA New

38,112

3,479

Common Stocks - continued

Shares

Value (Note 1)
(000s)

France - continued

Carrefour SA (d)

578,000

$33,530

Compagnie Generale de Geophysique SA (a)

205,999

33,293

Financiere Marc de Lacharriere SA (Fimalac)

105,900

10,054

Groupe Danone

88,500

11,043

L'Oreal SA

296,700

27,513

Legrand SA

35,600

1,042

Louis Vuitton Moet Hennessy (LVMH)

325,800

34,302

Neopost SA

280,900

31,772

Nexity

467,000

32,641

Orpea (a)

269,064

19,961

Pernod Ricard SA

171,500

33,257

Renault SA

383,100

44,467

Sanofi-Aventis sponsored ADR

976,500

45,935

Schneider Electric SA

190,000

21,514

Silicon On Insulator Technologies SA (SOITEC) (a)

283,425

9,251

Societe Generale Series A

291,500

44,537

Suez SA (France) (d)

1,105,800

43,514

Total SA Series B

363,844

100,435

Veolia Environnement

159,700

9,542

Vinci SA

263,500

26,180

Vivendi Universal SA sponsored ADR (d)

816,500

29,827

TOTAL FRANCE

791,432

Germany - 9.2%

ADVA AG Optical Networking (a)

279,500

3,315

Allianz AG (Reg.) (d)

425,830

71,241

Bayer AG sponsored ADR (d)

470,300

21,234

Bilfinger Berger AG

148,500

9,460

Continental AG

93,400

11,120

Deutsche Boerse AG

234,900

33,972

Deutsche Postbank AG (d)

267,100

20,421

E.ON AG (d)

613,300

74,682

GFK AG

288,897

13,238

Heidelberger Druckmaschinen AG

707,500

35,705

Hugo Boss AG

43,200

2,041

Hypo Real Estate Holding AG

179,368

12,542

Infineon Technologies AG sponsored ADR (a)

2,040,100

24,930

KarstadtQuelle AG (a)(d)

775,000

23,300

Linde AG (d)

177,200

15,864

Merck KGaA

118,800

12,590

MPC Muenchmeyer Petersen Capital AG (d)

50,500

4,243

MTU Aero Engines Holding AG

337,500

12,246

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Germany - continued

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

178,400

$25,281

Pfleiderer AG

1,058,096

31,919

Premiere AG (a)(d)

907,900

14,891

Q-Cells AG

149,200

13,770

RWE AG

398,119

34,517

SAP AG

99,900

21,830

SGL Carbon AG (a)

632,300

13,282

Siemens AG sponsored ADR

359,600

34,033

SolarWorld AG

59,700

18,604

United Internet AG

368,778

24,194

Wacker Chemie AG

22,300

2,926

Wincor Nixdorf AG

117,800

16,943

TOTAL GERMANY

654,334

Greece - 0.4%

EFG Eurobank Ergasias SA

311,750

12,421

Greek Organization of Football Prognostics SA

359,130

13,276

TOTAL GREECE

25,697

Hong Kong - 1.0%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

8,776

CNOOC Ltd.

21,546,300

17,369

Esprit Holdings Ltd.

3,610,500

28,825

Li & Fung Ltd.

4,172,000

9,901

Wharf Holdings Ltd.

1,509,000

6,053

TOTAL HONG KONG

70,924

India - 1.0%

Cipla Ltd.

1,277,912

7,246

Infosys Technologies Ltd.

342,896

23,977

Pfizer Ltd.

218,539

5,004

Punj Lloyd Ltd.

13,941

317

State Bank of India

721,022

16,256

Sun TV Ltd.

10,986

312

Suzlon Energy Ltd.

714,804

20,054

TOTAL INDIA

73,166

Indonesia - 0.3%

PT Bank Rakyat Indonesia Tbk

14,168,800

7,459

PT Perusahaan Gas Negara Tbk Series B

9,993,500

14,106

TOTAL INDONESIA

21,565

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Ireland - 0.9%

AgCert International

1,462,000

$6,706

Allied Irish Banks PLC

880,600

21,099

C&C Group PLC

2,070,005

16,061

Paddy Power PLC (Ireland)

623,197

11,086

Ryanair Holdings PLC sponsored ADR (a)

128,600

6,054

TOTAL IRELAND

61,006

Israel - 0.7%

Bank Hapoalim BM (Reg.)

2,497,200

12,584

Ormat Industries Ltd.

1,771,900

16,849

Teva Pharmaceutical Industries Ltd. sponsored ADR

459,700

18,618

TOTAL ISRAEL

48,051

Italy - 2.8%

Azimut Holdings Spa

864,500

10,634

Banca Credit Firenze

2,248,700

7,964

Banca Monte dei Paschi di Siena Spa (d)

2,684,000

15,922

ENI Spa

288,800

8,839

ENI Spa sponsored ADR

387,450

23,716

FASTWEB Spa

262,300

13,178

Fiat Spa (a)

1,623,400

22,874

Geox Spa

802,030

11,442

Lottomatica Spa (d)

227,400

10,495

Mediobanca Spa

391,500

8,486

Pirelli & C. Real Estate Spa

235,100

17,254

Unicredito Italiano Spa

6,648,800

50,104

TOTAL ITALY

200,908

Japan - 20.3%

Aeon Co. Ltd.

1,445,200

35,979

Aeon Fantasy Co. Ltd.

19,400

814

Asics Corp.

1,396,000

17,028

Canon, Inc.

603,100

45,715

Credit Saison Co. Ltd.

188,700

9,893

Daikin Industries Ltd.

350,000

12,202

Daiwa House Industry Co. Ltd.

939,000

16,005

Daiwa Securities Group, Inc.

944,000

13,090

East Japan Railway Co.

2,017

15,746

FamilyMart Co. Ltd.

42,100

1,220

Fanuc Ltd.

278,500

26,340

Fast Retailing Co. Ltd.

149,500

14,205

Fujitsu Ltd.

1,724,000

14,367

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Japan - continued

Fullcast Co. Ltd.

1,334

$5,400

Hokuhoku Financial Group, Inc.

1,567,000

6,385

Hoya Corp.

771,100

31,216

Ibiden Co. Ltd.

413,300

19,635

JAFCO Co. Ltd.

116,400

7,748

Japan Tobacco, Inc.

4,245

17,073

JGC Corp.

1,030,400

18,052

JSR Corp.

784,100

24,169

JTEKT Corp.

659,000

14,207

Kahma Co. Ltd. (d)

215,800

5,875

Kansai Urban Banking Corp.

1,288,000

6,074

Keyence Corp.

79,600

20,886

Kose Corp.

181,700

6,622

Kurita Water Industries Ltd.

150,900

3,074

Matsushita Electric Industrial Co. Ltd.

2,105,000

50,962

Mitsubishi Estate Co. Ltd.

826,000

18,061

Mitsubishi UFJ Financial Group, Inc.

3,272

51,240

Mitsui & Co. Ltd.

2,077,000

31,390

Mitsui Fudosan Co. Ltd.

1,335,000

29,895

Mizuho Financial Group, Inc.

6,623

56,474

Nidec Corp.

131,900

10,170

Nikko Cordial Corp.

2,117,500

34,270

Nintendo Co. Ltd.

202,100

30,171

Nippon Electric Glass Co. Ltd.

956,000

21,576

Nippon Oil Corp.

1,544,000

12,216

Nishimatsuya Chain Co. Ltd.

141,800

3,182

Nissan Motor Co. Ltd.

1,373,400

18,081

Nitto Denko Corp.

341,900

28,673

Nomura Holdings, Inc.

433,500

9,832

NSK Ltd.

1,893,000

17,122

Omron Corp.

555,800

15,521

ORIX Corp.

173,920

52,233

SHIMIZU Corp.

2,444,000

16,912

Shin-Etsu Chemical Co. Ltd.

190,300

10,996

Sompo Japan Insurance, Inc.

1,930,000

27,965

Sony Corp. sponsored ADR

711,800

34,835

St. Marc Holdings Co. Ltd.

83,900

5,784

Sugi Pharmacy Co. Ltd.

546,800

12,821

Sumco Corp.

479,700

28,687

Sumitomo Electric Industries Ltd.

1,721,600

27,334

Sumitomo Metal Industries Ltd.

4,099,000

17,278

Sumitomo Mitsui Financial Group, Inc.

5,327

58,474

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Japan - continued

Sumitomo Titanium Corp.

74,900

$14,747

Sumitomo Trust & Banking Co. Ltd.

1,452,000

15,454

T&D Holdings, Inc.

364,400

27,936

Takeda Pharamaceutical Co. Ltd.

457,000

27,932

Teijin Ltd.

3,129,200

21,461

The Daimaru, Inc.

1,171,000

17,050

The Sumitomo Warehouse Co. Ltd.

338,000

2,627

Toho Titanium Co. Ltd.

194,000

14,464

Token Corp.

78,400

5,115

Tokuyama Corp.

1,177,000

19,421

Tokyo Tomin Bank Ltd.

40,700

2,034

Toyota Motor Corp.

1,616,400

94,664

Valor Co. Ltd.

147,400

3,003

Yahoo! Japan Corp.

15,360

8,956

Yamada Denki Co. Ltd.

246,200

26,831

TOTAL JAPAN

1,442,870

Korea (South) - 2.6%

Daegu Bank Co. Ltd.

766,440

14,384

Hyundai Department Store Co. Ltd.

120,820

11,593

Hyundai Engineering & Construction Co. Ltd. (a)

102,900

6,404

Hyundai Motor Co.

79,150

6,957

Kookmin Bank

287,570

25,764

Korean Reinsurance Co.

1,154,385

13,831

LG Household & Health Care Ltd.

177,780

14,194

Macquarie Korea Infrastructure Fund GDR (e)

1,163,300

8,469

NHN Corp. (a)

79,108

28,099

Samsung Electronics Co. Ltd.

23,165

15,817

Shinhan Financial Group Co. Ltd.

456,710

22,759

Shinsegae Co. Ltd.

15,900

7,772

Woongjin Coway Co. Ltd. unit (a)(e)

483,500

7,177

TOTAL KOREA (SOUTH)

183,220

Luxembourg - 0.2%

SES Global unit

1,085,903

17,742

Mexico - 0.4%

America Movil SA de CV Series L sponsored ADR

423,900

15,646

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

36,100

1,201

Urbi, Desarrollos Urbanos, SA de CV (a)

1,373,800

11,238

TOTAL MEXICO

28,085

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Netherlands - 2.6%

ABN-AMRO Holding NV (d)

1,200,100

$35,869

ASML Holding NV (NY Shares) (a)

372,500

7,878

EADS NV (d)

505,400

19,945

Fugro NV (Certificaten Van Aandelen) unit

418,300

17,563

ING Groep NV (Certificaten Van Aandelen)

1,285,844

52,180

Koninklijke Numico NV

229,000

10,378

Koninklijke Wessanen NV

571,800

9,248

Randstad Holdings NV

198,700

13,211

Tele Atlas NV (Netherlands) (a)

132,400

3,358

VNU NV

388,575

13,340

TOTAL NETHERLANDS

182,970

Norway - 1.9%

DnB NOR ASA (d)

928,300

12,881

Norsk Hydro ASA

264,200

40,423

ProSafe ASA

329,200

19,554

Statoil ASA (d)

511,800

16,861

TANDBERG ASA (d)

1,789,900

18,228

TANDBERG Television ASA (a)

636,000

12,799

Telenor ASA

1,338,200

15,528

TOTAL NORWAY

136,274

Portugal - 0.2%

Energias de Portugal SA

4,219,400

16,609

Russia - 0.3%

Novatek JSC GDR (e)

66,900

2,843

OAO Gazprom sponsored ADR

411,600

18,934

TOTAL RUSSIA

21,777

Singapore - 0.4%

Ascendas Real Estate Investment Trust (A-REIT)

4,630,000

6,678

HTL International Holdings Ltd.

7,187,500

5,956

Keppel Corp. Ltd.

1,166,000

11,285

STATS ChipPAC Ltd. (a)

4,624,000

3,949

TOTAL SINGAPORE

27,868

South Africa - 1.8%

African Bank Investments Ltd.

1,707,000

9,539

FirstRand Ltd.

7,320,900

24,109

Foschini Ltd.

1,374,300

13,920

Gold Fields Ltd.

405,500

10,304

MTN Group Ltd.

2,089,100

20,848

Common Stocks - continued

Shares

Value (Note 1)
(000s)

South Africa - continued

Naspers Ltd. Class N

399,800

$8,777

Nedbank Group Ltd.

410,444

8,571

Standard Bank Group Ltd.

522,700

7,459

Steinhoff International Holdings Ltd.

6,519,266

25,839

TOTAL SOUTH AFRICA

129,366

Spain - 1.9%

Antena 3 Television SA (d)

554,756

14,614

Banco Bilbao Vizcaya Argentaria SA

3,093,800

68,249

Banco Santander Central Hispano SA

1,902,500

29,500

Gestevision Telecinco SA

256,800

6,561

Inditex SA

337,900

13,749

TOTAL SPAIN

132,673

Sweden - 1.1%

Atlas Copco AB (B Shares) (d)

1,378,700

37,660

Eniro AB

1,035,700

11,365

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

194,400

7,384

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

160,900

8,834

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

366,300

12,993

TOTAL SWEDEN

78,236

Switzerland - 8.5%

ABB Ltd. sponsored ADR

1,647,100

23,422

Actelion Ltd. (Reg.) (a)

123,336

13,942

Compagnie Financiere Richemont unit

783,838

40,604

Credit Suisse Group sponsored ADR

220,100

13,380

Credit Suisse Group (Reg.) (d)

704,294

44,235

Lindt & Spruengli AG (participation certificate)

10,132

20,668

Nestle SA (Reg.)

199,565

60,861

Nobel Biocare Holding AG (Switzerland) (d)

68,513

16,931

Novartis AG (Reg.)

1,440,008

82,815

Pargesa Holding SA

141,700

14,395

Roche Holding AG (participation certificate)

592,565

91,109

Societe Generale de Surveillance Holding SA (SGS) (Reg.)

12,915

12,777

Swiss Life Holding

95,400

21,979

Syngenta AG:

warrants 5/22/06 (a)

177,108

284

(Switzerland)

194,108

26,962

The Swatch Group AG (Reg.)

389,573

14,291

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Switzerland - continued

UBS AG (NY Shares)

681,550

$79,639

Zurich Financial Services AG

105,040

25,555

TOTAL SWITZERLAND

603,849

Taiwan - 0.7%

Holtek Semiconductor, Inc.

2,780,371

5,568

Hon Hai Precision Industry Co. Ltd. (Foxconn)

2,625,742

17,817

Merry Electronics Co. Ltd.

3,021,000

10,652

Phoenix Precision Technology Corp.

4,827,400

11,000

Powertech Technology, Inc.

2,086,000

7,159

TOTAL TAIWAN

52,196

Thailand - 0.2%

Kasikornbank PCL (For. Reg.)

6,171,500

11,182

Turkey - 0.6%

Finansbank AS

4,168,014

21,746

Tupras-Turkiye Petrol Rafinerileri AS

844,000

17,869

TOTAL TURKEY

39,615

United Arab Emirates - 0.2%

Investcom LLC GDR

1,055,300

15,988

United Kingdom - 13.7%

Anglo American PLC (United Kingdom)

880,600

37,500

AstraZeneca PLC sponsored ADR

266,300

14,681

BAE Systems PLC

4,917,309

37,441

Benfield Group PLC

2,792,700

19,787

BG Group PLC

1,368,000

18,387

BG Group PLC sponsored ADR

200,000

13,432

BHP Billiton PLC

1,346,800

27,731

BP PLC sponsored ADR

1,377,900

101,572

British American Tobacco PLC

623,100

15,920

British American Tobacco PLC sponsored ADR

388,200

19,837

British Land Co. PLC

627,900

14,383

Capita Group PLC

1,106,900

9,402

Carnival PLC

212,200

10,500

CLS Holdings PLC (a)

623,893

6,269

CSR PLC (a)

300,100

6,617

EMI Group PLC

1,826,400

9,393

Enterprise Inns PLC

505,225

8,597

GlaxoSmithKline PLC sponsored ADR

1,727,200

98,243

Common Stocks - continued

Shares

Value (Note 1)
(000s)

United Kingdom - continued

HSBC Holdings PLC:

(Hong Kong) (Reg.)

2,694,477

$46,711

(United Kingdom) (Reg.)

700,000

12,135

Imperial Tobacco Group PLC

76,000

2,362

Imperial Tobacco Group PLC sponsored ADR

175,100

10,975

Informa PLC

1,379,400

12,302

International Power PLC

3,077,300

16,710

Ladbrokes PLC

11

0

Man Group PLC

273,700

12,614

Marks & Spencer Group PLC

2,138,400

22,834

NDS Group PLC sponsored ADR (a)

83,800

4,224

Prudential PLC

1,167,482

13,701

Reckitt Benckiser PLC

538,900

19,647

Renovo Group PLC

2,788,400

5,772

Reuters Group PLC sponsored ADR

315,700

13,411

Rio Tinto PLC sponsored ADR

137,100

30,532

Rolls-Royce Group PLC

3,597,561

31,263

Royal Bank of Scotland Group PLC

732,071

23,912

Royal Dutch Shell PLC Class B

1,927,259

68,813

Scottish & Southern Energy PLC

1,021,200

20,952

SIG PLC

536,100

8,848

Smiths Group PLC

913,000

16,976

Tesco PLC

2,092,100

12,190

Vedanta Resources PLC

464,600

13,371

Virgin Mobile Holdings (UK) PLC

1,141,000

7,762

Vodafone Group PLC

22,088,212

52,349

VT Group PLC

1,218,600

10,223

Whatman PLC

735,900

4,211

Yell Group PLC

614,365

5,759

TOTAL UNITED KINGDOM

970,251

United States of America - 0.8%

Macquarie Infrastructure Co. Trust

131,000

3,825

NTL, Inc. (a)

934,000

25,666

Synthes, Inc.

244,488

30,356

TOTAL UNITED STATES OF AMERICA

59,847

TOTAL COMMON STOCKS

(Cost $5,213,229)

6,721,415

Nonconvertible Preferred Stocks - 1.2%

Shares

Value (Note 1)
(000s)

Germany - 0.8%

Fresenius AG (non-vtg.)

94,600

$16,369

Hugo Boss AG (non-vtg.) (d)

332,800

15,745

Porsche AG (non-vtg.)

20,595

20,540

TOTAL GERMANY

52,654

Italy - 0.4%

Banca Intesa Spa (Risp) (d)

5,637,502

31,331

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

193,548,781

376

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $58,570)

84,361

Government Obligations - 0.1%

Principal
Amount (000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 4.44% to 4.72% 5/11/06 to 7/27/06 (f)
(Cost $4,570)

$4,610

4,570

Money Market Funds - 13.6%

Shares

Fidelity Cash Central Fund, 4.8% (b)

371,284,488

371,284

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

595,888,669

595,889

TOTAL MONEY MARKET FUNDS

(Cost $967,173)

967,173

TOTAL INVESTMENT PORTFOLIO - 109.6%

(Cost $6,243,542)

7,777,519

NET OTHER ASSETS - (9.6)%

(681,315)

NET ASSETS - 100%

$7,096,204

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

1,157 Nikkei 225 Index Contracts (Japan)

June 2006

$97,969

$3,906

The face value of futures purchased as a percentage of net assets - 1.4%

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $22,526,000 or 0.3% of net assets.

(f)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 $4,570,000.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$4,313

Fidelity Securities Lending Cash Central Fund

2,139

Total

$6,452

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $568,605) - See accompanying schedule:

Unaffiliated issuers (cost $5,276,369)

$6,810,346

Affiliated Central Funds (cost $967,173)

967,173

Total Investments (cost $6,243,542)

$7,777,519

Receivable for investments sold

65,191

Receivable for fund shares sold

26,813

Dividends receivable

16,631

Interest receivable

1,027

Prepaid expenses

10

Other affiliated receivables

2

Other receivables

2,293

Total assets

7,889,486

Liabilities

Payable to custodian bank

$9,553

Payable for investments purchased

173,462

Payable for fund shares redeemed

5,561

Accrued management fee

4,525

Distribution fees payable

22

Payable for daily variation on futures contracts

636

Other affiliated payables

1,281

Other payables and accrued expenses

2,353

Collateral on securities loaned, at value

595,889

Total liabilities

793,282

Net Assets

$7,096,204

Net Assets consist of:

Paid in capital

$5,350,578

Undistributed net investment income

31,688

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

177,429

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

1,536,509

Net Assets

$7,096,204

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2006 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($83,827 ÷ 2,319.55 shares)

$36.14

Maximum offering price per share (100/94.25 of $36.14)

$38.34

Class T:
Net Asset Value and redemption price per share
($5,499 ÷ 152.48 shares)

$36.06

Maximum offering price per share (100/96.50 of $36.06)

$37.37

Class B:
Net Asset Value and offering price per share
($2,201 ÷ 61.195 shares)A

$35.97

Class C:
Net Asset Value and offering price per share
($3,302 ÷ 91.64 shares)A

$36.03

International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($6,978,595 ÷ 192,214 shares)

$36.31

Institutional Class:
Net Asset Value, offering price and redemption price per share ($22,780 ÷ 626.94 shares)

$36.34

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

Semiannual Report

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

Statement of Operations

Amounts in thousands

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$63,039

Interest

95

Income from affiliated Central Funds

6,452

69,586

Less foreign taxes withheld

(4,653)

Total income

64,933

Expenses

Management fee
Basic fee

$19,251

Performance adjustment

2,616

Transfer agent fees

5,958

Distribution fees

72

Accounting and security lending fees

821

Independent trustees' compensation

10

Custodian fees and expenses

927

Registration fees

470

Audit

60

Legal

17

Interest

2

Miscellaneous

22

Total expenses before reductions

30,226

Expense reductions

(2,053)

28,173

Net investment income (loss)

36,760

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

186,748

Foreign currency transactions

(545)

Futures contracts

9,715

Total net realized gain (loss)

195,918

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $1,490)

940,125

Assets and liabilities in foreign currencies

618

Futures contracts

435

Total change in net unrealized appreciation (depreciation)

941,178

Net gain (loss)

1,137,096

Net increase (decrease) in net assets resulting from operations

$1,173,856

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$36,760

$41,777

Net realized gain (loss)

195,918

194,174

Change in net unrealized appreciation (depreciation)

941,178

324,844

Net increase (decrease) in net assets resulting
from operations

1,173,856

560,795

Distributions to shareholders from net investment income

(41,324)

(12,813)

Distributions to shareholders from net realized gain

(189,744)

(10,250)

Total distributions

(231,068)

(23,063)

Share transactions - net increase (decrease)

2,188,556

1,234,164

Redemption fees

109

193

Total increase (decrease) in net assets

3,131,453

1,772,089

Net Assets

Beginning of period

3,964,751

2,192,662

End of period (including undistributed net investment income of $31,688 and undistributed net investment income of $40,185, respectively)

$7,096,204

$3,964,751

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.57

$27.41

Income from Investment Operations

Net investment income (loss) E

.19

.28

Net realized and unrealized gain (loss)

7.09

2.88

Total from investment operations

7.28

3.16

Distributions from net investment income

(.31)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.71)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.14

$30.57

Total Return B, C, D

24.87%

11.53%

Ratios to Average Net Assets G

Expenses before reductions

1.35% A

1.42% A

Expenses net of fee waivers, if any

1.35% A

1.42% A

Expenses net of all reductions

1.27% A

1.36% A

Net investment income (loss)

1.15% A

1.15% A

Supplemental Data

Net assets, end of period (in millions)

$84

$2

Portfolio turnover rate

57% A

75%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.49

$27.41

Income from Investment Operations

Net investment income (loss) E

.12

.20

Net realized and unrealized gain (loss)

7.09

2.88

Total from investment operations

7.21

3.08

Distributions from net investment income

(.24)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.64)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.06

$30.49

Total Return B, C, D

24.67%

11.24%

Ratios to Average Net Assets G

Expenses before reductions

1.78% A

1.75% A

Expenses net of fee waivers, if any

1.75% A

1.75% A

Expenses net of all reductions

1.67% A

1.69% A

Net investment income (loss)

.75% A

.83% A

Supplemental Data

Net assets, end of period (in millions)

$5

$2

Portfolio turnover rate

57% A

75%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.36

$27.41

Income from Investment Operations

Net investment income (loss) E

.04

.08

Net realized and unrealized gain (loss)

7.08

2.87

Total from investment operations

7.12

2.95

Distributions from net investment income

(.11)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.51)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$35.97

$30.36

Total Return B, C, D

24.39%

10.76%

Ratios to Average Net Assets G

Expenses before reductions

2.33% A

2.24% A

Expenses net of fee waivers, if any

2.25% A

2.24% A

Expenses net of all reductions

2.17% A

2.18% A

Net investment income (loss)

.25% A

.33% A

Supplemental Data

Net assets, end of period (in millions)

$2

$1

Portfolio turnover rate

57% A

75%

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.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.41

$27.41

Income from Investment Operations

Net investment income (loss) E

.06

.13

Net realized and unrealized gain (loss)

7.08

2.87

Total from investment operations

7.14

3.00

Distributions from net investment income

(.12)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.52)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.03

$30.41

Total Return B, C, D

24.41%

10.94%

Ratios to Average Net Assets G

Expenses before reductions

2.16% A

2.04% A

Expenses net of fee waivers, if any

2.16% A

2.04% A

Expenses net of all reductions

2.09% A

1.98% A

Net investment income (loss)

.34% A

.53% A

Supplemental Data

Net assets, end of period (in millions)

$3

$2

Portfolio turnover rate

57% A

75%

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.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Discovery Fund

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$30.65

$25.31

$21.87

$16.66

$17.61

$26.70

Income from Investment Operations

Net investment income (loss) E

.23

.37

.22

.19

.11

.19 F

Net realized and unrealized gain (loss)

7.14

5.24

3.40

5.11

(1.06)

(6.11)

Total from investment operations

7.37

5.61

3.62

5.30

(.95)

(5.92)

Distributions from net investment income

(.31)

(.15)

(.18)

(.09)

-

(.51)

Distributions from net realized gain

(1.40)

(.12)

-

-

-

(2.66)

Total distributions

(1.71)

(.27)

(.18)

(.09)

-

(3.17)

Redemption fees added to paid in capital E

- D

- D

- D

- D

- D

- D

Net asset value, end of period

$36.31

$30.65

$25.31

$21.87

$16.66

$17.61

Total Return B, C

25.10%

22.29%

16.65%

31.97%

(5.39)%

(24.91)%

Ratios to Average Net Assets G

Expenses before reductions

1.13% A

1.08%

1.10%

1.14%

1.14%

1.14%

Expenses net of fee waivers, if any

1.12% A

1.07%

1.10%

1.14%

1.14%

1.14%

Expenses net of all reductions

1.05% A

1.01%

1.06%

1.11%

1.12%

1.09%

Net investment income (loss)

1.37% A

1.35%

.92%

1.08%

.59%

.91%

Supplemental Data

Net assets, end of period (in millions)

$6,979

$3,949

$2,193

$1,243

$890

$882

Portfolio turnover rate

57% A

75%

87%

81%

63%

81%

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.

DAmount represents less than $.01 per share.

ECalculated based on average shares outstanding during the period.

FInvestment income per share reflects a special dividend which amounted to $.04 per share.

GExpense 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. Expenses net of fee 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.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 E

Selected Per-Share Data

Net asset value, beginning of period

$30.68

$27.41

Income from Investment Operations

Net investment income (loss) D

.24

.38

Net realized and unrealized gain (loss)

7.15

2.89

Total from investment operations

7.39

3.27

Distributions from net investment income

(.33)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.73)

-

Redemption fees added to paid in capital D

- G

- G

Net asset value, end of period

$36.34

$30.68

Total Return B, C

25.18%

11.93%

Ratios to Average Net Assets F

Expenses before reductions

1.05% A

.97% A

Expenses net of fee waivers, if any

1.05% A

.97% A

Expenses net of all reductions

.98% A

.90% A

Net investment income (loss)

1.44% A

1.60% A

Supplemental Data

Net assets, end of period (in millions)

$23

$10

Portfolio turnover rate

57% A

75%

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.

EFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

FExpense 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 fee 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.

GAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity International Discovery 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 Discovery Fund 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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 and may include proceeds received from litigation. 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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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 futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

Unrealized appreciation

$1,559,876

Unrealized depreciation

(28,627)

Net unrealized appreciation (depreciation)

$1,531,249

Cost for federal income tax purposes

$6,246,270

Short-Term Trading (Redemption) Fees. Shares held in the fund 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 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 which are then invested in repurchase agreements. The fund may also invest directly with

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

2. Operating Policies - continued

Repurchase Agreements - continued

institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. 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. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the 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 contract's terms. 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. The fund 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 the fund's Schedule of Investments.

Semiannual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,279,645 and $1,491,856, respectively.

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 .45% of the fund's average net assets and a group fee rate that averaged .27% 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 .82% 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%

$44

$-

Class T

.25%

.25%

9

1

Class B

.75%

.25%

7

5

Class C

.75%

.25%

12

9

$72

$15

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 depend on the holding period. The deferred sales charges range from 5% to 1% for

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$14

Class T

3

Class B *

-

Class C *

-

$17

*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 Discovery Fund. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery Fund 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

$30

.17 *

Class T

6

.37 *

Class B

3

.42 *

Class C

3

.26 *

International Discovery Fund

5,904

.22 *

Institutional Class

12

.14 *

$5,958

*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

4. Fees and Other Transactions with Affiliates - continued

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were $1 for the period.

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, which amounts to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Bank Borrowings.

The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,674. The weighted average interest rate was 4.78%. At period end, there were no bank borrowings outstanding.

7. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Security Lending - continued

disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to $2,139.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement reduced the class expenses by $38.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class T

1.75%

1

Class B

2.25%

1

$2

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 $1,935 for the period. In addition, through arrangements with the fund's custodian and ach class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Discovery Fund

$78

Semiannual Report

9. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net investment income

Class A

$38

$-

Class T

18

-

Class B

3

-

Class C

8

-

International Discovery Fund

41,152

12,813

Institutional Class

105

-

Total

$41,324

$12,813

From net realized gain

Class A

$173

$-

Class T

102

-

Class B

40

-

Class C

94

-

International Discovery Fund

188,890

10,250

Institutional Class

445

-

Total

$189,744

$10,250

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

11. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Class A

Shares sold

2,274

62

$75,461

$1,786

Reinvestment of distributions

5

-

160

-

Shares redeemed

(20)

(1)

(687)

(30)

Net increase (decrease)

2,259

61

$74,934

$1,756

Class T

Shares sold

97

63

$3,258

$1,829

Reinvestment of distributions

4

-

112

-

Shares redeemed

(10)

(2)

(354)

(58)

Net increase (decrease)

91

61

$3,016

$1,771

Class B

Shares sold

40

27

$1,324

$759

Reinvestment of distributions

1

-

37

-

Shares redeemed

(5)

(2)

(159)

(53)

Net increase (decrease)

36

25

$1,202

$706

Class C

Shares sold

48

63

$1,559

$1,805

Reinvestment of distributions

1

-

41

-

Shares redeemed

(20)

-

(660)

(1)

Net increase (decrease)

29

63

$940

$1,804

International Discovery Fund

Shares sold

69,363

73,475

$2,314,644

$2,106,762

Reinvestment of distributions

7,089

781

215,944

21,434

Shares redeemed

(13,064)

(32,072)

(432,403)

(909,132)

Net increase (decrease)

63,388

42,184

$2,098,185

$1,219,064

Institutional Class

Shares sold

337

365

$11,189

$10,479

Reinvestment of distributions

4

-

121

-

Shares redeemed

(31)

(48)

(1,031)

(1,416)

Net increase (decrease)

310

317

$10,279

$9,063

AShare transactions for Class A, T, B, C and Institutional Class are for the period January 6, 2005 (commencement of sale of shares) to April 30, 2006.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Discovery Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

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 Research & Analysis Company (formerly 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 Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

AID-USAN-0606
1.806663.101

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Discovery

Fund - Institutional Class

Semiannual Report

April 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Institutional Class is
a class of Fidelity®
International Discovery Fund

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on redemptions of shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period *
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,248.70

$7.53

HypotheticalA

$1,000.00

$1,018.10

$6.76

Class T

Actual

$1,000.00

$1,246.70

$9.75

HypotheticalA

$1,000.00

$1,016.12

$8.75

Class B

Actual

$1,000.00

$1,243.90

$12.52

HypotheticalA

$1,000.00

$1,013.64

$11.23

Class C

Actual

$1,000.00

$1,244.10

$12.02

HypotheticalA

$1,000.00

$1,014.08

$10.79

International Discovery Fund

Actual

$1,000.00

$1,251.00

$6.25

HypotheticalA

$1,000.00

$1,019.24

$5.61

Institutional Class

Actual

$1,000.00

$1,251.80

$5.86

HypotheticalA

$1,000.00

$1,019.59

$5.26

A5% return per year before expenses

*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.35%

Class T

1.75%

Class B

2.25%

Class C

2.16%

International Discovery Fund

1.12%

Institutional Class

1.05%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan21.7%

United Kingdom13.7%

France11.1%

Germany10.0%

Switzerland8.5%

Australia3.8%

United States of America3.5%

Italy3.2%

Korea (South)2.6%

Other21.9%



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

As of October 31, 2005

Japan23.0%

United Kingdom17.8%

Germany9.1%

Switzerland8.8%

France7.5%

Australia4.3%

Netherlands3.0%

Italy2.8%

Spain2.5%

Other21.2%



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 Equity Futures

97.3

99.4

Short-Term Investments and Net Other Assets

2.7

0.6

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.4

2.1

Total SA Series B (France, Oil, Gas & Consumable Fuels)

1.4

1.7

GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)

1.4

1.5

Toyota Motor Corp. (Japan, Automobiles)

1.3

1.4

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

1.3

1.8

Novartis AG (Reg.) (Switzerland, Pharmaceuticals)

1.2

1.8

UBS AG (NY Shares) (Switzerland, Capital Markets)

1.1

0.5

E.ON AG (Germany, Electric Utilities)

1.1

0.9

Allianz AG (Reg.) (Germany, Insurance)

1.0

1.2

Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)

1.0

1.5

12.2

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

25.7

24.5

Consumer Discretionary

15.5

15.6

Industrials

11.3

11.0

Information Technology

9.3

7.6

Energy

8.7

8.4

Health Care

7.5

10.0

Materials

5.9

5.7

Consumer Staples

5.7

8.9

Utilities

4.2

2.0

Telecommunication Services

2.1

4.4

Semiannual Report

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%

Shares

Value (Note 1)
(000s)

Australia - 3.8%

ABC Learning Centres Ltd.

17,451

$104

AMP Ltd.

699,000

4,784

Aristocrat Leisure Ltd.

484,123

5,417

Babcock & Brown Japan Property Trust

8,156,000

11,090

BHP Billiton Ltd.

2,560,200

58,321

Billabong International Ltd.

1,664,428

19,497

Commonwealth Bank of Australia

296,000

10,568

Computershare Ltd.

2,543,600

15,226

CSL Ltd.

345,050

15,124

Downer EDI Ltd.

3,129,097

20,633

Dyno Nobel Ltd.

1,156,300

2,301

Macquarie Airports unit

2,050,236

5,108

Macquarie Bank Ltd.

404,800

21,956

Macquarie Communications Infrastructure Group unit

1,632,940

6,823

Macquarie Infrastructure Group unit

1,680,541

4,558

Mortgage Choice Ltd.

1,123,400

2,219

National Australia Bank Ltd.

582,700

16,642

QBE Insurance Group Ltd.

1,186,267

20,168

Seek Ltd.

2,000,000

6,032

Transurban Group unit

952,767

4,777

Zinifex Ltd.

2,388,800

18,782

TOTAL AUSTRALIA

270,130

Austria - 1.1%

Austriamicrosystems AG (a)

111,000

7,155

Erste Bank der Oesterreichischen Sparkassen AG

208,400

12,647

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

39,800

18,919

OMV AG

365,800

25,434

Telekom Austria AG

472,700

11,600

TOTAL AUSTRIA

75,755

Bermuda - 0.1%

Catlin Group Ltd.

486,300

4,297

Ports Design Ltd.

2,005,000

3,168

TOTAL BERMUDA

7,465

Brazil - 0.5%

Banco Bradesco SA (PN) sponsored ADR (non-vtg.)

234,400

8,924

Banco Itau Holding Financeira SA (PN) (non-vtg.)

108,170

3,470

Banco Nossa Caixa SA

256,500

5,789

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Brazil - continued

CSU Cardsystem SA sponsored ADR (a)(e)

158,000

$4,037

Uniao de Bancos Brasileiros SA (Unibanco) GDR

171,900

13,640

TOTAL BRAZIL

35,860

Cayman Islands - 0.6%

Foxconn International Holdings Ltd. (a)

5,711,000

12,301

GlobalSantaFe Corp.

283,300

17,341

Himax Technologies, Inc. sponsored ADR

158,800

1,413

Suntech Power Holdings Co. Ltd. sponsored ADR

187,900

6,443

Xinao Gas Holdings Ltd.

5,392,000

4,972

TOTAL CAYMAN ISLANDS

42,470

China - 0.5%

China Shenhua Energy Co. Ltd. (H Shares)

5,943,500

10,770

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

238,791

3,250

Dalian Port (PDA) Co. Ltd. (H Shares)

692,000

386

Focus Media Holding Ltd. ADR

162,000

9,783

Li Ning Co. Ltd.

7,030,000

7,888

Shanghai Prime Machinery Co. Ltd. (H Shares)

1,552,000

581

TOTAL CHINA

32,658

Denmark - 0.3%

Vestas Wind Systems AS (a)

670,200

18,192

Finland - 2.0%

Citycon Oyj

576,935

2,700

Citycon Oyj New

115,387

540

Fortum Oyj

929,700

23,483

Metso Corp.

481,500

19,136

Neste Oil Oyj

640,550

22,353

Nokia Corp. sponsored ADR

2,586,400

58,608

Sampo Oyj (A Shares)

695,900

14,364

TOTAL FINLAND

141,184

France - 11.1%

Accor SA

314,900

19,821

Alcatel SA (RFD) (a)

1,089,900

15,716

Alstom SA (a)

211,000

19,114

April Group (d)

286,900

15,257

AXA SA

1,049,400

38,419

BNP Paribas SA

381,127

36,016

BNP Paribas SA New

38,112

3,479

Common Stocks - continued

Shares

Value (Note 1)
(000s)

France - continued

Carrefour SA (d)

578,000

$33,530

Compagnie Generale de Geophysique SA (a)

205,999

33,293

Financiere Marc de Lacharriere SA (Fimalac)

105,900

10,054

Groupe Danone

88,500

11,043

L'Oreal SA

296,700

27,513

Legrand SA

35,600

1,042

Louis Vuitton Moet Hennessy (LVMH)

325,800

34,302

Neopost SA

280,900

31,772

Nexity

467,000

32,641

Orpea (a)

269,064

19,961

Pernod Ricard SA

171,500

33,257

Renault SA

383,100

44,467

Sanofi-Aventis sponsored ADR

976,500

45,935

Schneider Electric SA

190,000

21,514

Silicon On Insulator Technologies SA (SOITEC) (a)

283,425

9,251

Societe Generale Series A

291,500

44,537

Suez SA (France) (d)

1,105,800

43,514

Total SA Series B

363,844

100,435

Veolia Environnement

159,700

9,542

Vinci SA

263,500

26,180

Vivendi Universal SA sponsored ADR (d)

816,500

29,827

TOTAL FRANCE

791,432

Germany - 9.2%

ADVA AG Optical Networking (a)

279,500

3,315

Allianz AG (Reg.) (d)

425,830

71,241

Bayer AG sponsored ADR (d)

470,300

21,234

Bilfinger Berger AG

148,500

9,460

Continental AG

93,400

11,120

Deutsche Boerse AG

234,900

33,972

Deutsche Postbank AG (d)

267,100

20,421

E.ON AG (d)

613,300

74,682

GFK AG

288,897

13,238

Heidelberger Druckmaschinen AG

707,500

35,705

Hugo Boss AG

43,200

2,041

Hypo Real Estate Holding AG

179,368

12,542

Infineon Technologies AG sponsored ADR (a)

2,040,100

24,930

KarstadtQuelle AG (a)(d)

775,000

23,300

Linde AG (d)

177,200

15,864

Merck KGaA

118,800

12,590

MPC Muenchmeyer Petersen Capital AG (d)

50,500

4,243

MTU Aero Engines Holding AG

337,500

12,246

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Germany - continued

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

178,400

$25,281

Pfleiderer AG

1,058,096

31,919

Premiere AG (a)(d)

907,900

14,891

Q-Cells AG

149,200

13,770

RWE AG

398,119

34,517

SAP AG

99,900

21,830

SGL Carbon AG (a)

632,300

13,282

Siemens AG sponsored ADR

359,600

34,033

SolarWorld AG

59,700

18,604

United Internet AG

368,778

24,194

Wacker Chemie AG

22,300

2,926

Wincor Nixdorf AG

117,800

16,943

TOTAL GERMANY

654,334

Greece - 0.4%

EFG Eurobank Ergasias SA

311,750

12,421

Greek Organization of Football Prognostics SA

359,130

13,276

TOTAL GREECE

25,697

Hong Kong - 1.0%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

8,776

CNOOC Ltd.

21,546,300

17,369

Esprit Holdings Ltd.

3,610,500

28,825

Li & Fung Ltd.

4,172,000

9,901

Wharf Holdings Ltd.

1,509,000

6,053

TOTAL HONG KONG

70,924

India - 1.0%

Cipla Ltd.

1,277,912

7,246

Infosys Technologies Ltd.

342,896

23,977

Pfizer Ltd.

218,539

5,004

Punj Lloyd Ltd.

13,941

317

State Bank of India

721,022

16,256

Sun TV Ltd.

10,986

312

Suzlon Energy Ltd.

714,804

20,054

TOTAL INDIA

73,166

Indonesia - 0.3%

PT Bank Rakyat Indonesia Tbk

14,168,800

7,459

PT Perusahaan Gas Negara Tbk Series B

9,993,500

14,106

TOTAL INDONESIA

21,565

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Ireland - 0.9%

AgCert International

1,462,000

$6,706

Allied Irish Banks PLC

880,600

21,099

C&C Group PLC

2,070,005

16,061

Paddy Power PLC (Ireland)

623,197

11,086

Ryanair Holdings PLC sponsored ADR (a)

128,600

6,054

TOTAL IRELAND

61,006

Israel - 0.7%

Bank Hapoalim BM (Reg.)

2,497,200

12,584

Ormat Industries Ltd.

1,771,900

16,849

Teva Pharmaceutical Industries Ltd. sponsored ADR

459,700

18,618

TOTAL ISRAEL

48,051

Italy - 2.8%

Azimut Holdings Spa

864,500

10,634

Banca Credit Firenze

2,248,700

7,964

Banca Monte dei Paschi di Siena Spa (d)

2,684,000

15,922

ENI Spa

288,800

8,839

ENI Spa sponsored ADR

387,450

23,716

FASTWEB Spa

262,300

13,178

Fiat Spa (a)

1,623,400

22,874

Geox Spa

802,030

11,442

Lottomatica Spa (d)

227,400

10,495

Mediobanca Spa

391,500

8,486

Pirelli & C. Real Estate Spa

235,100

17,254

Unicredito Italiano Spa

6,648,800

50,104

TOTAL ITALY

200,908

Japan - 20.3%

Aeon Co. Ltd.

1,445,200

35,979

Aeon Fantasy Co. Ltd.

19,400

814

Asics Corp.

1,396,000

17,028

Canon, Inc.

603,100

45,715

Credit Saison Co. Ltd.

188,700

9,893

Daikin Industries Ltd.

350,000

12,202

Daiwa House Industry Co. Ltd.

939,000

16,005

Daiwa Securities Group, Inc.

944,000

13,090

East Japan Railway Co.

2,017

15,746

FamilyMart Co. Ltd.

42,100

1,220

Fanuc Ltd.

278,500

26,340

Fast Retailing Co. Ltd.

149,500

14,205

Fujitsu Ltd.

1,724,000

14,367

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Japan - continued

Fullcast Co. Ltd.

1,334

$5,400

Hokuhoku Financial Group, Inc.

1,567,000

6,385

Hoya Corp.

771,100

31,216

Ibiden Co. Ltd.

413,300

19,635

JAFCO Co. Ltd.

116,400

7,748

Japan Tobacco, Inc.

4,245

17,073

JGC Corp.

1,030,400

18,052

JSR Corp.

784,100

24,169

JTEKT Corp.

659,000

14,207

Kahma Co. Ltd. (d)

215,800

5,875

Kansai Urban Banking Corp.

1,288,000

6,074

Keyence Corp.

79,600

20,886

Kose Corp.

181,700

6,622

Kurita Water Industries Ltd.

150,900

3,074

Matsushita Electric Industrial Co. Ltd.

2,105,000

50,962

Mitsubishi Estate Co. Ltd.

826,000

18,061

Mitsubishi UFJ Financial Group, Inc.

3,272

51,240

Mitsui & Co. Ltd.

2,077,000

31,390

Mitsui Fudosan Co. Ltd.

1,335,000

29,895

Mizuho Financial Group, Inc.

6,623

56,474

Nidec Corp.

131,900

10,170

Nikko Cordial Corp.

2,117,500

34,270

Nintendo Co. Ltd.

202,100

30,171

Nippon Electric Glass Co. Ltd.

956,000

21,576

Nippon Oil Corp.

1,544,000

12,216

Nishimatsuya Chain Co. Ltd.

141,800

3,182

Nissan Motor Co. Ltd.

1,373,400

18,081

Nitto Denko Corp.

341,900

28,673

Nomura Holdings, Inc.

433,500

9,832

NSK Ltd.

1,893,000

17,122

Omron Corp.

555,800

15,521

ORIX Corp.

173,920

52,233

SHIMIZU Corp.

2,444,000

16,912

Shin-Etsu Chemical Co. Ltd.

190,300

10,996

Sompo Japan Insurance, Inc.

1,930,000

27,965

Sony Corp. sponsored ADR

711,800

34,835

St. Marc Holdings Co. Ltd.

83,900

5,784

Sugi Pharmacy Co. Ltd.

546,800

12,821

Sumco Corp.

479,700

28,687

Sumitomo Electric Industries Ltd.

1,721,600

27,334

Sumitomo Metal Industries Ltd.

4,099,000

17,278

Sumitomo Mitsui Financial Group, Inc.

5,327

58,474

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Japan - continued

Sumitomo Titanium Corp.

74,900

$14,747

Sumitomo Trust & Banking Co. Ltd.

1,452,000

15,454

T&D Holdings, Inc.

364,400

27,936

Takeda Pharamaceutical Co. Ltd.

457,000

27,932

Teijin Ltd.

3,129,200

21,461

The Daimaru, Inc.

1,171,000

17,050

The Sumitomo Warehouse Co. Ltd.

338,000

2,627

Toho Titanium Co. Ltd.

194,000

14,464

Token Corp.

78,400

5,115

Tokuyama Corp.

1,177,000

19,421

Tokyo Tomin Bank Ltd.

40,700

2,034

Toyota Motor Corp.

1,616,400

94,664

Valor Co. Ltd.

147,400

3,003

Yahoo! Japan Corp.

15,360

8,956

Yamada Denki Co. Ltd.

246,200

26,831

TOTAL JAPAN

1,442,870

Korea (South) - 2.6%

Daegu Bank Co. Ltd.

766,440

14,384

Hyundai Department Store Co. Ltd.

120,820

11,593

Hyundai Engineering & Construction Co. Ltd. (a)

102,900

6,404

Hyundai Motor Co.

79,150

6,957

Kookmin Bank

287,570

25,764

Korean Reinsurance Co.

1,154,385

13,831

LG Household & Health Care Ltd.

177,780

14,194

Macquarie Korea Infrastructure Fund GDR (e)

1,163,300

8,469

NHN Corp. (a)

79,108

28,099

Samsung Electronics Co. Ltd.

23,165

15,817

Shinhan Financial Group Co. Ltd.

456,710

22,759

Shinsegae Co. Ltd.

15,900

7,772

Woongjin Coway Co. Ltd. unit (a)(e)

483,500

7,177

TOTAL KOREA (SOUTH)

183,220

Luxembourg - 0.2%

SES Global unit

1,085,903

17,742

Mexico - 0.4%

America Movil SA de CV Series L sponsored ADR

423,900

15,646

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

36,100

1,201

Urbi, Desarrollos Urbanos, SA de CV (a)

1,373,800

11,238

TOTAL MEXICO

28,085

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Netherlands - 2.6%

ABN-AMRO Holding NV (d)

1,200,100

$35,869

ASML Holding NV (NY Shares) (a)

372,500

7,878

EADS NV (d)

505,400

19,945

Fugro NV (Certificaten Van Aandelen) unit

418,300

17,563

ING Groep NV (Certificaten Van Aandelen)

1,285,844

52,180

Koninklijke Numico NV

229,000

10,378

Koninklijke Wessanen NV

571,800

9,248

Randstad Holdings NV

198,700

13,211

Tele Atlas NV (Netherlands) (a)

132,400

3,358

VNU NV

388,575

13,340

TOTAL NETHERLANDS

182,970

Norway - 1.9%

DnB NOR ASA (d)

928,300

12,881

Norsk Hydro ASA

264,200

40,423

ProSafe ASA

329,200

19,554

Statoil ASA (d)

511,800

16,861

TANDBERG ASA (d)

1,789,900

18,228

TANDBERG Television ASA (a)

636,000

12,799

Telenor ASA

1,338,200

15,528

TOTAL NORWAY

136,274

Portugal - 0.2%

Energias de Portugal SA

4,219,400

16,609

Russia - 0.3%

Novatek JSC GDR (e)

66,900

2,843

OAO Gazprom sponsored ADR

411,600

18,934

TOTAL RUSSIA

21,777

Singapore - 0.4%

Ascendas Real Estate Investment Trust (A-REIT)

4,630,000

6,678

HTL International Holdings Ltd.

7,187,500

5,956

Keppel Corp. Ltd.

1,166,000

11,285

STATS ChipPAC Ltd. (a)

4,624,000

3,949

TOTAL SINGAPORE

27,868

South Africa - 1.8%

African Bank Investments Ltd.

1,707,000

9,539

FirstRand Ltd.

7,320,900

24,109

Foschini Ltd.

1,374,300

13,920

Gold Fields Ltd.

405,500

10,304

MTN Group Ltd.

2,089,100

20,848

Common Stocks - continued

Shares

Value (Note 1)
(000s)

South Africa - continued

Naspers Ltd. Class N

399,800

$8,777

Nedbank Group Ltd.

410,444

8,571

Standard Bank Group Ltd.

522,700

7,459

Steinhoff International Holdings Ltd.

6,519,266

25,839

TOTAL SOUTH AFRICA

129,366

Spain - 1.9%

Antena 3 Television SA (d)

554,756

14,614

Banco Bilbao Vizcaya Argentaria SA

3,093,800

68,249

Banco Santander Central Hispano SA

1,902,500

29,500

Gestevision Telecinco SA

256,800

6,561

Inditex SA

337,900

13,749

TOTAL SPAIN

132,673

Sweden - 1.1%

Atlas Copco AB (B Shares) (d)

1,378,700

37,660

Eniro AB

1,035,700

11,365

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

194,400

7,384

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

160,900

8,834

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

366,300

12,993

TOTAL SWEDEN

78,236

Switzerland - 8.5%

ABB Ltd. sponsored ADR

1,647,100

23,422

Actelion Ltd. (Reg.) (a)

123,336

13,942

Compagnie Financiere Richemont unit

783,838

40,604

Credit Suisse Group sponsored ADR

220,100

13,380

Credit Suisse Group (Reg.) (d)

704,294

44,235

Lindt & Spruengli AG (participation certificate)

10,132

20,668

Nestle SA (Reg.)

199,565

60,861

Nobel Biocare Holding AG (Switzerland) (d)

68,513

16,931

Novartis AG (Reg.)

1,440,008

82,815

Pargesa Holding SA

141,700

14,395

Roche Holding AG (participation certificate)

592,565

91,109

Societe Generale de Surveillance Holding SA (SGS) (Reg.)

12,915

12,777

Swiss Life Holding

95,400

21,979

Syngenta AG:

warrants 5/22/06 (a)

177,108

284

(Switzerland)

194,108

26,962

The Swatch Group AG (Reg.)

389,573

14,291

Common Stocks - continued

Shares

Value (Note 1)
(000s)

Switzerland - continued

UBS AG (NY Shares)

681,550

$79,639

Zurich Financial Services AG

105,040

25,555

TOTAL SWITZERLAND

603,849

Taiwan - 0.7%

Holtek Semiconductor, Inc.

2,780,371

5,568

Hon Hai Precision Industry Co. Ltd. (Foxconn)

2,625,742

17,817

Merry Electronics Co. Ltd.

3,021,000

10,652

Phoenix Precision Technology Corp.

4,827,400

11,000

Powertech Technology, Inc.

2,086,000

7,159

TOTAL TAIWAN

52,196

Thailand - 0.2%

Kasikornbank PCL (For. Reg.)

6,171,500

11,182

Turkey - 0.6%

Finansbank AS

4,168,014

21,746

Tupras-Turkiye Petrol Rafinerileri AS

844,000

17,869

TOTAL TURKEY

39,615

United Arab Emirates - 0.2%

Investcom LLC GDR

1,055,300

15,988

United Kingdom - 13.7%

Anglo American PLC (United Kingdom)

880,600

37,500

AstraZeneca PLC sponsored ADR

266,300

14,681

BAE Systems PLC

4,917,309

37,441

Benfield Group PLC

2,792,700

19,787

BG Group PLC

1,368,000

18,387

BG Group PLC sponsored ADR

200,000

13,432

BHP Billiton PLC

1,346,800

27,731

BP PLC sponsored ADR

1,377,900

101,572

British American Tobacco PLC

623,100

15,920

British American Tobacco PLC sponsored ADR

388,200

19,837

British Land Co. PLC

627,900

14,383

Capita Group PLC

1,106,900

9,402

Carnival PLC

212,200

10,500

CLS Holdings PLC (a)

623,893

6,269

CSR PLC (a)

300,100

6,617

EMI Group PLC

1,826,400

9,393

Enterprise Inns PLC

505,225

8,597

GlaxoSmithKline PLC sponsored ADR

1,727,200

98,243

Common Stocks - continued

Shares

Value (Note 1)
(000s)

United Kingdom - continued

HSBC Holdings PLC:

(Hong Kong) (Reg.)

2,694,477

$46,711

(United Kingdom) (Reg.)

700,000

12,135

Imperial Tobacco Group PLC

76,000

2,362

Imperial Tobacco Group PLC sponsored ADR

175,100

10,975

Informa PLC

1,379,400

12,302

International Power PLC

3,077,300

16,710

Ladbrokes PLC

11

0

Man Group PLC

273,700

12,614

Marks & Spencer Group PLC

2,138,400

22,834

NDS Group PLC sponsored ADR (a)

83,800

4,224

Prudential PLC

1,167,482

13,701

Reckitt Benckiser PLC

538,900

19,647

Renovo Group PLC

2,788,400

5,772

Reuters Group PLC sponsored ADR

315,700

13,411

Rio Tinto PLC sponsored ADR

137,100

30,532

Rolls-Royce Group PLC

3,597,561

31,263

Royal Bank of Scotland Group PLC

732,071

23,912

Royal Dutch Shell PLC Class B

1,927,259

68,813

Scottish & Southern Energy PLC

1,021,200

20,952

SIG PLC

536,100

8,848

Smiths Group PLC

913,000

16,976

Tesco PLC

2,092,100

12,190

Vedanta Resources PLC

464,600

13,371

Virgin Mobile Holdings (UK) PLC

1,141,000

7,762

Vodafone Group PLC

22,088,212

52,349

VT Group PLC

1,218,600

10,223

Whatman PLC

735,900

4,211

Yell Group PLC

614,365

5,759

TOTAL UNITED KINGDOM

970,251

United States of America - 0.8%

Macquarie Infrastructure Co. Trust

131,000

3,825

NTL, Inc. (a)

934,000

25,666

Synthes, Inc.

244,488

30,356

TOTAL UNITED STATES OF AMERICA

59,847

TOTAL COMMON STOCKS

(Cost $5,213,229)

6,721,415

Nonconvertible Preferred Stocks - 1.2%

Shares

Value (Note 1)
(000s)

Germany - 0.8%

Fresenius AG (non-vtg.)

94,600

$16,369

Hugo Boss AG (non-vtg.) (d)

332,800

15,745

Porsche AG (non-vtg.)

20,595

20,540

TOTAL GERMANY

52,654

Italy - 0.4%

Banca Intesa Spa (Risp) (d)

5,637,502

31,331

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

193,548,781

376

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $58,570)

84,361

Government Obligations - 0.1%

Principal
Amount (000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 4.44% to 4.72% 5/11/06 to 7/27/06 (f)
(Cost $4,570)

$4,610

4,570

Money Market Funds - 13.6%

Shares

Fidelity Cash Central Fund, 4.8% (b)

371,284,488

371,284

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

595,888,669

595,889

TOTAL MONEY MARKET FUNDS

(Cost $967,173)

967,173

TOTAL INVESTMENT PORTFOLIO - 109.6%

(Cost $6,243,542)

7,777,519

NET OTHER ASSETS - (9.6)%

(681,315)

NET ASSETS - 100%

$7,096,204

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

1,157 Nikkei 225 Index Contracts (Japan)

June 2006

$97,969

$3,906

The face value of futures purchased as a percentage of net assets - 1.4%

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan 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 $22,526,000 or 0.3% of net assets.

(f)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 $4,570,000.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$4,313

Fidelity Securities Lending Cash Central Fund

2,139

Total

$6,452

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $568,605) - See accompanying schedule:

Unaffiliated issuers (cost $5,276,369)

$6,810,346

Affiliated Central Funds (cost $967,173)

967,173

Total Investments (cost $6,243,542)

$7,777,519

Receivable for investments sold

65,191

Receivable for fund shares sold

26,813

Dividends receivable

16,631

Interest receivable

1,027

Prepaid expenses

10

Other affiliated receivables

2

Other receivables

2,293

Total assets

7,889,486

Liabilities

Payable to custodian bank

$9,553

Payable for investments purchased

173,462

Payable for fund shares redeemed

5,561

Accrued management fee

4,525

Distribution fees payable

22

Payable for daily variation on futures contracts

636

Other affiliated payables

1,281

Other payables and accrued expenses

2,353

Collateral on securities loaned, at value

595,889

Total liabilities

793,282

Net Assets

$7,096,204

Net Assets consist of:

Paid in capital

$5,350,578

Undistributed net investment income

31,688

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

177,429

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

1,536,509

Net Assets

$7,096,204

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2006 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($83,827 ÷ 2,319.55 shares)

$36.14

Maximum offering price per share (100/94.25 of $36.14)

$38.34

Class T:
Net Asset Value and redemption price per share
($5,499 ÷ 152.48 shares)

$36.06

Maximum offering price per share (100/96.50 of $36.06)

$37.37

Class B:
Net Asset Value and offering price per share
($2,201 ÷ 61.195 shares)A

$35.97

Class C:
Net Asset Value and offering price per share
($3,302 ÷ 91.64 shares)A

$36.03

International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($6,978,595 ÷ 192,214 shares)

$36.31

Institutional Class:
Net Asset Value, offering price and redemption price per share ($22,780 ÷ 626.94 shares)

$36.34

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

Semiannual Report

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

Statement of Operations

Amounts in thousands

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$63,039

Interest

95

Income from affiliated Central Funds

6,452

69,586

Less foreign taxes withheld

(4,653)

Total income

64,933

Expenses

Management fee
Basic fee

$19,251

Performance adjustment

2,616

Transfer agent fees

5,958

Distribution fees

72

Accounting and security lending fees

821

Independent trustees' compensation

10

Custodian fees and expenses

927

Registration fees

470

Audit

60

Legal

17

Interest

2

Miscellaneous

22

Total expenses before reductions

30,226

Expense reductions

(2,053)

28,173

Net investment income (loss)

36,760

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

186,748

Foreign currency transactions

(545)

Futures contracts

9,715

Total net realized gain (loss)

195,918

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $1,490)

940,125

Assets and liabilities in foreign currencies

618

Futures contracts

435

Total change in net unrealized appreciation (depreciation)

941,178

Net gain (loss)

1,137,096

Net increase (decrease) in net assets resulting from operations

$1,173,856

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended April 30, 2006
(Unaudited)

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$36,760

$41,777

Net realized gain (loss)

195,918

194,174

Change in net unrealized appreciation (depreciation)

941,178

324,844

Net increase (decrease) in net assets resulting
from operations

1,173,856

560,795

Distributions to shareholders from net investment income

(41,324)

(12,813)

Distributions to shareholders from net realized gain

(189,744)

(10,250)

Total distributions

(231,068)

(23,063)

Share transactions - net increase (decrease)

2,188,556

1,234,164

Redemption fees

109

193

Total increase (decrease) in net assets

3,131,453

1,772,089

Net Assets

Beginning of period

3,964,751

2,192,662

End of period (including undistributed net investment income of $31,688 and undistributed net investment income of $40,185, respectively)

$7,096,204

$3,964,751

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.57

$27.41

Income from Investment Operations

Net investment income (loss) E

.19

.28

Net realized and unrealized gain (loss)

7.09

2.88

Total from investment operations

7.28

3.16

Distributions from net investment income

(.31)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.71)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.14

$30.57

Total Return B, C, D

24.87%

11.53%

Ratios to Average Net Assets G

Expenses before reductions

1.35% A

1.42% A

Expenses net of fee waivers, if any

1.35% A

1.42% A

Expenses net of all reductions

1.27% A

1.36% A

Net investment income (loss)

1.15% A

1.15% A

Supplemental Data

Net assets, end of period (in millions)

$84

$2

Portfolio turnover rate

57% A

75%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.49

$27.41

Income from Investment Operations

Net investment income (loss) E

.12

.20

Net realized and unrealized gain (loss)

7.09

2.88

Total from investment operations

7.21

3.08

Distributions from net investment income

(.24)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.64)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.06

$30.49

Total Return B, C, D

24.67%

11.24%

Ratios to Average Net Assets G

Expenses before reductions

1.78% A

1.75% A

Expenses net of fee waivers, if any

1.75% A

1.75% A

Expenses net of all reductions

1.67% A

1.69% A

Net investment income (loss)

.75% A

.83% A

Supplemental Data

Net assets, end of period (in millions)

$5

$2

Portfolio turnover rate

57% A

75%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.36

$27.41

Income from Investment Operations

Net investment income (loss) E

.04

.08

Net realized and unrealized gain (loss)

7.08

2.87

Total from investment operations

7.12

2.95

Distributions from net investment income

(.11)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.51)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$35.97

$30.36

Total Return B, C, D

24.39%

10.76%

Ratios to Average Net Assets G

Expenses before reductions

2.33% A

2.24% A

Expenses net of fee waivers, if any

2.25% A

2.24% A

Expenses net of all reductions

2.17% A

2.18% A

Net investment income (loss)

.25% A

.33% A

Supplemental Data

Net assets, end of period (in millions)

$2

$1

Portfolio turnover rate

57% A

75%

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.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$30.41

$27.41

Income from Investment Operations

Net investment income (loss) E

.06

.13

Net realized and unrealized gain (loss)

7.08

2.87

Total from investment operations

7.14

3.00

Distributions from net investment income

(.12)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.52)

-

Redemption fees added to paid in capital E

- H

- H

Net asset value, end of period

$36.03

$30.41

Total Return B, C, D

24.41%

10.94%

Ratios to Average Net Assets G

Expenses before reductions

2.16% A

2.04% A

Expenses net of fee waivers, if any

2.16% A

2.04% A

Expenses net of all reductions

2.09% A

1.98% A

Net investment income (loss)

.34% A

.53% A

Supplemental Data

Net assets, end of period (in millions)

$3

$2

Portfolio turnover rate

57% A

75%

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.

FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Discovery Fund

Six months ended
April 30, 2006

Years ended October 31,

(Unaudited)

2005

2004

2003

2002

2001

Selected Per-Share Data

Net asset value, beginning of period

$30.65

$25.31

$21.87

$16.66

$17.61

$26.70

Income from Investment Operations

Net investment income (loss) E

.23

.37

.22

.19

.11

.19 F

Net realized and unrealized gain (loss)

7.14

5.24

3.40

5.11

(1.06)

(6.11)

Total from investment operations

7.37

5.61

3.62

5.30

(.95)

(5.92)

Distributions from net investment income

(.31)

(.15)

(.18)

(.09)

-

(.51)

Distributions from net realized gain

(1.40)

(.12)

-

-

-

(2.66)

Total distributions

(1.71)

(.27)

(.18)

(.09)

-

(3.17)

Redemption fees added to paid in capital E

- D

- D

- D

- D

- D

- D

Net asset value, end of period

$36.31

$30.65

$25.31

$21.87

$16.66

$17.61

Total Return B, C

25.10%

22.29%

16.65%

31.97%

(5.39)%

(24.91)%

Ratios to Average Net Assets G

Expenses before reductions

1.13% A

1.08%

1.10%

1.14%

1.14%

1.14%

Expenses net of fee waivers, if any

1.12% A

1.07%

1.10%

1.14%

1.14%

1.14%

Expenses net of all reductions

1.05% A

1.01%

1.06%

1.11%

1.12%

1.09%

Net investment income (loss)

1.37% A

1.35%

.92%

1.08%

.59%

.91%

Supplemental Data

Net assets, end of period (in millions)

$6,979

$3,949

$2,193

$1,243

$890

$882

Portfolio turnover rate

57% A

75%

87%

81%

63%

81%

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.

DAmount represents less than $.01 per share.

ECalculated based on average shares outstanding during the period.

FInvestment income per share reflects a special dividend which amounted to $.04 per share.

GExpense 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. Expenses net of fee 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.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 E

Selected Per-Share Data

Net asset value, beginning of period

$30.68

$27.41

Income from Investment Operations

Net investment income (loss) D

.24

.38

Net realized and unrealized gain (loss)

7.15

2.89

Total from investment operations

7.39

3.27

Distributions from net investment income

(.33)

-

Distributions from net realized gain

(1.40)

-

Total distributions

(1.73)

-

Redemption fees added to paid in capital D

- G

- G

Net asset value, end of period

$36.34

$30.68

Total Return B, C

25.18%

11.93%

Ratios to Average Net Assets F

Expenses before reductions

1.05% A

.97% A

Expenses net of fee waivers, if any

1.05% A

.97% A

Expenses net of all reductions

.98% A

.90% A

Net investment income (loss)

1.44% A

1.60% A

Supplemental Data

Net assets, end of period (in millions)

$23

$10

Portfolio turnover rate

57% A

75%

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.

EFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.

FExpense 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 fee 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.

GAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity International Discovery 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 Discovery Fund 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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 and may include proceeds received from litigation. 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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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 futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

Unrealized appreciation

$1,559,876

Unrealized depreciation

(28,627)

Net unrealized appreciation (depreciation)

$1,531,249

Cost for federal income tax purposes

$6,246,270

Short-Term Trading (Redemption) Fees. Shares held in the fund 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 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 which are then invested in repurchase agreements. The fund may also invest directly with

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

2. Operating Policies - continued

Repurchase Agreements - continued

institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. 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. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the 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 contract's terms. 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. The fund 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 the fund's Schedule of Investments.

Semiannual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,279,645 and $1,491,856, respectively.

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 .45% of the fund's average net assets and a group fee rate that averaged .27% 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 .82% 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%

$44

$-

Class T

.25%

.25%

9

1

Class B

.75%

.25%

7

5

Class C

.75%

.25%

12

9

$72

$15

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 depend on the holding period. The deferred sales charges range from 5% to 1% for

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$14

Class T

3

Class B *

-

Class C *

-

$17

*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 Discovery Fund. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery Fund 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

$30

.17 *

Class T

6

.37 *

Class B

3

.42 *

Class C

3

.26 *

International Discovery Fund

5,904

.22 *

Institutional Class

12

.14 *

$5,958

*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

4. Fees and Other Transactions with Affiliates - continued

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were $1 for the period.

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, which amounts to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Bank Borrowings.

The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,674. The weighted average interest rate was 4.78%. At period end, there were no bank borrowings outstanding.

7. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Security Lending - continued

disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to $2,139.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement reduced the class expenses by $38.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class T

1.75%

1

Class B

2.25%

1

$2

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 $1,935 for the period. In addition, through arrangements with the fund's custodian and ach class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Discovery Fund

$78

Semiannual Report

9. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net investment income

Class A

$38

$-

Class T

18

-

Class B

3

-

Class C

8

-

International Discovery Fund

41,152

12,813

Institutional Class

105

-

Total

$41,324

$12,813

From net realized gain

Class A

$173

$-

Class T

102

-

Class B

40

-

Class C

94

-

International Discovery Fund

188,890

10,250

Institutional Class

445

-

Total

$189,744

$10,250

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

11. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Class A

Shares sold

2,274

62

$75,461

$1,786

Reinvestment of distributions

5

-

160

-

Shares redeemed

(20)

(1)

(687)

(30)

Net increase (decrease)

2,259

61

$74,934

$1,756

Class T

Shares sold

97

63

$3,258

$1,829

Reinvestment of distributions

4

-

112

-

Shares redeemed

(10)

(2)

(354)

(58)

Net increase (decrease)

91

61

$3,016

$1,771

Class B

Shares sold

40

27

$1,324

$759

Reinvestment of distributions

1

-

37

-

Shares redeemed

(5)

(2)

(159)

(53)

Net increase (decrease)

36

25

$1,202

$706

Class C

Shares sold

48

63

$1,559

$1,805

Reinvestment of distributions

1

-

41

-

Shares redeemed

(20)

-

(660)

(1)

Net increase (decrease)

29

63

$940

$1,804

International Discovery Fund

Shares sold

69,363

73,475

$2,314,644

$2,106,762

Reinvestment of distributions

7,089

781

215,944

21,434

Shares redeemed

(13,064)

(32,072)

(432,403)

(909,132)

Net increase (decrease)

63,388

42,184

$2,098,185

$1,219,064

Institutional Class

Shares sold

337

365

$11,189

$10,479

Reinvestment of distributions

4

-

121

-

Shares redeemed

(31)

(48)

(1,031)

(1,416)

Net increase (decrease)

310

317

$10,279

$9,063

AShare transactions for Class A, T, B, C and Institutional Class are for the period January 6, 2005 (commencement of sale of shares) to April 30, 2006.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Discovery Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

Semiannual Report

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 Research & Analysis Company (formerly 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 Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

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

AIDI-USAN-0606
1.806664.101

Fidelity®

International Small Cap

Fund

Semiannual Report

April 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Report of Independent Registered Public Accounting Firm

<Click Here>

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,350.10

$9.50

HypotheticalA

$1,000.00

$1,016.71

$8.15

Class T

Actual

$1,000.00

$1,348.30

$10.95

HypotheticalA

$1,000.00

$1,015.47

$9.39

Class B

Actual

$1,000.00

$1,344.30

$13.95

HypotheticalA

$1,000.00

$1,012.89

$11.98

Class C

Actual

$1,000.00

$1,345.00

$13.78

HypotheticalA

$1,000.00

$1,013.04

$11.83

International Small Cap

Actual

$1,000.00

$1,351.90

$7.41

HypotheticalA

$1,000.00

$1,018.50

$6.36

Institutional Class

Actual

$1,000.00

$1,352.10

$7.52

HypotheticalA

$1,000.00

$1,018.40

$6.46

A5% return per year before expenses

*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.63%

Class T

1.88%

Class B

2.40%

Class C

2.37%

International Small Cap

1.27%

Institutional Class

1.29%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan32.2%

United Kingdom18.1%

Australia9.6%

Canada3.9%

South Africa3.8%

United States of America2.8%

Italy2.8%

Bermuda2.4%

Germany2.2%

Other22.2%



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

As of October 31, 2005

Japan32.9%

United Kingdom15.4%

Australia10.4%

United States of America3.8%

South Africa3.7%

Germany3.4%

Singapore2.5%

Canada2.3%

Norway2.1%

Other23.5%



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

98.7

97.8

Bonds

0.3

0.1

Short-Term Investments and Net Other Assets

1.0

2.1

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Banca Italease Spa (Italy, Diversified Financial Services)

1.9

1.0

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

1.5

1.5

Central African Mining & Exploration Co. PLC (United Kingdom, Metals & Mining)

1.2

0.2

Hitachi Construction Machinery Co. Ltd. (Japan, Machinery)

1.1

0.1

Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels)

1.0

0.0

Konica Minolta Holdings, Inc. (Japan, Office Electronics)

0.9

0.0

Nissin Kogyo Co. Ltd. (Japan, Auto Components)

0.9

1.2

Fujikura Ltd. (Japan, Electrical Equipment)

0.8

0.4

Hitachi Chemical Co. Ltd. (Japan, Chemicals)

0.8

0.0

OMV AG (Austria, Oil, Gas & Consumable Fuels)

0.8

0.3

10.9

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Materials

18.7

14.8

Consumer Discretionary

16.5

18.7

Industrials

15.7

15.5

Energy

14.5

13.0

Information Technology

12.8

12.9

Financials

9.8

9.5

Health Care

5.0

5.8

Consumer Staples

3.7

4.3

Utilities

1.2

0.6

Telecommunication Services

1.1

2.8

Semiannual Report

Investments April 30, 2006

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (Note 1) (000s)

Australia - 9.6%

Allied Gold Ltd. (a)

8,145,000

$3,279

Aristocrat Leisure Ltd.

41,200

461

Austbrokers Holdings Ltd.

509,053

1,118

Australian Stock Exchange Ltd.

76,339

1,905

Australian Wealth Management Ltd. (a)

937,387

1,752

Billabong International Ltd.

546,600

6,403

Boom Logistics Ltd.

1,065,600

3,756

Bradken Ltd.

2,677,195

11,409

Capital-XX Ltd.

2,262,572

3,941

Centamin Egypt Ltd. (a)

7,128,303

4,648

Coates Hire Ltd.

768,400

3,596

Cochlear Ltd.

239,200

9,594

Colorado Group Ltd.

436,600

1,254

Computershare Ltd.

968,472

5,797

CSR Ltd.

550,600

1,694

David Jones Ltd. (e)

1,901,800

3,872

Dominos Pizza Australia New Zealand Ltd.

1,993,100

5,799

Downer EDI Ltd.

2,031,557

13,396

Dwyka Diamonds Ltd. (a)

7,549,000

4,715

Dyno Nobel Ltd.

494,900

985

Elixir Petroleum Ltd. (a)

2,227,040

741

Elkedra Diamonds NL (a)

6,153,671

3,002

Energy Developments Ltd.

14,945

49

European Gas Ltd. (a)

3,307,100

1,457

Finders Resources Ltd.

1,281,400

613

Fox Resources Ltd. (a)

4,514,836

2,915

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

52

Hastie Group Ltd.

1,038,000

1,335

International Ferro Metals (f)

27,299,526

18,919

JB Hi-Fi Ltd.

619,200

2,352

Kimberley Diamond Co. NL (a)

871,100

1,141

Metcash Ltd.

3,551,900

12,412

Millers Retail Ltd. (a)

923,300

1,203

Mineral Deposits Ltd. (a)

4,920,000

6,485

Mineral Securities Ltd. (a)

650,000

790

Mintails Ltd. (a)(f)

7,455,000

1,841

Mortgage Choice Ltd.

5,879,638

11,613

National Australia Bank Ltd.

143,900

4,110

Novera Energy Ltd. (a)

856,600

1,062

Origin Energy Ltd.

410,900

2,201

Oxiana Ltd.

5,035,384

13,044

Paladin Resources Ltd. (a)(e)

1,613,900

5,566

Common Stocks - continued

Shares

Value (Note 1) (000s)

Australia - continued

QBE Insurance Group Ltd.

257,323

$4,375

Roc Oil Co. Ltd. (a)

6,408,992

16,247

Seek Ltd.

2,980,839

8,990

Select Managed Funds Ltd.

298,900

1,907

SFE Corp. Ltd.

939,600

11,734

Sims Group Ltd.

169,553

2,454

Sphere Investments Ltd. (a)

4,877,121

4,075

Stockland unit

408

2

Sylvania Resources Ltd. (a)(f)

7,537,250

5,067

Tanami Gold NL (a)

17,920,400

4,220

Tutt Bryant Group Ltd.

149,064

186

United Group Ltd.

1,100,021

11,039

Virotec International Ltd. (United Kingdom) (a)

6,788,332

2,197

Woolworths Ltd.

170,218

2,413

WorleyParsons Ltd. (e)

712,800

10,559

Zinifex Ltd.

2,301,500

18,095

TOTAL AUSTRALIA

285,837

Austria - 0.8%

OMV AG

325,200

22,611

Belgium - 0.3%

Melexis NV

93,199

1,487

Punch International NV (a)

29,700

3,638

Recticel SA (e)

242,344

2,905

TOTAL BELGIUM

8,030

Bermuda - 2.4%

Aquarius Platinum Ltd. (United Kingdom)

498,805

7,341

Asia Aluminum Holdings Ltd. (a)

628,000

114

Pacific Andes (Holdings) Ltd.

1,824,000

946

Peace Mark Holdings Ltd.

7,470,000

3,782

Petra Diamonds Ltd. (a)

3,010,606

5,065

Ports Design Ltd.

2,659,000

4,201

RC Group (Holdings) Ltd.

2,493,279

2,865

REXCAPITAL Financial Holdings Ltd. (a)

5,975,000

316

SeaDrill Ltd. (a)

793,721

13,461

Sinochem Hong Kong Holding Ltd.

9,740,000

4,146

Tanzanite One Ltd. (f)

5,891,201

17,889

Trefoil Ltd. (a)

750,000

6,329

Xceldiam Ltd. (f)

3,318,255

2,965

Common Stocks - continued

Shares

Value (Note 1) (000s)

Bermuda - continued

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

$363

Xiwang Sugar Holdings Co. Ltd.

368,000

254

TOTAL BERMUDA

70,037

British Virgin Islands - 0.3%

Albidon Ltd. unit (a)

1,000,000

711

BDI Mining Corp. (a)(f)

8,728,890

4,298

CIC Energy Corp. (a)

330,000

1,963

Titanium Resources Group Ltd.

1,890,000

2,637

TOTAL BRITISH VIRGIN ISLANDS

9,609

Canada - 3.7%

Adastra Minerals, Inc.:

(Canada) (a)

266,300

846

(United Kingdom) (a)

2,254,100

7,235

Altius Minerals Corp. (a)

757,506

4,133

Artumas Group, Inc.

473,800

2,576

Bankers Petroleum Ltd. (a)

3,767,000

3,639

Banro Corp. (a)

277,700

3,353

Brazilian Diamonds Ltd. (a)

1,300,000

395

Falcon Oil & Gas Ltd. (a)

4,775,500

14,651

First Quantum Minerals Ltd.

55,700

2,692

Grove Energy Ltd. (a)

2,324,240

1,950

La Mancha Resources, Inc. (a)

458,200

574

Lionore Mining International Ltd. (a)

296,800

1,505

MagIndustries Corp. (a)

4,865,600

6,963

MagIndustries Corp. (a)(h)

7,233,600

9,317

Oilexco, Inc. (a)

3,980,525

16,022

Platinum Group Metals Ltd. (a)

250,000

467

Rock Well Petroleum, Inc. (h)

770,400

1,034

Shore Gold, Inc. (a)

311,500

1,783

Starfield Resources, Inc. (a)(f)

9,026,531

4,279

Starfield Resources, Inc. (a)(f)(h)

1,678,100

689

Starfield Resources, Inc. warrants 1/21/08 (a)

1,678,100

144

StrataGold Corp. (a)

2,229,000

2,193

StrataGold Corp. (a)(h)

1,078,111

955

SXR Uranium One, Inc. (a)

475,740

4,668

Tenke Mining Corp. (a)

160,000

2,291

Uruguay Mineral Exploration, Inc. (a)

430,400

1,963

Valkyries Petroleum Corp. (a)

334,400

4,262

Visual Defence, Inc. (f)

5,963,100

3,045

Common Stocks - continued

Shares

Value (Note 1) (000s)

Canada - continued

Western Canadian Coal Corp. (a)

2,161,418

$5,104

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,360

TOTAL CANADA

110,088

Cayman Islands - 0.6%

AAC Acoustic Technology Holdings, Inc.

5,094,000

5,782

China Rare Earth Holdings Ltd.

6,418,000

1,449

Ctrip.com International Ltd. sponsored ADR

52,800

2,376

Foxconn International Holdings Ltd. (a)

1,320,000

2,843

New World China Land Ltd.

2,100,000

1,009

Prime Success International Group Ltd.

2,958,000

1,965

Sincere Watch (Hong Kong) Ltd.

2,642,000

259

The9 Ltd. sponsored ADR (a)

73,500

2,204

Wasion Meters Group Ltd.

3,544,000

1,588

TOTAL CAYMAN ISLANDS

19,475

China - 0.7%

Century Sunshine Ecological Technology Holdings Ltd.

2,630,000

1,577

China Oilfield Services Ltd. (H Shares)

2,592,000

1,429

China Shenhua Energy Co. Ltd. (H Shares)

1,325,500

2,402

Dalian Port (PDA) Co. Ltd. (H Shares)

292,000

163

Focus Media Holding Ltd. ADR

73,700

4,451

Lianhua Supermarket Holdings Co. (H Shares)

639,000

746

Nine Dragons Paper (Holdings) Ltd.

494,000

430

Parkson Retail Group Ltd.

155,500

509

Shenzhou International Group Holdings Ltd.

6,594,000

2,849

Sina Corp. (a)

75,300

1,992

Tencent Holdings Ltd.

1,812,000

3,669

Yantai Changyu Pioneer Wine Co. (B Shares)

251,700

831

TOTAL CHINA

21,048

Denmark - 0.2%

Rockwool International AS Series A (e)

40,200

5,024

Egypt - 0.0%

Commercial International Bank Ltd. sponsored GDR

100,900

1,313

Estonia - 0.1%

Tallinna Vesi AS

127,000

2,312

Finland - 1.6%

Aldata Solutions Oyj (a)

2,065,976

6,542

Capman Oyj (B Shares)

349,437

1,318

Fortum Oyj

135,400

3,420

Common Stocks - continued

Shares

Value (Note 1) (000s)

Finland - continued

Inion OY (a)(f)

3,740,300

$4,604

Metso Corp.

57,600

2,289

Neste Oil Oyj

526,900

18,387

Nokian Tyres Ltd. (e)

435,890

7,457

Tekla Oyj (A Shares)

389,780

2,951

TOTAL FINLAND

46,968

France - 1.7%

Altamir et Compagnie SA

6,100

1,465

Bourbon SA

15,638

1,997

BVRP Software SA (a)

144,796

4,149

Constructions Industrielles dela Mediterranee SA

11,500

1,451

Electricite de France

146,200

8,549

Groupe Open SA (e)

52,500

1,057

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

14,809

17

Groupe Promeo (a)

62,625

2,734

Guerbet SA

8,400

1,484

Icade SA

58,100

2,499

Ipsos SA

515

76

Maisons France Confort

31,494

2,368

Orpea (a)

25,207

1,870

Sechilienne-Sidec

5,246

4,170

Signaux Girod

15,575

1,611

Silicon On Insulator Technologies SA (SOITEC) (a)

282,200

9,211

Sucriere de Pithivier Le Vieil

3,345

3,372

Tessi SA

24,066

1,606

The Lisi Group

22,500

1,641

TOTAL FRANCE

51,327

Germany - 1.8%

ADVA AG Optical Networking (a)

104,375

1,238

Articon-Integralis AG (Reg.) (a)

495,185

2,243

Deutz AG (a)(e)

1,142,500

10,465

E.ON AG

30,800

3,751

ElringKlinger AG

18,284

996

Fresenius AG

31,271

5,224

Grenkeleasing AG

25,918

1,978

Kontron AG

154,264

1,752

Merck KGaA

26,441

2,802

Parsytec AG (a)

307,671

1,471

Pfleiderer AG

202,159

6,098

PSI AG (a)(f)

689,200

5,748

Common Stocks - continued

Shares

Value (Note 1) (000s)

Germany - continued

Pulsion Medical Systems AG (a)

98,511

$749

SGL Carbon AG (a)

219,300

4,607

Suedzucker AG (Bearer)

61,775

1,694

United Internet AG

40,352

2,647

TOTAL GERMANY

53,463

Greece - 0.9%

Autohellas SA

363,100

2,034

Fourlis Holdings SA

200,700

3,115

Greek Organization of Football Prognostics SA

59,042

2,183

Hyatt Regency SA (Reg.)

175,282

2,477

Intralot SA

69,400

2,241

Marfin Financial Group Holdings SA

100

3

Sarantis SA (Reg.)

1,409,518

15,649

TOTAL GREECE

27,702

Hong Kong - 1.0%

Cafe de Coral Holdings Ltd.

2,304,000

3,477

Chen Hsong Holdings Ltd.

1,660,000

1,006

Fong's Industries Co. Ltd.

1,156,000

887

Giordano International Ltd.

6,220,000

3,670

Hong Kong Aircraft & Engineering Co.

152,400

1,483

Hong Kong Land Holdings Ltd.

205,000

804

Integrated Distribution Services Group Ltd. (IDS)

2,488,000

3,690

Lifestyle International Holdings Ltd.

933,000

1,570

Midland Holdings Ltd.

2,506,000

1,454

Singamas Container Holdings Ltd.

1,370,000

1,034

Solomon Systech International Ltd.

13,166,000

5,858

Tai Cheung Holdings Ltd.

1,414,000

798

Tingyi (Cayman Island) Holding Corp.

100,000

64

Tom.com Ltd. (a)

3,814,000

856

Vtech Holdings Ltd.

844,000

4,011

TOTAL HONG KONG

30,662

Hungary - 0.2%

MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)

44,200

5,259

India - 0.6%

Financial Technology (India) Ltd.

97,591

4,006

Great Eastern Energy Corp. Ltd. GDR

1,444,600

4,479

HT Media Ltd.

89,341

1,027

McDowell & Co. Ltd.

209,179

3,639

McDowell & Co. Ltd. GDR (a)

108,021

940

Common Stocks - continued

Shares

Value (Note 1) (000s)

India - continued

Noida Toll Bridge Co. Ltd. GDR (a)

454,051

$2,770

Royal Orchid Hotels Ltd.

283,396

1,193

TOTAL INDIA

18,054

Indonesia - 0.3%

PT Bank Rakyat Indonesia Tbk

4,528,000

2,384

PT Perusahaan Gas Negara Tbk Series B

4,487,500

6,334

TOTAL INDONESIA

8,718

Ireland - 0.9%

Adwalker PLC (a)(f)

9,125,000

999

Aminex PLC (a)

1,430,219

1,206

Glanbia PLC

1,342,400

4,403

Kenmare Resources PLC (a)

3,621,000

3,087

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

851

Minco PLC (a)

2,727,271

746

Paddy Power PLC (Ireland)

241,011

4,287

Petroceltic International PLC (a)(e)

14,094,734

5,784

Providence Resources PLC (a)

20,744,500

2,617

Trinity Biotech PLC sponsored ADR (a)

227,325

1,955

Vimio PLC

867,300

2,033

TOTAL IRELAND

27,968

Israel - 0.6%

Advanced Vision Technology Ltd. (a)

165,400

2,129

Israel Chemicals Ltd.

1,354,000

5,357

Leadcom Integrated Solutions

3,766,400

5,924

Metal-Tech Ltd.

640,200

2,610

MTI Wireless Edge Ltd.

705,128

678

TOTAL ISRAEL

16,698

Italy - 2.8%

Amplifon Spa (e)

38,350

3,528

Banca Credit Firenze

2,942,982

10,422

Banca Italease Spa (e)

918,200

55,913

Bastogi Spa (a)(e)

3,714,300

1,214

Brembo Spa (e)

124,700

1,283

Lottomatica Spa (e)

112,000

5,169

Common Stocks - continued

Shares

Value (Note 1) (000s)

Italy - continued

Saipem Spa

62,000

$1,556

Teleunit Spa (f)

12,719,158

2,958

TOTAL ITALY

82,043

Japan - 32.2%

Abc-Mart, Inc.

145,900

3,414

Access Co. Ltd.

161

346

Access Co. Ltd. (a)(e)

326

2,920

Advance Create Co. Ltd. (e)

243

758

Advanced Media, Inc. Japan (e)

70

384

Aeon Fantasy Co. Ltd. (e)

76,900

3,228

Aichi Steel Corp. (e)

1,570,000

13,649

Ain Pharmaciez, Inc.

44,900

934

Alpen Co. Ltd.

3,600

146

AOC Holdings, Inc.

89,100

1,878

Ariake Japan Co. Ltd. (e)

154,500

4,464

ARRK Corp.

91,400

3,283

Asahi Denka Co. Ltd.

184,000

2,818

Asahi Diamond Industrial Co. Ltd.

310,000

2,916

Asset Managers Co. Ltd. (e)

3,966

11,598

Atrium Co. Ltd.

58,400

6,052

Avex Group Holdings, Inc. (e)

111,400

3,326

Axell Corp.

646

2,445

Bookoff Corp.

150,000

3,069

Canon Finetech, Inc.

140,500

2,782

Casio Micronics Co. Ltd. (e)

190,300

3,961

Chiba Bank Ltd.

384,000

3,477

Chiyoda Co. Ltd.

68,500

1,919

Chiyoda Corp.

94,000

2,113

Chugoku Marine Paints Ltd. (e)

60,000

386

Chuo Denki Kogyo Co. Ltd.

35,000

147

CMIC Co. Ltd. (e)

2,520

738

Create SD Co. Ltd.

32,900

1,075

cyber communications, Inc. (a)(e)

153

496

CyberAgent, Inc. (e)

1,141

2,365

Daido Steel Co. Ltd.

1,685,000

15,463

Daifuku Co. Ltd.

110,500

1,795

Daiwa Securities Group, Inc.

212,000

2,940

Daiwabo Information System Ltd.

375,500

6,743

Ebara Corp.

873,000

4,998

Elpida Memory, Inc. (a)(e)

106,300

4,873

Endo Lighting Corp.

207,000

2,454

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

EPS Co. Ltd. (e)

604

$2,005

Excite Japan Co. Ltd.

11

78

Faith, Inc.

1,619

636

FamilyMart Co. Ltd.

85,800

2,486

FCC Co. Ltd.

127,000

2,816

FinTech Global, Inc. (e)

503

3,114

Fujikura Ltd.

2,116,000

24,472

Fullcast Co. Ltd.

588

2,380

Furukawa Co. Ltd. (a)

376,000

961

Futaba Industrial Co. Ltd. (e)

319,900

8,343

Gentosha, Inc.

100

720

Hamamatsu Photonics KK (e)

186,800

5,840

Haseko Corp. (a)

1,175,000

4,458

Heiwa Real Estate Co. Ltd.

355,000

2,556

Hikari Tsushin, Inc.

237,800

14,701

Hioki EE Corp. (e)

29,200

1,113

Hiroshima Bank Ltd.

738,000

4,724

Hitachi Chemical Co. Ltd.

785,800

22,910

Hitachi Construction Machinery Co. Ltd.

1,210,200

33,051

Hitachi Koki Co. Ltd.

341,000

6,034

Hogy Medical Co.

28,400

1,501

Hokuto Corp. (e)

239,800

4,115

Ibiden Co. Ltd.

68,700

3,264

Ikyu Corp. (e)

366

877

Index Corp. (e)

1,628

2,187

Intelligence Ltd.

2,200

6,511

Intertrade Co. Ltd. (a)

270

908

Iriso Electronics Co. Ltd.

86,700

3,327

Ishihara Chemical Co. Ltd.

48,000

1,096

Ishikawajima-Harima Heavy Industries Co. Ltd. (a)

1,042,000

3,715

Itochu Corp.

1,087,000

9,870

Japan Communications, Inc.

394

349

Japan Digital Contents Trust, Inc. (a)(e)

877

549

Jastec Co. Ltd.

70,400

1,750

JGC Corp.

154,000

2,698

Joint Corp.

98,400

3,232

JSR Corp.

151,700

4,676

Juroku Bank Ltd.

197,000

1,320

Kakaku.com, Inc. (e)

332

1,327

Kansai Urban Banking Corp. (e)

464,000

2,188

Kanto Denka Kogyo Co. Ltd.

283,000

2,321

Kawasaki Heavy Industries Ltd. (e)

978,000

3,547

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Kenedix, Inc.

875

$4,510

Kibun Food Chemifa Co. Ltd. (e)

89,900

1,682

Kobayashi Pharmaceutical Co. Ltd.

100,000

3,539

Kobe Steel Ltd.

1,530,000

5,200

KOEI Co. Ltd.

96,390

1,803

Koito Manufacturing Co. Ltd.

124,000

1,786

Konami Corp.

208,800

5,345

Konica Minolta Holdings, Inc.

2,047,500

26,970

Kubota Corp.

74,000

836

Kura Corp. Ltd. (f)

6,084

19,554

Kurita Water Industries Ltd.

111,800

2,278

Link Theory Holdings Co. Ltd. (e)

145

842

Lopro Corp. (e)

414,500

1,966

LTT Bio-Pharma Co. Ltd. (a)(e)

112

157

Meganesuper Co. Ltd.

20

0

Meiko Electronics Co. Ltd.

140,200

10,711

Micronics Japan Co. Ltd.

50,400

2,284

Mitsuba Corp. (e)

263,000

3,545

Mitsubishi Gas Chemical Co., Inc.

1,634,000

21,710

Mitsubishi Materials Corp. (e)

1,730,000

9,343

Mitsui O.S.K. Lines Ltd.

478,000

3,421

Mitsui Trust Holdings, Inc.

191,000

2,638

Murata Manufacturing Co. Ltd.

214,500

15,615

Nachi-Fujikoshi Corp.

1,133,000

7,601

Namco Bandai Holdings, Inc. (a)

132,100

1,904

NEC Leasing Ltd.

77,400

1,845

NEOMAX Co. Ltd.

172,000

4,939

Net One Systems Co. Ltd. (e)

2,511

5,513

NGK Spark Plug Co. Ltd.

864,000

18,968

NIC Corp.

184,000

1,858

Nidec Copal Electronics Corp. (e)

248,600

1,971

Nidec Corp.

36,200

2,791

Nidec Tosok Corp. (e)

169,800

2,365

Nihon Ceratec Co. Ltd. (e)

358

1,559

Nihon Dempa Kogyo Co. Ltd. (e)

417,200

17,842

Nihon Micro Coating Co. Ltd.

147,500

1,082

Nihon Trim Co. Ltd. (e)

192,500

9,399

Nihon Unicom Corp.

100,900

1,790

Nikko Cordial Corp.

164,000

2,654

Nippon Chemi-con Corp.

964,000

7,213

Nippon Denko Co. Ltd. (e)

1,993,000

7,018

Nippon Electric Glass Co. Ltd.

66,000

1,490

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Nippon Mining Holdings, Inc.

103,500

$957

Nippon Oil Corp.

259,000

2,049

Nippon Seiki Co. Ltd. (e)

889,000

19,322

Nippon Soda Co. Ltd.

558,000

2,715

Nippon Suisan Kaisha Co. Ltd.

568,600

2,796

Nishimatsu Construction Co. Ltd. (e)

650,000

2,717

Nissei Corp.

128,000

1,754

Nissin Co. Ltd. (e)

1,045,760

1,001

Nissin Kogyo Co. Ltd.

1,222,300

25,654

Nissin Servicer Co. Ltd. (e)

1,593

1,098

Nittetsu Mining Co. Ltd.

106,000

884

NOK Corp.

82,900

2,519

Noritake Co. Ltd.

387,000

2,590

NS Solutions Corp.

112,100

2,909

NTN Corp.

404,000

3,335

Obara Corp.

1,100

41

Opt, Inc. (a)

150

767

Optex Co. Ltd.

76,000

2,102

Optoelectronics Co. Ltd.

6,700

241

Otaki Gas Co. Ltd.

16,000

96

Otsuka Corp.

30,800

3,703

Pacific Metals Co. Ltd. (e)

898,000

5,820

Parker Corp.

48,000

755

Phoenix Electric Co. Ltd. (e)

201,600

2,050

Pigeon Corp. (e)

180,000

2,742

Produce Co. Ltd.

339

4,078

Ray Corp.

61,000

241

Relo Holdings Corp.

105,000

2,010

Rex Holdings Co. Ltd.

2,255

7,426

Royal Holdings Co. Ltd.

107,000

1,803

Ryobi Ltd.

359,000

2,673

Saison Information Systems Co. Ltd.

76,300

1,156

Sammy NetWorks Co. Ltd.

750

5,664

Sankyo Co. Ltd. (Gunma)

53,600

3,803

Sapporo Hokuyo Holdings, Inc.

133

1,495

Sato Corp.

196,400

4,769

SBI Holdings, Inc.

7,710

3,927

SBS Co. Ltd. (e)

748

3,186

Sega Sammy Holdings, Inc.

90,000

3,588

Sekisui Plastics Co. Ltd.

160,000

648

Senshukai Co. Ltd.

138,000

1,874

Seria Co. Ltd.

200

527

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Shaddy Co. Ltd.

153,300

$2,719

Shibaura Electronics Co. Ltd.

67,300

951

Shikoku Chemicals Corp.

134,000

988

Shinohara Systems of Construction Co. Ltd. (e)

1,052

2,661

Shizuki Electric Co., Inc.

96,000

455

Showa Denko KK

2,661,000

11,777

Silex Technology, Inc.

233

554

Simplex Investment Advisors, Inc. (e)

236

327

Softbrain Co. Ltd. (e)

880

563

St. Marc Holdings Co. Ltd.

38,100

2,626

Star Micronics Co. Ltd.

557,000

12,033

Sumco Corp.

33,200

1,985

Sumitomo Bakelite Co. Ltd. (e)

101,000

943

Sumitomo Corp.

1,505,000

22,547

Sumitomo Metal Industries Ltd.

2,055,000

8,662

Sumitomo Metal Mining Co. Ltd.

646,000

9,389

Sumitomo Rubber Industries Ltd.

204,400

2,922

Sumitomo Titanium Corp. (e)

10,400

2,048

Sun Frontier Fudousan Co. Ltd.

345

830

Sunx Ltd.

187,100

4,929

Taisei Corp.

358,000

1,600

Taiyo Ink Manufacturing Co. Ltd.

54,700

3,050

Taiyo Kagaku (e)

89,700

1,194

Taiyo Nippon Sanso Corp. Tokyo

361,000

2,850

Telewave, Inc. (e)

1,915

5,550

The First Energy Service Co. Ltd. (a)(e)

191

295

The Keiyo Bank Ltd.

332,000

2,152

Toagosei Co. Ltd. (e)

533,000

2,270

Toc Co. Ltd.

104,000

621

Tohcello Co. Ltd.

150,000

1,535

Tohoku Electric Power Co., Inc.

170,400

3,928

Tokai Carbon Co. Ltd. (e)

643,000

4,003

Token Corp.

210,400

13,728

Tokuyama Corp.

162,000

2,673

Tokyo Gas Co. Ltd.

376,000

1,819

Tokyo Leasing Co. Ltd.

214,500

3,485

Tokyo Seimitsu Co. Ltd.

70,900

4,215

Tomen Devices Corp.

85,600

1,981

Tomoe Engineering Co. Ltd.

123,200

2,472

TonenGeneral Sekiyu KK (e)

189,000

2,053

Toppan Printing Co. Ltd.

278,000

3,713

Toray Industries, Inc.

2,147,000

20,117

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Toyo Ink Manufacturing Co. Ltd.

158,000

$808

Toyo Suisan Kaisha Ltd.

59,000

899

Trancom Co. Ltd.

116,300

2,727

Trend Micro, Inc.

126,000

4,880

Tyo Productions, Inc. (e)

128,000

808

Usen Corp. (e)

275,760

5,037

Wacom Co. Ltd.

825

1,724

Wiz Co. Ltd.

404

2,707

Works Applications Co. Ltd. (a)

850

467

Yachiyo Industry Co. Ltd.

118,500

3,226

Yahoo! Japan Corp.

3,802

2,217

Yamada Denki Co. Ltd.

149,600

16,303

Yamaha Motor Co. Ltd.

67,000

1,847

Yaskawa Electric Corp. (a)(e)

361,000

4,441

Yasuragi Co. Ltd.

40,300

1,292

Yokogawa Electric Corp.

170,700

2,704

Yoshimoto Kogyo Co. Ltd.

106,800

3,057

Zecs Co. Ltd. (e)

181

950

Zensho Co. Ltd. (e)

194,500

6,320

TOTAL JAPAN

953,728

Korea (South) - 1.1%

CDNetworks Co. Ltd.

18,400

642

Cheil Industries, Inc.

64,030

2,325

Daegu Bank Co. Ltd.

91,490

1,717

Daishin Securities Co. Ltd.

37,330

873

Hyundai Engineering & Construction Co. Ltd. (a)

30,970

1,928

Hyundai Mipo Dockyard Co. Ltd.

23,770

2,228

Industrial Bank of Korea

68,320

1,376

Korean Reinsurance Co.

158,576

1,900

Kyeryong Construction Industrial Co. Ltd.

44,760

2,107

LG Household & Health Care Ltd.

28,330

2,262

NHN Corp. (a)

6,394

2,271

Orion Corp.

3,120

817

Samho International Co.

9,720

170

Samsung Corp.

70,720

2,204

Samsung Engineering Co. Ltd.

37,830

1,618

Samsung Techwin Co. Ltd.

29,780

995

SFA Engineering Corp.

79,802

2,657

SSCP Co. Ltd.

14,095

275

STX Shipbuilding Co. Ltd.

125,840

1,414

Common Stocks - continued

Shares

Value (Note 1) (000s)

Korea (South) - continued

Taewoong Co. Ltd.

22,066

$481

YBM Sisa.com, Inc.

57,582

1,606

TOTAL KOREA (SOUTH)

31,866

Luxembourg - 0.2%

RTL Group (a)

54,156

4,909

Malaysia - 0.2%

Green Packet BHD

1,800,000

1,301

Steppe Cement Ltd. (a)

847,900

3,054

Uchi Technologies BHD

437,300

386

TOTAL MALAYSIA

4,741

Netherlands - 0.5%

Bateman Engineering NV

528,957

3,729

Engel East Europe NV

2,027,612

5,824

Nutreco Holding NV

74,700

4,428

TOTAL NETHERLANDS

13,981

New Zealand - 0.6%

Fisher & Paykel Healthcare Corp.

1,926,273

5,192

Freightways Ltd.

35,066

86

Sky City Entertainment Group Ltd.

1,704,323

5,911

Sky Network Television Ltd.

409,053

1,612

Tower Ltd. (a)

2,569,173

4,447

TOTAL NEW ZEALAND

17,248

Norway - 1.4%

ABG Sundal Collier ASA (e)

966,000

1,975

Aker Kvaerner ASA

32,000

3,116

Camillo Eitzen & Co. ASA

280,800

3,144

Deep Ocean ASA (a)

373,747

1,316

Mamut ASA (a)

309,100

697

P4 Radio Hele Norge ASA (e)

141,400

597

Pertra Midt-Norges AS (h)

60,000

974

Schibsted ASA (B Shares) (e)

54,100

1,589

Solstad Offshore ASA

114,000

2,072

Songa Offshore ASA (a)

693,608

7,767

Songa Offshore ASA warrants 6/8/08 (a)(h)

177,778

1,760

Statoil ASA (e)

147,600

4,863

Common Stocks - continued

Shares

Value (Note 1) (000s)

Norway - continued

Stepstone ASA (a)

4,710,000

$8,103

TANDBERG ASA (e)

263,700

2,685

TOTAL NORWAY

40,658

Poland - 0.8%

Polski Koncern Naftowy Orlen SA unit

459,300

18,716

TVN SA (a)

149,254

4,668

TOTAL POLAND

23,384

Portugal - 0.1%

Impresa SGPS (a)

583,653

3,741

Russia - 0.2%

Sistema JSFC sponsored GDR

135,400

3,317

Vimpel Communications sponsored ADR (a)

68,100

3,170

TOTAL RUSSIA

6,487

Singapore - 2.1%

Advent Air Ltd. (a)

2,331,000

446

Advent Air Ltd. (a)(h)

8,918,299

1,342

Cosco Investment (Singapore) Ltd.

3,422,000

3,095

GES International Ltd.

5,357,000

3,355

Goodpack Ltd.

1,033,000

1,242

Guocoland Ltd.

505,000

786

HTL International Holdings Ltd.

1,244,375

1,031

K-REIT Asia (a)

235,000

221

Keppel Land Ltd.

1,175,000

3,523

Midas Holdings Ltd.

2,510,000

1,397

Olam International Ltd.

2,539,000

2,602

Parkway Holdings Ltd.

3,746,000

6,185

Raffles Education Corp. Ltd.

927,000

1,466

SIA Engineering Co. Ltd.

3,364,000

7,278

Singapore Exchange Ltd.

3,769,000

10,252

Singapore Petroleum Co. Ltd.

452,000

1,644

Singapore Post Ltd.

15,136,000

10,819

The Ascott Group Ltd.

1,298,000

903

United Overseas Land Ltd.

803,000

1,554

Wing Tai Holdings Ltd.

1,928,000

2,134

TOTAL SINGAPORE

61,275

South Africa - 3.8%

African Bank Investments Ltd.

3,130,751

17,496

Barnard Jacobs Mellet Holdings Ltd.

3,499,100

3,492

Common Stocks - continued

Shares

Value (Note 1) (000s)

South Africa - continued

Discovery Holdings Ltd. (a)

1,329,819

$5,408

FirstRand Ltd.

3,181,100

10,476

Foschini Ltd.

429,200

4,347

Gold Reef Casino Resorts Ltd.

697,000

1,739

JD Group Ltd.

153,100

2,367

Lewis Group Ltd.

299,200

3,018

MTN Group Ltd.

825,302

8,236

Nedbank Group Ltd.

86,656

1,810

Steinhoff International Holdings Ltd.

11,294,432

44,764

Telkom SA Ltd.

263,800

6,283

Wilson Bayly Holmes-Ovcon Ltd.

446,856

4,459

TOTAL SOUTH AFRICA

113,895

Spain - 0.0%

Construcciones y Auxiliar de Ferrocarriles

6,807

946

Sweden - 1.9%

Consafe Offshore AB (A Shares) (a)

984,272

18,849

Eniro AB

400,228

4,392

Gambro AB (A Shares)

405,000

6,082

Hexagon AB (B Shares) (e)

266,411

9,884

Intrum Justitia AB (e)

298,000

2,815

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

240,350

13,196

Observer AB

463,290

2,160

VBG AB (B Shares)

6,710

357

TOTAL SWEDEN

57,735

Switzerland - 1.1%

Actelion Ltd. (Reg.) (a)

32,849

3,713

Amazys Holding AG (a)

39,138

3,468

Bucher Holding AG (e)

31,439

3,067

Escor Casino & Entertainment SA

19,770

426

Mobilezone Holding AG

331,524

1,804

Novartis AG (Reg.)

73,343

4,218

Pargesa Holding SA

14,130

1,435

Roche Holding AG (participation certificate)

52,195

8,025

Sulzer AG (Reg.) (e)

2,648

2,233

Swissquote Group Holding SA

11,717

3,354

TOTAL SWITZERLAND

31,743

Taiwan - 0.5%

Ardentec Corp.

1,066,000

1,245

Catcher Technology Co. Ltd.

134,000

1,495

Common Stocks - continued

Shares

Value (Note 1) (000s)

Taiwan - continued

Chi Mei Optoelectronics Corp.

499,000

$709

Delta Electronics, Inc.

167,000

520

Greatek Electronics, Inc.

975,000

1,345

Holtek Semiconductor, Inc.

466,000

933

MediaTek, Inc.

71,000

829

Mirle Automation Corp.

266,000

301

MJC Probe, Inc.

384,000

1,402

Nan Ya Printed Circuit Board Corp.

210,000

2,258

Novatek Microelectronics Corp.

142,000

846

Phoenix Precision Technology Corp.

924,000

2,105

Unimicron Technology Corp.

539,000

899

TOTAL TAIWAN

14,887

Thailand - 0.1%

Bumrungrad Hospital PCL:

NVDR

371,700

364

(For. Reg.)

2,908,400

2,876

TOTAL THAILAND

3,240

Turkey - 0.6%

Atakule Gayrimenkul Yatirim Ortakligi AS

688,000

1,061

Dogan Gazetecilik AS (a)

2,749,955

8,816

Tupras-Turkiye Petrol Rafinerileri AS

395,600

8,376

TOTAL TURKEY

18,253

United Arab Emirates - 0.0%

Investcom LLC GDR

45,600

691

United Kingdom - 17.9%

Accuma Group PLC (a)

418,063

2,059

Advanced Technology (UK) PLC (a)(f)

7,355,000

0

AeroBox PLC (a)

5,694,657

610

Afren PLC (a)(f)

13,838,800

20,696

African Copper PLC (a)

1,742,884

2,718

Air Partner PLC

45,000

589

Alba PLC

298,892

1,156

Alizyme PLC (a)

176,127

514

Alliance Pharma PLC (a)(f)

7,984,200

2,730

Alterian PLC (a)

1,486,000

3,347

Amlin PLC

206,973

1,063

Andor Technology Ltd. (a)

444,444

782

Anglo Asian Mining PLC

4,278,000

4,506

Angus & Ross PLC (a)

5,553,700

1,722

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

Appian Technology PLC (a)

5,416,178

$938

Appian Technology PLC warrants 2/28/08 (a)(h)

479,045

22

Ascent Resources PLC (a)(f)

13,698,300

2,873

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

84

Asia Energy PLC (a)

1,360,038

10,294

Atrium Underwriting PLC

257,060

966

Autoclenz Holdings PLC (f)

560,000

1,328

Avanti Screenmedia Group PLC (a)(f)

1,737,000

8,870

Baltic Oil Terminals PLC

1,913,000

5,757

Belitung Zinc Corp. PLC (h)

7,435,490

1,356

BG Group PLC

217,200

2,919

Bioprogress PLC (a)(f)

9,567,839

7,765

Blackstar Investors PLC (f)

2,870,000

6,124

Block Shield Corp. PLC (a)

1,121,700

3,253

BowLeven PLC (a)(f)

1,815,700

5,762

Caffe Nero Group PLC (a)

455,278

1,810

Cambrian Mining PLC (f)

7,535,000

22,056

Camco International Ltd.

868,900

1,252

Cardpoint PLC (a)

345,300

671

Central African Mining & Exploration Co. PLC (a)

23,396,219

34,988

Centurion Electronics PLC (f)

44,001,239

903

Ceres Power Holding PLC (a)

1,039,400

6,085

Chaco Resources PLC (a)

11,189,600

3,214

Chaucer Holdings PLC

3,529,713

4,442

Clapham House Group PLC (a)

607,050

2,375

Cobra Biomanufacturing PLC (a)

701,900

560

Coffeeheaven International PLC (a)(f)

6,715,909

2,970

Corac Group PLC (a)(f)

5,349,104

4,756

Corin Group PLC

1,210,314

6,721

Countermine PLC (h)

4,939

465

Countermine PLC warrants 7/26/06 (a)(h)

4,939

0

CustomVis PLC (a)

1,558,936

142

DA Group PLC (a)(f)

1,800,165

1,986

Domino's Pizza UK & IRL PLC

1

0

Dream Direct Group PLC (a)

145,000

116

Eclipse Energy Co. Ltd. (h)

102,000

1,395

Econergy International PLC

675,000

1,219

EnCore Oil PLC (a)

7,777,985

4,291

Eureka Mining PLC (a)

381,700

940

Europa Oil & Gas Holdings PLC (a)

1,000,000

602

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

78

European Diamonds PLC (a)

499,300

225

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

Faroe Petroleum PLC (a)

1,288,906

$4,149

Firestone Diamonds PLC (a)

1,718,100

4,261

Flomerics Group PLC

449,658

865

Forum Energy PLC (f)

1,694,770

3,292

Future PLC

1,717,169

1,315

Gemfields Resources PLC (e)(f)

6,859,200

5,066

GMA Resources PLC (a)(f)

24,646,083

5,506

Goals Soccer Centres PLC

827,000

4,027

Golden Prospect PLC

1,931,500

2,272

Goldshield Group PLC

416,400

2,314

GTL Resources PLC (a)

13,669,072

910

Gyrus Group PLC (a)

538,800

3,729

Hallin Marine Subsea International PLC

1,047,700

1,529

Hambledon Mining PLC (a)

7,127,200

2,210

Hardide Ltd. (f)

12,301,000

3,365

Healthcare Enterprise Group PLC (a)(f)

16,540,108

3,921

Highbury House Communications PLC (a)

713,914

9

Hot Tuna International PLC (f)

2,359,400

1,743

Hot Tuna International PLC warrants 2/25/08 (a)(h)

1,179,700

188

Hydrodec Group PLC (a)(f)

16,486,086

10,523

ID Data PLC (a)(f)

84,350,500

1,185

Ideal Shopping Direct PLC

827,209

5,559

Imperial College Innovations Ltd. (h)

19,300

2,816

Indago Petroleum Ltd.

3,219,846

3,435

Interbulk Investments PLC (a)(f)

5,650,000

2,731

International Con Minerals Ltd. (h)

2,659,964

798

International Con Minerals Ltd. warrants 10/31/07 (a)(h)

1,329,982

0

Intertek Group PLC

116,310

1,749

iomart Group PLC

2,235,000

3,587

IPSA Group PLC (f)

3,246,075

2,871

iSoft Group PLC

974,600

2,088

ITE Group PLC

4,156,817

9,476

ITM Power PLC (a)(e)

3,307,600

19,514

Jubilee Platinum PLC (a)(f)

7,171,303

11,248

Kalahari Minerals PLC

3,563,200

1,332

Kazakhgold Group Ltd. GDR

56,700

1,579

KimCor Diamonds PLC (f)

4,370,000

1,215

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

219

Lambert Howarth Group PLC

252,392

774

Landround PLC (f)

358,600

350

Lansdowne Oil & Gas PLC (a)

917,620

1,456

Lawrence PLC

1,073,124

6,008

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

London Asia Chinese Private Equity Fund Ltd. (a)

527,000

$1,074

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

55

LTG Technologies PLC (a)(f)

19,549,772

3,209

Manpower Software PLC (a)

258,824

111

Max Petroleum PLC (e)

13,318,752

30,059

Metals Exploration PLC (a)(f)

2,820,077

1,787

Metals Exploration PLC warrants 9/14/07 (a)

1,410,039

379

Mice Group PLC

2,663,824

1,749

Michelmersh Brick Holdings PLC

528,900

945

Monstermob Group PLC (a)

226,461

1,285

Motivcom PLC (f)

2,035,000

3,804

NDS Group PLC sponsored ADR (a)

105,154

5,300

NeuTec Pharma PLC (a)

174,136

1,581

NeutraHealth PLC (a)(f)

7,328,100

1,570

Oystertec PLC (a)

7,009,687

0

Pan African Resources PLC (a)

3,955,600

631

Peninsular Gold Ltd. (a)

350,000

335

Pilat Media Global PLC (a)(f)

2,880,000

2,758

Platinum Mining Corp. of India PLC (f)

12,520,800

3,026

Plethora Solutions Holdings PLC (a)

431,818

1,709

PlusNet Technologies Ltd. (a)(f)

1,711,604

8,428

Premier Oil PLC (a)

159,291

2,984

Proteome Sciences PLC (a)

475,842

369

Pureprofile Media PLC (h)

1,108,572

1,011

Pureprofile Media PLC warrants 7/31/06 (a)(h)

251,428

0

Pursuit Dynamics PLC (a)

666,667

1,833

QA PLC (a)

13,554,656

328

Rambler Metals & Mining PLC

1,300,000

936

Retail Decisions PLC (a)

210,316

522

Rheochem PLC (a)(f)

8,728,300

3,144

Rheochem PLC warrants 12/21/07 (a)

4,364,150

0

Ridge Mining PLC (a)

235,000

235

Royalblue Group PLC

45,073

741

Sarantel Group PLC Class A (a)

536,700

372

Scapa Group PLC (a)

3,010,400

1,139

SDL PLC (a)

1,023,600

3,776

Serabi Mining PLC

1,690,800

1,364

Sibir Energy PLC (a)

84,580

845

Sinclair Pharma PLC (a)

2,238,696

4,899

Sinosoft Technology PLC

6,688,500

4,086

Solomon Gold PLC (f)

1,824,300

1,164

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

SPI Lasers PLC

658,000

$3,270

Spice Holdings PLC

771,200

3,896

Stem Cell Sciences PLC

716,649

869

Sterling Energy PLC (a)

5,469,067

2,917

Stratex International PLC

5,300,000

846

SubSea Resources PLC (a)(f)

8,729,100

6,169

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

477

Synchronica PLC (a)

1,806,000

856

Synergy Healthcare PLC

314,553

2,799

Taghmen Energy PLC (a)(f)

4,645,755

3,897

Taghmen Energy PLC warrants 4/30/07 (a)

2,279,573

294

Tanfield Group PLC (a)(f)

14,582,131

6,183

Teesland PLC

517,000

915

Tersus Energy PLC (a)

1,420,122

1,036

Theratase PLC

1,725,000

1,479

Third Advance Value Realisation Co. Uk Ltd. (a)

507,108

962

Tikit Group PLC (f)

695,362

2,555

TMO Biotec (h)

10,000

547

Toledo Mining Corp. PLC (a)

921,144

2,024

Triple Plate Junction PLC (a)

3,638,000

1,327

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

Tristel PLC

274,418

328

UK Coal PLC

1,087,069

3,232

Unibet Group PLC unit

232,256

5,997

Vectura Group PLC (a)

2,859,400

6,388

Victoria Oil & Gas PLC (a)

2,533,500

11,597

Whatman PLC

280,100

1,603

White Nile Ltd. (a)

200,000

658

William Ransom & Son PLC

3,629,500

3,078

Windsor PLC

700,000

629

World Gaming PLC (a)

1,170,500

3,501

ZincOx Resources PLC (a)

970,000

4,865

TOTAL UNITED KINGDOM

530,986

United States of America - 1.8%

121Media, Inc. (a)(f)

718,205

3,929

Central European Distribution Corp. (a)(e)

42,800

1,757

Chindex International, Inc. (a)(e)

138,900

1,733

Cyberscan Technology, Inc. (f)

996,527

6,815

Frontera Resources Corp. (a)

2,300,000

5,055

Frontier Mining Ltd. (a)

6,115,691

3,346

Marathon Oil Corp.

39,900

3,166

Common Stocks - continued

Shares

Value (Note 1) (000s)

United States of America - continued

NTL, Inc. (a)

94,100

$2,586

Solar Integrated Technologies, Inc. (a)

1,534,773

9,069

Trico Marine Services, Inc. (a)

57,800

1,931

Uramin, Inc. warrants 7/26/08 (a)(h)

666,666

376

UTEK Corp. (Reg. S)

25,000

400

Valero Energy Corp.

70,900

4,590

XL TechGroup, Inc. (a)

1,442,680

8,551

TOTAL UNITED STATES OF AMERICA

53,304

TOTAL COMMON STOCKS

(Cost $2,067,358)

2,911,944

Nonconvertible Preferred Stocks - 0.5%

Germany - 0.4%

Fresenius AG (non-vtg.)

70,528

12,204

United Kingdom - 0.1%

Third Advance Value Realisation Co. Uk Ltd. (a)

1,183,252

2,126

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $7,326)

14,330

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $307)

1,750,000

431

Corporate Bonds - 0.3%

Principal Amount (000s)(d)

Convertible Bonds - 0.3%

Canada - 0.2%

Western Canadian Coal Corp. 7.5% 3/24/11

CAD

7,400

6,487

United Kingdom - 0.1%

BioCare Solutions Ltd. 1% 12/31/06 (h)

GBP

54,768

999

TOTAL CONVERTIBLE BONDS

7,486

Corporate Bonds - continued

Principal Amount (000s)(d)

Value (Note 1) (000s)

Nonconvertible Bonds - 0.0%

Norway - 0.0%

Songa Offshore ASA 9% 9/8/10 (g)

$600

$599

TOTAL CORPORATE BONDS

(Cost $7,949)

8,085

Money Market Funds - 8.2%

Shares

Fidelity Cash Central Fund, 4.8% (b)

29,429,119

29,429

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

212,629,515

212,630

TOTAL MONEY MARKET FUNDS

(Cost $242,059)

242,059

TOTAL INVESTMENT PORTFOLIO - 107.2%

(Cost $2,324,999)

3,176,849

NET OTHER ASSETS - (7.2)%

(212,831)

NET ASSETS - 100%

$2,964,018

Currency Abbreviations

CAD

-

Canadian dollar

GBP

-

British pound

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

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

(e)Security or a portion of the security is on loan at period end.

(f)Affiliated company

(g)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 $599,000 or 0.0% of net assets.

(h)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 $26,044,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Advent Air Ltd.

4/18/06

$1,310

Appian Technology PLC warrants 2/28/08

2/18/05

$-

Belitung Zinc Corp. PLC

1/12/06

$1,308

BioCare Solutions Ltd. 1% 12/31/06

8/3/05

$974

Countermine PLC

12/22/05

$443

Countermine PLC warrants 7/26/06

12/22/05

$-

Eclipse Energy Co. Ltd.

4/28/05

$1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$-

Imperial College Innovations Ltd.

4/27/05

$2,942

International Con Minerals Ltd.

1/30/06

$798

International Con Minerals Ltd. warrants 10/31/07

1/30/06

$-

MagIndustries Corp.

3/16/06

$7,686

Pertra Midt-Norges AS

6/28/05

$911

Pureprofile Media PLC

5/3/05 - 1/11/06

$1,173

Pureprofile Media PLC warrants 7/31/06

5/3/05

$-

Rock Well Petroleum, Inc.

4/13/06

$1,004

Songa Offshore ASA warrants 6/8/08

6/8/05

$-

Starfield Resources, Inc.

1/17/06

$577

StrataGold Corp.

4/6/06

$842

TMO Biotec

10/27/05

$535

Uramin, Inc. warrants 7/26/08

8/24/05

$-

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$735

Fidelity Securities Lending Cash Central Fund

1,396

Total

$2,131

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

121Media, Inc.

$1,832

$307

$-

$-

$3,929

Advanced Technology (UK) PLC

-

-

-

-

-

Adwalker PLC

1,292

-

-

-

999

Afren PLC

12,040

2,657

2,876

-

20,696

Alliance Pharma PLC

2,924

-

318

-

2,730

Ascent Resources PLC

2,603

526

753

-

2,873

Autoclenz Holdings PLC

-

1,213

-

-

1,328

Avanti Screenmedia Group PLC

-

7,564

-

-

8,870

BDI Mining Corp.

4,646

494

-

-

4,298

Bioprogress PLC

2,479

4,451

-

-

7,765

Blackstar Investors PLC

-

5,074

-

-

6,124

BowLeven PLC

9,158

1,215

-

-

5,762

Cambrian Mining PLC

15,024

3,024

-

156

22,056

Centurion Electronics PLC

574

366

-

-

903

Coffeeheaven International PLC

1,580

1,537

577

-

2,970

Corac Group PLC

2,146

283

-

-

4,756

Cyberscan Technology, Inc.

1,725

8,966

-

-

6,815

DA Group PLC

2,490

-

64

-

1,986

EnCore Oil PLC (formerly, Oil Quest Resources PLC)

596

-

-

-

-

Forum Energy PLC

2,505

1,207

-

-

3,292

Fox Resources Ltd.

844

-

-

-

-

Frontier Mining Ltd.

2,220

-

-

-

-

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Gemfields Resources PLC

$-

$5,312

$-

$-

$5,066

GMA Resources PLC

3,026

-

-

-

5,506

Hardide Ltd.

2,909

-

27

-

3,365

Healthcare Enterprise Group PLC

10,604

2,028

-

-

3,921

Hot Tuna International PLC

-

2,049

-

-

1,743

Hydrodec Group PLC

2,730

5,558

-

-

10,523

ID Data PLC

1,344

-

-

-

1,185

Inion OY

3,466

2,117

-

-

4,604

Interbulk Investments PLC

-

2,006

48

-

2,731

International Ferro Metals

15,854

600

26

-

18,919

IPSA Group PLC

2,128

-

434

-

2,871

Jubilee Platinum PLC

3,339

4,414

791

-

11,248

KimCor Diamonds PLC

-

1,147

-

-

1,215

Kura Corp. Ltd.

18,905

588

-

-

19,554

Lambert Howarth Group PLC

6,291

-

4,755

96

-

Landround PLC

582

54

-

-

350

Leadcom Integrated Solutions

4,705

-

1,258

57

-

LTG Technologies PLC

2,294

1,300

-

-

3,209

Metals Exploration PLC

624

-

-

-

1,787

Mintails Ltd.

-

1,466

-

-

1,841

Motivcom PLC (formerly, P&MM Group PLC)

3,423

-

-

27

3,804

NeutraHealth PLC

1,719

-

-

-

1,570

Pilat Media Global PLC

2,244

-

-

-

2,758

Platinum Mining Corp. of India PLC

3,602

-

-

-

3,026

PlusNet Technologies Ltd.

7,340

720

-

-

8,428

PSI AG

3,396

-

-

-

5,748

Rheochem PLC

1,854

-

-

-

3,144

Solomon Gold PLC

-

1,588

-

-

1,164

Sphere Investments Ltd.

2,552

-

249

-

-

Starfield Resources, Inc.

3,741

-

967

-

4,279

Starfield Resources, Inc. (restricted)

-

577

-

-

689

Stepstone ASA

5,719

-

-

-

-

SubSea Resources PLC

4,362

52

-

-

6,169

Sylvania Resources Ltd.

2,738

472

-

-

5,067

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Synchronica PLC (formerly, Dat Group PLC)

$$1,263

$-

$-

$-

$-

Taghmen Energy PLC

5,671

-

102

-

3,897

Tanfield Group PLC

2,911

2,114

-

-

6,183

Tanzanite One Ltd.

4,936

10,260

-

-

17,889

Teleunit Spa

3,683

710

28

94

2,958

Tikit Group PLC

2,436

-

92

22

2,555

Visual Defence, Inc.

1,379

1,024

-

-

3,045

Xceldiam Ltd.

2,643

-

-

-

2,965

Total

$213,091

$85,040

$13,365

$452

$293,128

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2006

Assets

Investment in securities, at value (including securities loaned of $201,539) - See accompanying schedule:

Unaffiliated issuers (cost $1,832,224)

$2,641,662

Affiliated Central Funds (cost $242,059)

242,059

Other affiliated issuers (cost $250,716)

293,128

Total Investments (cost $2,324,999)

$3,176,849

Cash

84

Foreign currency held at value (cost $4,379)

4,405

Receivable for investments sold

24,577

Receivable for fund shares sold

4,375

Dividends receivable

5,617

Interest receivable

201

Prepaid expenses

6

Receivable from investment adviser for expense reductions

1

Other receivables

634

Total assets

3,216,749

Liabilities

Payable for investments purchased

$34,762

Payable for fund shares redeemed

2,138

Accrued management fee

2,303

Distribution fees payable

72

Other affiliated payables

554

Other payables and accrued expenses

272

Collateral on securities loaned, at value

212,630

Total liabilities

252,731

Net Assets

$2,964,018

Net Assets consist of:

Paid in capital

$1,874,712

Undistributed net investment income

1,257

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

236,148

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

851,901

Net Assets

$2,964,018

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2006

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($47,097 ÷ 1,456.9 shares)

$32.33

Maximum offering price per share (100/94.25 of $32.33)

$34.30

Class T:
Net Asset Value and redemption price per share ($56,296 ÷ 1,748.4 shares)

$32.20

Maximum offering price per share (100/96.50 of $32.20)

$33.37

Class B:
Net Asset Value and offering price per share ($15,986 ÷ 501.9 shares)A

$31.85

Class C:
Net Asset Value and offering price per share ($32,464 ÷ 1,016.8 shares)A

$31.93

International Small Cap:
Net Asset Value, offering price and redemption price per share ($2,801,384 ÷ 86,110.3 shares)

$32.53

Institutional Class:
Net Asset Value, offering price and redemption price per share ($10,791 ÷ 332.1 shares)

$32.49

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

Semiannual Report

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

Statement of Operations

Amounts in thousands

Six months ended April 30, 2006

Investment Income

Dividends (including $452 received from other affiliated issuers)

$16,516

Interest

151

Income from affiliated Central Funds (including $1,396 from security lending)

2,131

18,798

Less foreign taxes withheld

(852)

Total income

17,946

Expenses

Management fee
Basic fee

$11,067

Performance adjustment

1,257

Transfer agent fees

2,546

Distribution fees

386

Accounting and security lending fees

604

Independent trustees' compensation

5

Custodian fees and expenses

564

Registration fees

77

Audit

53

Legal

10

Miscellaneous

12

Total expenses before reductions

16,581

Expense reductions

(933)

15,648

Net investment income (loss)

2,298

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $424)

256,131

Other affiliated issuers

1,423

Foreign currency transactions

(210)

Total net realized gain (loss)

257,344

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $297)

505,088

Assets and liabilities in foreign currencies

92

Total change in net unrealized appreciation (depreciation)

505,180

Net gain (loss)

762,524

Net increase (decrease) in net assets resulting from operations

$764,822

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$2,298

$10,862

Net realized gain (loss)

257,344

242,238

Change in net unrealized appreciation (depreciation)

505,180

169,248

Net increase (decrease) in net assets resulting
from operations

764,822

422,348

Distributions to shareholders from net investment income

(10,829)

(3,406)

Distributions to shareholders from net realized gain

(234,438)

(45,235)

Total distributions

(245,267)

(48,641)

Share transactions - net increase (decrease)

231,934

701,403

Redemption fees

169

1,213

Total increase (decrease) in net assets

751,658

1,076,323

Net Assets

Beginning of period

2,212,360

1,136,037

End of period (including undistributed net investment income of $1,257 and undistributed net investment income of $10,862, respectively)

$2,964,018

$2,212,360

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.69

$21.25

$17.69

$12.35

Income from Investment Operations

Net investment income (loss) E

(.02)

.05

.02

.02 F

Net realized and unrealized gain (loss)

8.60

6.16

3.83

5.30

Total from investment operations

8.58

6.21

3.85

5.32

Distributions from net investment income

(.05)

(.02)

(.02)

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

-

Total distributions

(2.94)

(.79)

(.33)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$32.33

$26.69

$21.25

$17.71

Total Return B, C, D

35.01%

30.16%

22.36%

43.24%

Ratios to Average Net Assets H

Expenses before reductions

1.63% A

1.66%

1.71%

1.77% A

Expenses net of fee waivers, if any

1.63% A

1.66%

1.71%

1.77% A

Expenses net of all reductions

1.56% A

1.63%

1.69%

1.74% A

Net investment income (loss)

(.15)% A

.21%

.09%

.28% A

Supplemental Data

Net assets, end of period (in millions)

$47

$35

$13

$5

Portfolio turnover rate

99% A

79%

77%

84% A

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 sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.57

$21.20

$17.68

$12.35

Income from Investment Operations

Net investment income (loss) E

(.06)

(.01)

(.03)

- F, I

Net realized and unrealized gain (loss)

8.57

6.12

3.83

5.31

Total from investment operations

8.51

6.11

3.80

5.31

Distributions from net investment income

-

-

(.01)

-

Distributions from net realized gain

(2.88)

(.76)

(.31)

-

Total distributions

(2.88)

(.76)

(.32)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$32.20

$26.57

$21.20

$17.65

Total Return B, C, D

34.83%

29.72%

22.07%

43.16%

Ratios to Average Net Assets H

Expenses before reductions

1.88% A

1.92%

1.94%

2.12% A

Expenses net of fee waivers, if any

1.88% A

1.91%

1.94%

2.12% A

Expenses net of all reductions

1.81% A

1.88%

1.92%

2.09% A

Net investment income (loss)

(.40)% A

(.04)%

(.14)%

(.07)% A

Supplemental Data

Net assets, end of period (in millions)

$56

$42

$15

$4

Portfolio turnover rate

99% A

79%

77%

84% A

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 sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.24

$20.99

$17.62

$12.35

Income from Investment Operations

Net investment income (loss) E

(.13)

(.14)

(.16)

(.05) F

Net realized and unrealized gain (loss)

8.47

6.08

3.80

5.30

Total from investment operations

8.34

5.94

3.64

5.25

Distributions from net realized gain

(2.73)

(.71)

(.31)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$31.85

$26.24

$20.99

$17.52

Total Return B, C, D

34.43%

29.13%

21.21%

42.67%

Ratios to Average Net Assets H

Expenses before reductions

2.47% A

2.49%

2.63%

2.76% A

Expenses net of fee waivers, if any

2.40% A

2.43%

2.63%

2.76% A

Expenses net of all reductions

2.33% A

2.40%

2.60%

2.73% A

Net investment income (loss)

(.92)% A

(.56)%

(.83)%

(.71)% A

Supplemental Data

Net assets, end of period (in millions)

$16

$13

$5

$1

Portfolio turnover rate

99% A

79%

77%

84% A

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 $.01 per share.

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.31

$21.04

$17.64

$12.35

Income from Investment Operations

Net investment income (loss) E

(.13)

(.13)

(.12)

(.04) F

Net realized and unrealized gain (loss)

8.50

6.10

3.80

5.31

Total from investment operations

8.37

5.97

3.68

5.27

Distributions from net investment income

-

-

(.01)

-

Distributions from net realized gain

(2.75)

(.72)

(.31)

-

Total distributions

(2.75)

(.72)

(.32)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$31.93

$26.31

$21.04

$17.73

Total Return B, C, D

34.50%

29.22%

21.43%

42.83%

Ratios to Average Net Assets H

Expenses before reductions

2.37% A

2.41%

2.43%

2.57% A

Expenses net of fee waivers, if any

2.37% A

2.41%

2.43%

2.57% A

Expenses net of all reductions

2.30% A

2.38%

2.40%

2.55% A

Net investment income (loss)

(.89)% A

(.54)%

(.62)%

(.52)% A

Supplemental Data

Net assets, end of period (in millions)

$32

$25

$9

$1

Portfolio turnover rate

99% A

79%

77%

84% A

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 $.01 per share.

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Small Cap

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003

2002 F

Selected Per-Share Data

Net asset value, beginning of period

$26.89

$21.36

$17.71

$9.87

$10.00

Income from Investment Operations

Net investment income (loss) D

.03

.15

.10

.07 E

(.01)

Net realized and unrealized gain (loss)

8.64

6.19

3.84

7.75

(.12)

Total from investment operations

8.67

6.34

3.94

7.82

(.13)

Distributions from net investment income

(.14)

(.06)

(.02)

-

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

(.02)

-

Total distributions

(3.03)

(.83)

(.33)

(.02)

-

Redemption fees added to paid in capital D

- H

.02

.04

.04

- H

Net asset value, end of period

$32.53

$26.89

$21.36

$17.71

$9.87

Total Return B, C

35.19%

30.67%

22.84%

79.78%

(1.30)%

Ratios to Average Net Assets G

Expenses before reductions

1.27% A

1.28%

1.30%

1.54%

13.70% A

Expenses net of fee waivers, if any

1.27% A

1.28%

1.30%

1.54%

1.80% A

Expenses net of all reductions

1.19% A

1.25%

1.28%

1.51%

1.80% A

Net investment income (loss)

.22% A

.59%

.50%

.46%

(.56)% A

Supplemental Data

Net assets, end of period (in millions)

$2,801

$2,090

$1,091

$547

$3

Portfolio turnover rate

99% A

79%

77%

84%

85% A

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.

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

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

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 F

Selected Per-Share Data

Net asset value, beginning of period

$26.86

$21.36

$17.72

$12.35

Income from Investment Operations

Net investment income (loss) D

.03

.14

.10

.04 E

Net realized and unrealized gain (loss)

8.63

6.18

3.84

5.31

Total from investment operations

8.66

6.32

3.94

5.35

Distributions from net investment income

(.14)

(.07)

(.03)

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

-

Total distributions

(3.03)

(.84)

(.34)

-

Redemption fees added to paid in capital D

- H

.02

.04

.02

Net asset value, end of period

$32.49

$26.86

$21.36

$17.72

Total Return B, C

35.21%

30.59%

22.84%

43.48%

Ratios to Average Net Assets G

Expenses before reductions

1.29% A

1.30%

1.32%

1.51% A

Expenses net of fee waivers, if any

1.29% A

1.30%

1.32%

1.51% A

Expenses net of all reductions

1.21% A

1.27%

1.29%

1.48% A

Net investment income (loss)

.20% A

.57%

.49%

.54% A

Supplemental Data

Net assets, end of period (in millions)

$11

$7

$3

$.4

Portfolio turnover rate

99% A

79%

77%

84% A

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.

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

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

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006

(Amounts in thousands except ratios)

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 fund is currently closed to most new accounts. 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 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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)and losses deferred due to wash sales.

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

Unrealized appreciation

$925,779

Unrealized depreciation

(92,898)

Net unrealized appreciation (depreciation)

$832,881

Cost for federal income tax purposes

$2,343,968

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 FMR, are retained by the fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The fund 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 the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,264,205 and $1,257,674, respectively.

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 .27% 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 .97% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

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%

$50

$1

Class T

.25%

.25%

122

-

Class B

.75%

.25%

72

54

Class C

.75%

.25%

142

31

$386

$86

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 depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$5

Class T

4

Class B*

25

Class C*

1

$35

*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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$62

.31*

Class T

76

.31*

Class B

29

.40*

Class C

42

.30*

International Small Cap

2,327

.19*

Institutional Class

10

.21*

$2,546

*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.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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, which amounts to $4 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$5

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 $918 for the period. In addition, through arrangements with the fund's custodian and each class' transfer agent, 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 $1. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Small Cap

$9

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net investment income

Class A

$62

$14

International Small Cap

10,725

3,381

Institutional Class

42

11

Total

$10,829

$3,406

From net realized gain

Class A

$3,713

$542

Class T

4,531

602

Class B

1,340

221

Class C

2,559

359

International Small Cap

221,459

43,388

Institutional Class

836

123

Total

$234,438

$45,235

10. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2006

Year ended
October 31,
2005

Six months ended
April 30,
2006

Year ended
October 31,
2005

Class A

Shares sold

216

915

$6,256

$22,252

Reinvestment of distributions

125

20

3,194

427

Shares redeemed

(189)

(255)

(5,362)

(6,421)

Net increase (decrease)

152

680

$4,088

$16,258

Semiannual Report

10. Share Transactions - continued

Shares

Dollars

Six months ended April 30,
2006

Year ended
October 31,
2005

Six months ended
April 30,
2006

Year ended
October 31,
2005

Class T

Shares sold

267

1,286

$7,656

$31,179

Reinvestment of distributions

165

24

4,209

531

Shares redeemed

(251)

(457)

(7,195)

(11,453)

Net increase (decrease)

181

853

$4,670

$20,257

Class B

Shares sold

55

415

$1,537

$9,882

Reinvestment of distributions

48

9

1,212

199

Shares redeemed

(88)

(178)

(2,467)

(4,336)

Net increase (decrease)

15

246

$282

$5,745

Class C

Shares sold

85

680

$2,369

$16,301

Reinvestment of distributions

80

13

2,032

272

Shares redeemed

(106)

(147)

(3,002)

(3,591)

Net increase (decrease)

59

546

$1,399

$12,982

International Small Cap

Shares sold

12,076

51,579

$347,010

$1,266,283

Reinvestment of distributions

8,379

2,008

216,010

43,867

Shares redeemed

(12,099)

(26,924)

(343,047)

(667,826)

Net increase (decrease)

8,356

26,663

$219,973

$642,324

Institutional Class

Shares sold

65

259

$1,894

$6,323

Reinvestment of distributions

20

3

506

59

Shares redeemed

(30)

(105)

(878)

(2,545)

Net increase (decrease)

55

157

$1,522

$3,837

Semiannual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments as of April 30, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and its financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Semiannual Report

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 23, 2006

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Small Cap Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

Managing Your 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.

(phone_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.

Semiannual Report

To Visit Fidelity

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
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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

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, 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

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

3501 PGA Boulevard
West Palm Beach, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1572 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

7315 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

500 E. Eisenhower Pkwy.
Ann Arbor, MI

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

Semiannual Report

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Missouri

8885 Ladue Road
Ladue, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Highway 35
Shrewsbury, NJ

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

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, 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

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, 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

Semiannual Report

To Write Fidelity

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

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P.O. Box 770001
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P.O. Box 500
Merrimack, NH 03054-0500

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

Selling shares

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

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

General Correspondence

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

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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(U.K.) Inc.

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Boston, MA

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Boston, MA

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Pittsburgh, PA

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(Fidelity Investment logo)(registered trademark)

ISC-USAN-0606
1.800661.102

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Small Cap

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

Semiannual Report

April 30, 2006

(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.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Report of Independent Registered Public Accounting Firm

<Click Here>

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,350.10

$9.50

HypotheticalA

$1,000.00

$1,016.71

$8.15

Class T

Actual

$1,000.00

$1,348.30

$10.95

HypotheticalA

$1,000.00

$1,015.47

$9.39

Class B

Actual

$1,000.00

$1,344.30

$13.95

HypotheticalA

$1,000.00

$1,012.89

$11.98

Class C

Actual

$1,000.00

$1,345.00

$13.78

HypotheticalA

$1,000.00

$1,013.04

$11.83

International Small Cap

Actual

$1,000.00

$1,351.90

$7.41

HypotheticalA

$1,000.00

$1,018.50

$6.36

Institutional Class

Actual

$1,000.00

$1,352.10

$7.52

HypotheticalA

$1,000.00

$1,018.40

$6.46

A5% return per year before expenses

*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.63%

Class T

1.88%

Class B

2.40%

Class C

2.37%

International Small Cap

1.27%

Institutional Class

1.29%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan32.2%

United Kingdom18.1%

Australia9.6%

Canada3.9%

South Africa3.8%

United States of America2.8%

Italy2.8%

Bermuda2.4%

Germany2.2%

Other22.2%



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

As of October 31, 2005

Japan32.9%

United Kingdom15.4%

Australia10.4%

United States of America3.8%

South Africa3.7%

Germany3.4%

Singapore2.5%

Canada2.3%

Norway2.1%

Other23.5%



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

98.7

97.8

Bonds

0.3

0.1

Short-Term Investments and Net Other Assets

1.0

2.1

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Banca Italease Spa (Italy, Diversified Financial Services)

1.9

1.0

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

1.5

1.5

Central African Mining & Exploration Co. PLC (United Kingdom, Metals & Mining)

1.2

0.2

Hitachi Construction Machinery Co. Ltd. (Japan, Machinery)

1.1

0.1

Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels)

1.0

0.0

Konica Minolta Holdings, Inc. (Japan, Office Electronics)

0.9

0.0

Nissin Kogyo Co. Ltd. (Japan, Auto Components)

0.9

1.2

Fujikura Ltd. (Japan, Electrical Equipment)

0.8

0.4

Hitachi Chemical Co. Ltd. (Japan, Chemicals)

0.8

0.0

OMV AG (Austria, Oil, Gas & Consumable Fuels)

0.8

0.3

10.9

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Materials

18.7

14.8

Consumer Discretionary

16.5

18.7

Industrials

15.7

15.5

Energy

14.5

13.0

Information Technology

12.8

12.9

Financials

9.8

9.5

Health Care

5.0

5.8

Consumer Staples

3.7

4.3

Utilities

1.2

0.6

Telecommunication Services

1.1

2.8

Semiannual Report

Investments April 30, 2006

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (Note 1) (000s)

Australia - 9.6%

Allied Gold Ltd. (a)

8,145,000

$3,279

Aristocrat Leisure Ltd.

41,200

461

Austbrokers Holdings Ltd.

509,053

1,118

Australian Stock Exchange Ltd.

76,339

1,905

Australian Wealth Management Ltd. (a)

937,387

1,752

Billabong International Ltd.

546,600

6,403

Boom Logistics Ltd.

1,065,600

3,756

Bradken Ltd.

2,677,195

11,409

Capital-XX Ltd.

2,262,572

3,941

Centamin Egypt Ltd. (a)

7,128,303

4,648

Coates Hire Ltd.

768,400

3,596

Cochlear Ltd.

239,200

9,594

Colorado Group Ltd.

436,600

1,254

Computershare Ltd.

968,472

5,797

CSR Ltd.

550,600

1,694

David Jones Ltd. (e)

1,901,800

3,872

Dominos Pizza Australia New Zealand Ltd.

1,993,100

5,799

Downer EDI Ltd.

2,031,557

13,396

Dwyka Diamonds Ltd. (a)

7,549,000

4,715

Dyno Nobel Ltd.

494,900

985

Elixir Petroleum Ltd. (a)

2,227,040

741

Elkedra Diamonds NL (a)

6,153,671

3,002

Energy Developments Ltd.

14,945

49

European Gas Ltd. (a)

3,307,100

1,457

Finders Resources Ltd.

1,281,400

613

Fox Resources Ltd. (a)

4,514,836

2,915

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

52

Hastie Group Ltd.

1,038,000

1,335

International Ferro Metals (f)

27,299,526

18,919

JB Hi-Fi Ltd.

619,200

2,352

Kimberley Diamond Co. NL (a)

871,100

1,141

Metcash Ltd.

3,551,900

12,412

Millers Retail Ltd. (a)

923,300

1,203

Mineral Deposits Ltd. (a)

4,920,000

6,485

Mineral Securities Ltd. (a)

650,000

790

Mintails Ltd. (a)(f)

7,455,000

1,841

Mortgage Choice Ltd.

5,879,638

11,613

National Australia Bank Ltd.

143,900

4,110

Novera Energy Ltd. (a)

856,600

1,062

Origin Energy Ltd.

410,900

2,201

Oxiana Ltd.

5,035,384

13,044

Paladin Resources Ltd. (a)(e)

1,613,900

5,566

Common Stocks - continued

Shares

Value (Note 1) (000s)

Australia - continued

QBE Insurance Group Ltd.

257,323

$4,375

Roc Oil Co. Ltd. (a)

6,408,992

16,247

Seek Ltd.

2,980,839

8,990

Select Managed Funds Ltd.

298,900

1,907

SFE Corp. Ltd.

939,600

11,734

Sims Group Ltd.

169,553

2,454

Sphere Investments Ltd. (a)

4,877,121

4,075

Stockland unit

408

2

Sylvania Resources Ltd. (a)(f)

7,537,250

5,067

Tanami Gold NL (a)

17,920,400

4,220

Tutt Bryant Group Ltd.

149,064

186

United Group Ltd.

1,100,021

11,039

Virotec International Ltd. (United Kingdom) (a)

6,788,332

2,197

Woolworths Ltd.

170,218

2,413

WorleyParsons Ltd. (e)

712,800

10,559

Zinifex Ltd.

2,301,500

18,095

TOTAL AUSTRALIA

285,837

Austria - 0.8%

OMV AG

325,200

22,611

Belgium - 0.3%

Melexis NV

93,199

1,487

Punch International NV (a)

29,700

3,638

Recticel SA (e)

242,344

2,905

TOTAL BELGIUM

8,030

Bermuda - 2.4%

Aquarius Platinum Ltd. (United Kingdom)

498,805

7,341

Asia Aluminum Holdings Ltd. (a)

628,000

114

Pacific Andes (Holdings) Ltd.

1,824,000

946

Peace Mark Holdings Ltd.

7,470,000

3,782

Petra Diamonds Ltd. (a)

3,010,606

5,065

Ports Design Ltd.

2,659,000

4,201

RC Group (Holdings) Ltd.

2,493,279

2,865

REXCAPITAL Financial Holdings Ltd. (a)

5,975,000

316

SeaDrill Ltd. (a)

793,721

13,461

Sinochem Hong Kong Holding Ltd.

9,740,000

4,146

Tanzanite One Ltd. (f)

5,891,201

17,889

Trefoil Ltd. (a)

750,000

6,329

Xceldiam Ltd. (f)

3,318,255

2,965

Common Stocks - continued

Shares

Value (Note 1) (000s)

Bermuda - continued

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

$363

Xiwang Sugar Holdings Co. Ltd.

368,000

254

TOTAL BERMUDA

70,037

British Virgin Islands - 0.3%

Albidon Ltd. unit (a)

1,000,000

711

BDI Mining Corp. (a)(f)

8,728,890

4,298

CIC Energy Corp. (a)

330,000

1,963

Titanium Resources Group Ltd.

1,890,000

2,637

TOTAL BRITISH VIRGIN ISLANDS

9,609

Canada - 3.7%

Adastra Minerals, Inc.:

(Canada) (a)

266,300

846

(United Kingdom) (a)

2,254,100

7,235

Altius Minerals Corp. (a)

757,506

4,133

Artumas Group, Inc.

473,800

2,576

Bankers Petroleum Ltd. (a)

3,767,000

3,639

Banro Corp. (a)

277,700

3,353

Brazilian Diamonds Ltd. (a)

1,300,000

395

Falcon Oil & Gas Ltd. (a)

4,775,500

14,651

First Quantum Minerals Ltd.

55,700

2,692

Grove Energy Ltd. (a)

2,324,240

1,950

La Mancha Resources, Inc. (a)

458,200

574

Lionore Mining International Ltd. (a)

296,800

1,505

MagIndustries Corp. (a)

4,865,600

6,963

MagIndustries Corp. (a)(h)

7,233,600

9,317

Oilexco, Inc. (a)

3,980,525

16,022

Platinum Group Metals Ltd. (a)

250,000

467

Rock Well Petroleum, Inc. (h)

770,400

1,034

Shore Gold, Inc. (a)

311,500

1,783

Starfield Resources, Inc. (a)(f)

9,026,531

4,279

Starfield Resources, Inc. (a)(f)(h)

1,678,100

689

Starfield Resources, Inc. warrants 1/21/08 (a)

1,678,100

144

StrataGold Corp. (a)

2,229,000

2,193

StrataGold Corp. (a)(h)

1,078,111

955

SXR Uranium One, Inc. (a)

475,740

4,668

Tenke Mining Corp. (a)

160,000

2,291

Uruguay Mineral Exploration, Inc. (a)

430,400

1,963

Valkyries Petroleum Corp. (a)

334,400

4,262

Visual Defence, Inc. (f)

5,963,100

3,045

Common Stocks - continued

Shares

Value (Note 1) (000s)

Canada - continued

Western Canadian Coal Corp. (a)

2,161,418

$5,104

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,360

TOTAL CANADA

110,088

Cayman Islands - 0.6%

AAC Acoustic Technology Holdings, Inc.

5,094,000

5,782

China Rare Earth Holdings Ltd.

6,418,000

1,449

Ctrip.com International Ltd. sponsored ADR

52,800

2,376

Foxconn International Holdings Ltd. (a)

1,320,000

2,843

New World China Land Ltd.

2,100,000

1,009

Prime Success International Group Ltd.

2,958,000

1,965

Sincere Watch (Hong Kong) Ltd.

2,642,000

259

The9 Ltd. sponsored ADR (a)

73,500

2,204

Wasion Meters Group Ltd.

3,544,000

1,588

TOTAL CAYMAN ISLANDS

19,475

China - 0.7%

Century Sunshine Ecological Technology Holdings Ltd.

2,630,000

1,577

China Oilfield Services Ltd. (H Shares)

2,592,000

1,429

China Shenhua Energy Co. Ltd. (H Shares)

1,325,500

2,402

Dalian Port (PDA) Co. Ltd. (H Shares)

292,000

163

Focus Media Holding Ltd. ADR

73,700

4,451

Lianhua Supermarket Holdings Co. (H Shares)

639,000

746

Nine Dragons Paper (Holdings) Ltd.

494,000

430

Parkson Retail Group Ltd.

155,500

509

Shenzhou International Group Holdings Ltd.

6,594,000

2,849

Sina Corp. (a)

75,300

1,992

Tencent Holdings Ltd.

1,812,000

3,669

Yantai Changyu Pioneer Wine Co. (B Shares)

251,700

831

TOTAL CHINA

21,048

Denmark - 0.2%

Rockwool International AS Series A (e)

40,200

5,024

Egypt - 0.0%

Commercial International Bank Ltd. sponsored GDR

100,900

1,313

Estonia - 0.1%

Tallinna Vesi AS

127,000

2,312

Finland - 1.6%

Aldata Solutions Oyj (a)

2,065,976

6,542

Capman Oyj (B Shares)

349,437

1,318

Fortum Oyj

135,400

3,420

Common Stocks - continued

Shares

Value (Note 1) (000s)

Finland - continued

Inion OY (a)(f)

3,740,300

$4,604

Metso Corp.

57,600

2,289

Neste Oil Oyj

526,900

18,387

Nokian Tyres Ltd. (e)

435,890

7,457

Tekla Oyj (A Shares)

389,780

2,951

TOTAL FINLAND

46,968

France - 1.7%

Altamir et Compagnie SA

6,100

1,465

Bourbon SA

15,638

1,997

BVRP Software SA (a)

144,796

4,149

Constructions Industrielles dela Mediterranee SA

11,500

1,451

Electricite de France

146,200

8,549

Groupe Open SA (e)

52,500

1,057

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

14,809

17

Groupe Promeo (a)

62,625

2,734

Guerbet SA

8,400

1,484

Icade SA

58,100

2,499

Ipsos SA

515

76

Maisons France Confort

31,494

2,368

Orpea (a)

25,207

1,870

Sechilienne-Sidec

5,246

4,170

Signaux Girod

15,575

1,611

Silicon On Insulator Technologies SA (SOITEC) (a)

282,200

9,211

Sucriere de Pithivier Le Vieil

3,345

3,372

Tessi SA

24,066

1,606

The Lisi Group

22,500

1,641

TOTAL FRANCE

51,327

Germany - 1.8%

ADVA AG Optical Networking (a)

104,375

1,238

Articon-Integralis AG (Reg.) (a)

495,185

2,243

Deutz AG (a)(e)

1,142,500

10,465

E.ON AG

30,800

3,751

ElringKlinger AG

18,284

996

Fresenius AG

31,271

5,224

Grenkeleasing AG

25,918

1,978

Kontron AG

154,264

1,752

Merck KGaA

26,441

2,802

Parsytec AG (a)

307,671

1,471

Pfleiderer AG

202,159

6,098

PSI AG (a)(f)

689,200

5,748

Common Stocks - continued

Shares

Value (Note 1) (000s)

Germany - continued

Pulsion Medical Systems AG (a)

98,511

$749

SGL Carbon AG (a)

219,300

4,607

Suedzucker AG (Bearer)

61,775

1,694

United Internet AG

40,352

2,647

TOTAL GERMANY

53,463

Greece - 0.9%

Autohellas SA

363,100

2,034

Fourlis Holdings SA

200,700

3,115

Greek Organization of Football Prognostics SA

59,042

2,183

Hyatt Regency SA (Reg.)

175,282

2,477

Intralot SA

69,400

2,241

Marfin Financial Group Holdings SA

100

3

Sarantis SA (Reg.)

1,409,518

15,649

TOTAL GREECE

27,702

Hong Kong - 1.0%

Cafe de Coral Holdings Ltd.

2,304,000

3,477

Chen Hsong Holdings Ltd.

1,660,000

1,006

Fong's Industries Co. Ltd.

1,156,000

887

Giordano International Ltd.

6,220,000

3,670

Hong Kong Aircraft & Engineering Co.

152,400

1,483

Hong Kong Land Holdings Ltd.

205,000

804

Integrated Distribution Services Group Ltd. (IDS)

2,488,000

3,690

Lifestyle International Holdings Ltd.

933,000

1,570

Midland Holdings Ltd.

2,506,000

1,454

Singamas Container Holdings Ltd.

1,370,000

1,034

Solomon Systech International Ltd.

13,166,000

5,858

Tai Cheung Holdings Ltd.

1,414,000

798

Tingyi (Cayman Island) Holding Corp.

100,000

64

Tom.com Ltd. (a)

3,814,000

856

Vtech Holdings Ltd.

844,000

4,011

TOTAL HONG KONG

30,662

Hungary - 0.2%

MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)

44,200

5,259

India - 0.6%

Financial Technology (India) Ltd.

97,591

4,006

Great Eastern Energy Corp. Ltd. GDR

1,444,600

4,479

HT Media Ltd.

89,341

1,027

McDowell & Co. Ltd.

209,179

3,639

McDowell & Co. Ltd. GDR (a)

108,021

940

Common Stocks - continued

Shares

Value (Note 1) (000s)

India - continued

Noida Toll Bridge Co. Ltd. GDR (a)

454,051

$2,770

Royal Orchid Hotels Ltd.

283,396

1,193

TOTAL INDIA

18,054

Indonesia - 0.3%

PT Bank Rakyat Indonesia Tbk

4,528,000

2,384

PT Perusahaan Gas Negara Tbk Series B

4,487,500

6,334

TOTAL INDONESIA

8,718

Ireland - 0.9%

Adwalker PLC (a)(f)

9,125,000

999

Aminex PLC (a)

1,430,219

1,206

Glanbia PLC

1,342,400

4,403

Kenmare Resources PLC (a)

3,621,000

3,087

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

851

Minco PLC (a)

2,727,271

746

Paddy Power PLC (Ireland)

241,011

4,287

Petroceltic International PLC (a)(e)

14,094,734

5,784

Providence Resources PLC (a)

20,744,500

2,617

Trinity Biotech PLC sponsored ADR (a)

227,325

1,955

Vimio PLC

867,300

2,033

TOTAL IRELAND

27,968

Israel - 0.6%

Advanced Vision Technology Ltd. (a)

165,400

2,129

Israel Chemicals Ltd.

1,354,000

5,357

Leadcom Integrated Solutions

3,766,400

5,924

Metal-Tech Ltd.

640,200

2,610

MTI Wireless Edge Ltd.

705,128

678

TOTAL ISRAEL

16,698

Italy - 2.8%

Amplifon Spa (e)

38,350

3,528

Banca Credit Firenze

2,942,982

10,422

Banca Italease Spa (e)

918,200

55,913

Bastogi Spa (a)(e)

3,714,300

1,214

Brembo Spa (e)

124,700

1,283

Lottomatica Spa (e)

112,000

5,169

Common Stocks - continued

Shares

Value (Note 1) (000s)

Italy - continued

Saipem Spa

62,000

$1,556

Teleunit Spa (f)

12,719,158

2,958

TOTAL ITALY

82,043

Japan - 32.2%

Abc-Mart, Inc.

145,900

3,414

Access Co. Ltd.

161

346

Access Co. Ltd. (a)(e)

326

2,920

Advance Create Co. Ltd. (e)

243

758

Advanced Media, Inc. Japan (e)

70

384

Aeon Fantasy Co. Ltd. (e)

76,900

3,228

Aichi Steel Corp. (e)

1,570,000

13,649

Ain Pharmaciez, Inc.

44,900

934

Alpen Co. Ltd.

3,600

146

AOC Holdings, Inc.

89,100

1,878

Ariake Japan Co. Ltd. (e)

154,500

4,464

ARRK Corp.

91,400

3,283

Asahi Denka Co. Ltd.

184,000

2,818

Asahi Diamond Industrial Co. Ltd.

310,000

2,916

Asset Managers Co. Ltd. (e)

3,966

11,598

Atrium Co. Ltd.

58,400

6,052

Avex Group Holdings, Inc. (e)

111,400

3,326

Axell Corp.

646

2,445

Bookoff Corp.

150,000

3,069

Canon Finetech, Inc.

140,500

2,782

Casio Micronics Co. Ltd. (e)

190,300

3,961

Chiba Bank Ltd.

384,000

3,477

Chiyoda Co. Ltd.

68,500

1,919

Chiyoda Corp.

94,000

2,113

Chugoku Marine Paints Ltd. (e)

60,000

386

Chuo Denki Kogyo Co. Ltd.

35,000

147

CMIC Co. Ltd. (e)

2,520

738

Create SD Co. Ltd.

32,900

1,075

cyber communications, Inc. (a)(e)

153

496

CyberAgent, Inc. (e)

1,141

2,365

Daido Steel Co. Ltd.

1,685,000

15,463

Daifuku Co. Ltd.

110,500

1,795

Daiwa Securities Group, Inc.

212,000

2,940

Daiwabo Information System Ltd.

375,500

6,743

Ebara Corp.

873,000

4,998

Elpida Memory, Inc. (a)(e)

106,300

4,873

Endo Lighting Corp.

207,000

2,454

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

EPS Co. Ltd. (e)

604

$2,005

Excite Japan Co. Ltd.

11

78

Faith, Inc.

1,619

636

FamilyMart Co. Ltd.

85,800

2,486

FCC Co. Ltd.

127,000

2,816

FinTech Global, Inc. (e)

503

3,114

Fujikura Ltd.

2,116,000

24,472

Fullcast Co. Ltd.

588

2,380

Furukawa Co. Ltd. (a)

376,000

961

Futaba Industrial Co. Ltd. (e)

319,900

8,343

Gentosha, Inc.

100

720

Hamamatsu Photonics KK (e)

186,800

5,840

Haseko Corp. (a)

1,175,000

4,458

Heiwa Real Estate Co. Ltd.

355,000

2,556

Hikari Tsushin, Inc.

237,800

14,701

Hioki EE Corp. (e)

29,200

1,113

Hiroshima Bank Ltd.

738,000

4,724

Hitachi Chemical Co. Ltd.

785,800

22,910

Hitachi Construction Machinery Co. Ltd.

1,210,200

33,051

Hitachi Koki Co. Ltd.

341,000

6,034

Hogy Medical Co.

28,400

1,501

Hokuto Corp. (e)

239,800

4,115

Ibiden Co. Ltd.

68,700

3,264

Ikyu Corp. (e)

366

877

Index Corp. (e)

1,628

2,187

Intelligence Ltd.

2,200

6,511

Intertrade Co. Ltd. (a)

270

908

Iriso Electronics Co. Ltd.

86,700

3,327

Ishihara Chemical Co. Ltd.

48,000

1,096

Ishikawajima-Harima Heavy Industries Co. Ltd. (a)

1,042,000

3,715

Itochu Corp.

1,087,000

9,870

Japan Communications, Inc.

394

349

Japan Digital Contents Trust, Inc. (a)(e)

877

549

Jastec Co. Ltd.

70,400

1,750

JGC Corp.

154,000

2,698

Joint Corp.

98,400

3,232

JSR Corp.

151,700

4,676

Juroku Bank Ltd.

197,000

1,320

Kakaku.com, Inc. (e)

332

1,327

Kansai Urban Banking Corp. (e)

464,000

2,188

Kanto Denka Kogyo Co. Ltd.

283,000

2,321

Kawasaki Heavy Industries Ltd. (e)

978,000

3,547

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Kenedix, Inc.

875

$4,510

Kibun Food Chemifa Co. Ltd. (e)

89,900

1,682

Kobayashi Pharmaceutical Co. Ltd.

100,000

3,539

Kobe Steel Ltd.

1,530,000

5,200

KOEI Co. Ltd.

96,390

1,803

Koito Manufacturing Co. Ltd.

124,000

1,786

Konami Corp.

208,800

5,345

Konica Minolta Holdings, Inc.

2,047,500

26,970

Kubota Corp.

74,000

836

Kura Corp. Ltd. (f)

6,084

19,554

Kurita Water Industries Ltd.

111,800

2,278

Link Theory Holdings Co. Ltd. (e)

145

842

Lopro Corp. (e)

414,500

1,966

LTT Bio-Pharma Co. Ltd. (a)(e)

112

157

Meganesuper Co. Ltd.

20

0

Meiko Electronics Co. Ltd.

140,200

10,711

Micronics Japan Co. Ltd.

50,400

2,284

Mitsuba Corp. (e)

263,000

3,545

Mitsubishi Gas Chemical Co., Inc.

1,634,000

21,710

Mitsubishi Materials Corp. (e)

1,730,000

9,343

Mitsui O.S.K. Lines Ltd.

478,000

3,421

Mitsui Trust Holdings, Inc.

191,000

2,638

Murata Manufacturing Co. Ltd.

214,500

15,615

Nachi-Fujikoshi Corp.

1,133,000

7,601

Namco Bandai Holdings, Inc. (a)

132,100

1,904

NEC Leasing Ltd.

77,400

1,845

NEOMAX Co. Ltd.

172,000

4,939

Net One Systems Co. Ltd. (e)

2,511

5,513

NGK Spark Plug Co. Ltd.

864,000

18,968

NIC Corp.

184,000

1,858

Nidec Copal Electronics Corp. (e)

248,600

1,971

Nidec Corp.

36,200

2,791

Nidec Tosok Corp. (e)

169,800

2,365

Nihon Ceratec Co. Ltd. (e)

358

1,559

Nihon Dempa Kogyo Co. Ltd. (e)

417,200

17,842

Nihon Micro Coating Co. Ltd.

147,500

1,082

Nihon Trim Co. Ltd. (e)

192,500

9,399

Nihon Unicom Corp.

100,900

1,790

Nikko Cordial Corp.

164,000

2,654

Nippon Chemi-con Corp.

964,000

7,213

Nippon Denko Co. Ltd. (e)

1,993,000

7,018

Nippon Electric Glass Co. Ltd.

66,000

1,490

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Nippon Mining Holdings, Inc.

103,500

$957

Nippon Oil Corp.

259,000

2,049

Nippon Seiki Co. Ltd. (e)

889,000

19,322

Nippon Soda Co. Ltd.

558,000

2,715

Nippon Suisan Kaisha Co. Ltd.

568,600

2,796

Nishimatsu Construction Co. Ltd. (e)

650,000

2,717

Nissei Corp.

128,000

1,754

Nissin Co. Ltd. (e)

1,045,760

1,001

Nissin Kogyo Co. Ltd.

1,222,300

25,654

Nissin Servicer Co. Ltd. (e)

1,593

1,098

Nittetsu Mining Co. Ltd.

106,000

884

NOK Corp.

82,900

2,519

Noritake Co. Ltd.

387,000

2,590

NS Solutions Corp.

112,100

2,909

NTN Corp.

404,000

3,335

Obara Corp.

1,100

41

Opt, Inc. (a)

150

767

Optex Co. Ltd.

76,000

2,102

Optoelectronics Co. Ltd.

6,700

241

Otaki Gas Co. Ltd.

16,000

96

Otsuka Corp.

30,800

3,703

Pacific Metals Co. Ltd. (e)

898,000

5,820

Parker Corp.

48,000

755

Phoenix Electric Co. Ltd. (e)

201,600

2,050

Pigeon Corp. (e)

180,000

2,742

Produce Co. Ltd.

339

4,078

Ray Corp.

61,000

241

Relo Holdings Corp.

105,000

2,010

Rex Holdings Co. Ltd.

2,255

7,426

Royal Holdings Co. Ltd.

107,000

1,803

Ryobi Ltd.

359,000

2,673

Saison Information Systems Co. Ltd.

76,300

1,156

Sammy NetWorks Co. Ltd.

750

5,664

Sankyo Co. Ltd. (Gunma)

53,600

3,803

Sapporo Hokuyo Holdings, Inc.

133

1,495

Sato Corp.

196,400

4,769

SBI Holdings, Inc.

7,710

3,927

SBS Co. Ltd. (e)

748

3,186

Sega Sammy Holdings, Inc.

90,000

3,588

Sekisui Plastics Co. Ltd.

160,000

648

Senshukai Co. Ltd.

138,000

1,874

Seria Co. Ltd.

200

527

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Shaddy Co. Ltd.

153,300

$2,719

Shibaura Electronics Co. Ltd.

67,300

951

Shikoku Chemicals Corp.

134,000

988

Shinohara Systems of Construction Co. Ltd. (e)

1,052

2,661

Shizuki Electric Co., Inc.

96,000

455

Showa Denko KK

2,661,000

11,777

Silex Technology, Inc.

233

554

Simplex Investment Advisors, Inc. (e)

236

327

Softbrain Co. Ltd. (e)

880

563

St. Marc Holdings Co. Ltd.

38,100

2,626

Star Micronics Co. Ltd.

557,000

12,033

Sumco Corp.

33,200

1,985

Sumitomo Bakelite Co. Ltd. (e)

101,000

943

Sumitomo Corp.

1,505,000

22,547

Sumitomo Metal Industries Ltd.

2,055,000

8,662

Sumitomo Metal Mining Co. Ltd.

646,000

9,389

Sumitomo Rubber Industries Ltd.

204,400

2,922

Sumitomo Titanium Corp. (e)

10,400

2,048

Sun Frontier Fudousan Co. Ltd.

345

830

Sunx Ltd.

187,100

4,929

Taisei Corp.

358,000

1,600

Taiyo Ink Manufacturing Co. Ltd.

54,700

3,050

Taiyo Kagaku (e)

89,700

1,194

Taiyo Nippon Sanso Corp. Tokyo

361,000

2,850

Telewave, Inc. (e)

1,915

5,550

The First Energy Service Co. Ltd. (a)(e)

191

295

The Keiyo Bank Ltd.

332,000

2,152

Toagosei Co. Ltd. (e)

533,000

2,270

Toc Co. Ltd.

104,000

621

Tohcello Co. Ltd.

150,000

1,535

Tohoku Electric Power Co., Inc.

170,400

3,928

Tokai Carbon Co. Ltd. (e)

643,000

4,003

Token Corp.

210,400

13,728

Tokuyama Corp.

162,000

2,673

Tokyo Gas Co. Ltd.

376,000

1,819

Tokyo Leasing Co. Ltd.

214,500

3,485

Tokyo Seimitsu Co. Ltd.

70,900

4,215

Tomen Devices Corp.

85,600

1,981

Tomoe Engineering Co. Ltd.

123,200

2,472

TonenGeneral Sekiyu KK (e)

189,000

2,053

Toppan Printing Co. Ltd.

278,000

3,713

Toray Industries, Inc.

2,147,000

20,117

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Toyo Ink Manufacturing Co. Ltd.

158,000

$808

Toyo Suisan Kaisha Ltd.

59,000

899

Trancom Co. Ltd.

116,300

2,727

Trend Micro, Inc.

126,000

4,880

Tyo Productions, Inc. (e)

128,000

808

Usen Corp. (e)

275,760

5,037

Wacom Co. Ltd.

825

1,724

Wiz Co. Ltd.

404

2,707

Works Applications Co. Ltd. (a)

850

467

Yachiyo Industry Co. Ltd.

118,500

3,226

Yahoo! Japan Corp.

3,802

2,217

Yamada Denki Co. Ltd.

149,600

16,303

Yamaha Motor Co. Ltd.

67,000

1,847

Yaskawa Electric Corp. (a)(e)

361,000

4,441

Yasuragi Co. Ltd.

40,300

1,292

Yokogawa Electric Corp.

170,700

2,704

Yoshimoto Kogyo Co. Ltd.

106,800

3,057

Zecs Co. Ltd. (e)

181

950

Zensho Co. Ltd. (e)

194,500

6,320

TOTAL JAPAN

953,728

Korea (South) - 1.1%

CDNetworks Co. Ltd.

18,400

642

Cheil Industries, Inc.

64,030

2,325

Daegu Bank Co. Ltd.

91,490

1,717

Daishin Securities Co. Ltd.

37,330

873

Hyundai Engineering & Construction Co. Ltd. (a)

30,970

1,928

Hyundai Mipo Dockyard Co. Ltd.

23,770

2,228

Industrial Bank of Korea

68,320

1,376

Korean Reinsurance Co.

158,576

1,900

Kyeryong Construction Industrial Co. Ltd.

44,760

2,107

LG Household & Health Care Ltd.

28,330

2,262

NHN Corp. (a)

6,394

2,271

Orion Corp.

3,120

817

Samho International Co.

9,720

170

Samsung Corp.

70,720

2,204

Samsung Engineering Co. Ltd.

37,830

1,618

Samsung Techwin Co. Ltd.

29,780

995

SFA Engineering Corp.

79,802

2,657

SSCP Co. Ltd.

14,095

275

STX Shipbuilding Co. Ltd.

125,840

1,414

Common Stocks - continued

Shares

Value (Note 1) (000s)

Korea (South) - continued

Taewoong Co. Ltd.

22,066

$481

YBM Sisa.com, Inc.

57,582

1,606

TOTAL KOREA (SOUTH)

31,866

Luxembourg - 0.2%

RTL Group (a)

54,156

4,909

Malaysia - 0.2%

Green Packet BHD

1,800,000

1,301

Steppe Cement Ltd. (a)

847,900

3,054

Uchi Technologies BHD

437,300

386

TOTAL MALAYSIA

4,741

Netherlands - 0.5%

Bateman Engineering NV

528,957

3,729

Engel East Europe NV

2,027,612

5,824

Nutreco Holding NV

74,700

4,428

TOTAL NETHERLANDS

13,981

New Zealand - 0.6%

Fisher & Paykel Healthcare Corp.

1,926,273

5,192

Freightways Ltd.

35,066

86

Sky City Entertainment Group Ltd.

1,704,323

5,911

Sky Network Television Ltd.

409,053

1,612

Tower Ltd. (a)

2,569,173

4,447

TOTAL NEW ZEALAND

17,248

Norway - 1.4%

ABG Sundal Collier ASA (e)

966,000

1,975

Aker Kvaerner ASA

32,000

3,116

Camillo Eitzen & Co. ASA

280,800

3,144

Deep Ocean ASA (a)

373,747

1,316

Mamut ASA (a)

309,100

697

P4 Radio Hele Norge ASA (e)

141,400

597

Pertra Midt-Norges AS (h)

60,000

974

Schibsted ASA (B Shares) (e)

54,100

1,589

Solstad Offshore ASA

114,000

2,072

Songa Offshore ASA (a)

693,608

7,767

Songa Offshore ASA warrants 6/8/08 (a)(h)

177,778

1,760

Statoil ASA (e)

147,600

4,863

Common Stocks - continued

Shares

Value (Note 1) (000s)

Norway - continued

Stepstone ASA (a)

4,710,000

$8,103

TANDBERG ASA (e)

263,700

2,685

TOTAL NORWAY

40,658

Poland - 0.8%

Polski Koncern Naftowy Orlen SA unit

459,300

18,716

TVN SA (a)

149,254

4,668

TOTAL POLAND

23,384

Portugal - 0.1%

Impresa SGPS (a)

583,653

3,741

Russia - 0.2%

Sistema JSFC sponsored GDR

135,400

3,317

Vimpel Communications sponsored ADR (a)

68,100

3,170

TOTAL RUSSIA

6,487

Singapore - 2.1%

Advent Air Ltd. (a)

2,331,000

446

Advent Air Ltd. (a)(h)

8,918,299

1,342

Cosco Investment (Singapore) Ltd.

3,422,000

3,095

GES International Ltd.

5,357,000

3,355

Goodpack Ltd.

1,033,000

1,242

Guocoland Ltd.

505,000

786

HTL International Holdings Ltd.

1,244,375

1,031

K-REIT Asia (a)

235,000

221

Keppel Land Ltd.

1,175,000

3,523

Midas Holdings Ltd.

2,510,000

1,397

Olam International Ltd.

2,539,000

2,602

Parkway Holdings Ltd.

3,746,000

6,185

Raffles Education Corp. Ltd.

927,000

1,466

SIA Engineering Co. Ltd.

3,364,000

7,278

Singapore Exchange Ltd.

3,769,000

10,252

Singapore Petroleum Co. Ltd.

452,000

1,644

Singapore Post Ltd.

15,136,000

10,819

The Ascott Group Ltd.

1,298,000

903

United Overseas Land Ltd.

803,000

1,554

Wing Tai Holdings Ltd.

1,928,000

2,134

TOTAL SINGAPORE

61,275

South Africa - 3.8%

African Bank Investments Ltd.

3,130,751

17,496

Barnard Jacobs Mellet Holdings Ltd.

3,499,100

3,492

Common Stocks - continued

Shares

Value (Note 1) (000s)

South Africa - continued

Discovery Holdings Ltd. (a)

1,329,819

$5,408

FirstRand Ltd.

3,181,100

10,476

Foschini Ltd.

429,200

4,347

Gold Reef Casino Resorts Ltd.

697,000

1,739

JD Group Ltd.

153,100

2,367

Lewis Group Ltd.

299,200

3,018

MTN Group Ltd.

825,302

8,236

Nedbank Group Ltd.

86,656

1,810

Steinhoff International Holdings Ltd.

11,294,432

44,764

Telkom SA Ltd.

263,800

6,283

Wilson Bayly Holmes-Ovcon Ltd.

446,856

4,459

TOTAL SOUTH AFRICA

113,895

Spain - 0.0%

Construcciones y Auxiliar de Ferrocarriles

6,807

946

Sweden - 1.9%

Consafe Offshore AB (A Shares) (a)

984,272

18,849

Eniro AB

400,228

4,392

Gambro AB (A Shares)

405,000

6,082

Hexagon AB (B Shares) (e)

266,411

9,884

Intrum Justitia AB (e)

298,000

2,815

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

240,350

13,196

Observer AB

463,290

2,160

VBG AB (B Shares)

6,710

357

TOTAL SWEDEN

57,735

Switzerland - 1.1%

Actelion Ltd. (Reg.) (a)

32,849

3,713

Amazys Holding AG (a)

39,138

3,468

Bucher Holding AG (e)

31,439

3,067

Escor Casino & Entertainment SA

19,770

426

Mobilezone Holding AG

331,524

1,804

Novartis AG (Reg.)

73,343

4,218

Pargesa Holding SA

14,130

1,435

Roche Holding AG (participation certificate)

52,195

8,025

Sulzer AG (Reg.) (e)

2,648

2,233

Swissquote Group Holding SA

11,717

3,354

TOTAL SWITZERLAND

31,743

Taiwan - 0.5%

Ardentec Corp.

1,066,000

1,245

Catcher Technology Co. Ltd.

134,000

1,495

Common Stocks - continued

Shares

Value (Note 1) (000s)

Taiwan - continued

Chi Mei Optoelectronics Corp.

499,000

$709

Delta Electronics, Inc.

167,000

520

Greatek Electronics, Inc.

975,000

1,345

Holtek Semiconductor, Inc.

466,000

933

MediaTek, Inc.

71,000

829

Mirle Automation Corp.

266,000

301

MJC Probe, Inc.

384,000

1,402

Nan Ya Printed Circuit Board Corp.

210,000

2,258

Novatek Microelectronics Corp.

142,000

846

Phoenix Precision Technology Corp.

924,000

2,105

Unimicron Technology Corp.

539,000

899

TOTAL TAIWAN

14,887

Thailand - 0.1%

Bumrungrad Hospital PCL:

NVDR

371,700

364

(For. Reg.)

2,908,400

2,876

TOTAL THAILAND

3,240

Turkey - 0.6%

Atakule Gayrimenkul Yatirim Ortakligi AS

688,000

1,061

Dogan Gazetecilik AS (a)

2,749,955

8,816

Tupras-Turkiye Petrol Rafinerileri AS

395,600

8,376

TOTAL TURKEY

18,253

United Arab Emirates - 0.0%

Investcom LLC GDR

45,600

691

United Kingdom - 17.9%

Accuma Group PLC (a)

418,063

2,059

Advanced Technology (UK) PLC (a)(f)

7,355,000

0

AeroBox PLC (a)

5,694,657

610

Afren PLC (a)(f)

13,838,800

20,696

African Copper PLC (a)

1,742,884

2,718

Air Partner PLC

45,000

589

Alba PLC

298,892

1,156

Alizyme PLC (a)

176,127

514

Alliance Pharma PLC (a)(f)

7,984,200

2,730

Alterian PLC (a)

1,486,000

3,347

Amlin PLC

206,973

1,063

Andor Technology Ltd. (a)

444,444

782

Anglo Asian Mining PLC

4,278,000

4,506

Angus & Ross PLC (a)

5,553,700

1,722

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

Appian Technology PLC (a)

5,416,178

$938

Appian Technology PLC warrants 2/28/08 (a)(h)

479,045

22

Ascent Resources PLC (a)(f)

13,698,300

2,873

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

84

Asia Energy PLC (a)

1,360,038

10,294

Atrium Underwriting PLC

257,060

966

Autoclenz Holdings PLC (f)

560,000

1,328

Avanti Screenmedia Group PLC (a)(f)

1,737,000

8,870

Baltic Oil Terminals PLC

1,913,000

5,757

Belitung Zinc Corp. PLC (h)

7,435,490

1,356

BG Group PLC

217,200

2,919

Bioprogress PLC (a)(f)

9,567,839

7,765

Blackstar Investors PLC (f)

2,870,000

6,124

Block Shield Corp. PLC (a)

1,121,700

3,253

BowLeven PLC (a)(f)

1,815,700

5,762

Caffe Nero Group PLC (a)

455,278

1,810

Cambrian Mining PLC (f)

7,535,000

22,056

Camco International Ltd.

868,900

1,252

Cardpoint PLC (a)

345,300

671

Central African Mining & Exploration Co. PLC (a)

23,396,219

34,988

Centurion Electronics PLC (f)

44,001,239

903

Ceres Power Holding PLC (a)

1,039,400

6,085

Chaco Resources PLC (a)

11,189,600

3,214

Chaucer Holdings PLC

3,529,713

4,442

Clapham House Group PLC (a)

607,050

2,375

Cobra Biomanufacturing PLC (a)

701,900

560

Coffeeheaven International PLC (a)(f)

6,715,909

2,970

Corac Group PLC (a)(f)

5,349,104

4,756

Corin Group PLC

1,210,314

6,721

Countermine PLC (h)

4,939

465

Countermine PLC warrants 7/26/06 (a)(h)

4,939

0

CustomVis PLC (a)

1,558,936

142

DA Group PLC (a)(f)

1,800,165

1,986

Domino's Pizza UK & IRL PLC

1

0

Dream Direct Group PLC (a)

145,000

116

Eclipse Energy Co. Ltd. (h)

102,000

1,395

Econergy International PLC

675,000

1,219

EnCore Oil PLC (a)

7,777,985

4,291

Eureka Mining PLC (a)

381,700

940

Europa Oil & Gas Holdings PLC (a)

1,000,000

602

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

78

European Diamonds PLC (a)

499,300

225

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

Faroe Petroleum PLC (a)

1,288,906

$4,149

Firestone Diamonds PLC (a)

1,718,100

4,261

Flomerics Group PLC

449,658

865

Forum Energy PLC (f)

1,694,770

3,292

Future PLC

1,717,169

1,315

Gemfields Resources PLC (e)(f)

6,859,200

5,066

GMA Resources PLC (a)(f)

24,646,083

5,506

Goals Soccer Centres PLC

827,000

4,027

Golden Prospect PLC

1,931,500

2,272

Goldshield Group PLC

416,400

2,314

GTL Resources PLC (a)

13,669,072

910

Gyrus Group PLC (a)

538,800

3,729

Hallin Marine Subsea International PLC

1,047,700

1,529

Hambledon Mining PLC (a)

7,127,200

2,210

Hardide Ltd. (f)

12,301,000

3,365

Healthcare Enterprise Group PLC (a)(f)

16,540,108

3,921

Highbury House Communications PLC (a)

713,914

9

Hot Tuna International PLC (f)

2,359,400

1,743

Hot Tuna International PLC warrants 2/25/08 (a)(h)

1,179,700

188

Hydrodec Group PLC (a)(f)

16,486,086

10,523

ID Data PLC (a)(f)

84,350,500

1,185

Ideal Shopping Direct PLC

827,209

5,559

Imperial College Innovations Ltd. (h)

19,300

2,816

Indago Petroleum Ltd.

3,219,846

3,435

Interbulk Investments PLC (a)(f)

5,650,000

2,731

International Con Minerals Ltd. (h)

2,659,964

798

International Con Minerals Ltd. warrants 10/31/07 (a)(h)

1,329,982

0

Intertek Group PLC

116,310

1,749

iomart Group PLC

2,235,000

3,587

IPSA Group PLC (f)

3,246,075

2,871

iSoft Group PLC

974,600

2,088

ITE Group PLC

4,156,817

9,476

ITM Power PLC (a)(e)

3,307,600

19,514

Jubilee Platinum PLC (a)(f)

7,171,303

11,248

Kalahari Minerals PLC

3,563,200

1,332

Kazakhgold Group Ltd. GDR

56,700

1,579

KimCor Diamonds PLC (f)

4,370,000

1,215

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

219

Lambert Howarth Group PLC

252,392

774

Landround PLC (f)

358,600

350

Lansdowne Oil & Gas PLC (a)

917,620

1,456

Lawrence PLC

1,073,124

6,008

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

London Asia Chinese Private Equity Fund Ltd. (a)

527,000

$1,074

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

55

LTG Technologies PLC (a)(f)

19,549,772

3,209

Manpower Software PLC (a)

258,824

111

Max Petroleum PLC (e)

13,318,752

30,059

Metals Exploration PLC (a)(f)

2,820,077

1,787

Metals Exploration PLC warrants 9/14/07 (a)

1,410,039

379

Mice Group PLC

2,663,824

1,749

Michelmersh Brick Holdings PLC

528,900

945

Monstermob Group PLC (a)

226,461

1,285

Motivcom PLC (f)

2,035,000

3,804

NDS Group PLC sponsored ADR (a)

105,154

5,300

NeuTec Pharma PLC (a)

174,136

1,581

NeutraHealth PLC (a)(f)

7,328,100

1,570

Oystertec PLC (a)

7,009,687

0

Pan African Resources PLC (a)

3,955,600

631

Peninsular Gold Ltd. (a)

350,000

335

Pilat Media Global PLC (a)(f)

2,880,000

2,758

Platinum Mining Corp. of India PLC (f)

12,520,800

3,026

Plethora Solutions Holdings PLC (a)

431,818

1,709

PlusNet Technologies Ltd. (a)(f)

1,711,604

8,428

Premier Oil PLC (a)

159,291

2,984

Proteome Sciences PLC (a)

475,842

369

Pureprofile Media PLC (h)

1,108,572

1,011

Pureprofile Media PLC warrants 7/31/06 (a)(h)

251,428

0

Pursuit Dynamics PLC (a)

666,667

1,833

QA PLC (a)

13,554,656

328

Rambler Metals & Mining PLC

1,300,000

936

Retail Decisions PLC (a)

210,316

522

Rheochem PLC (a)(f)

8,728,300

3,144

Rheochem PLC warrants 12/21/07 (a)

4,364,150

0

Ridge Mining PLC (a)

235,000

235

Royalblue Group PLC

45,073

741

Sarantel Group PLC Class A (a)

536,700

372

Scapa Group PLC (a)

3,010,400

1,139

SDL PLC (a)

1,023,600

3,776

Serabi Mining PLC

1,690,800

1,364

Sibir Energy PLC (a)

84,580

845

Sinclair Pharma PLC (a)

2,238,696

4,899

Sinosoft Technology PLC

6,688,500

4,086

Solomon Gold PLC (f)

1,824,300

1,164

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

SPI Lasers PLC

658,000

$3,270

Spice Holdings PLC

771,200

3,896

Stem Cell Sciences PLC

716,649

869

Sterling Energy PLC (a)

5,469,067

2,917

Stratex International PLC

5,300,000

846

SubSea Resources PLC (a)(f)

8,729,100

6,169

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

477

Synchronica PLC (a)

1,806,000

856

Synergy Healthcare PLC

314,553

2,799

Taghmen Energy PLC (a)(f)

4,645,755

3,897

Taghmen Energy PLC warrants 4/30/07 (a)

2,279,573

294

Tanfield Group PLC (a)(f)

14,582,131

6,183

Teesland PLC

517,000

915

Tersus Energy PLC (a)

1,420,122

1,036

Theratase PLC

1,725,000

1,479

Third Advance Value Realisation Co. Uk Ltd. (a)

507,108

962

Tikit Group PLC (f)

695,362

2,555

TMO Biotec (h)

10,000

547

Toledo Mining Corp. PLC (a)

921,144

2,024

Triple Plate Junction PLC (a)

3,638,000

1,327

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

Tristel PLC

274,418

328

UK Coal PLC

1,087,069

3,232

Unibet Group PLC unit

232,256

5,997

Vectura Group PLC (a)

2,859,400

6,388

Victoria Oil & Gas PLC (a)

2,533,500

11,597

Whatman PLC

280,100

1,603

White Nile Ltd. (a)

200,000

658

William Ransom & Son PLC

3,629,500

3,078

Windsor PLC

700,000

629

World Gaming PLC (a)

1,170,500

3,501

ZincOx Resources PLC (a)

970,000

4,865

TOTAL UNITED KINGDOM

530,986

United States of America - 1.8%

121Media, Inc. (a)(f)

718,205

3,929

Central European Distribution Corp. (a)(e)

42,800

1,757

Chindex International, Inc. (a)(e)

138,900

1,733

Cyberscan Technology, Inc. (f)

996,527

6,815

Frontera Resources Corp. (a)

2,300,000

5,055

Frontier Mining Ltd. (a)

6,115,691

3,346

Marathon Oil Corp.

39,900

3,166

Common Stocks - continued

Shares

Value (Note 1) (000s)

United States of America - continued

NTL, Inc. (a)

94,100

$2,586

Solar Integrated Technologies, Inc. (a)

1,534,773

9,069

Trico Marine Services, Inc. (a)

57,800

1,931

Uramin, Inc. warrants 7/26/08 (a)(h)

666,666

376

UTEK Corp. (Reg. S)

25,000

400

Valero Energy Corp.

70,900

4,590

XL TechGroup, Inc. (a)

1,442,680

8,551

TOTAL UNITED STATES OF AMERICA

53,304

TOTAL COMMON STOCKS

(Cost $2,067,358)

2,911,944

Nonconvertible Preferred Stocks - 0.5%

Germany - 0.4%

Fresenius AG (non-vtg.)

70,528

12,204

United Kingdom - 0.1%

Third Advance Value Realisation Co. Uk Ltd. (a)

1,183,252

2,126

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $7,326)

14,330

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $307)

1,750,000

431

Corporate Bonds - 0.3%

Principal Amount (000s)(d)

Convertible Bonds - 0.3%

Canada - 0.2%

Western Canadian Coal Corp. 7.5% 3/24/11

CAD

7,400

6,487

United Kingdom - 0.1%

BioCare Solutions Ltd. 1% 12/31/06 (h)

GBP

54,768

999

TOTAL CONVERTIBLE BONDS

7,486

Corporate Bonds - continued

Principal Amount (000s)(d)

Value (Note 1) (000s)

Nonconvertible Bonds - 0.0%

Norway - 0.0%

Songa Offshore ASA 9% 9/8/10 (g)

$600

$599

TOTAL CORPORATE BONDS

(Cost $7,949)

8,085

Money Market Funds - 8.2%

Shares

Fidelity Cash Central Fund, 4.8% (b)

29,429,119

29,429

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

212,629,515

212,630

TOTAL MONEY MARKET FUNDS

(Cost $242,059)

242,059

TOTAL INVESTMENT PORTFOLIO - 107.2%

(Cost $2,324,999)

3,176,849

NET OTHER ASSETS - (7.2)%

(212,831)

NET ASSETS - 100%

$2,964,018

Currency Abbreviations

CAD

-

Canadian dollar

GBP

-

British pound

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

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

(e)Security or a portion of the security is on loan at period end.

(f)Affiliated company

(g)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 $599,000 or 0.0% of net assets.

(h)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 $26,044,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Advent Air Ltd.

4/18/06

$1,310

Appian Technology PLC warrants 2/28/08

2/18/05

$-

Belitung Zinc Corp. PLC

1/12/06

$1,308

BioCare Solutions Ltd. 1% 12/31/06

8/3/05

$974

Countermine PLC

12/22/05

$443

Countermine PLC warrants 7/26/06

12/22/05

$-

Eclipse Energy Co. Ltd.

4/28/05

$1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$-

Imperial College Innovations Ltd.

4/27/05

$2,942

International Con Minerals Ltd.

1/30/06

$798

International Con Minerals Ltd. warrants 10/31/07

1/30/06

$-

MagIndustries Corp.

3/16/06

$7,686

Pertra Midt-Norges AS

6/28/05

$911

Pureprofile Media PLC

5/3/05 - 1/11/06

$1,173

Pureprofile Media PLC warrants 7/31/06

5/3/05

$-

Rock Well Petroleum, Inc.

4/13/06

$1,004

Songa Offshore ASA warrants 6/8/08

6/8/05

$-

Starfield Resources, Inc.

1/17/06

$577

StrataGold Corp.

4/6/06

$842

TMO Biotec

10/27/05

$535

Uramin, Inc. warrants 7/26/08

8/24/05

$-

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$735

Fidelity Securities Lending Cash Central Fund

1,396

Total

$2,131

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

121Media, Inc.

$1,832

$307

$-

$-

$3,929

Advanced Technology (UK) PLC

-

-

-

-

-

Adwalker PLC

1,292

-

-

-

999

Afren PLC

12,040

2,657

2,876

-

20,696

Alliance Pharma PLC

2,924

-

318

-

2,730

Ascent Resources PLC

2,603

526

753

-

2,873

Autoclenz Holdings PLC

-

1,213

-

-

1,328

Avanti Screenmedia Group PLC

-

7,564

-

-

8,870

BDI Mining Corp.

4,646

494

-

-

4,298

Bioprogress PLC

2,479

4,451

-

-

7,765

Blackstar Investors PLC

-

5,074

-

-

6,124

BowLeven PLC

9,158

1,215

-

-

5,762

Cambrian Mining PLC

15,024

3,024

-

156

22,056

Centurion Electronics PLC

574

366

-

-

903

Coffeeheaven International PLC

1,580

1,537

577

-

2,970

Corac Group PLC

2,146

283

-

-

4,756

Cyberscan Technology, Inc.

1,725

8,966

-

-

6,815

DA Group PLC

2,490

-

64

-

1,986

EnCore Oil PLC (formerly, Oil Quest Resources PLC)

596

-

-

-

-

Forum Energy PLC

2,505

1,207

-

-

3,292

Fox Resources Ltd.

844

-

-

-

-

Frontier Mining Ltd.

2,220

-

-

-

-

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Gemfields Resources PLC

$-

$5,312

$-

$-

$5,066

GMA Resources PLC

3,026

-

-

-

5,506

Hardide Ltd.

2,909

-

27

-

3,365

Healthcare Enterprise Group PLC

10,604

2,028

-

-

3,921

Hot Tuna International PLC

-

2,049

-

-

1,743

Hydrodec Group PLC

2,730

5,558

-

-

10,523

ID Data PLC

1,344

-

-

-

1,185

Inion OY

3,466

2,117

-

-

4,604

Interbulk Investments PLC

-

2,006

48

-

2,731

International Ferro Metals

15,854

600

26

-

18,919

IPSA Group PLC

2,128

-

434

-

2,871

Jubilee Platinum PLC

3,339

4,414

791

-

11,248

KimCor Diamonds PLC

-

1,147

-

-

1,215

Kura Corp. Ltd.

18,905

588

-

-

19,554

Lambert Howarth Group PLC

6,291

-

4,755

96

-

Landround PLC

582

54

-

-

350

Leadcom Integrated Solutions

4,705

-

1,258

57

-

LTG Technologies PLC

2,294

1,300

-

-

3,209

Metals Exploration PLC

624

-

-

-

1,787

Mintails Ltd.

-

1,466

-

-

1,841

Motivcom PLC (formerly, P&MM Group PLC)

3,423

-

-

27

3,804

NeutraHealth PLC

1,719

-

-

-

1,570

Pilat Media Global PLC

2,244

-

-

-

2,758

Platinum Mining Corp. of India PLC

3,602

-

-

-

3,026

PlusNet Technologies Ltd.

7,340

720

-

-

8,428

PSI AG

3,396

-

-

-

5,748

Rheochem PLC

1,854

-

-

-

3,144

Solomon Gold PLC

-

1,588

-

-

1,164

Sphere Investments Ltd.

2,552

-

249

-

-

Starfield Resources, Inc.

3,741

-

967

-

4,279

Starfield Resources, Inc. (restricted)

-

577

-

-

689

Stepstone ASA

5,719

-

-

-

-

SubSea Resources PLC

4,362

52

-

-

6,169

Sylvania Resources Ltd.

2,738

472

-

-

5,067

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Synchronica PLC (formerly, Dat Group PLC)

$$1,263

$-

$-

$-

$-

Taghmen Energy PLC

5,671

-

102

-

3,897

Tanfield Group PLC

2,911

2,114

-

-

6,183

Tanzanite One Ltd.

4,936

10,260

-

-

17,889

Teleunit Spa

3,683

710

28

94

2,958

Tikit Group PLC

2,436

-

92

22

2,555

Visual Defence, Inc.

1,379

1,024

-

-

3,045

Xceldiam Ltd.

2,643

-

-

-

2,965

Total

$213,091

$85,040

$13,365

$452

$293,128

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2006

Assets

Investment in securities, at value (including securities loaned of $201,539) - See accompanying schedule:

Unaffiliated issuers (cost $1,832,224)

$2,641,662

Affiliated Central Funds (cost $242,059)

242,059

Other affiliated issuers (cost $250,716)

293,128

Total Investments (cost $2,324,999)

$3,176,849

Cash

84

Foreign currency held at value (cost $4,379)

4,405

Receivable for investments sold

24,577

Receivable for fund shares sold

4,375

Dividends receivable

5,617

Interest receivable

201

Prepaid expenses

6

Receivable from investment adviser for expense reductions

1

Other receivables

634

Total assets

3,216,749

Liabilities

Payable for investments purchased

$34,762

Payable for fund shares redeemed

2,138

Accrued management fee

2,303

Distribution fees payable

72

Other affiliated payables

554

Other payables and accrued expenses

272

Collateral on securities loaned, at value

212,630

Total liabilities

252,731

Net Assets

$2,964,018

Net Assets consist of:

Paid in capital

$1,874,712

Undistributed net investment income

1,257

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

236,148

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

851,901

Net Assets

$2,964,018

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2006

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($47,097 ÷ 1,456.9 shares)

$32.33

Maximum offering price per share (100/94.25 of $32.33)

$34.30

Class T:
Net Asset Value and redemption price per share ($56,296 ÷ 1,748.4 shares)

$32.20

Maximum offering price per share (100/96.50 of $32.20)

$33.37

Class B:
Net Asset Value and offering price per share ($15,986 ÷ 501.9 shares)A

$31.85

Class C:
Net Asset Value and offering price per share ($32,464 ÷ 1,016.8 shares)A

$31.93

International Small Cap:
Net Asset Value, offering price and redemption price per share ($2,801,384 ÷ 86,110.3 shares)

$32.53

Institutional Class:
Net Asset Value, offering price and redemption price per share ($10,791 ÷ 332.1 shares)

$32.49

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

Semiannual Report

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

Statement of Operations

Amounts in thousands

Six months ended April 30, 2006

Investment Income

Dividends (including $452 received from other affiliated issuers)

$16,516

Interest

151

Income from affiliated Central Funds (including $1,396 from security lending)

2,131

18,798

Less foreign taxes withheld

(852)

Total income

17,946

Expenses

Management fee
Basic fee

$11,067

Performance adjustment

1,257

Transfer agent fees

2,546

Distribution fees

386

Accounting and security lending fees

604

Independent trustees' compensation

5

Custodian fees and expenses

564

Registration fees

77

Audit

53

Legal

10

Miscellaneous

12

Total expenses before reductions

16,581

Expense reductions

(933)

15,648

Net investment income (loss)

2,298

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $424)

256,131

Other affiliated issuers

1,423

Foreign currency transactions

(210)

Total net realized gain (loss)

257,344

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $297)

505,088

Assets and liabilities in foreign currencies

92

Total change in net unrealized appreciation (depreciation)

505,180

Net gain (loss)

762,524

Net increase (decrease) in net assets resulting from operations

$764,822

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$2,298

$10,862

Net realized gain (loss)

257,344

242,238

Change in net unrealized appreciation (depreciation)

505,180

169,248

Net increase (decrease) in net assets resulting
from operations

764,822

422,348

Distributions to shareholders from net investment income

(10,829)

(3,406)

Distributions to shareholders from net realized gain

(234,438)

(45,235)

Total distributions

(245,267)

(48,641)

Share transactions - net increase (decrease)

231,934

701,403

Redemption fees

169

1,213

Total increase (decrease) in net assets

751,658

1,076,323

Net Assets

Beginning of period

2,212,360

1,136,037

End of period (including undistributed net investment income of $1,257 and undistributed net investment income of $10,862, respectively)

$2,964,018

$2,212,360

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.69

$21.25

$17.69

$12.35

Income from Investment Operations

Net investment income (loss) E

(.02)

.05

.02

.02 F

Net realized and unrealized gain (loss)

8.60

6.16

3.83

5.30

Total from investment operations

8.58

6.21

3.85

5.32

Distributions from net investment income

(.05)

(.02)

(.02)

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

-

Total distributions

(2.94)

(.79)

(.33)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$32.33

$26.69

$21.25

$17.71

Total Return B, C, D

35.01%

30.16%

22.36%

43.24%

Ratios to Average Net Assets H

Expenses before reductions

1.63% A

1.66%

1.71%

1.77% A

Expenses net of fee waivers, if any

1.63% A

1.66%

1.71%

1.77% A

Expenses net of all reductions

1.56% A

1.63%

1.69%

1.74% A

Net investment income (loss)

(.15)% A

.21%

.09%

.28% A

Supplemental Data

Net assets, end of period (in millions)

$47

$35

$13

$5

Portfolio turnover rate

99% A

79%

77%

84% A

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 sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.57

$21.20

$17.68

$12.35

Income from Investment Operations

Net investment income (loss) E

(.06)

(.01)

(.03)

- F, I

Net realized and unrealized gain (loss)

8.57

6.12

3.83

5.31

Total from investment operations

8.51

6.11

3.80

5.31

Distributions from net investment income

-

-

(.01)

-

Distributions from net realized gain

(2.88)

(.76)

(.31)

-

Total distributions

(2.88)

(.76)

(.32)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$32.20

$26.57

$21.20

$17.65

Total Return B, C, D

34.83%

29.72%

22.07%

43.16%

Ratios to Average Net Assets H

Expenses before reductions

1.88% A

1.92%

1.94%

2.12% A

Expenses net of fee waivers, if any

1.88% A

1.91%

1.94%

2.12% A

Expenses net of all reductions

1.81% A

1.88%

1.92%

2.09% A

Net investment income (loss)

(.40)% A

(.04)%

(.14)%

(.07)% A

Supplemental Data

Net assets, end of period (in millions)

$56

$42

$15

$4

Portfolio turnover rate

99% A

79%

77%

84% A

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 sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.24

$20.99

$17.62

$12.35

Income from Investment Operations

Net investment income (loss) E

(.13)

(.14)

(.16)

(.05) F

Net realized and unrealized gain (loss)

8.47

6.08

3.80

5.30

Total from investment operations

8.34

5.94

3.64

5.25

Distributions from net realized gain

(2.73)

(.71)

(.31)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$31.85

$26.24

$20.99

$17.52

Total Return B, C, D

34.43%

29.13%

21.21%

42.67%

Ratios to Average Net Assets H

Expenses before reductions

2.47% A

2.49%

2.63%

2.76% A

Expenses net of fee waivers, if any

2.40% A

2.43%

2.63%

2.76% A

Expenses net of all reductions

2.33% A

2.40%

2.60%

2.73% A

Net investment income (loss)

(.92)% A

(.56)%

(.83)%

(.71)% A

Supplemental Data

Net assets, end of period (in millions)

$16

$13

$5

$1

Portfolio turnover rate

99% A

79%

77%

84% A

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 $.01 per share.

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.31

$21.04

$17.64

$12.35

Income from Investment Operations

Net investment income (loss) E

(.13)

(.13)

(.12)

(.04) F

Net realized and unrealized gain (loss)

8.50

6.10

3.80

5.31

Total from investment operations

8.37

5.97

3.68

5.27

Distributions from net investment income

-

-

(.01)

-

Distributions from net realized gain

(2.75)

(.72)

(.31)

-

Total distributions

(2.75)

(.72)

(.32)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$31.93

$26.31

$21.04

$17.73

Total Return B, C, D

34.50%

29.22%

21.43%

42.83%

Ratios to Average Net Assets H

Expenses before reductions

2.37% A

2.41%

2.43%

2.57% A

Expenses net of fee waivers, if any

2.37% A

2.41%

2.43%

2.57% A

Expenses net of all reductions

2.30% A

2.38%

2.40%

2.55% A

Net investment income (loss)

(.89)% A

(.54)%

(.62)%

(.52)% A

Supplemental Data

Net assets, end of period (in millions)

$32

$25

$9

$1

Portfolio turnover rate

99% A

79%

77%

84% A

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 $.01 per share.

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Small Cap

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003

2002 F

Selected Per-Share Data

Net asset value, beginning of period

$26.89

$21.36

$17.71

$9.87

$10.00

Income from Investment Operations

Net investment income (loss) D

.03

.15

.10

.07 E

(.01)

Net realized and unrealized gain (loss)

8.64

6.19

3.84

7.75

(.12)

Total from investment operations

8.67

6.34

3.94

7.82

(.13)

Distributions from net investment income

(.14)

(.06)

(.02)

-

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

(.02)

-

Total distributions

(3.03)

(.83)

(.33)

(.02)

-

Redemption fees added to paid in capital D

- H

.02

.04

.04

- H

Net asset value, end of period

$32.53

$26.89

$21.36

$17.71

$9.87

Total Return B, C

35.19%

30.67%

22.84%

79.78%

(1.30)%

Ratios to Average Net Assets G

Expenses before reductions

1.27% A

1.28%

1.30%

1.54%

13.70% A

Expenses net of fee waivers, if any

1.27% A

1.28%

1.30%

1.54%

1.80% A

Expenses net of all reductions

1.19% A

1.25%

1.28%

1.51%

1.80% A

Net investment income (loss)

.22% A

.59%

.50%

.46%

(.56)% A

Supplemental Data

Net assets, end of period (in millions)

$2,801

$2,090

$1,091

$547

$3

Portfolio turnover rate

99% A

79%

77%

84%

85% A

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.

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

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

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 F

Selected Per-Share Data

Net asset value, beginning of period

$26.86

$21.36

$17.72

$12.35

Income from Investment Operations

Net investment income (loss) D

.03

.14

.10

.04 E

Net realized and unrealized gain (loss)

8.63

6.18

3.84

5.31

Total from investment operations

8.66

6.32

3.94

5.35

Distributions from net investment income

(.14)

(.07)

(.03)

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

-

Total distributions

(3.03)

(.84)

(.34)

-

Redemption fees added to paid in capital D

- H

.02

.04

.02

Net asset value, end of period

$32.49

$26.86

$21.36

$17.72

Total Return B, C

35.21%

30.59%

22.84%

43.48%

Ratios to Average Net Assets G

Expenses before reductions

1.29% A

1.30%

1.32%

1.51% A

Expenses net of fee waivers, if any

1.29% A

1.30%

1.32%

1.51% A

Expenses net of all reductions

1.21% A

1.27%

1.29%

1.48% A

Net investment income (loss)

.20% A

.57%

.49%

.54% A

Supplemental Data

Net assets, end of period (in millions)

$11

$7

$3

$.4

Portfolio turnover rate

99% A

79%

77%

84% A

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.

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

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

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006

(Amounts in thousands except ratios)

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 fund is currently closed to most new accounts. 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 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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)and losses deferred due to wash sales.

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

Unrealized appreciation

$925,779

Unrealized depreciation

(92,898)

Net unrealized appreciation (depreciation)

$832,881

Cost for federal income tax purposes

$2,343,968

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 FMR, are retained by the fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The fund 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 the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,264,205 and $1,257,674, respectively.

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 .27% 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 .97% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

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%

$50

$1

Class T

.25%

.25%

122

-

Class B

.75%

.25%

72

54

Class C

.75%

.25%

142

31

$386

$86

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 depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$5

Class T

4

Class B*

25

Class C*

1

$35

*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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$62

.31*

Class T

76

.31*

Class B

29

.40*

Class C

42

.30*

International Small Cap

2,327

.19*

Institutional Class

10

.21*

$2,546

*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.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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, which amounts to $4 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$5

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 $918 for the period. In addition, through arrangements with the fund's custodian and each class' transfer agent, 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 $1. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Small Cap

$9

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net investment income

Class A

$62

$14

International Small Cap

10,725

3,381

Institutional Class

42

11

Total

$10,829

$3,406

From net realized gain

Class A

$3,713

$542

Class T

4,531

602

Class B

1,340

221

Class C

2,559

359

International Small Cap

221,459

43,388

Institutional Class

836

123

Total

$234,438

$45,235

10. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2006

Year ended
October 31,
2005

Six months ended
April 30,
2006

Year ended
October 31,
2005

Class A

Shares sold

216

915

$6,256

$22,252

Reinvestment of distributions

125

20

3,194

427

Shares redeemed

(189)

(255)

(5,362)

(6,421)

Net increase (decrease)

152

680

$4,088

$16,258

Semiannual Report

10. Share Transactions - continued

Shares

Dollars

Six months ended April 30,
2006

Year ended
October 31,
2005

Six months ended
April 30,
2006

Year ended
October 31,
2005

Class T

Shares sold

267

1,286

$7,656

$31,179

Reinvestment of distributions

165

24

4,209

531

Shares redeemed

(251)

(457)

(7,195)

(11,453)

Net increase (decrease)

181

853

$4,670

$20,257

Class B

Shares sold

55

415

$1,537

$9,882

Reinvestment of distributions

48

9

1,212

199

Shares redeemed

(88)

(178)

(2,467)

(4,336)

Net increase (decrease)

15

246

$282

$5,745

Class C

Shares sold

85

680

$2,369

$16,301

Reinvestment of distributions

80

13

2,032

272

Shares redeemed

(106)

(147)

(3,002)

(3,591)

Net increase (decrease)

59

546

$1,399

$12,982

International Small Cap

Shares sold

12,076

51,579

$347,010

$1,266,283

Reinvestment of distributions

8,379

2,008

216,010

43,867

Shares redeemed

(12,099)

(26,924)

(343,047)

(667,826)

Net increase (decrease)

8,356

26,663

$219,973

$642,324

Institutional Class

Shares sold

65

259

$1,894

$6,323

Reinvestment of distributions

20

3

506

59

Shares redeemed

(30)

(105)

(878)

(2,545)

Net increase (decrease)

55

157

$1,522

$3,837

Semiannual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments as of April 30, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and its financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Semiannual Report

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 23, 2006

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Small Cap Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

Semiannual Report

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 Research & Analysis
Company (formerly 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 Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Mellon Bank

Pittsburgh, PA

(Fidelity Investment logo)(registered trademark)

AISC-USAN-0606
1.800643.102

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Small Cap

Fund - Institutional Class

Semiannual Report

April 30, 2006

(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.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Report of Independent Registered Public Accounting Firm

<Click Here>

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,350.10

$9.50

HypotheticalA

$1,000.00

$1,016.71

$8.15

Class T

Actual

$1,000.00

$1,348.30

$10.95

HypotheticalA

$1,000.00

$1,015.47

$9.39

Class B

Actual

$1,000.00

$1,344.30

$13.95

HypotheticalA

$1,000.00

$1,012.89

$11.98

Class C

Actual

$1,000.00

$1,345.00

$13.78

HypotheticalA

$1,000.00

$1,013.04

$11.83

International Small Cap

Actual

$1,000.00

$1,351.90

$7.41

HypotheticalA

$1,000.00

$1,018.50

$6.36

Institutional Class

Actual

$1,000.00

$1,352.10

$7.52

HypotheticalA

$1,000.00

$1,018.40

$6.46

A5% return per year before expenses

*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.63%

Class T

1.88%

Class B

2.40%

Class C

2.37%

International Small Cap

1.27%

Institutional Class

1.29%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan32.2%

United Kingdom18.1%

Australia9.6%

Canada3.9%

South Africa3.8%

United States of America2.8%

Italy2.8%

Bermuda2.4%

Germany2.2%

Other22.2%



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

As of October 31, 2005

Japan32.9%

United Kingdom15.4%

Australia10.4%

United States of America3.8%

South Africa3.7%

Germany3.4%

Singapore2.5%

Canada2.3%

Norway2.1%

Other23.5%



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

98.7

97.8

Bonds

0.3

0.1

Short-Term Investments and Net Other Assets

1.0

2.1

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Banca Italease Spa (Italy, Diversified Financial Services)

1.9

1.0

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

1.5

1.5

Central African Mining & Exploration Co. PLC (United Kingdom, Metals & Mining)

1.2

0.2

Hitachi Construction Machinery Co. Ltd. (Japan, Machinery)

1.1

0.1

Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels)

1.0

0.0

Konica Minolta Holdings, Inc. (Japan, Office Electronics)

0.9

0.0

Nissin Kogyo Co. Ltd. (Japan, Auto Components)

0.9

1.2

Fujikura Ltd. (Japan, Electrical Equipment)

0.8

0.4

Hitachi Chemical Co. Ltd. (Japan, Chemicals)

0.8

0.0

OMV AG (Austria, Oil, Gas & Consumable Fuels)

0.8

0.3

10.9

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Materials

18.7

14.8

Consumer Discretionary

16.5

18.7

Industrials

15.7

15.5

Energy

14.5

13.0

Information Technology

12.8

12.9

Financials

9.8

9.5

Health Care

5.0

5.8

Consumer Staples

3.7

4.3

Utilities

1.2

0.6

Telecommunication Services

1.1

2.8

Semiannual Report

Investments April 30, 2006

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (Note 1) (000s)

Australia - 9.6%

Allied Gold Ltd. (a)

8,145,000

$3,279

Aristocrat Leisure Ltd.

41,200

461

Austbrokers Holdings Ltd.

509,053

1,118

Australian Stock Exchange Ltd.

76,339

1,905

Australian Wealth Management Ltd. (a)

937,387

1,752

Billabong International Ltd.

546,600

6,403

Boom Logistics Ltd.

1,065,600

3,756

Bradken Ltd.

2,677,195

11,409

Capital-XX Ltd.

2,262,572

3,941

Centamin Egypt Ltd. (a)

7,128,303

4,648

Coates Hire Ltd.

768,400

3,596

Cochlear Ltd.

239,200

9,594

Colorado Group Ltd.

436,600

1,254

Computershare Ltd.

968,472

5,797

CSR Ltd.

550,600

1,694

David Jones Ltd. (e)

1,901,800

3,872

Dominos Pizza Australia New Zealand Ltd.

1,993,100

5,799

Downer EDI Ltd.

2,031,557

13,396

Dwyka Diamonds Ltd. (a)

7,549,000

4,715

Dyno Nobel Ltd.

494,900

985

Elixir Petroleum Ltd. (a)

2,227,040

741

Elkedra Diamonds NL (a)

6,153,671

3,002

Energy Developments Ltd.

14,945

49

European Gas Ltd. (a)

3,307,100

1,457

Finders Resources Ltd.

1,281,400

613

Fox Resources Ltd. (a)

4,514,836

2,915

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

52

Hastie Group Ltd.

1,038,000

1,335

International Ferro Metals (f)

27,299,526

18,919

JB Hi-Fi Ltd.

619,200

2,352

Kimberley Diamond Co. NL (a)

871,100

1,141

Metcash Ltd.

3,551,900

12,412

Millers Retail Ltd. (a)

923,300

1,203

Mineral Deposits Ltd. (a)

4,920,000

6,485

Mineral Securities Ltd. (a)

650,000

790

Mintails Ltd. (a)(f)

7,455,000

1,841

Mortgage Choice Ltd.

5,879,638

11,613

National Australia Bank Ltd.

143,900

4,110

Novera Energy Ltd. (a)

856,600

1,062

Origin Energy Ltd.

410,900

2,201

Oxiana Ltd.

5,035,384

13,044

Paladin Resources Ltd. (a)(e)

1,613,900

5,566

Common Stocks - continued

Shares

Value (Note 1) (000s)

Australia - continued

QBE Insurance Group Ltd.

257,323

$4,375

Roc Oil Co. Ltd. (a)

6,408,992

16,247

Seek Ltd.

2,980,839

8,990

Select Managed Funds Ltd.

298,900

1,907

SFE Corp. Ltd.

939,600

11,734

Sims Group Ltd.

169,553

2,454

Sphere Investments Ltd. (a)

4,877,121

4,075

Stockland unit

408

2

Sylvania Resources Ltd. (a)(f)

7,537,250

5,067

Tanami Gold NL (a)

17,920,400

4,220

Tutt Bryant Group Ltd.

149,064

186

United Group Ltd.

1,100,021

11,039

Virotec International Ltd. (United Kingdom) (a)

6,788,332

2,197

Woolworths Ltd.

170,218

2,413

WorleyParsons Ltd. (e)

712,800

10,559

Zinifex Ltd.

2,301,500

18,095

TOTAL AUSTRALIA

285,837

Austria - 0.8%

OMV AG

325,200

22,611

Belgium - 0.3%

Melexis NV

93,199

1,487

Punch International NV (a)

29,700

3,638

Recticel SA (e)

242,344

2,905

TOTAL BELGIUM

8,030

Bermuda - 2.4%

Aquarius Platinum Ltd. (United Kingdom)

498,805

7,341

Asia Aluminum Holdings Ltd. (a)

628,000

114

Pacific Andes (Holdings) Ltd.

1,824,000

946

Peace Mark Holdings Ltd.

7,470,000

3,782

Petra Diamonds Ltd. (a)

3,010,606

5,065

Ports Design Ltd.

2,659,000

4,201

RC Group (Holdings) Ltd.

2,493,279

2,865

REXCAPITAL Financial Holdings Ltd. (a)

5,975,000

316

SeaDrill Ltd. (a)

793,721

13,461

Sinochem Hong Kong Holding Ltd.

9,740,000

4,146

Tanzanite One Ltd. (f)

5,891,201

17,889

Trefoil Ltd. (a)

750,000

6,329

Xceldiam Ltd. (f)

3,318,255

2,965

Common Stocks - continued

Shares

Value (Note 1) (000s)

Bermuda - continued

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

$363

Xiwang Sugar Holdings Co. Ltd.

368,000

254

TOTAL BERMUDA

70,037

British Virgin Islands - 0.3%

Albidon Ltd. unit (a)

1,000,000

711

BDI Mining Corp. (a)(f)

8,728,890

4,298

CIC Energy Corp. (a)

330,000

1,963

Titanium Resources Group Ltd.

1,890,000

2,637

TOTAL BRITISH VIRGIN ISLANDS

9,609

Canada - 3.7%

Adastra Minerals, Inc.:

(Canada) (a)

266,300

846

(United Kingdom) (a)

2,254,100

7,235

Altius Minerals Corp. (a)

757,506

4,133

Artumas Group, Inc.

473,800

2,576

Bankers Petroleum Ltd. (a)

3,767,000

3,639

Banro Corp. (a)

277,700

3,353

Brazilian Diamonds Ltd. (a)

1,300,000

395

Falcon Oil & Gas Ltd. (a)

4,775,500

14,651

First Quantum Minerals Ltd.

55,700

2,692

Grove Energy Ltd. (a)

2,324,240

1,950

La Mancha Resources, Inc. (a)

458,200

574

Lionore Mining International Ltd. (a)

296,800

1,505

MagIndustries Corp. (a)

4,865,600

6,963

MagIndustries Corp. (a)(h)

7,233,600

9,317

Oilexco, Inc. (a)

3,980,525

16,022

Platinum Group Metals Ltd. (a)

250,000

467

Rock Well Petroleum, Inc. (h)

770,400

1,034

Shore Gold, Inc. (a)

311,500

1,783

Starfield Resources, Inc. (a)(f)

9,026,531

4,279

Starfield Resources, Inc. (a)(f)(h)

1,678,100

689

Starfield Resources, Inc. warrants 1/21/08 (a)

1,678,100

144

StrataGold Corp. (a)

2,229,000

2,193

StrataGold Corp. (a)(h)

1,078,111

955

SXR Uranium One, Inc. (a)

475,740

4,668

Tenke Mining Corp. (a)

160,000

2,291

Uruguay Mineral Exploration, Inc. (a)

430,400

1,963

Valkyries Petroleum Corp. (a)

334,400

4,262

Visual Defence, Inc. (f)

5,963,100

3,045

Common Stocks - continued

Shares

Value (Note 1) (000s)

Canada - continued

Western Canadian Coal Corp. (a)

2,161,418

$5,104

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,360

TOTAL CANADA

110,088

Cayman Islands - 0.6%

AAC Acoustic Technology Holdings, Inc.

5,094,000

5,782

China Rare Earth Holdings Ltd.

6,418,000

1,449

Ctrip.com International Ltd. sponsored ADR

52,800

2,376

Foxconn International Holdings Ltd. (a)

1,320,000

2,843

New World China Land Ltd.

2,100,000

1,009

Prime Success International Group Ltd.

2,958,000

1,965

Sincere Watch (Hong Kong) Ltd.

2,642,000

259

The9 Ltd. sponsored ADR (a)

73,500

2,204

Wasion Meters Group Ltd.

3,544,000

1,588

TOTAL CAYMAN ISLANDS

19,475

China - 0.7%

Century Sunshine Ecological Technology Holdings Ltd.

2,630,000

1,577

China Oilfield Services Ltd. (H Shares)

2,592,000

1,429

China Shenhua Energy Co. Ltd. (H Shares)

1,325,500

2,402

Dalian Port (PDA) Co. Ltd. (H Shares)

292,000

163

Focus Media Holding Ltd. ADR

73,700

4,451

Lianhua Supermarket Holdings Co. (H Shares)

639,000

746

Nine Dragons Paper (Holdings) Ltd.

494,000

430

Parkson Retail Group Ltd.

155,500

509

Shenzhou International Group Holdings Ltd.

6,594,000

2,849

Sina Corp. (a)

75,300

1,992

Tencent Holdings Ltd.

1,812,000

3,669

Yantai Changyu Pioneer Wine Co. (B Shares)

251,700

831

TOTAL CHINA

21,048

Denmark - 0.2%

Rockwool International AS Series A (e)

40,200

5,024

Egypt - 0.0%

Commercial International Bank Ltd. sponsored GDR

100,900

1,313

Estonia - 0.1%

Tallinna Vesi AS

127,000

2,312

Finland - 1.6%

Aldata Solutions Oyj (a)

2,065,976

6,542

Capman Oyj (B Shares)

349,437

1,318

Fortum Oyj

135,400

3,420

Common Stocks - continued

Shares

Value (Note 1) (000s)

Finland - continued

Inion OY (a)(f)

3,740,300

$4,604

Metso Corp.

57,600

2,289

Neste Oil Oyj

526,900

18,387

Nokian Tyres Ltd. (e)

435,890

7,457

Tekla Oyj (A Shares)

389,780

2,951

TOTAL FINLAND

46,968

France - 1.7%

Altamir et Compagnie SA

6,100

1,465

Bourbon SA

15,638

1,997

BVRP Software SA (a)

144,796

4,149

Constructions Industrielles dela Mediterranee SA

11,500

1,451

Electricite de France

146,200

8,549

Groupe Open SA (e)

52,500

1,057

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

14,809

17

Groupe Promeo (a)

62,625

2,734

Guerbet SA

8,400

1,484

Icade SA

58,100

2,499

Ipsos SA

515

76

Maisons France Confort

31,494

2,368

Orpea (a)

25,207

1,870

Sechilienne-Sidec

5,246

4,170

Signaux Girod

15,575

1,611

Silicon On Insulator Technologies SA (SOITEC) (a)

282,200

9,211

Sucriere de Pithivier Le Vieil

3,345

3,372

Tessi SA

24,066

1,606

The Lisi Group

22,500

1,641

TOTAL FRANCE

51,327

Germany - 1.8%

ADVA AG Optical Networking (a)

104,375

1,238

Articon-Integralis AG (Reg.) (a)

495,185

2,243

Deutz AG (a)(e)

1,142,500

10,465

E.ON AG

30,800

3,751

ElringKlinger AG

18,284

996

Fresenius AG

31,271

5,224

Grenkeleasing AG

25,918

1,978

Kontron AG

154,264

1,752

Merck KGaA

26,441

2,802

Parsytec AG (a)

307,671

1,471

Pfleiderer AG

202,159

6,098

PSI AG (a)(f)

689,200

5,748

Common Stocks - continued

Shares

Value (Note 1) (000s)

Germany - continued

Pulsion Medical Systems AG (a)

98,511

$749

SGL Carbon AG (a)

219,300

4,607

Suedzucker AG (Bearer)

61,775

1,694

United Internet AG

40,352

2,647

TOTAL GERMANY

53,463

Greece - 0.9%

Autohellas SA

363,100

2,034

Fourlis Holdings SA

200,700

3,115

Greek Organization of Football Prognostics SA

59,042

2,183

Hyatt Regency SA (Reg.)

175,282

2,477

Intralot SA

69,400

2,241

Marfin Financial Group Holdings SA

100

3

Sarantis SA (Reg.)

1,409,518

15,649

TOTAL GREECE

27,702

Hong Kong - 1.0%

Cafe de Coral Holdings Ltd.

2,304,000

3,477

Chen Hsong Holdings Ltd.

1,660,000

1,006

Fong's Industries Co. Ltd.

1,156,000

887

Giordano International Ltd.

6,220,000

3,670

Hong Kong Aircraft & Engineering Co.

152,400

1,483

Hong Kong Land Holdings Ltd.

205,000

804

Integrated Distribution Services Group Ltd. (IDS)

2,488,000

3,690

Lifestyle International Holdings Ltd.

933,000

1,570

Midland Holdings Ltd.

2,506,000

1,454

Singamas Container Holdings Ltd.

1,370,000

1,034

Solomon Systech International Ltd.

13,166,000

5,858

Tai Cheung Holdings Ltd.

1,414,000

798

Tingyi (Cayman Island) Holding Corp.

100,000

64

Tom.com Ltd. (a)

3,814,000

856

Vtech Holdings Ltd.

844,000

4,011

TOTAL HONG KONG

30,662

Hungary - 0.2%

MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)

44,200

5,259

India - 0.6%

Financial Technology (India) Ltd.

97,591

4,006

Great Eastern Energy Corp. Ltd. GDR

1,444,600

4,479

HT Media Ltd.

89,341

1,027

McDowell & Co. Ltd.

209,179

3,639

McDowell & Co. Ltd. GDR (a)

108,021

940

Common Stocks - continued

Shares

Value (Note 1) (000s)

India - continued

Noida Toll Bridge Co. Ltd. GDR (a)

454,051

$2,770

Royal Orchid Hotels Ltd.

283,396

1,193

TOTAL INDIA

18,054

Indonesia - 0.3%

PT Bank Rakyat Indonesia Tbk

4,528,000

2,384

PT Perusahaan Gas Negara Tbk Series B

4,487,500

6,334

TOTAL INDONESIA

8,718

Ireland - 0.9%

Adwalker PLC (a)(f)

9,125,000

999

Aminex PLC (a)

1,430,219

1,206

Glanbia PLC

1,342,400

4,403

Kenmare Resources PLC (a)

3,621,000

3,087

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

851

Minco PLC (a)

2,727,271

746

Paddy Power PLC (Ireland)

241,011

4,287

Petroceltic International PLC (a)(e)

14,094,734

5,784

Providence Resources PLC (a)

20,744,500

2,617

Trinity Biotech PLC sponsored ADR (a)

227,325

1,955

Vimio PLC

867,300

2,033

TOTAL IRELAND

27,968

Israel - 0.6%

Advanced Vision Technology Ltd. (a)

165,400

2,129

Israel Chemicals Ltd.

1,354,000

5,357

Leadcom Integrated Solutions

3,766,400

5,924

Metal-Tech Ltd.

640,200

2,610

MTI Wireless Edge Ltd.

705,128

678

TOTAL ISRAEL

16,698

Italy - 2.8%

Amplifon Spa (e)

38,350

3,528

Banca Credit Firenze

2,942,982

10,422

Banca Italease Spa (e)

918,200

55,913

Bastogi Spa (a)(e)

3,714,300

1,214

Brembo Spa (e)

124,700

1,283

Lottomatica Spa (e)

112,000

5,169

Common Stocks - continued

Shares

Value (Note 1) (000s)

Italy - continued

Saipem Spa

62,000

$1,556

Teleunit Spa (f)

12,719,158

2,958

TOTAL ITALY

82,043

Japan - 32.2%

Abc-Mart, Inc.

145,900

3,414

Access Co. Ltd.

161

346

Access Co. Ltd. (a)(e)

326

2,920

Advance Create Co. Ltd. (e)

243

758

Advanced Media, Inc. Japan (e)

70

384

Aeon Fantasy Co. Ltd. (e)

76,900

3,228

Aichi Steel Corp. (e)

1,570,000

13,649

Ain Pharmaciez, Inc.

44,900

934

Alpen Co. Ltd.

3,600

146

AOC Holdings, Inc.

89,100

1,878

Ariake Japan Co. Ltd. (e)

154,500

4,464

ARRK Corp.

91,400

3,283

Asahi Denka Co. Ltd.

184,000

2,818

Asahi Diamond Industrial Co. Ltd.

310,000

2,916

Asset Managers Co. Ltd. (e)

3,966

11,598

Atrium Co. Ltd.

58,400

6,052

Avex Group Holdings, Inc. (e)

111,400

3,326

Axell Corp.

646

2,445

Bookoff Corp.

150,000

3,069

Canon Finetech, Inc.

140,500

2,782

Casio Micronics Co. Ltd. (e)

190,300

3,961

Chiba Bank Ltd.

384,000

3,477

Chiyoda Co. Ltd.

68,500

1,919

Chiyoda Corp.

94,000

2,113

Chugoku Marine Paints Ltd. (e)

60,000

386

Chuo Denki Kogyo Co. Ltd.

35,000

147

CMIC Co. Ltd. (e)

2,520

738

Create SD Co. Ltd.

32,900

1,075

cyber communications, Inc. (a)(e)

153

496

CyberAgent, Inc. (e)

1,141

2,365

Daido Steel Co. Ltd.

1,685,000

15,463

Daifuku Co. Ltd.

110,500

1,795

Daiwa Securities Group, Inc.

212,000

2,940

Daiwabo Information System Ltd.

375,500

6,743

Ebara Corp.

873,000

4,998

Elpida Memory, Inc. (a)(e)

106,300

4,873

Endo Lighting Corp.

207,000

2,454

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

EPS Co. Ltd. (e)

604

$2,005

Excite Japan Co. Ltd.

11

78

Faith, Inc.

1,619

636

FamilyMart Co. Ltd.

85,800

2,486

FCC Co. Ltd.

127,000

2,816

FinTech Global, Inc. (e)

503

3,114

Fujikura Ltd.

2,116,000

24,472

Fullcast Co. Ltd.

588

2,380

Furukawa Co. Ltd. (a)

376,000

961

Futaba Industrial Co. Ltd. (e)

319,900

8,343

Gentosha, Inc.

100

720

Hamamatsu Photonics KK (e)

186,800

5,840

Haseko Corp. (a)

1,175,000

4,458

Heiwa Real Estate Co. Ltd.

355,000

2,556

Hikari Tsushin, Inc.

237,800

14,701

Hioki EE Corp. (e)

29,200

1,113

Hiroshima Bank Ltd.

738,000

4,724

Hitachi Chemical Co. Ltd.

785,800

22,910

Hitachi Construction Machinery Co. Ltd.

1,210,200

33,051

Hitachi Koki Co. Ltd.

341,000

6,034

Hogy Medical Co.

28,400

1,501

Hokuto Corp. (e)

239,800

4,115

Ibiden Co. Ltd.

68,700

3,264

Ikyu Corp. (e)

366

877

Index Corp. (e)

1,628

2,187

Intelligence Ltd.

2,200

6,511

Intertrade Co. Ltd. (a)

270

908

Iriso Electronics Co. Ltd.

86,700

3,327

Ishihara Chemical Co. Ltd.

48,000

1,096

Ishikawajima-Harima Heavy Industries Co. Ltd. (a)

1,042,000

3,715

Itochu Corp.

1,087,000

9,870

Japan Communications, Inc.

394

349

Japan Digital Contents Trust, Inc. (a)(e)

877

549

Jastec Co. Ltd.

70,400

1,750

JGC Corp.

154,000

2,698

Joint Corp.

98,400

3,232

JSR Corp.

151,700

4,676

Juroku Bank Ltd.

197,000

1,320

Kakaku.com, Inc. (e)

332

1,327

Kansai Urban Banking Corp. (e)

464,000

2,188

Kanto Denka Kogyo Co. Ltd.

283,000

2,321

Kawasaki Heavy Industries Ltd. (e)

978,000

3,547

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Kenedix, Inc.

875

$4,510

Kibun Food Chemifa Co. Ltd. (e)

89,900

1,682

Kobayashi Pharmaceutical Co. Ltd.

100,000

3,539

Kobe Steel Ltd.

1,530,000

5,200

KOEI Co. Ltd.

96,390

1,803

Koito Manufacturing Co. Ltd.

124,000

1,786

Konami Corp.

208,800

5,345

Konica Minolta Holdings, Inc.

2,047,500

26,970

Kubota Corp.

74,000

836

Kura Corp. Ltd. (f)

6,084

19,554

Kurita Water Industries Ltd.

111,800

2,278

Link Theory Holdings Co. Ltd. (e)

145

842

Lopro Corp. (e)

414,500

1,966

LTT Bio-Pharma Co. Ltd. (a)(e)

112

157

Meganesuper Co. Ltd.

20

0

Meiko Electronics Co. Ltd.

140,200

10,711

Micronics Japan Co. Ltd.

50,400

2,284

Mitsuba Corp. (e)

263,000

3,545

Mitsubishi Gas Chemical Co., Inc.

1,634,000

21,710

Mitsubishi Materials Corp. (e)

1,730,000

9,343

Mitsui O.S.K. Lines Ltd.

478,000

3,421

Mitsui Trust Holdings, Inc.

191,000

2,638

Murata Manufacturing Co. Ltd.

214,500

15,615

Nachi-Fujikoshi Corp.

1,133,000

7,601

Namco Bandai Holdings, Inc. (a)

132,100

1,904

NEC Leasing Ltd.

77,400

1,845

NEOMAX Co. Ltd.

172,000

4,939

Net One Systems Co. Ltd. (e)

2,511

5,513

NGK Spark Plug Co. Ltd.

864,000

18,968

NIC Corp.

184,000

1,858

Nidec Copal Electronics Corp. (e)

248,600

1,971

Nidec Corp.

36,200

2,791

Nidec Tosok Corp. (e)

169,800

2,365

Nihon Ceratec Co. Ltd. (e)

358

1,559

Nihon Dempa Kogyo Co. Ltd. (e)

417,200

17,842

Nihon Micro Coating Co. Ltd.

147,500

1,082

Nihon Trim Co. Ltd. (e)

192,500

9,399

Nihon Unicom Corp.

100,900

1,790

Nikko Cordial Corp.

164,000

2,654

Nippon Chemi-con Corp.

964,000

7,213

Nippon Denko Co. Ltd. (e)

1,993,000

7,018

Nippon Electric Glass Co. Ltd.

66,000

1,490

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Nippon Mining Holdings, Inc.

103,500

$957

Nippon Oil Corp.

259,000

2,049

Nippon Seiki Co. Ltd. (e)

889,000

19,322

Nippon Soda Co. Ltd.

558,000

2,715

Nippon Suisan Kaisha Co. Ltd.

568,600

2,796

Nishimatsu Construction Co. Ltd. (e)

650,000

2,717

Nissei Corp.

128,000

1,754

Nissin Co. Ltd. (e)

1,045,760

1,001

Nissin Kogyo Co. Ltd.

1,222,300

25,654

Nissin Servicer Co. Ltd. (e)

1,593

1,098

Nittetsu Mining Co. Ltd.

106,000

884

NOK Corp.

82,900

2,519

Noritake Co. Ltd.

387,000

2,590

NS Solutions Corp.

112,100

2,909

NTN Corp.

404,000

3,335

Obara Corp.

1,100

41

Opt, Inc. (a)

150

767

Optex Co. Ltd.

76,000

2,102

Optoelectronics Co. Ltd.

6,700

241

Otaki Gas Co. Ltd.

16,000

96

Otsuka Corp.

30,800

3,703

Pacific Metals Co. Ltd. (e)

898,000

5,820

Parker Corp.

48,000

755

Phoenix Electric Co. Ltd. (e)

201,600

2,050

Pigeon Corp. (e)

180,000

2,742

Produce Co. Ltd.

339

4,078

Ray Corp.

61,000

241

Relo Holdings Corp.

105,000

2,010

Rex Holdings Co. Ltd.

2,255

7,426

Royal Holdings Co. Ltd.

107,000

1,803

Ryobi Ltd.

359,000

2,673

Saison Information Systems Co. Ltd.

76,300

1,156

Sammy NetWorks Co. Ltd.

750

5,664

Sankyo Co. Ltd. (Gunma)

53,600

3,803

Sapporo Hokuyo Holdings, Inc.

133

1,495

Sato Corp.

196,400

4,769

SBI Holdings, Inc.

7,710

3,927

SBS Co. Ltd. (e)

748

3,186

Sega Sammy Holdings, Inc.

90,000

3,588

Sekisui Plastics Co. Ltd.

160,000

648

Senshukai Co. Ltd.

138,000

1,874

Seria Co. Ltd.

200

527

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Shaddy Co. Ltd.

153,300

$2,719

Shibaura Electronics Co. Ltd.

67,300

951

Shikoku Chemicals Corp.

134,000

988

Shinohara Systems of Construction Co. Ltd. (e)

1,052

2,661

Shizuki Electric Co., Inc.

96,000

455

Showa Denko KK

2,661,000

11,777

Silex Technology, Inc.

233

554

Simplex Investment Advisors, Inc. (e)

236

327

Softbrain Co. Ltd. (e)

880

563

St. Marc Holdings Co. Ltd.

38,100

2,626

Star Micronics Co. Ltd.

557,000

12,033

Sumco Corp.

33,200

1,985

Sumitomo Bakelite Co. Ltd. (e)

101,000

943

Sumitomo Corp.

1,505,000

22,547

Sumitomo Metal Industries Ltd.

2,055,000

8,662

Sumitomo Metal Mining Co. Ltd.

646,000

9,389

Sumitomo Rubber Industries Ltd.

204,400

2,922

Sumitomo Titanium Corp. (e)

10,400

2,048

Sun Frontier Fudousan Co. Ltd.

345

830

Sunx Ltd.

187,100

4,929

Taisei Corp.

358,000

1,600

Taiyo Ink Manufacturing Co. Ltd.

54,700

3,050

Taiyo Kagaku (e)

89,700

1,194

Taiyo Nippon Sanso Corp. Tokyo

361,000

2,850

Telewave, Inc. (e)

1,915

5,550

The First Energy Service Co. Ltd. (a)(e)

191

295

The Keiyo Bank Ltd.

332,000

2,152

Toagosei Co. Ltd. (e)

533,000

2,270

Toc Co. Ltd.

104,000

621

Tohcello Co. Ltd.

150,000

1,535

Tohoku Electric Power Co., Inc.

170,400

3,928

Tokai Carbon Co. Ltd. (e)

643,000

4,003

Token Corp.

210,400

13,728

Tokuyama Corp.

162,000

2,673

Tokyo Gas Co. Ltd.

376,000

1,819

Tokyo Leasing Co. Ltd.

214,500

3,485

Tokyo Seimitsu Co. Ltd.

70,900

4,215

Tomen Devices Corp.

85,600

1,981

Tomoe Engineering Co. Ltd.

123,200

2,472

TonenGeneral Sekiyu KK (e)

189,000

2,053

Toppan Printing Co. Ltd.

278,000

3,713

Toray Industries, Inc.

2,147,000

20,117

Common Stocks - continued

Shares

Value (Note 1) (000s)

Japan - continued

Toyo Ink Manufacturing Co. Ltd.

158,000

$808

Toyo Suisan Kaisha Ltd.

59,000

899

Trancom Co. Ltd.

116,300

2,727

Trend Micro, Inc.

126,000

4,880

Tyo Productions, Inc. (e)

128,000

808

Usen Corp. (e)

275,760

5,037

Wacom Co. Ltd.

825

1,724

Wiz Co. Ltd.

404

2,707

Works Applications Co. Ltd. (a)

850

467

Yachiyo Industry Co. Ltd.

118,500

3,226

Yahoo! Japan Corp.

3,802

2,217

Yamada Denki Co. Ltd.

149,600

16,303

Yamaha Motor Co. Ltd.

67,000

1,847

Yaskawa Electric Corp. (a)(e)

361,000

4,441

Yasuragi Co. Ltd.

40,300

1,292

Yokogawa Electric Corp.

170,700

2,704

Yoshimoto Kogyo Co. Ltd.

106,800

3,057

Zecs Co. Ltd. (e)

181

950

Zensho Co. Ltd. (e)

194,500

6,320

TOTAL JAPAN

953,728

Korea (South) - 1.1%

CDNetworks Co. Ltd.

18,400

642

Cheil Industries, Inc.

64,030

2,325

Daegu Bank Co. Ltd.

91,490

1,717

Daishin Securities Co. Ltd.

37,330

873

Hyundai Engineering & Construction Co. Ltd. (a)

30,970

1,928

Hyundai Mipo Dockyard Co. Ltd.

23,770

2,228

Industrial Bank of Korea

68,320

1,376

Korean Reinsurance Co.

158,576

1,900

Kyeryong Construction Industrial Co. Ltd.

44,760

2,107

LG Household & Health Care Ltd.

28,330

2,262

NHN Corp. (a)

6,394

2,271

Orion Corp.

3,120

817

Samho International Co.

9,720

170

Samsung Corp.

70,720

2,204

Samsung Engineering Co. Ltd.

37,830

1,618

Samsung Techwin Co. Ltd.

29,780

995

SFA Engineering Corp.

79,802

2,657

SSCP Co. Ltd.

14,095

275

STX Shipbuilding Co. Ltd.

125,840

1,414

Common Stocks - continued

Shares

Value (Note 1) (000s)

Korea (South) - continued

Taewoong Co. Ltd.

22,066

$481

YBM Sisa.com, Inc.

57,582

1,606

TOTAL KOREA (SOUTH)

31,866

Luxembourg - 0.2%

RTL Group (a)

54,156

4,909

Malaysia - 0.2%

Green Packet BHD

1,800,000

1,301

Steppe Cement Ltd. (a)

847,900

3,054

Uchi Technologies BHD

437,300

386

TOTAL MALAYSIA

4,741

Netherlands - 0.5%

Bateman Engineering NV

528,957

3,729

Engel East Europe NV

2,027,612

5,824

Nutreco Holding NV

74,700

4,428

TOTAL NETHERLANDS

13,981

New Zealand - 0.6%

Fisher & Paykel Healthcare Corp.

1,926,273

5,192

Freightways Ltd.

35,066

86

Sky City Entertainment Group Ltd.

1,704,323

5,911

Sky Network Television Ltd.

409,053

1,612

Tower Ltd. (a)

2,569,173

4,447

TOTAL NEW ZEALAND

17,248

Norway - 1.4%

ABG Sundal Collier ASA (e)

966,000

1,975

Aker Kvaerner ASA

32,000

3,116

Camillo Eitzen & Co. ASA

280,800

3,144

Deep Ocean ASA (a)

373,747

1,316

Mamut ASA (a)

309,100

697

P4 Radio Hele Norge ASA (e)

141,400

597

Pertra Midt-Norges AS (h)

60,000

974

Schibsted ASA (B Shares) (e)

54,100

1,589

Solstad Offshore ASA

114,000

2,072

Songa Offshore ASA (a)

693,608

7,767

Songa Offshore ASA warrants 6/8/08 (a)(h)

177,778

1,760

Statoil ASA (e)

147,600

4,863

Common Stocks - continued

Shares

Value (Note 1) (000s)

Norway - continued

Stepstone ASA (a)

4,710,000

$8,103

TANDBERG ASA (e)

263,700

2,685

TOTAL NORWAY

40,658

Poland - 0.8%

Polski Koncern Naftowy Orlen SA unit

459,300

18,716

TVN SA (a)

149,254

4,668

TOTAL POLAND

23,384

Portugal - 0.1%

Impresa SGPS (a)

583,653

3,741

Russia - 0.2%

Sistema JSFC sponsored GDR

135,400

3,317

Vimpel Communications sponsored ADR (a)

68,100

3,170

TOTAL RUSSIA

6,487

Singapore - 2.1%

Advent Air Ltd. (a)

2,331,000

446

Advent Air Ltd. (a)(h)

8,918,299

1,342

Cosco Investment (Singapore) Ltd.

3,422,000

3,095

GES International Ltd.

5,357,000

3,355

Goodpack Ltd.

1,033,000

1,242

Guocoland Ltd.

505,000

786

HTL International Holdings Ltd.

1,244,375

1,031

K-REIT Asia (a)

235,000

221

Keppel Land Ltd.

1,175,000

3,523

Midas Holdings Ltd.

2,510,000

1,397

Olam International Ltd.

2,539,000

2,602

Parkway Holdings Ltd.

3,746,000

6,185

Raffles Education Corp. Ltd.

927,000

1,466

SIA Engineering Co. Ltd.

3,364,000

7,278

Singapore Exchange Ltd.

3,769,000

10,252

Singapore Petroleum Co. Ltd.

452,000

1,644

Singapore Post Ltd.

15,136,000

10,819

The Ascott Group Ltd.

1,298,000

903

United Overseas Land Ltd.

803,000

1,554

Wing Tai Holdings Ltd.

1,928,000

2,134

TOTAL SINGAPORE

61,275

South Africa - 3.8%

African Bank Investments Ltd.

3,130,751

17,496

Barnard Jacobs Mellet Holdings Ltd.

3,499,100

3,492

Common Stocks - continued

Shares

Value (Note 1) (000s)

South Africa - continued

Discovery Holdings Ltd. (a)

1,329,819

$5,408

FirstRand Ltd.

3,181,100

10,476

Foschini Ltd.

429,200

4,347

Gold Reef Casino Resorts Ltd.

697,000

1,739

JD Group Ltd.

153,100

2,367

Lewis Group Ltd.

299,200

3,018

MTN Group Ltd.

825,302

8,236

Nedbank Group Ltd.

86,656

1,810

Steinhoff International Holdings Ltd.

11,294,432

44,764

Telkom SA Ltd.

263,800

6,283

Wilson Bayly Holmes-Ovcon Ltd.

446,856

4,459

TOTAL SOUTH AFRICA

113,895

Spain - 0.0%

Construcciones y Auxiliar de Ferrocarriles

6,807

946

Sweden - 1.9%

Consafe Offshore AB (A Shares) (a)

984,272

18,849

Eniro AB

400,228

4,392

Gambro AB (A Shares)

405,000

6,082

Hexagon AB (B Shares) (e)

266,411

9,884

Intrum Justitia AB (e)

298,000

2,815

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

240,350

13,196

Observer AB

463,290

2,160

VBG AB (B Shares)

6,710

357

TOTAL SWEDEN

57,735

Switzerland - 1.1%

Actelion Ltd. (Reg.) (a)

32,849

3,713

Amazys Holding AG (a)

39,138

3,468

Bucher Holding AG (e)

31,439

3,067

Escor Casino & Entertainment SA

19,770

426

Mobilezone Holding AG

331,524

1,804

Novartis AG (Reg.)

73,343

4,218

Pargesa Holding SA

14,130

1,435

Roche Holding AG (participation certificate)

52,195

8,025

Sulzer AG (Reg.) (e)

2,648

2,233

Swissquote Group Holding SA

11,717

3,354

TOTAL SWITZERLAND

31,743

Taiwan - 0.5%

Ardentec Corp.

1,066,000

1,245

Catcher Technology Co. Ltd.

134,000

1,495

Common Stocks - continued

Shares

Value (Note 1) (000s)

Taiwan - continued

Chi Mei Optoelectronics Corp.

499,000

$709

Delta Electronics, Inc.

167,000

520

Greatek Electronics, Inc.

975,000

1,345

Holtek Semiconductor, Inc.

466,000

933

MediaTek, Inc.

71,000

829

Mirle Automation Corp.

266,000

301

MJC Probe, Inc.

384,000

1,402

Nan Ya Printed Circuit Board Corp.

210,000

2,258

Novatek Microelectronics Corp.

142,000

846

Phoenix Precision Technology Corp.

924,000

2,105

Unimicron Technology Corp.

539,000

899

TOTAL TAIWAN

14,887

Thailand - 0.1%

Bumrungrad Hospital PCL:

NVDR

371,700

364

(For. Reg.)

2,908,400

2,876

TOTAL THAILAND

3,240

Turkey - 0.6%

Atakule Gayrimenkul Yatirim Ortakligi AS

688,000

1,061

Dogan Gazetecilik AS (a)

2,749,955

8,816

Tupras-Turkiye Petrol Rafinerileri AS

395,600

8,376

TOTAL TURKEY

18,253

United Arab Emirates - 0.0%

Investcom LLC GDR

45,600

691

United Kingdom - 17.9%

Accuma Group PLC (a)

418,063

2,059

Advanced Technology (UK) PLC (a)(f)

7,355,000

0

AeroBox PLC (a)

5,694,657

610

Afren PLC (a)(f)

13,838,800

20,696

African Copper PLC (a)

1,742,884

2,718

Air Partner PLC

45,000

589

Alba PLC

298,892

1,156

Alizyme PLC (a)

176,127

514

Alliance Pharma PLC (a)(f)

7,984,200

2,730

Alterian PLC (a)

1,486,000

3,347

Amlin PLC

206,973

1,063

Andor Technology Ltd. (a)

444,444

782

Anglo Asian Mining PLC

4,278,000

4,506

Angus & Ross PLC (a)

5,553,700

1,722

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

Appian Technology PLC (a)

5,416,178

$938

Appian Technology PLC warrants 2/28/08 (a)(h)

479,045

22

Ascent Resources PLC (a)(f)

13,698,300

2,873

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

84

Asia Energy PLC (a)

1,360,038

10,294

Atrium Underwriting PLC

257,060

966

Autoclenz Holdings PLC (f)

560,000

1,328

Avanti Screenmedia Group PLC (a)(f)

1,737,000

8,870

Baltic Oil Terminals PLC

1,913,000

5,757

Belitung Zinc Corp. PLC (h)

7,435,490

1,356

BG Group PLC

217,200

2,919

Bioprogress PLC (a)(f)

9,567,839

7,765

Blackstar Investors PLC (f)

2,870,000

6,124

Block Shield Corp. PLC (a)

1,121,700

3,253

BowLeven PLC (a)(f)

1,815,700

5,762

Caffe Nero Group PLC (a)

455,278

1,810

Cambrian Mining PLC (f)

7,535,000

22,056

Camco International Ltd.

868,900

1,252

Cardpoint PLC (a)

345,300

671

Central African Mining & Exploration Co. PLC (a)

23,396,219

34,988

Centurion Electronics PLC (f)

44,001,239

903

Ceres Power Holding PLC (a)

1,039,400

6,085

Chaco Resources PLC (a)

11,189,600

3,214

Chaucer Holdings PLC

3,529,713

4,442

Clapham House Group PLC (a)

607,050

2,375

Cobra Biomanufacturing PLC (a)

701,900

560

Coffeeheaven International PLC (a)(f)

6,715,909

2,970

Corac Group PLC (a)(f)

5,349,104

4,756

Corin Group PLC

1,210,314

6,721

Countermine PLC (h)

4,939

465

Countermine PLC warrants 7/26/06 (a)(h)

4,939

0

CustomVis PLC (a)

1,558,936

142

DA Group PLC (a)(f)

1,800,165

1,986

Domino's Pizza UK & IRL PLC

1

0

Dream Direct Group PLC (a)

145,000

116

Eclipse Energy Co. Ltd. (h)

102,000

1,395

Econergy International PLC

675,000

1,219

EnCore Oil PLC (a)

7,777,985

4,291

Eureka Mining PLC (a)

381,700

940

Europa Oil & Gas Holdings PLC (a)

1,000,000

602

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

78

European Diamonds PLC (a)

499,300

225

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

Faroe Petroleum PLC (a)

1,288,906

$4,149

Firestone Diamonds PLC (a)

1,718,100

4,261

Flomerics Group PLC

449,658

865

Forum Energy PLC (f)

1,694,770

3,292

Future PLC

1,717,169

1,315

Gemfields Resources PLC (e)(f)

6,859,200

5,066

GMA Resources PLC (a)(f)

24,646,083

5,506

Goals Soccer Centres PLC

827,000

4,027

Golden Prospect PLC

1,931,500

2,272

Goldshield Group PLC

416,400

2,314

GTL Resources PLC (a)

13,669,072

910

Gyrus Group PLC (a)

538,800

3,729

Hallin Marine Subsea International PLC

1,047,700

1,529

Hambledon Mining PLC (a)

7,127,200

2,210

Hardide Ltd. (f)

12,301,000

3,365

Healthcare Enterprise Group PLC (a)(f)

16,540,108

3,921

Highbury House Communications PLC (a)

713,914

9

Hot Tuna International PLC (f)

2,359,400

1,743

Hot Tuna International PLC warrants 2/25/08 (a)(h)

1,179,700

188

Hydrodec Group PLC (a)(f)

16,486,086

10,523

ID Data PLC (a)(f)

84,350,500

1,185

Ideal Shopping Direct PLC

827,209

5,559

Imperial College Innovations Ltd. (h)

19,300

2,816

Indago Petroleum Ltd.

3,219,846

3,435

Interbulk Investments PLC (a)(f)

5,650,000

2,731

International Con Minerals Ltd. (h)

2,659,964

798

International Con Minerals Ltd. warrants 10/31/07 (a)(h)

1,329,982

0

Intertek Group PLC

116,310

1,749

iomart Group PLC

2,235,000

3,587

IPSA Group PLC (f)

3,246,075

2,871

iSoft Group PLC

974,600

2,088

ITE Group PLC

4,156,817

9,476

ITM Power PLC (a)(e)

3,307,600

19,514

Jubilee Platinum PLC (a)(f)

7,171,303

11,248

Kalahari Minerals PLC

3,563,200

1,332

Kazakhgold Group Ltd. GDR

56,700

1,579

KimCor Diamonds PLC (f)

4,370,000

1,215

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

219

Lambert Howarth Group PLC

252,392

774

Landround PLC (f)

358,600

350

Lansdowne Oil & Gas PLC (a)

917,620

1,456

Lawrence PLC

1,073,124

6,008

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

London Asia Chinese Private Equity Fund Ltd. (a)

527,000

$1,074

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

55

LTG Technologies PLC (a)(f)

19,549,772

3,209

Manpower Software PLC (a)

258,824

111

Max Petroleum PLC (e)

13,318,752

30,059

Metals Exploration PLC (a)(f)

2,820,077

1,787

Metals Exploration PLC warrants 9/14/07 (a)

1,410,039

379

Mice Group PLC

2,663,824

1,749

Michelmersh Brick Holdings PLC

528,900

945

Monstermob Group PLC (a)

226,461

1,285

Motivcom PLC (f)

2,035,000

3,804

NDS Group PLC sponsored ADR (a)

105,154

5,300

NeuTec Pharma PLC (a)

174,136

1,581

NeutraHealth PLC (a)(f)

7,328,100

1,570

Oystertec PLC (a)

7,009,687

0

Pan African Resources PLC (a)

3,955,600

631

Peninsular Gold Ltd. (a)

350,000

335

Pilat Media Global PLC (a)(f)

2,880,000

2,758

Platinum Mining Corp. of India PLC (f)

12,520,800

3,026

Plethora Solutions Holdings PLC (a)

431,818

1,709

PlusNet Technologies Ltd. (a)(f)

1,711,604

8,428

Premier Oil PLC (a)

159,291

2,984

Proteome Sciences PLC (a)

475,842

369

Pureprofile Media PLC (h)

1,108,572

1,011

Pureprofile Media PLC warrants 7/31/06 (a)(h)

251,428

0

Pursuit Dynamics PLC (a)

666,667

1,833

QA PLC (a)

13,554,656

328

Rambler Metals & Mining PLC

1,300,000

936

Retail Decisions PLC (a)

210,316

522

Rheochem PLC (a)(f)

8,728,300

3,144

Rheochem PLC warrants 12/21/07 (a)

4,364,150

0

Ridge Mining PLC (a)

235,000

235

Royalblue Group PLC

45,073

741

Sarantel Group PLC Class A (a)

536,700

372

Scapa Group PLC (a)

3,010,400

1,139

SDL PLC (a)

1,023,600

3,776

Serabi Mining PLC

1,690,800

1,364

Sibir Energy PLC (a)

84,580

845

Sinclair Pharma PLC (a)

2,238,696

4,899

Sinosoft Technology PLC

6,688,500

4,086

Solomon Gold PLC (f)

1,824,300

1,164

Common Stocks - continued

Shares

Value (Note 1) (000s)

United Kingdom - continued

SPI Lasers PLC

658,000

$3,270

Spice Holdings PLC

771,200

3,896

Stem Cell Sciences PLC

716,649

869

Sterling Energy PLC (a)

5,469,067

2,917

Stratex International PLC

5,300,000

846

SubSea Resources PLC (a)(f)

8,729,100

6,169

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

477

Synchronica PLC (a)

1,806,000

856

Synergy Healthcare PLC

314,553

2,799

Taghmen Energy PLC (a)(f)

4,645,755

3,897

Taghmen Energy PLC warrants 4/30/07 (a)

2,279,573

294

Tanfield Group PLC (a)(f)

14,582,131

6,183

Teesland PLC

517,000

915

Tersus Energy PLC (a)

1,420,122

1,036

Theratase PLC

1,725,000

1,479

Third Advance Value Realisation Co. Uk Ltd. (a)

507,108

962

Tikit Group PLC (f)

695,362

2,555

TMO Biotec (h)

10,000

547

Toledo Mining Corp. PLC (a)

921,144

2,024

Triple Plate Junction PLC (a)

3,638,000

1,327

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

Tristel PLC

274,418

328

UK Coal PLC

1,087,069

3,232

Unibet Group PLC unit

232,256

5,997

Vectura Group PLC (a)

2,859,400

6,388

Victoria Oil & Gas PLC (a)

2,533,500

11,597

Whatman PLC

280,100

1,603

White Nile Ltd. (a)

200,000

658

William Ransom & Son PLC

3,629,500

3,078

Windsor PLC

700,000

629

World Gaming PLC (a)

1,170,500

3,501

ZincOx Resources PLC (a)

970,000

4,865

TOTAL UNITED KINGDOM

530,986

United States of America - 1.8%

121Media, Inc. (a)(f)

718,205

3,929

Central European Distribution Corp. (a)(e)

42,800

1,757

Chindex International, Inc. (a)(e)

138,900

1,733

Cyberscan Technology, Inc. (f)

996,527

6,815

Frontera Resources Corp. (a)

2,300,000

5,055

Frontier Mining Ltd. (a)

6,115,691

3,346

Marathon Oil Corp.

39,900

3,166

Common Stocks - continued

Shares

Value (Note 1) (000s)

United States of America - continued

NTL, Inc. (a)

94,100

$2,586

Solar Integrated Technologies, Inc. (a)

1,534,773

9,069

Trico Marine Services, Inc. (a)

57,800

1,931

Uramin, Inc. warrants 7/26/08 (a)(h)

666,666

376

UTEK Corp. (Reg. S)

25,000

400

Valero Energy Corp.

70,900

4,590

XL TechGroup, Inc. (a)

1,442,680

8,551

TOTAL UNITED STATES OF AMERICA

53,304

TOTAL COMMON STOCKS

(Cost $2,067,358)

2,911,944

Nonconvertible Preferred Stocks - 0.5%

Germany - 0.4%

Fresenius AG (non-vtg.)

70,528

12,204

United Kingdom - 0.1%

Third Advance Value Realisation Co. Uk Ltd. (a)

1,183,252

2,126

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $7,326)

14,330

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $307)

1,750,000

431

Corporate Bonds - 0.3%

Principal Amount (000s)(d)

Convertible Bonds - 0.3%

Canada - 0.2%

Western Canadian Coal Corp. 7.5% 3/24/11

CAD

7,400

6,487

United Kingdom - 0.1%

BioCare Solutions Ltd. 1% 12/31/06 (h)

GBP

54,768

999

TOTAL CONVERTIBLE BONDS

7,486

Corporate Bonds - continued

Principal Amount (000s)(d)

Value (Note 1) (000s)

Nonconvertible Bonds - 0.0%

Norway - 0.0%

Songa Offshore ASA 9% 9/8/10 (g)

$600

$599

TOTAL CORPORATE BONDS

(Cost $7,949)

8,085

Money Market Funds - 8.2%

Shares

Fidelity Cash Central Fund, 4.8% (b)

29,429,119

29,429

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

212,629,515

212,630

TOTAL MONEY MARKET FUNDS

(Cost $242,059)

242,059

TOTAL INVESTMENT PORTFOLIO - 107.2%

(Cost $2,324,999)

3,176,849

NET OTHER ASSETS - (7.2)%

(212,831)

NET ASSETS - 100%

$2,964,018

Currency Abbreviations

CAD

-

Canadian dollar

GBP

-

British pound

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

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

(e)Security or a portion of the security is on loan at period end.

(f)Affiliated company

(g)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 $599,000 or 0.0% of net assets.

(h)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 $26,044,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Advent Air Ltd.

4/18/06

$1,310

Appian Technology PLC warrants 2/28/08

2/18/05

$-

Belitung Zinc Corp. PLC

1/12/06

$1,308

BioCare Solutions Ltd. 1% 12/31/06

8/3/05

$974

Countermine PLC

12/22/05

$443

Countermine PLC warrants 7/26/06

12/22/05

$-

Eclipse Energy Co. Ltd.

4/28/05

$1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$-

Imperial College Innovations Ltd.

4/27/05

$2,942

International Con Minerals Ltd.

1/30/06

$798

International Con Minerals Ltd. warrants 10/31/07

1/30/06

$-

MagIndustries Corp.

3/16/06

$7,686

Pertra Midt-Norges AS

6/28/05

$911

Pureprofile Media PLC

5/3/05 - 1/11/06

$1,173

Pureprofile Media PLC warrants 7/31/06

5/3/05

$-

Rock Well Petroleum, Inc.

4/13/06

$1,004

Songa Offshore ASA warrants 6/8/08

6/8/05

$-

Starfield Resources, Inc.

1/17/06

$577

StrataGold Corp.

4/6/06

$842

TMO Biotec

10/27/05

$535

Uramin, Inc. warrants 7/26/08

8/24/05

$-

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$735

Fidelity Securities Lending Cash Central Fund

1,396

Total

$2,131

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

121Media, Inc.

$1,832

$307

$-

$-

$3,929

Advanced Technology (UK) PLC

-

-

-

-

-

Adwalker PLC

1,292

-

-

-

999

Afren PLC

12,040

2,657

2,876

-

20,696

Alliance Pharma PLC

2,924

-

318

-

2,730

Ascent Resources PLC

2,603

526

753

-

2,873

Autoclenz Holdings PLC

-

1,213

-

-

1,328

Avanti Screenmedia Group PLC

-

7,564

-

-

8,870

BDI Mining Corp.

4,646

494

-

-

4,298

Bioprogress PLC

2,479

4,451

-

-

7,765

Blackstar Investors PLC

-

5,074

-

-

6,124

BowLeven PLC

9,158

1,215

-

-

5,762

Cambrian Mining PLC

15,024

3,024

-

156

22,056

Centurion Electronics PLC

574

366

-

-

903

Coffeeheaven International PLC

1,580

1,537

577

-

2,970

Corac Group PLC

2,146

283

-

-

4,756

Cyberscan Technology, Inc.

1,725

8,966

-

-

6,815

DA Group PLC

2,490

-

64

-

1,986

EnCore Oil PLC (formerly, Oil Quest Resources PLC)

596

-

-

-

-

Forum Energy PLC

2,505

1,207

-

-

3,292

Fox Resources Ltd.

844

-

-

-

-

Frontier Mining Ltd.

2,220

-

-

-

-

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Gemfields Resources PLC

$-

$5,312

$-

$-

$5,066

GMA Resources PLC

3,026

-

-

-

5,506

Hardide Ltd.

2,909

-

27

-

3,365

Healthcare Enterprise Group PLC

10,604

2,028

-

-

3,921

Hot Tuna International PLC

-

2,049

-

-

1,743

Hydrodec Group PLC

2,730

5,558

-

-

10,523

ID Data PLC

1,344

-

-

-

1,185

Inion OY

3,466

2,117

-

-

4,604

Interbulk Investments PLC

-

2,006

48

-

2,731

International Ferro Metals

15,854

600

26

-

18,919

IPSA Group PLC

2,128

-

434

-

2,871

Jubilee Platinum PLC

3,339

4,414

791

-

11,248

KimCor Diamonds PLC

-

1,147

-

-

1,215

Kura Corp. Ltd.

18,905

588

-

-

19,554

Lambert Howarth Group PLC

6,291

-

4,755

96

-

Landround PLC

582

54

-

-

350

Leadcom Integrated Solutions

4,705

-

1,258

57

-

LTG Technologies PLC

2,294

1,300

-

-

3,209

Metals Exploration PLC

624

-

-

-

1,787

Mintails Ltd.

-

1,466

-

-

1,841

Motivcom PLC (formerly, P&MM Group PLC)

3,423

-

-

27

3,804

NeutraHealth PLC

1,719

-

-

-

1,570

Pilat Media Global PLC

2,244

-

-

-

2,758

Platinum Mining Corp. of India PLC

3,602

-

-

-

3,026

PlusNet Technologies Ltd.

7,340

720

-

-

8,428

PSI AG

3,396

-

-

-

5,748

Rheochem PLC

1,854

-

-

-

3,144

Solomon Gold PLC

-

1,588

-

-

1,164

Sphere Investments Ltd.

2,552

-

249

-

-

Starfield Resources, Inc.

3,741

-

967

-

4,279

Starfield Resources, Inc. (restricted)

-

577

-

-

689

Stepstone ASA

5,719

-

-

-

-

SubSea Resources PLC

4,362

52

-

-

6,169

Sylvania Resources Ltd.

2,738

472

-

-

5,067

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Synchronica PLC (formerly, Dat Group PLC)

$$1,263

$-

$-

$-

$-

Taghmen Energy PLC

5,671

-

102

-

3,897

Tanfield Group PLC

2,911

2,114

-

-

6,183

Tanzanite One Ltd.

4,936

10,260

-

-

17,889

Teleunit Spa

3,683

710

28

94

2,958

Tikit Group PLC

2,436

-

92

22

2,555

Visual Defence, Inc.

1,379

1,024

-

-

3,045

Xceldiam Ltd.

2,643

-

-

-

2,965

Total

$213,091

$85,040

$13,365

$452

$293,128

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2006

Assets

Investment in securities, at value (including securities loaned of $201,539) - See accompanying schedule:

Unaffiliated issuers (cost $1,832,224)

$2,641,662

Affiliated Central Funds (cost $242,059)

242,059

Other affiliated issuers (cost $250,716)

293,128

Total Investments (cost $2,324,999)

$3,176,849

Cash

84

Foreign currency held at value (cost $4,379)

4,405

Receivable for investments sold

24,577

Receivable for fund shares sold

4,375

Dividends receivable

5,617

Interest receivable

201

Prepaid expenses

6

Receivable from investment adviser for expense reductions

1

Other receivables

634

Total assets

3,216,749

Liabilities

Payable for investments purchased

$34,762

Payable for fund shares redeemed

2,138

Accrued management fee

2,303

Distribution fees payable

72

Other affiliated payables

554

Other payables and accrued expenses

272

Collateral on securities loaned, at value

212,630

Total liabilities

252,731

Net Assets

$2,964,018

Net Assets consist of:

Paid in capital

$1,874,712

Undistributed net investment income

1,257

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

236,148

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

851,901

Net Assets

$2,964,018

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2006

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($47,097 ÷ 1,456.9 shares)

$32.33

Maximum offering price per share (100/94.25 of $32.33)

$34.30

Class T:
Net Asset Value and redemption price per share ($56,296 ÷ 1,748.4 shares)

$32.20

Maximum offering price per share (100/96.50 of $32.20)

$33.37

Class B:
Net Asset Value and offering price per share ($15,986 ÷ 501.9 shares)A

$31.85

Class C:
Net Asset Value and offering price per share ($32,464 ÷ 1,016.8 shares)A

$31.93

International Small Cap:
Net Asset Value, offering price and redemption price per share ($2,801,384 ÷ 86,110.3 shares)

$32.53

Institutional Class:
Net Asset Value, offering price and redemption price per share ($10,791 ÷ 332.1 shares)

$32.49

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

Semiannual Report

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

Statement of Operations

Amounts in thousands

Six months ended April 30, 2006

Investment Income

Dividends (including $452 received from other affiliated issuers)

$16,516

Interest

151

Income from affiliated Central Funds (including $1,396 from security lending)

2,131

18,798

Less foreign taxes withheld

(852)

Total income

17,946

Expenses

Management fee
Basic fee

$11,067

Performance adjustment

1,257

Transfer agent fees

2,546

Distribution fees

386

Accounting and security lending fees

604

Independent trustees' compensation

5

Custodian fees and expenses

564

Registration fees

77

Audit

53

Legal

10

Miscellaneous

12

Total expenses before reductions

16,581

Expense reductions

(933)

15,648

Net investment income (loss)

2,298

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $424)

256,131

Other affiliated issuers

1,423

Foreign currency transactions

(210)

Total net realized gain (loss)

257,344

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $297)

505,088

Assets and liabilities in foreign currencies

92

Total change in net unrealized appreciation (depreciation)

505,180

Net gain (loss)

762,524

Net increase (decrease) in net assets resulting from operations

$764,822

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$2,298

$10,862

Net realized gain (loss)

257,344

242,238

Change in net unrealized appreciation (depreciation)

505,180

169,248

Net increase (decrease) in net assets resulting
from operations

764,822

422,348

Distributions to shareholders from net investment income

(10,829)

(3,406)

Distributions to shareholders from net realized gain

(234,438)

(45,235)

Total distributions

(245,267)

(48,641)

Share transactions - net increase (decrease)

231,934

701,403

Redemption fees

169

1,213

Total increase (decrease) in net assets

751,658

1,076,323

Net Assets

Beginning of period

2,212,360

1,136,037

End of period (including undistributed net investment income of $1,257 and undistributed net investment income of $10,862, respectively)

$2,964,018

$2,212,360

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.69

$21.25

$17.69

$12.35

Income from Investment Operations

Net investment income (loss) E

(.02)

.05

.02

.02 F

Net realized and unrealized gain (loss)

8.60

6.16

3.83

5.30

Total from investment operations

8.58

6.21

3.85

5.32

Distributions from net investment income

(.05)

(.02)

(.02)

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

-

Total distributions

(2.94)

(.79)

(.33)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$32.33

$26.69

$21.25

$17.71

Total Return B, C, D

35.01%

30.16%

22.36%

43.24%

Ratios to Average Net Assets H

Expenses before reductions

1.63% A

1.66%

1.71%

1.77% A

Expenses net of fee waivers, if any

1.63% A

1.66%

1.71%

1.77% A

Expenses net of all reductions

1.56% A

1.63%

1.69%

1.74% A

Net investment income (loss)

(.15)% A

.21%

.09%

.28% A

Supplemental Data

Net assets, end of period (in millions)

$47

$35

$13

$5

Portfolio turnover rate

99% A

79%

77%

84% A

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 sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.57

$21.20

$17.68

$12.35

Income from Investment Operations

Net investment income (loss) E

(.06)

(.01)

(.03)

- F, I

Net realized and unrealized gain (loss)

8.57

6.12

3.83

5.31

Total from investment operations

8.51

6.11

3.80

5.31

Distributions from net investment income

-

-

(.01)

-

Distributions from net realized gain

(2.88)

(.76)

(.31)

-

Total distributions

(2.88)

(.76)

(.32)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$32.20

$26.57

$21.20

$17.65

Total Return B, C, D

34.83%

29.72%

22.07%

43.16%

Ratios to Average Net Assets H

Expenses before reductions

1.88% A

1.92%

1.94%

2.12% A

Expenses net of fee waivers, if any

1.88% A

1.91%

1.94%

2.12% A

Expenses net of all reductions

1.81% A

1.88%

1.92%

2.09% A

Net investment income (loss)

(.40)% A

(.04)%

(.14)%

(.07)% A

Supplemental Data

Net assets, end of period (in millions)

$56

$42

$15

$4

Portfolio turnover rate

99% A

79%

77%

84% A

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 sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.24

$20.99

$17.62

$12.35

Income from Investment Operations

Net investment income (loss) E

(.13)

(.14)

(.16)

(.05) F

Net realized and unrealized gain (loss)

8.47

6.08

3.80

5.30

Total from investment operations

8.34

5.94

3.64

5.25

Distributions from net realized gain

(2.73)

(.71)

(.31)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$31.85

$26.24

$20.99

$17.52

Total Return B, C, D

34.43%

29.13%

21.21%

42.67%

Ratios to Average Net Assets H

Expenses before reductions

2.47% A

2.49%

2.63%

2.76% A

Expenses net of fee waivers, if any

2.40% A

2.43%

2.63%

2.76% A

Expenses net of all reductions

2.33% A

2.40%

2.60%

2.73% A

Net investment income (loss)

(.92)% A

(.56)%

(.83)%

(.71)% A

Supplemental Data

Net assets, end of period (in millions)

$16

$13

$5

$1

Portfolio turnover rate

99% A

79%

77%

84% A

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 $.01 per share.

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 G

Selected Per-Share Data

Net asset value, beginning of period

$26.31

$21.04

$17.64

$12.35

Income from Investment Operations

Net investment income (loss) E

(.13)

(.13)

(.12)

(.04) F

Net realized and unrealized gain (loss)

8.50

6.10

3.80

5.31

Total from investment operations

8.37

5.97

3.68

5.27

Distributions from net investment income

-

-

(.01)

-

Distributions from net realized gain

(2.75)

(.72)

(.31)

-

Total distributions

(2.75)

(.72)

(.32)

-

Redemption fees added to paid in capital E

- I

.02

.04

.02

Net asset value, end of period

$31.93

$26.31

$21.04

$17.73

Total Return B, C, D

34.50%

29.22%

21.43%

42.83%

Ratios to Average Net Assets H

Expenses before reductions

2.37% A

2.41%

2.43%

2.57% A

Expenses net of fee waivers, if any

2.37% A

2.41%

2.43%

2.57% A

Expenses net of all reductions

2.30% A

2.38%

2.40%

2.55% A

Net investment income (loss)

(.89)% A

(.54)%

(.62)%

(.52)% A

Supplemental Data

Net assets, end of period (in millions)

$32

$25

$9

$1

Portfolio turnover rate

99% A

79%

77%

84% A

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 $.01 per share.

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

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Small Cap

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003

2002 F

Selected Per-Share Data

Net asset value, beginning of period

$26.89

$21.36

$17.71

$9.87

$10.00

Income from Investment Operations

Net investment income (loss) D

.03

.15

.10

.07 E

(.01)

Net realized and unrealized gain (loss)

8.64

6.19

3.84

7.75

(.12)

Total from investment operations

8.67

6.34

3.94

7.82

(.13)

Distributions from net investment income

(.14)

(.06)

(.02)

-

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

(.02)

-

Total distributions

(3.03)

(.83)

(.33)

(.02)

-

Redemption fees added to paid in capital D

- H

.02

.04

.04

- H

Net asset value, end of period

$32.53

$26.89

$21.36

$17.71

$9.87

Total Return B, C

35.19%

30.67%

22.84%

79.78%

(1.30)%

Ratios to Average Net Assets G

Expenses before reductions

1.27% A

1.28%

1.30%

1.54%

13.70% A

Expenses net of fee waivers, if any

1.27% A

1.28%

1.30%

1.54%

1.80% A

Expenses net of all reductions

1.19% A

1.25%

1.28%

1.51%

1.80% A

Net investment income (loss)

.22% A

.59%

.50%

.46%

(.56)% A

Supplemental Data

Net assets, end of period (in millions)

$2,801

$2,090

$1,091

$547

$3

Portfolio turnover rate

99% A

79%

77%

84%

85% A

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.

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

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

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30,

Years ended October 31,

2006

2005

2004

2003 F

Selected Per-Share Data

Net asset value, beginning of period

$26.86

$21.36

$17.72

$12.35

Income from Investment Operations

Net investment income (loss) D

.03

.14

.10

.04 E

Net realized and unrealized gain (loss)

8.63

6.18

3.84

5.31

Total from investment operations

8.66

6.32

3.94

5.35

Distributions from net investment income

(.14)

(.07)

(.03)

-

Distributions from net realized gain

(2.89)

(.77)

(.31)

-

Total distributions

(3.03)

(.84)

(.34)

-

Redemption fees added to paid in capital D

- H

.02

.04

.02

Net asset value, end of period

$32.49

$26.86

$21.36

$17.72

Total Return B, C

35.21%

30.59%

22.84%

43.48%

Ratios to Average Net Assets G

Expenses before reductions

1.29% A

1.30%

1.32%

1.51% A

Expenses net of fee waivers, if any

1.29% A

1.30%

1.32%

1.51% A

Expenses net of all reductions

1.21% A

1.27%

1.29%

1.48% A

Net investment income (loss)

.20% A

.57%

.49%

.54% A

Supplemental Data

Net assets, end of period (in millions)

$11

$7

$3

$.4

Portfolio turnover rate

99% A

79%

77%

84% A

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.

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

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

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006

(Amounts in thousands except ratios)

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 fund is currently closed to most new accounts. 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 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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)and losses deferred due to wash sales.

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

Unrealized appreciation

$925,779

Unrealized depreciation

(92,898)

Net unrealized appreciation (depreciation)

$832,881

Cost for federal income tax purposes

$2,343,968

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 FMR, are retained by the fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The fund 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 the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,264,205 and $1,257,674, respectively.

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 .27% 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 .97% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

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%

$50

$1

Class T

.25%

.25%

122

-

Class B

.75%

.25%

72

54

Class C

.75%

.25%

142

31

$386

$86

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 depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$5

Class T

4

Class B*

25

Class C*

1

$35

*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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$62

.31*

Class T

76

.31*

Class B

29

.40*

Class C

42

.30*

International Small Cap

2,327

.19*

Institutional Class

10

.21*

$2,546

*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.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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, which amounts to $4 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$5

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 $918 for the period. In addition, through arrangements with the fund's custodian and each class' transfer agent, 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 $1. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Small Cap

$9

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net investment income

Class A

$62

$14

International Small Cap

10,725

3,381

Institutional Class

42

11

Total

$10,829

$3,406

From net realized gain

Class A

$3,713

$542

Class T

4,531

602

Class B

1,340

221

Class C

2,559

359

International Small Cap

221,459

43,388

Institutional Class

836

123

Total

$234,438

$45,235

10. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2006

Year ended
October 31,
2005

Six months ended
April 30,
2006

Year ended
October 31,
2005

Class A

Shares sold

216

915

$6,256

$22,252

Reinvestment of distributions

125

20

3,194

427

Shares redeemed

(189)

(255)

(5,362)

(6,421)

Net increase (decrease)

152

680

$4,088

$16,258

Semiannual Report

10. Share Transactions - continued

Shares

Dollars

Six months ended April 30,
2006

Year ended
October 31,
2005

Six months ended
April 30,
2006

Year ended
October 31,
2005

Class T

Shares sold

267

1,286

$7,656

$31,179

Reinvestment of distributions

165

24

4,209

531

Shares redeemed

(251)

(457)

(7,195)

(11,453)

Net increase (decrease)

181

853

$4,670

$20,257

Class B

Shares sold

55

415

$1,537

$9,882

Reinvestment of distributions

48

9

1,212

199

Shares redeemed

(88)

(178)

(2,467)

(4,336)

Net increase (decrease)

15

246

$282

$5,745

Class C

Shares sold

85

680

$2,369

$16,301

Reinvestment of distributions

80

13

2,032

272

Shares redeemed

(106)

(147)

(3,002)

(3,591)

Net increase (decrease)

59

546

$1,399

$12,982

International Small Cap

Shares sold

12,076

51,579

$347,010

$1,266,283

Reinvestment of distributions

8,379

2,008

216,010

43,867

Shares redeemed

(12,099)

(26,924)

(343,047)

(667,826)

Net increase (decrease)

8,356

26,663

$219,973

$642,324

Institutional Class

Shares sold

65

259

$1,894

$6,323

Reinvestment of distributions

20

3

506

59

Shares redeemed

(30)

(105)

(878)

(2,545)

Net increase (decrease)

55

157

$1,522

$3,837

Semiannual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments as of April 30, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and its financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Semiannual Report

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 23, 2006

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Small Cap Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

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 Research & Analysis
Company (formerly 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 Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service 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

AISCI-USAN-0606
1.800646.102

Fidelity®

International Small Cap Opportunities

Fund

Semiannual Report

April 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,472.00

$9.75

HypotheticalA

$1,000.00

$1,016.91

$7.95

Class T

Actual

$1,000.00

$1,471.10

$11.27

HypotheticalA

$1,000.00

$1,015.67

$9.20

Class B

Actual

$1,000.00

$1,467.70

$14.68

HypotheticalA

$1,000.00

$1,012.89

$11.98

Class C

Actual

$1,000.00

$1,467.70

$14.44

HypotheticalA

$1,000.00

$1,013.09

$11.78

International Small Cap Opportunities

Actual

$1,000.00

$1,475.40

$7.79

HypotheticalA

$1,000.00

$1,018.50

$6.36

Institutional Class

Actual

$1,000.00

$1,475.40

$7.49

HypotheticalA

$1,000.00

$1,018.74

$6.11

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.59%

Class T

1.84%

Class B

2.40%

Class C

2.36%

International Small Cap Opportunities

1.27%

Institutional Class

1.22%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan38.9%

Germany10.6%

France8.0%

United States of America6.6%

United Kingdom5.5%

Korea (South)5.4%

Australia4.1%

Sweden3.2%

Norway2.2%

Other15.5%



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

As of October 31, 2005

Japan35.3%

France8.9%

Korea (South)8.1%

United Kingdom7.3%

United States of America7.3%

Germany6.7%

Australia5.7%

Norway3.1%

Finland3.1%

Other14.5%



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

97.9

100.6

Short-Term Investments and Net Other Assets

2.1

(0.6)

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Titanium Metals Corp. (United States of America, Metals & Mining)

2.1

1.4

Neopost SA (France, Office Electronics)

1.4

2.0

Silicon On Insulator Technologies SA (SOITEC) (France, Semiconductors & Semiconductor Equipment)

1.4

1.0

Techem AG (Germany, Commercial Services & Supplies)

1.4

0.5

JGC Corp. (Japan, Construction & Engineering)

1.3

1.1

SolarWorld AG (Germany, Electrical Equipment)

1.3

1.3

GigaMedia Ltd. (Singapore, Internet Software & Services)

1.2

0.0

Alstom SA (France, Electrical Equipment)

1.2

1.7

Deutz AG (Germany, Machinery)

1.2

0.0

KK daVinci Advisors (Japan, Real Estate)

1.2

0.0

13.7

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

28.1

26.5

Information Technology

16.6

12.1

Materials

16.1

12.4

Financials

15.6

12.0

Consumer Discretionary

11.2

17.0

Energy

4.7

10.5

Health Care

3.2

3.8

Consumer Staples

2.4

5.9

Telecommunication Services

0.0

0.4

Semiannual Report

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value (Note 1)

Australia - 4.1%

Coates Hire Ltd.

1,015,059

$4,749,912

CSL Ltd.

266,300

11,672,410

Downer EDI Ltd.

2,014,438

13,282,725

Dyno Nobel Ltd.

6,209,400

12,358,463

PMP Ltd. (a)

1,422,610

1,588,608

United Group Ltd.

500,000

5,017,488

Zinifex Ltd.

950,000

7,469,259

TOTAL AUSTRALIA

56,138,865

Austria - 1.0%

Andritz AG

76,474

13,409,266

Bermuda - 1.3%

Aquarius Platinum Ltd.:

(Australia)

316,310

4,550,996

(United Kingdom)

552,600

8,132,980

SeaDrill Ltd. (a)(d)

344,900

5,849,273

TOTAL BERMUDA

18,533,249

Cayman Islands - 1.3%

Kingboard Chemical Holdings Ltd.

3,599,000

9,492,674

Suntech Power Holdings Co. Ltd. sponsored ADR

251,600

8,627,364

TOTAL CAYMAN ISLANDS

18,120,038

China - 1.2%

Advanced Semiconductor Manufacturing Corp. Ltd. (H Shares)

1,686,000

419,690

China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d)

488,600

6,649,846

Global Bio-Chem Technology Group Co. Ltd.

16,723,300

8,735,553

TOTAL CHINA

15,805,089

Finland - 2.1%

KCI Konecranes Oyj

734,000

13,603,691

Metso Corp.

389,900

15,495,396

TOTAL FINLAND

29,099,087

France - 8.0%

Alstom SA (a)

187,662

16,999,638

ALTEN (a)

282,691

10,699,713

Compagnie Generale de Geophysique SA (a)(d)

82,902

13,398,403

Ingenico SA

195,700

4,449,226

Legrand SA

217,300

6,360,432

Neopost SA

178,400

20,178,275

Silicon On Insulator Technologies SA (SOITEC) (a)

588,235

19,199,335

Common Stocks - continued

Shares

Value (Note 1)

France - continued

Vallourec SA

7,500

$9,746,246

Zodiac SA

150,000

9,708,397

TOTAL FRANCE

110,739,665

Germany - 10.6%

Deutz AG (a)(d)

1,836,700

16,823,399

Fluxx AG (a)(d)

200,000

2,636,848

Grenkeleasing AG

3,024

230,821

Lanxess AG (a)

255,000

10,430,187

MG Technologies AG (d)

699,100

13,230,293

MLP AG

229,400

5,629,268

MPC Muenchmeyer Petersen Capital AG (d)

95,957

8,062,872

MTU Aero Engines Holding AG

119,850

4,348,764

Pfleiderer AG

233,312

7,038,102

Q-Cells AG

56,900

5,251,284

SolarWorld AG

57,600

17,949,747

Techem AG

426,400

19,103,228

United Internet AG

131,400

8,620,602

Wacker Chemie AG

90,200

11,835,286

Wincor Nixdorf AG

110,900

15,950,536

TOTAL GERMANY

147,141,237

Hong Kong - 1.1%

Guangzhou Investment Co. Ltd.

17,376,000

3,473,721

Hanny Holdings Ltd.

3,088,018

1,891,851

PYI Corp. Ltd.

15,387,508

6,350,847

SIM Technology Group

7,242,000

3,362,594

TOTAL HONG KONG

15,079,013

Italy - 0.8%

Banca Italease Spa (d)

190,000

11,568,573

Japan - 38.9%

Access Co. Ltd. (a)

1,233

11,044,215

Air Water, Inc. (d)

941,000

9,626,916

Alpen Co. Ltd.

140,000

5,692,207

ARRK Corp.

128,000

4,597,322

Asahi Glass Co. Ltd. (d)

480,000

6,777,958

Asics Corp.

470,000

5,732,865

Asset Managers Co. Ltd. (d)

3,916

11,451,399

Atrium Co. Ltd.

50,000

5,181,120

Chiyoda Corp.

186,000

4,181,427

Credit Saison Co. Ltd.

135,200

7,087,983

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Daiei, Inc. (a)(d)

255,000

$7,613,612

Dainippon Screen Manufacturing Co. Ltd. (d)

533,000

5,569,879

Diamond Lease Co. Ltd. (d)

33,000

1,767,728

Don Quijote Co. Ltd. (d)

96,200

8,202,872

EDION Corp. (d)

439,800

10,640,167

Elpida Memory, Inc. (a)(d)

133,000

6,096,685

Fujikura Ltd.

675,000

7,806,586

Furukawa Co. Ltd. (a)(d)

1,000,000

2,555,434

Furukawa Electric Co. Ltd. (a)

866,000

6,912,791

Haseko Corp. (a)(d)

1,500,000

5,690,450

Hisamitsu Pharmaceutical Co., Inc.

300,000

9,246,982

Hitachi Construction Machinery Co. Ltd.

200,000

5,462,130

Hitachi Metals Ltd.

708,000

7,908,461

Hokuhoku Financial Group, Inc.

2,081,000

8,479,333

Ichiyoshi Securities Co. Ltd. (d)

384,900

7,047,346

Intelligence Ltd.

2,143

6,341,963

Intelligent Wave, Inc. (d)

3,737

9,484,022

Izumiya Co. Ltd. (d)

492,000

4,653,208

Japan Asia Investment Co. Ltd.

2,000

15,473

Japan General Estate Co. Ltd.

446,500

8,371,263

Japan Steel Works Ltd. (d)

700,000

4,905,379

JGC Corp.

1,063,000

18,622,920

Joint Corp.

315,000

10,345,555

Kanto Tsukuba Bank Ltd. (a)(d)

453,000

7,427,012

Kenedix, Inc.

2,000

10,309,550

KK daVinci Advisors (a)(d)

14,621

16,306,187

Konaka Co. Ltd.

250,000

5,301,866

Kyushu-Shinwa Holdings, Inc. (a)(d)

1,255,000

2,700,110

Leopalace21 Corp.

100,000

3,899,012

Meiko Electronics Co. Ltd.

95,000

7,257,959

Meisei Industrial Co. Ltd. (a)

683,000

4,978,178

Miraial Co. Ltd.

56,200

5,305,379

Mitsubishi Logistics Corp.

300,000

4,573,436

Mitsui Engineering & Shipbuilding Co.

1,599,000

5,111,183

Nabtesco Corp.

607,000

7,691,776

NEOMAX Co. Ltd. (d)

114,000

3,273,590

NGK Insulators Ltd.

400,000

5,729,089

NGK Spark Plug Co. Ltd.

199,000

4,368,826

Nifco, Inc. (d)

125,000

2,590,560

Nippon Electric Glass Co. Ltd.

188,000

4,242,898

Nissan Chemical Industries Co. Ltd.

280,000

4,745,554

Nisshin Fudosan Co. Ltd. (d)

119,900

1,756,252

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

OMC Card, Inc.

855,500

$13,545,261

Organo Corp.

460,000

4,508,101

ORIX Corp.

38,110

11,445,550

OSG Corp.

90,600

1,921,396

Pal Co. Ltd. (d)

40,000

2,933,041

Promise Co. Ltd.

86,250

5,317,014

Ryohin Keikaku Co. Ltd.

95,200

8,543,965

Sankyo Seiki Manufacturing Co. Ltd.

327,000

4,005,840

Sojitz Corp. (a)(d)

500,000

3,192,097

Sugi Pharmacy Co. Ltd.

197,000

4,619,012

Sumco Corp.

228,600

13,670,832

Sumisho Lease Co. Ltd.

20,100

1,152,606

Sumitomo Titanium Corp. (d)

56,800

11,182,929

Sysmex Corp.

50,000

2,243,688

Take & Give Needs Co. Ltd. (a)

5,034

7,647,702

Teijin Ltd.

1,155,000

7,921,449

The Daimaru, Inc.

472,000

6,872,237

THK Co. Ltd.

149,000

4,867,443

Toho Tenax Co. Ltd. (a)(d)

1,305,000

12,136,071

Toho Titanium Co. Ltd. (d)

66,000

4,920,659

Tokai Carbon Co. Ltd.

500,000

3,113,063

Tokuyama Corp.

715,000

11,797,893

Tokyo Seimitsu Co. Ltd.

53,400

3,174,692

Tokyo Tomin Bank Ltd.

25,600

1,279,157

Tokyu Land Corp.

265,000

2,254,973

Toray Industries, Inc.

1,220,000

11,431,307

UFJ Central Leasing Co. Ltd.

39,800

2,474,503

Urban Corp. (d)

466,700

6,926,218

Valor Co. Ltd.

44,000

896,422

Venture Link Co. Ltd. (a)(d)

1,548,200

6,553,084

Yamada Denki Co. Ltd.

50,000

5,448,957

Yaskawa Electric Corp. (a)

231,000

2,841,985

Zeon Corp.

400,000

5,434,029

TOTAL JAPAN

538,955,244

Korea (South) - 5.4%

China Lotsynergy Holding Ltd. (a)

11,890,000

2,453,665

Daegu Bank Co. Ltd.

304,900

5,722,029

Daewoo Securities Co. Ltd. (a)

413,920

7,504,675

Daishin Securities Co. Ltd.

235,210

5,499,000

Hyundai Department Store Co. Ltd.

86,410

8,291,477

Hyundai Engineering & Construction Co. Ltd. (a)

100,000

6,223,826

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - continued

Korea Investment Holdings Co. Ltd.

218,460

$9,357,776

LG Card Co. Ltd. (a)

113,800

6,093,306

NHN Corp. (a)

23,867

8,477,386

Samsung Securities Co. Ltd.

107,760

6,763,923

Shinhan Financial Group Co. Ltd.

156,130

7,780,429

TOTAL KOREA (SOUTH)

74,167,492

Luxembourg - 0.5%

Acergy SA (a)

434,600

7,062,250

Netherlands - 0.2%

Fugro NV (Certificaten Van Aandelen) unit

77,700

3,262,445

Norway - 2.2%

Deep Ocean ASA (a)(d)

522,500

1,840,087

Fred Olsen Energy ASA (a)

98,900

4,678,722

Petroleum Geo-Services ASA (a)(d)

216,550

12,194,951

ProSafe ASA

50,000

2,969,911

TANDBERG Television ASA (a)

400,000

8,049,596

TOTAL NORWAY

29,733,267

Singapore - 1.2%

GigaMedia Ltd. (a)

2,063,020

17,061,175

South Africa - 1.9%

African Bank Investments Ltd.

500,000

2,794,179

Anglogold Ashanti Ltd. sponsored ADR (d)

229,900

12,570,932

Steinhoff International Holdings Ltd.

2,821,000

11,180,778

TOTAL SOUTH AFRICA

26,545,889

Spain - 1.8%

Abengoa SA

200,000

6,240,121

Azucarera Ebro Agricolas SA

700,000

13,847,870

Banco Pastor SA

90,000

5,301,579

TOTAL SPAIN

25,389,570

Sweden - 3.2%

Bergman & Beving AB (B Shares)

300,000

6,359,992

Boliden AB (d)

545,000

11,072,569

HIQ International AB (d)

584,400

3,534,117

Lindex AB (a)

1,000,000

14,812,802

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

143,100

7,856,547

TOTAL SWEDEN

43,636,027

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - 0.7%

SEZ Holding AG (a)

200,000

$5,079,416

Sulzer AG (Reg.) (d)

6,000

5,060,066

TOTAL SWITZERLAND

10,139,482

Thailand - 0.4%

Krung Thai Bank Public Co. Ltd.

3,449,200

1,130,433

Siam City Bank PLC (For. Reg.)

6,816,200

4,322,557

TOTAL THAILAND

5,452,990

United Kingdom - 5.5%

AMEC PLC

1,054,600

7,568,291

CSR PLC (a)

194,246

4,282,957

EMI Group PLC

1,999,000

10,280,807

Expro International Group PLC

400,846

5,424,338

Hunting PLC

1,204,280

8,774,241

Meggitt PLC

2,634,431

16,167,289

Optos PLC

2,000,000

8,881,662

Renovo Group PLC

5,837,663

12,083,707

Xansa PLC

1,500,000

2,544,131

TOTAL UNITED KINGDOM

76,007,423

United States of America - 4.5%

Allegheny Technologies, Inc.

70,000

4,853,800

Allied Waste Industries, Inc. (a)

800,000

11,328,000

Hexcel Corp. (a)

612,700

13,534,543

RTI International Metals, Inc. (a)

53,300

3,205,462

Titanium Metals Corp. (a)(d)

414,800

29,720,417

TOTAL UNITED STATES OF AMERICA

62,642,222

TOTAL COMMON STOCKS

(Cost $1,145,711,728)

1,355,689,558

Money Market Funds - 16.9%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

57,411,887

$57,411,887

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

176,482,087

176,482,087

TOTAL MONEY MARKET FUNDS

(Cost $233,893,974)

233,893,974

TOTAL INVESTMENT PORTFOLIO - 114.8%

(Cost $1,379,605,702)

1,589,583,532

NET OTHER ASSETS - (14.8)%

(204,615,946)

NET ASSETS - 100%

$1,384,967,586

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$576,679

Fidelity Securities Lending Cash Central Fund

770,742

Total

$1,347,421

Income Tax Information

At October 31, 2005, the fund had a capital loss carryforward of approximately $3,072,229 all of which will expire on October 31, 2013.

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $170,005,450) - See accompanying schedule:

Unaffiliated issuers (cost $1,145,711,728)

$1,355,689,558

Affiliated Central Funds (cost $233,893,974)

233,893,974

Total Investments (cost $1,379,605,702)

$1,589,583,532

Foreign currency held at value (cost $3,477,123)

3,533,510

Receivable for investments sold

38,767,460

Receivable for fund shares sold

13,534,016

Dividends receivable

2,147,065

Interest receivable

89,129

Prepaid expenses

22,523

Other affiliated receivables

1,087

Other receivables

686,313

Total assets

1,648,364,635

Liabilities

Payable for investments purchased

$84,772,234

Payable for fund shares redeemed

754,796

Accrued management fee

916,819

Distribution fees payable

32,000

Other affiliated payables

242,391

Other payables and accrued expenses

196,722

Collateral on securities loaned, at value

176,482,087

Total liabilities

263,397,049

Net Assets

$1,384,967,586

Net Assets consist of:

Paid in capital

$1,140,045,448

Undistributed net investment income

1,489,708

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

33,318,004

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

210,114,426

Net Assets

$1,384,967,586

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2006 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($32,427,009 ÷ 2,116,434 shares)

$15.32

Maximum offering price per share (100/94.25 of $15.32)

$16.25

Class T:
Net Asset Value and redemption price per share ($21,520,840 ÷ 1,408,899 shares)

$15.27

Maximum offering price per share (100/96.50 of $15.27)

$15.82

Class B:
Net Asset Value and offering price per share ($7,232,499 ÷ 475,248 shares)A

$15.22

Class C:
Net Asset Value and offering price per share ($17,783,923 ÷ 1,168,600 shares)A

$15.22

International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,286,718,274 ÷ 83,877,110 shares)

$15.34

Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,285,041 ÷ 1,257,382 shares)

$15.34

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

Semiannual Report

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

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$4,832,856

Interest

3,266

Income from affiliated Central Funds (including $770,742 from security lending)

1,347,421

6,183,543

Less foreign taxes withheld

(420,276)

Total income

5,763,267

Expenses

Management fee

$3,283,284

Transfer agent fees

835,303

Distribution fees

107,042

Accounting and security lending fees

196,072

Independent trustees' compensation

1,093

Custodian fees and expenses

192,953

Registration fees

231,992

Audit

33,047

Legal

822

Miscellaneous

2,579

Total expenses before reductions

4,884,187

Expense reductions

(586,748)

4,297,439

Net investment income (loss)

1,465,828

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

36,888,818

Investment not meeting investment restrictions

35,982

Foreign currency transactions

(207,383)

Total net realized gain (loss)

36,717,417

Change in net unrealized appreciation (depreciation) on:

Investment securities

208,779,811

Assets and liabilities in foreign currencies

139,595

Total change in net unrealized appreciation (depreciation)

208,919,406

Net gain (loss)

245,636,823

Net increase (decrease) in net assets resulting from operations

$247,102,651

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

August 2, 2005
(commencement
of operations) to October 31, 2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$1,465,828

$25,230

Net realized gain (loss)

36,717,417

(3,306,632)

Change in net unrealized appreciation (depreciation)

208,919,406

1,195,020

Net increase (decrease) in net assets resulting
from operations

247,102,651

(2,086,382)

Distributions to shareholders from net realized gain

(90,957)

-

Share transactions - net increase (decrease)

924,037,827

215,410,790

Redemption fees

461,578

132,079

Total increase (decrease) in net assets

1,171,511,099

213,456,487

Net Assets

Beginning of period

213,456,487

-

End of period (including undistributed net investment income of $1,489,708 and undistributed net investment income of $25,213, respectively)

$1,384,967,586

$213,456,487

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.41

$10.00

Income from Investment Operations

Net investment income (loss) E

.01

- I

Net realized and unrealized gain (loss)

4.89

.40 F

Total from investment operations

4.90

.40

Distributions from net realized gain

-I

-

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.32

$10.41

Total Return B, C, D

47.20%

4.10%

Ratios to Average Net Assets H

Expenses before reductions

1.59% A

2.67% A

Expenses net of fee waivers, if any

1.59% A

1.65% A

Expenses net of all reductions

1.44% A

1.54% A

Net investment income (loss)

.10% A

(.09)% A

Supplemental Data

Net assets, end of period (000 omitted)

$32,427

$5,533

Portfolio turnover rate

144% A

46%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.38

$10.00

Income from Investment Operations

Net investment income (loss) E

(.01)

(.01)

Net realized and unrealized gain (loss)

4.89

.38 F

Total from investment operations

4.88

.37

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.27

$10.38

Total Return B, C, D

47.11%

3.80%

Ratios to Average Net Assets H

Expenses before reductions

1.84% A

2.92% A

Expenses net of fee waivers, if any

1.84% A

1.90% A

Expenses net of all reductions

1.68% A

1.78% A

Net investment income (loss)

(.15)% A

(.33)% A

Supplemental Data

Net assets, end of period (000 omitted)

$21,521

$2,704

Portfolio turnover rate

144% A

46%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.37

$10.00

Income from Investment Operations

Net investment income (loss) E

(.05)

(.02)

Net realized and unrealized gain (loss)

4.89

.38 F

Total from investment operations

4.84

.36

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.22

$10.37

Total Return B, C, D

46.77%

3.70%

Ratios to Average Net Assets H

Expenses before reductions

2.42% A

3.43% A

Expenses net of fee waivers, if any

2.40% A

2.40% A

Expenses net of all reductions

2.25% A

2.27% A

Net investment income (loss)

(.72)% A

(.82)% A

Supplemental Data

Net assets, end of period (000 omitted)

$7,232

$1,705

Portfolio turnover rate

144% A

46%

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.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.37

$10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

(.02)

Net realized and unrealized gain (loss)

4.88

.38 F

Total from investment operations

4.84

.36

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.22

$10.37

Total Return B, C, D

46.77%

3.70%

Ratios to Average Net Assets H

Expenses before reductions

2.36% A

3.32% A

Expenses net of fee waivers, if any

2.36% A

2.40% A

Expenses net of all reductions

2.20% A

2.29% A

Net investment income (loss)

(.67)% A

(.84)% A

Supplemental Data

Net assets, end of period (000 omitted)

$17,784

$3,317

Portfolio turnover rate

144% A

46%

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.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$10.40

$10.00

Income from Investment Operations

Net investment income (loss)D

.03

- H

Net realized and unrealized gain (loss)

4.90

.39 E

Total from investment operations

4.93

.39

Distributions from net realized gain

-H

-

Redemption fees added to paid in capital D

.01

.01

Net asset value, end of period

$15.34

$10.40

Total Return B, C

47.54%

4.00%

Ratios to Average Net Assets G

Expenses before reductions

1.22% A

2.25% A

Expenses net of fee waivers, if any

1.22% A

1.40% A

Expenses net of all reductions

1.07% A

1.29% A

Net investment income (loss)

.47% A

.16% A

Supplemental Data

Net assets, end of period (000 omitted)

$19,285

$2,849

Portfolio turnover rate

144% A

46%

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.

EThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Small Cap Opportunities

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$10.40

$10.00

Income from Investment Operations

Net investment income (loss) D

.03

- H

Net realized and unrealized gain (loss)

4.90

.39 E

Total from investment operations

4.93

.39

Distributions from net realized gain

-H

-

Redemption fees added to paid in capital D

.01

.01

Net asset value, end of period

$15.34

$10.40

Total Return B, C

47.54%

4.00%

Ratios to Average Net Assets G

Expenses before reductions

1.27% A

2.25% A

Expenses net of fee waivers, if any

1.27% A

1.40% A

Expenses net of all reductions

1.11% A

1.31% A

Net investment income (loss)

.42% A

.14% A

Supplemental Data

Net assets, end of period (000 omitted)

$1,286,718

$197,349

Portfolio turnover rate

144% A

46%

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.

EThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited)

1. Significant Accounting Policies.

Fidelity International Small Cap Opportunities 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 Opportunities 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation

$232,601,339

Unrealized depreciation

(23,448,893)

Net unrealized appreciation (depreciation)

$209,152,446

Cost for federal income tax purposes

$1,380,431,086

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 FMR, are retained by the fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,433,629,476 and $538,440,813, respectively.

The fund realized a gain on the sale of an investment not meeting the investment restrictions of the fund.

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 .27% 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 International Small Cap Opportunities class as compared to an appropriate benchmark index. The fund's performance adjustment will not take effect until August 2006. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .87% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

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%

$19,991

$1,891

Class T

.25%

.25%

24,356

5,194

Class B

.75%

.25%

19,980

16,296

Class C

.75%

.25%

42,715

37,285

$107,042

$60,666

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 depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$55,970

Class T

10,067

Class B*

1,478

Class C*

455

$67,970

*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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap Opportunities 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

$23,247

.29*

Class T

13,991

.29*

Class B

7,360

.37*

Class C

12,941

.30*

International Small Cap Opportunities

769,405

.22*

Institutional Class

8,359

.17*

$835,303

* 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.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were $1,889 for the period.

Semiannual Report

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, which amounts to $199 and is reflected in Miscellaneous Expense on the Statement of Operations. 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. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following class was in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$413

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 $586,335 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net realized gain

Class A

$2,067

$-

International Small Cap Opportunities

87,898

-

Institutional Class

992

-

Total

$90,957

$-

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Class A

Shares sold

1,638,678

533,911

$22,157,859

$5,543,122

Reinvestment of distributions

162

-

1,916

-

Shares redeemed

(54,015)

(2,302)

(726,385)

(24,252)

Net increase (decrease)

1,584,825

531,609

$21,433,390

$5,518,870

Class T

Shares sold

1,158,045

262,396

$15,649,175

$2,707,886

Shares redeemed

(9,581)

(1,961)

(129,336)

(19,686)

Net increase (decrease)

1,148,464

260,435

$15,519,839

$2,688,200

Class B

Shares sold

332,078

169,923

$4,448,783

$1,745,697

Shares redeemed

(21,168)

(5,585)

(291,516)

(57,751)

Net increase (decrease)

310,910

164,338

$4,157,267

$1,687,946

Class C

Shares sold

856,991

322,125

$11,676,554

$3,329,826

Shares redeemed

(8,143)

(2,373)

(116,183)

(24,472)

Net increase (decrease)

848,848

319,752

$11,560,371

$3,305,354

International Small Cap Opportunities

Shares sold

70,832,543

19,620,455

$938,098,273

$205,992,728

Reinvestment of distributions

6,974

-

82,435

-

Shares redeemed

(5,936,304)

(646,558)

(80,212,069)

(6,587,124)

Net increase (decrease)

64,903,213

18,973,897

$857,968,639

$199,405,604

Institutional Class

Shares sold

995,115

274,003

$13,557,660

2,804,816

Reinvestment of distributions

83

-

980

-

Shares redeemed

(11,819)

-

(160,319)

-

Net increase (decrease)

983,379

274,003

$13,398,321

$2,804,816

AFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Small Cap Opportunities Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

Managing Your 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.

(phone_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.

Semiannual Report

To Write Fidelity

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

(letter_graphic)Making Changes
To Your Account

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

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

(letter_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

(letter_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

Semiannual Report

To Visit Fidelity

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

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

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, 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
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Florida

4400 N. Federal Highway
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121 Alhambra Plaza
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2948 N. Federal Highway
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1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
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2465 State Road 7
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3501 PGA Boulevard
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Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

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Chicago, IL

875 North Michigan Ave.
Chicago, IL

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Indiana

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Kansas

5400 College Boulevard
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Maine

Three Canal Plaza
Portland, ME

Maryland

7315 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

500 E. Eisenhower Pkwy.
Ann Arbor, MI

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

Semiannual Report

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Missouri

8885 Ladue Road
Ladue, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Highway 35
Shrewsbury, NJ

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

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, 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
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Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
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12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, 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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)

Fidelity Management & Research
(U.K.) 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 Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance1-800-544-6666

Product Information1-800-544-6666

Retirement Accounts1-800-544-4774
(8 a.m. - 9 p.m.)

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1.815077.100

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Small Cap Opportunities

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

Semiannual Report

April 30, 2006

(2_fidelity_logos) (Registered_Trademark)

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

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,472.00

$9.75

HypotheticalA

$1,000.00

$1,016.91

$7.95

Class T

Actual

$1,000.00

$1,471.10

$11.27

HypotheticalA

$1,000.00

$1,015.67

$9.20

Class B

Actual

$1,000.00

$1,467.70

$14.68

HypotheticalA

$1,000.00

$1,012.89

$11.98

Class C

Actual

$1,000.00

$1,467.70

$14.44

HypotheticalA

$1,000.00

$1,013.09

$11.78

International Small Cap Opportunities

Actual

$1,000.00

$1,475.40

$7.79

HypotheticalA

$1,000.00

$1,018.50

$6.36

Institutional Class

Actual

$1,000.00

$1,475.40

$7.49

HypotheticalA

$1,000.00

$1,018.74

$6.11

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.59%

Class T

1.84%

Class B

2.40%

Class C

2.36%

International Small Cap Opportunities

1.27%

Institutional Class

1.22%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan38.9%

Germany10.6%

France8.0%

United States of America6.6%

United Kingdom5.5%

Korea (South)5.4%

Australia4.1%

Sweden3.2%

Norway2.2%

Other15.5%



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

As of October 31, 2005

Japan35.3%

France8.9%

Korea (South)8.1%

United Kingdom7.3%

United States of America7.3%

Germany6.7%

Australia5.7%

Norway3.1%

Finland3.1%

Other14.5%



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

97.9

100.6

Short-Term Investments and Net Other Assets

2.1

(0.6)

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Titanium Metals Corp. (United States of America, Metals & Mining)

2.1

1.4

Neopost SA (France, Office Electronics)

1.4

2.0

Silicon On Insulator Technologies SA (SOITEC) (France, Semiconductors & Semiconductor Equipment)

1.4

1.0

Techem AG (Germany, Commercial Services & Supplies)

1.4

0.5

JGC Corp. (Japan, Construction & Engineering)

1.3

1.1

SolarWorld AG (Germany, Electrical Equipment)

1.3

1.3

GigaMedia Ltd. (Singapore, Internet Software & Services)

1.2

0.0

Alstom SA (France, Electrical Equipment)

1.2

1.7

Deutz AG (Germany, Machinery)

1.2

0.0

KK daVinci Advisors (Japan, Real Estate)

1.2

0.0

13.7

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

28.1

26.5

Information Technology

16.6

12.1

Materials

16.1

12.4

Financials

15.6

12.0

Consumer Discretionary

11.2

17.0

Energy

4.7

10.5

Health Care

3.2

3.8

Consumer Staples

2.4

5.9

Telecommunication Services

0.0

0.4

Semiannual Report

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value (Note 1)

Australia - 4.1%

Coates Hire Ltd.

1,015,059

$4,749,912

CSL Ltd.

266,300

11,672,410

Downer EDI Ltd.

2,014,438

13,282,725

Dyno Nobel Ltd.

6,209,400

12,358,463

PMP Ltd. (a)

1,422,610

1,588,608

United Group Ltd.

500,000

5,017,488

Zinifex Ltd.

950,000

7,469,259

TOTAL AUSTRALIA

56,138,865

Austria - 1.0%

Andritz AG

76,474

13,409,266

Bermuda - 1.3%

Aquarius Platinum Ltd.:

(Australia)

316,310

4,550,996

(United Kingdom)

552,600

8,132,980

SeaDrill Ltd. (a)(d)

344,900

5,849,273

TOTAL BERMUDA

18,533,249

Cayman Islands - 1.3%

Kingboard Chemical Holdings Ltd.

3,599,000

9,492,674

Suntech Power Holdings Co. Ltd. sponsored ADR

251,600

8,627,364

TOTAL CAYMAN ISLANDS

18,120,038

China - 1.2%

Advanced Semiconductor Manufacturing Corp. Ltd. (H Shares)

1,686,000

419,690

China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d)

488,600

6,649,846

Global Bio-Chem Technology Group Co. Ltd.

16,723,300

8,735,553

TOTAL CHINA

15,805,089

Finland - 2.1%

KCI Konecranes Oyj

734,000

13,603,691

Metso Corp.

389,900

15,495,396

TOTAL FINLAND

29,099,087

France - 8.0%

Alstom SA (a)

187,662

16,999,638

ALTEN (a)

282,691

10,699,713

Compagnie Generale de Geophysique SA (a)(d)

82,902

13,398,403

Ingenico SA

195,700

4,449,226

Legrand SA

217,300

6,360,432

Neopost SA

178,400

20,178,275

Silicon On Insulator Technologies SA (SOITEC) (a)

588,235

19,199,335

Common Stocks - continued

Shares

Value (Note 1)

France - continued

Vallourec SA

7,500

$9,746,246

Zodiac SA

150,000

9,708,397

TOTAL FRANCE

110,739,665

Germany - 10.6%

Deutz AG (a)(d)

1,836,700

16,823,399

Fluxx AG (a)(d)

200,000

2,636,848

Grenkeleasing AG

3,024

230,821

Lanxess AG (a)

255,000

10,430,187

MG Technologies AG (d)

699,100

13,230,293

MLP AG

229,400

5,629,268

MPC Muenchmeyer Petersen Capital AG (d)

95,957

8,062,872

MTU Aero Engines Holding AG

119,850

4,348,764

Pfleiderer AG

233,312

7,038,102

Q-Cells AG

56,900

5,251,284

SolarWorld AG

57,600

17,949,747

Techem AG

426,400

19,103,228

United Internet AG

131,400

8,620,602

Wacker Chemie AG

90,200

11,835,286

Wincor Nixdorf AG

110,900

15,950,536

TOTAL GERMANY

147,141,237

Hong Kong - 1.1%

Guangzhou Investment Co. Ltd.

17,376,000

3,473,721

Hanny Holdings Ltd.

3,088,018

1,891,851

PYI Corp. Ltd.

15,387,508

6,350,847

SIM Technology Group

7,242,000

3,362,594

TOTAL HONG KONG

15,079,013

Italy - 0.8%

Banca Italease Spa (d)

190,000

11,568,573

Japan - 38.9%

Access Co. Ltd. (a)

1,233

11,044,215

Air Water, Inc. (d)

941,000

9,626,916

Alpen Co. Ltd.

140,000

5,692,207

ARRK Corp.

128,000

4,597,322

Asahi Glass Co. Ltd. (d)

480,000

6,777,958

Asics Corp.

470,000

5,732,865

Asset Managers Co. Ltd. (d)

3,916

11,451,399

Atrium Co. Ltd.

50,000

5,181,120

Chiyoda Corp.

186,000

4,181,427

Credit Saison Co. Ltd.

135,200

7,087,983

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Daiei, Inc. (a)(d)

255,000

$7,613,612

Dainippon Screen Manufacturing Co. Ltd. (d)

533,000

5,569,879

Diamond Lease Co. Ltd. (d)

33,000

1,767,728

Don Quijote Co. Ltd. (d)

96,200

8,202,872

EDION Corp. (d)

439,800

10,640,167

Elpida Memory, Inc. (a)(d)

133,000

6,096,685

Fujikura Ltd.

675,000

7,806,586

Furukawa Co. Ltd. (a)(d)

1,000,000

2,555,434

Furukawa Electric Co. Ltd. (a)

866,000

6,912,791

Haseko Corp. (a)(d)

1,500,000

5,690,450

Hisamitsu Pharmaceutical Co., Inc.

300,000

9,246,982

Hitachi Construction Machinery Co. Ltd.

200,000

5,462,130

Hitachi Metals Ltd.

708,000

7,908,461

Hokuhoku Financial Group, Inc.

2,081,000

8,479,333

Ichiyoshi Securities Co. Ltd. (d)

384,900

7,047,346

Intelligence Ltd.

2,143

6,341,963

Intelligent Wave, Inc. (d)

3,737

9,484,022

Izumiya Co. Ltd. (d)

492,000

4,653,208

Japan Asia Investment Co. Ltd.

2,000

15,473

Japan General Estate Co. Ltd.

446,500

8,371,263

Japan Steel Works Ltd. (d)

700,000

4,905,379

JGC Corp.

1,063,000

18,622,920

Joint Corp.

315,000

10,345,555

Kanto Tsukuba Bank Ltd. (a)(d)

453,000

7,427,012

Kenedix, Inc.

2,000

10,309,550

KK daVinci Advisors (a)(d)

14,621

16,306,187

Konaka Co. Ltd.

250,000

5,301,866

Kyushu-Shinwa Holdings, Inc. (a)(d)

1,255,000

2,700,110

Leopalace21 Corp.

100,000

3,899,012

Meiko Electronics Co. Ltd.

95,000

7,257,959

Meisei Industrial Co. Ltd. (a)

683,000

4,978,178

Miraial Co. Ltd.

56,200

5,305,379

Mitsubishi Logistics Corp.

300,000

4,573,436

Mitsui Engineering & Shipbuilding Co.

1,599,000

5,111,183

Nabtesco Corp.

607,000

7,691,776

NEOMAX Co. Ltd. (d)

114,000

3,273,590

NGK Insulators Ltd.

400,000

5,729,089

NGK Spark Plug Co. Ltd.

199,000

4,368,826

Nifco, Inc. (d)

125,000

2,590,560

Nippon Electric Glass Co. Ltd.

188,000

4,242,898

Nissan Chemical Industries Co. Ltd.

280,000

4,745,554

Nisshin Fudosan Co. Ltd. (d)

119,900

1,756,252

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

OMC Card, Inc.

855,500

$13,545,261

Organo Corp.

460,000

4,508,101

ORIX Corp.

38,110

11,445,550

OSG Corp.

90,600

1,921,396

Pal Co. Ltd. (d)

40,000

2,933,041

Promise Co. Ltd.

86,250

5,317,014

Ryohin Keikaku Co. Ltd.

95,200

8,543,965

Sankyo Seiki Manufacturing Co. Ltd.

327,000

4,005,840

Sojitz Corp. (a)(d)

500,000

3,192,097

Sugi Pharmacy Co. Ltd.

197,000

4,619,012

Sumco Corp.

228,600

13,670,832

Sumisho Lease Co. Ltd.

20,100

1,152,606

Sumitomo Titanium Corp. (d)

56,800

11,182,929

Sysmex Corp.

50,000

2,243,688

Take & Give Needs Co. Ltd. (a)

5,034

7,647,702

Teijin Ltd.

1,155,000

7,921,449

The Daimaru, Inc.

472,000

6,872,237

THK Co. Ltd.

149,000

4,867,443

Toho Tenax Co. Ltd. (a)(d)

1,305,000

12,136,071

Toho Titanium Co. Ltd. (d)

66,000

4,920,659

Tokai Carbon Co. Ltd.

500,000

3,113,063

Tokuyama Corp.

715,000

11,797,893

Tokyo Seimitsu Co. Ltd.

53,400

3,174,692

Tokyo Tomin Bank Ltd.

25,600

1,279,157

Tokyu Land Corp.

265,000

2,254,973

Toray Industries, Inc.

1,220,000

11,431,307

UFJ Central Leasing Co. Ltd.

39,800

2,474,503

Urban Corp. (d)

466,700

6,926,218

Valor Co. Ltd.

44,000

896,422

Venture Link Co. Ltd. (a)(d)

1,548,200

6,553,084

Yamada Denki Co. Ltd.

50,000

5,448,957

Yaskawa Electric Corp. (a)

231,000

2,841,985

Zeon Corp.

400,000

5,434,029

TOTAL JAPAN

538,955,244

Korea (South) - 5.4%

China Lotsynergy Holding Ltd. (a)

11,890,000

2,453,665

Daegu Bank Co. Ltd.

304,900

5,722,029

Daewoo Securities Co. Ltd. (a)

413,920

7,504,675

Daishin Securities Co. Ltd.

235,210

5,499,000

Hyundai Department Store Co. Ltd.

86,410

8,291,477

Hyundai Engineering & Construction Co. Ltd. (a)

100,000

6,223,826

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - continued

Korea Investment Holdings Co. Ltd.

218,460

$9,357,776

LG Card Co. Ltd. (a)

113,800

6,093,306

NHN Corp. (a)

23,867

8,477,386

Samsung Securities Co. Ltd.

107,760

6,763,923

Shinhan Financial Group Co. Ltd.

156,130

7,780,429

TOTAL KOREA (SOUTH)

74,167,492

Luxembourg - 0.5%

Acergy SA (a)

434,600

7,062,250

Netherlands - 0.2%

Fugro NV (Certificaten Van Aandelen) unit

77,700

3,262,445

Norway - 2.2%

Deep Ocean ASA (a)(d)

522,500

1,840,087

Fred Olsen Energy ASA (a)

98,900

4,678,722

Petroleum Geo-Services ASA (a)(d)

216,550

12,194,951

ProSafe ASA

50,000

2,969,911

TANDBERG Television ASA (a)

400,000

8,049,596

TOTAL NORWAY

29,733,267

Singapore - 1.2%

GigaMedia Ltd. (a)

2,063,020

17,061,175

South Africa - 1.9%

African Bank Investments Ltd.

500,000

2,794,179

Anglogold Ashanti Ltd. sponsored ADR (d)

229,900

12,570,932

Steinhoff International Holdings Ltd.

2,821,000

11,180,778

TOTAL SOUTH AFRICA

26,545,889

Spain - 1.8%

Abengoa SA

200,000

6,240,121

Azucarera Ebro Agricolas SA

700,000

13,847,870

Banco Pastor SA

90,000

5,301,579

TOTAL SPAIN

25,389,570

Sweden - 3.2%

Bergman & Beving AB (B Shares)

300,000

6,359,992

Boliden AB (d)

545,000

11,072,569

HIQ International AB (d)

584,400

3,534,117

Lindex AB (a)

1,000,000

14,812,802

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

143,100

7,856,547

TOTAL SWEDEN

43,636,027

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - 0.7%

SEZ Holding AG (a)

200,000

$5,079,416

Sulzer AG (Reg.) (d)

6,000

5,060,066

TOTAL SWITZERLAND

10,139,482

Thailand - 0.4%

Krung Thai Bank Public Co. Ltd.

3,449,200

1,130,433

Siam City Bank PLC (For. Reg.)

6,816,200

4,322,557

TOTAL THAILAND

5,452,990

United Kingdom - 5.5%

AMEC PLC

1,054,600

7,568,291

CSR PLC (a)

194,246

4,282,957

EMI Group PLC

1,999,000

10,280,807

Expro International Group PLC

400,846

5,424,338

Hunting PLC

1,204,280

8,774,241

Meggitt PLC

2,634,431

16,167,289

Optos PLC

2,000,000

8,881,662

Renovo Group PLC

5,837,663

12,083,707

Xansa PLC

1,500,000

2,544,131

TOTAL UNITED KINGDOM

76,007,423

United States of America - 4.5%

Allegheny Technologies, Inc.

70,000

4,853,800

Allied Waste Industries, Inc. (a)

800,000

11,328,000

Hexcel Corp. (a)

612,700

13,534,543

RTI International Metals, Inc. (a)

53,300

3,205,462

Titanium Metals Corp. (a)(d)

414,800

29,720,417

TOTAL UNITED STATES OF AMERICA

62,642,222

TOTAL COMMON STOCKS

(Cost $1,145,711,728)

1,355,689,558

Money Market Funds - 16.9%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

57,411,887

$57,411,887

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

176,482,087

176,482,087

TOTAL MONEY MARKET FUNDS

(Cost $233,893,974)

233,893,974

TOTAL INVESTMENT PORTFOLIO - 114.8%

(Cost $1,379,605,702)

1,589,583,532

NET OTHER ASSETS - (14.8)%

(204,615,946)

NET ASSETS - 100%

$1,384,967,586

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$576,679

Fidelity Securities Lending Cash Central Fund

770,742

Total

$1,347,421

Income Tax Information

At October 31, 2005, the fund had a capital loss carryforward of approximately $3,072,229 all of which will expire on October 31, 2013.

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $170,005,450) - See accompanying schedule:

Unaffiliated issuers (cost $1,145,711,728)

$1,355,689,558

Affiliated Central Funds (cost $233,893,974)

233,893,974

Total Investments (cost $1,379,605,702)

$1,589,583,532

Foreign currency held at value (cost $3,477,123)

3,533,510

Receivable for investments sold

38,767,460

Receivable for fund shares sold

13,534,016

Dividends receivable

2,147,065

Interest receivable

89,129

Prepaid expenses

22,523

Other affiliated receivables

1,087

Other receivables

686,313

Total assets

1,648,364,635

Liabilities

Payable for investments purchased

$84,772,234

Payable for fund shares redeemed

754,796

Accrued management fee

916,819

Distribution fees payable

32,000

Other affiliated payables

242,391

Other payables and accrued expenses

196,722

Collateral on securities loaned, at value

176,482,087

Total liabilities

263,397,049

Net Assets

$1,384,967,586

Net Assets consist of:

Paid in capital

$1,140,045,448

Undistributed net investment income

1,489,708

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

33,318,004

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

210,114,426

Net Assets

$1,384,967,586

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2006 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($32,427,009 ÷ 2,116,434 shares)

$15.32

Maximum offering price per share (100/94.25 of $15.32)

$16.25

Class T:
Net Asset Value and redemption price per share ($21,520,840 ÷ 1,408,899 shares)

$15.27

Maximum offering price per share (100/96.50 of $15.27)

$15.82

Class B:
Net Asset Value and offering price per share ($7,232,499 ÷ 475,248 shares)A

$15.22

Class C:
Net Asset Value and offering price per share ($17,783,923 ÷ 1,168,600 shares)A

$15.22

International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,286,718,274 ÷ 83,877,110 shares)

$15.34

Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,285,041 ÷ 1,257,382 shares)

$15.34

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

Semiannual Report

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

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$4,832,856

Interest

3,266

Income from affiliated Central Funds (including $770,742 from security lending)

1,347,421

6,183,543

Less foreign taxes withheld

(420,276)

Total income

5,763,267

Expenses

Management fee

$3,283,284

Transfer agent fees

835,303

Distribution fees

107,042

Accounting and security lending fees

196,072

Independent trustees' compensation

1,093

Custodian fees and expenses

192,953

Registration fees

231,992

Audit

33,047

Legal

822

Miscellaneous

2,579

Total expenses before reductions

4,884,187

Expense reductions

(586,748)

4,297,439

Net investment income (loss)

1,465,828

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

36,888,818

Investment not meeting investment restrictions

35,982

Foreign currency transactions

(207,383)

Total net realized gain (loss)

36,717,417

Change in net unrealized appreciation (depreciation) on:

Investment securities

208,779,811

Assets and liabilities in foreign currencies

139,595

Total change in net unrealized appreciation (depreciation)

208,919,406

Net gain (loss)

245,636,823

Net increase (decrease) in net assets resulting from operations

$247,102,651

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

August 2, 2005
(commencement
of operations) to October 31, 2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$1,465,828

$25,230

Net realized gain (loss)

36,717,417

(3,306,632)

Change in net unrealized appreciation (depreciation)

208,919,406

1,195,020

Net increase (decrease) in net assets resulting
from operations

247,102,651

(2,086,382)

Distributions to shareholders from net realized gain

(90,957)

-

Share transactions - net increase (decrease)

924,037,827

215,410,790

Redemption fees

461,578

132,079

Total increase (decrease) in net assets

1,171,511,099

213,456,487

Net Assets

Beginning of period

213,456,487

-

End of period (including undistributed net investment income of $1,489,708 and undistributed net investment income of $25,213, respectively)

$1,384,967,586

$213,456,487

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.41

$10.00

Income from Investment Operations

Net investment income (loss) E

.01

- I

Net realized and unrealized gain (loss)

4.89

.40 F

Total from investment operations

4.90

.40

Distributions from net realized gain

-I

-

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.32

$10.41

Total Return B, C, D

47.20%

4.10%

Ratios to Average Net Assets H

Expenses before reductions

1.59% A

2.67% A

Expenses net of fee waivers, if any

1.59% A

1.65% A

Expenses net of all reductions

1.44% A

1.54% A

Net investment income (loss)

.10% A

(.09)% A

Supplemental Data

Net assets, end of period (000 omitted)

$32,427

$5,533

Portfolio turnover rate

144% A

46%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.38

$10.00

Income from Investment Operations

Net investment income (loss) E

(.01)

(.01)

Net realized and unrealized gain (loss)

4.89

.38 F

Total from investment operations

4.88

.37

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.27

$10.38

Total Return B, C, D

47.11%

3.80%

Ratios to Average Net Assets H

Expenses before reductions

1.84% A

2.92% A

Expenses net of fee waivers, if any

1.84% A

1.90% A

Expenses net of all reductions

1.68% A

1.78% A

Net investment income (loss)

(.15)% A

(.33)% A

Supplemental Data

Net assets, end of period (000 omitted)

$21,521

$2,704

Portfolio turnover rate

144% A

46%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.37

$10.00

Income from Investment Operations

Net investment income (loss) E

(.05)

(.02)

Net realized and unrealized gain (loss)

4.89

.38 F

Total from investment operations

4.84

.36

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.22

$10.37

Total Return B, C, D

46.77%

3.70%

Ratios to Average Net Assets H

Expenses before reductions

2.42% A

3.43% A

Expenses net of fee waivers, if any

2.40% A

2.40% A

Expenses net of all reductions

2.25% A

2.27% A

Net investment income (loss)

(.72)% A

(.82)% A

Supplemental Data

Net assets, end of period (000 omitted)

$7,232

$1,705

Portfolio turnover rate

144% A

46%

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.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.37

$10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

(.02)

Net realized and unrealized gain (loss)

4.88

.38 F

Total from investment operations

4.84

.36

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.22

$10.37

Total Return B, C, D

46.77%

3.70%

Ratios to Average Net Assets H

Expenses before reductions

2.36% A

3.32% A

Expenses net of fee waivers, if any

2.36% A

2.40% A

Expenses net of all reductions

2.20% A

2.29% A

Net investment income (loss)

(.67)% A

(.84)% A

Supplemental Data

Net assets, end of period (000 omitted)

$17,784

$3,317

Portfolio turnover rate

144% A

46%

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.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$10.40

$10.00

Income from Investment Operations

Net investment income (loss)D

.03

- H

Net realized and unrealized gain (loss)

4.90

.39 E

Total from investment operations

4.93

.39

Distributions from net realized gain

-H

-

Redemption fees added to paid in capital D

.01

.01

Net asset value, end of period

$15.34

$10.40

Total Return B, C

47.54%

4.00%

Ratios to Average Net Assets G

Expenses before reductions

1.22% A

2.25% A

Expenses net of fee waivers, if any

1.22% A

1.40% A

Expenses net of all reductions

1.07% A

1.29% A

Net investment income (loss)

.47% A

.16% A

Supplemental Data

Net assets, end of period (000 omitted)

$19,285

$2,849

Portfolio turnover rate

144% A

46%

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.

EThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Small Cap Opportunities

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$10.40

$10.00

Income from Investment Operations

Net investment income (loss) D

.03

- H

Net realized and unrealized gain (loss)

4.90

.39 E

Total from investment operations

4.93

.39

Distributions from net realized gain

-H

-

Redemption fees added to paid in capital D

.01

.01

Net asset value, end of period

$15.34

$10.40

Total Return B, C

47.54%

4.00%

Ratios to Average Net Assets G

Expenses before reductions

1.27% A

2.25% A

Expenses net of fee waivers, if any

1.27% A

1.40% A

Expenses net of all reductions

1.11% A

1.31% A

Net investment income (loss)

.42% A

.14% A

Supplemental Data

Net assets, end of period (000 omitted)

$1,286,718

$197,349

Portfolio turnover rate

144% A

46%

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.

EThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited)

1. Significant Accounting Policies.

Fidelity International Small Cap Opportunities 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 Opportunities 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation

$232,601,339

Unrealized depreciation

(23,448,893)

Net unrealized appreciation (depreciation)

$209,152,446

Cost for federal income tax purposes

$1,380,431,086

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 FMR, are retained by the fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,433,629,476 and $538,440,813, respectively.

The fund realized a gain on the sale of an investment not meeting the investment restrictions of the fund.

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 .27% 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 International Small Cap Opportunities class as compared to an appropriate benchmark index. The fund's performance adjustment will not take effect until August 2006. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .87% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

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%

$19,991

$1,891

Class T

.25%

.25%

24,356

5,194

Class B

.75%

.25%

19,980

16,296

Class C

.75%

.25%

42,715

37,285

$107,042

$60,666

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 depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$55,970

Class T

10,067

Class B*

1,478

Class C*

455

$67,970

*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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap Opportunities 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

$23,247

.29*

Class T

13,991

.29*

Class B

7,360

.37*

Class C

12,941

.30*

International Small Cap Opportunities

769,405

.22*

Institutional Class

8,359

.17*

$835,303

* 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.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were $1,889 for the period.

Semiannual Report

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, which amounts to $199 and is reflected in Miscellaneous Expense on the Statement of Operations. 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. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following class was in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$413

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 $586,335 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net realized gain

Class A

$2,067

$-

International Small Cap Opportunities

87,898

-

Institutional Class

992

-

Total

$90,957

$-

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Class A

Shares sold

1,638,678

533,911

$22,157,859

$5,543,122

Reinvestment of distributions

162

-

1,916

-

Shares redeemed

(54,015)

(2,302)

(726,385)

(24,252)

Net increase (decrease)

1,584,825

531,609

$21,433,390

$5,518,870

Class T

Shares sold

1,158,045

262,396

$15,649,175

$2,707,886

Shares redeemed

(9,581)

(1,961)

(129,336)

(19,686)

Net increase (decrease)

1,148,464

260,435

$15,519,839

$2,688,200

Class B

Shares sold

332,078

169,923

$4,448,783

$1,745,697

Shares redeemed

(21,168)

(5,585)

(291,516)

(57,751)

Net increase (decrease)

310,910

164,338

$4,157,267

$1,687,946

Class C

Shares sold

856,991

322,125

$11,676,554

$3,329,826

Shares redeemed

(8,143)

(2,373)

(116,183)

(24,472)

Net increase (decrease)

848,848

319,752

$11,560,371

$3,305,354

International Small Cap Opportunities

Shares sold

70,832,543

19,620,455

$938,098,273

$205,992,728

Reinvestment of distributions

6,974

-

82,435

-

Shares redeemed

(5,936,304)

(646,558)

(80,212,069)

(6,587,124)

Net increase (decrease)

64,903,213

18,973,897

$857,968,639

$199,405,604

Institutional Class

Shares sold

995,115

274,003

$13,557,660

2,804,816

Reinvestment of distributions

83

-

980

-

Shares redeemed

(11,819)

-

(160,319)

-

Net increase (decrease)

983,379

274,003

$13,398,321

$2,804,816

AFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Small Cap Opportunities Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

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 Research & Analysis Company
(formerly 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 Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

(Fidelity Investment logo)(registered trademark)

AILS-USAN-0606
1.815093.100

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Small Cap Opportunities

Fund - Institutional Class

Semiannual Report

April 30, 2006

(2_fidelity_logos) (Registered_Trademark)

Institutional Class
is a class of Fidelity®
International Small Cap
Opportunities Fund

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

Board Approval of Investment Advisory Contracts and Management Fees

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d.
Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2005 to April 30, 2006).

Actual Expenses

The first line of the table below for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semiannual Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2005

Ending
Account Value
April 30, 2006

Expenses Paid
During Period*
November 1, 2005
to April 30, 2006

Class A

Actual

$1,000.00

$1,472.00

$9.75

HypotheticalA

$1,000.00

$1,016.91

$7.95

Class T

Actual

$1,000.00

$1,471.10

$11.27

HypotheticalA

$1,000.00

$1,015.67

$9.20

Class B

Actual

$1,000.00

$1,467.70

$14.68

HypotheticalA

$1,000.00

$1,012.89

$11.98

Class C

Actual

$1,000.00

$1,467.70

$14.44

HypotheticalA

$1,000.00

$1,013.09

$11.78

International Small Cap Opportunities

Actual

$1,000.00

$1,475.40

$7.79

HypotheticalA

$1,000.00

$1,018.50

$6.36

Institutional Class

Actual

$1,000.00

$1,475.40

$7.49

HypotheticalA

$1,000.00

$1,018.74

$6.11

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Class A

1.59%

Class T

1.84%

Class B

2.40%

Class C

2.36%

International Small Cap Opportunities

1.27%

Institutional Class

1.22%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2006

Japan38.9%

Germany10.6%

France8.0%

United States of America6.6%

United Kingdom5.5%

Korea (South)5.4%

Australia4.1%

Sweden3.2%

Norway2.2%

Other15.5%



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

As of October 31, 2005

Japan35.3%

France8.9%

Korea (South)8.1%

United Kingdom7.3%

United States of America7.3%

Germany6.7%

Australia5.7%

Norway3.1%

Finland3.1%

Other14.5%



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

97.9

100.6

Short-Term Investments and Net Other Assets

2.1

(0.6)

Top Ten Stocks as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Titanium Metals Corp. (United States of America, Metals & Mining)

2.1

1.4

Neopost SA (France, Office Electronics)

1.4

2.0

Silicon On Insulator Technologies SA (SOITEC) (France, Semiconductors & Semiconductor Equipment)

1.4

1.0

Techem AG (Germany, Commercial Services & Supplies)

1.4

0.5

JGC Corp. (Japan, Construction & Engineering)

1.3

1.1

SolarWorld AG (Germany, Electrical Equipment)

1.3

1.3

GigaMedia Ltd. (Singapore, Internet Software & Services)

1.2

0.0

Alstom SA (France, Electrical Equipment)

1.2

1.7

Deutz AG (Germany, Machinery)

1.2

0.0

KK daVinci Advisors (Japan, Real Estate)

1.2

0.0

13.7

Market Sectors as of April 30, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

28.1

26.5

Information Technology

16.6

12.1

Materials

16.1

12.4

Financials

15.6

12.0

Consumer Discretionary

11.2

17.0

Energy

4.7

10.5

Health Care

3.2

3.8

Consumer Staples

2.4

5.9

Telecommunication Services

0.0

0.4

Semiannual Report

Investments April 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value (Note 1)

Australia - 4.1%

Coates Hire Ltd.

1,015,059

$4,749,912

CSL Ltd.

266,300

11,672,410

Downer EDI Ltd.

2,014,438

13,282,725

Dyno Nobel Ltd.

6,209,400

12,358,463

PMP Ltd. (a)

1,422,610

1,588,608

United Group Ltd.

500,000

5,017,488

Zinifex Ltd.

950,000

7,469,259

TOTAL AUSTRALIA

56,138,865

Austria - 1.0%

Andritz AG

76,474

13,409,266

Bermuda - 1.3%

Aquarius Platinum Ltd.:

(Australia)

316,310

4,550,996

(United Kingdom)

552,600

8,132,980

SeaDrill Ltd. (a)(d)

344,900

5,849,273

TOTAL BERMUDA

18,533,249

Cayman Islands - 1.3%

Kingboard Chemical Holdings Ltd.

3,599,000

9,492,674

Suntech Power Holdings Co. Ltd. sponsored ADR

251,600

8,627,364

TOTAL CAYMAN ISLANDS

18,120,038

China - 1.2%

Advanced Semiconductor Manufacturing Corp. Ltd. (H Shares)

1,686,000

419,690

China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d)

488,600

6,649,846

Global Bio-Chem Technology Group Co. Ltd.

16,723,300

8,735,553

TOTAL CHINA

15,805,089

Finland - 2.1%

KCI Konecranes Oyj

734,000

13,603,691

Metso Corp.

389,900

15,495,396

TOTAL FINLAND

29,099,087

France - 8.0%

Alstom SA (a)

187,662

16,999,638

ALTEN (a)

282,691

10,699,713

Compagnie Generale de Geophysique SA (a)(d)

82,902

13,398,403

Ingenico SA

195,700

4,449,226

Legrand SA

217,300

6,360,432

Neopost SA

178,400

20,178,275

Silicon On Insulator Technologies SA (SOITEC) (a)

588,235

19,199,335

Common Stocks - continued

Shares

Value (Note 1)

France - continued

Vallourec SA

7,500

$9,746,246

Zodiac SA

150,000

9,708,397

TOTAL FRANCE

110,739,665

Germany - 10.6%

Deutz AG (a)(d)

1,836,700

16,823,399

Fluxx AG (a)(d)

200,000

2,636,848

Grenkeleasing AG

3,024

230,821

Lanxess AG (a)

255,000

10,430,187

MG Technologies AG (d)

699,100

13,230,293

MLP AG

229,400

5,629,268

MPC Muenchmeyer Petersen Capital AG (d)

95,957

8,062,872

MTU Aero Engines Holding AG

119,850

4,348,764

Pfleiderer AG

233,312

7,038,102

Q-Cells AG

56,900

5,251,284

SolarWorld AG

57,600

17,949,747

Techem AG

426,400

19,103,228

United Internet AG

131,400

8,620,602

Wacker Chemie AG

90,200

11,835,286

Wincor Nixdorf AG

110,900

15,950,536

TOTAL GERMANY

147,141,237

Hong Kong - 1.1%

Guangzhou Investment Co. Ltd.

17,376,000

3,473,721

Hanny Holdings Ltd.

3,088,018

1,891,851

PYI Corp. Ltd.

15,387,508

6,350,847

SIM Technology Group

7,242,000

3,362,594

TOTAL HONG KONG

15,079,013

Italy - 0.8%

Banca Italease Spa (d)

190,000

11,568,573

Japan - 38.9%

Access Co. Ltd. (a)

1,233

11,044,215

Air Water, Inc. (d)

941,000

9,626,916

Alpen Co. Ltd.

140,000

5,692,207

ARRK Corp.

128,000

4,597,322

Asahi Glass Co. Ltd. (d)

480,000

6,777,958

Asics Corp.

470,000

5,732,865

Asset Managers Co. Ltd. (d)

3,916

11,451,399

Atrium Co. Ltd.

50,000

5,181,120

Chiyoda Corp.

186,000

4,181,427

Credit Saison Co. Ltd.

135,200

7,087,983

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Daiei, Inc. (a)(d)

255,000

$7,613,612

Dainippon Screen Manufacturing Co. Ltd. (d)

533,000

5,569,879

Diamond Lease Co. Ltd. (d)

33,000

1,767,728

Don Quijote Co. Ltd. (d)

96,200

8,202,872

EDION Corp. (d)

439,800

10,640,167

Elpida Memory, Inc. (a)(d)

133,000

6,096,685

Fujikura Ltd.

675,000

7,806,586

Furukawa Co. Ltd. (a)(d)

1,000,000

2,555,434

Furukawa Electric Co. Ltd. (a)

866,000

6,912,791

Haseko Corp. (a)(d)

1,500,000

5,690,450

Hisamitsu Pharmaceutical Co., Inc.

300,000

9,246,982

Hitachi Construction Machinery Co. Ltd.

200,000

5,462,130

Hitachi Metals Ltd.

708,000

7,908,461

Hokuhoku Financial Group, Inc.

2,081,000

8,479,333

Ichiyoshi Securities Co. Ltd. (d)

384,900

7,047,346

Intelligence Ltd.

2,143

6,341,963

Intelligent Wave, Inc. (d)

3,737

9,484,022

Izumiya Co. Ltd. (d)

492,000

4,653,208

Japan Asia Investment Co. Ltd.

2,000

15,473

Japan General Estate Co. Ltd.

446,500

8,371,263

Japan Steel Works Ltd. (d)

700,000

4,905,379

JGC Corp.

1,063,000

18,622,920

Joint Corp.

315,000

10,345,555

Kanto Tsukuba Bank Ltd. (a)(d)

453,000

7,427,012

Kenedix, Inc.

2,000

10,309,550

KK daVinci Advisors (a)(d)

14,621

16,306,187

Konaka Co. Ltd.

250,000

5,301,866

Kyushu-Shinwa Holdings, Inc. (a)(d)

1,255,000

2,700,110

Leopalace21 Corp.

100,000

3,899,012

Meiko Electronics Co. Ltd.

95,000

7,257,959

Meisei Industrial Co. Ltd. (a)

683,000

4,978,178

Miraial Co. Ltd.

56,200

5,305,379

Mitsubishi Logistics Corp.

300,000

4,573,436

Mitsui Engineering & Shipbuilding Co.

1,599,000

5,111,183

Nabtesco Corp.

607,000

7,691,776

NEOMAX Co. Ltd. (d)

114,000

3,273,590

NGK Insulators Ltd.

400,000

5,729,089

NGK Spark Plug Co. Ltd.

199,000

4,368,826

Nifco, Inc. (d)

125,000

2,590,560

Nippon Electric Glass Co. Ltd.

188,000

4,242,898

Nissan Chemical Industries Co. Ltd.

280,000

4,745,554

Nisshin Fudosan Co. Ltd. (d)

119,900

1,756,252

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

OMC Card, Inc.

855,500

$13,545,261

Organo Corp.

460,000

4,508,101

ORIX Corp.

38,110

11,445,550

OSG Corp.

90,600

1,921,396

Pal Co. Ltd. (d)

40,000

2,933,041

Promise Co. Ltd.

86,250

5,317,014

Ryohin Keikaku Co. Ltd.

95,200

8,543,965

Sankyo Seiki Manufacturing Co. Ltd.

327,000

4,005,840

Sojitz Corp. (a)(d)

500,000

3,192,097

Sugi Pharmacy Co. Ltd.

197,000

4,619,012

Sumco Corp.

228,600

13,670,832

Sumisho Lease Co. Ltd.

20,100

1,152,606

Sumitomo Titanium Corp. (d)

56,800

11,182,929

Sysmex Corp.

50,000

2,243,688

Take & Give Needs Co. Ltd. (a)

5,034

7,647,702

Teijin Ltd.

1,155,000

7,921,449

The Daimaru, Inc.

472,000

6,872,237

THK Co. Ltd.

149,000

4,867,443

Toho Tenax Co. Ltd. (a)(d)

1,305,000

12,136,071

Toho Titanium Co. Ltd. (d)

66,000

4,920,659

Tokai Carbon Co. Ltd.

500,000

3,113,063

Tokuyama Corp.

715,000

11,797,893

Tokyo Seimitsu Co. Ltd.

53,400

3,174,692

Tokyo Tomin Bank Ltd.

25,600

1,279,157

Tokyu Land Corp.

265,000

2,254,973

Toray Industries, Inc.

1,220,000

11,431,307

UFJ Central Leasing Co. Ltd.

39,800

2,474,503

Urban Corp. (d)

466,700

6,926,218

Valor Co. Ltd.

44,000

896,422

Venture Link Co. Ltd. (a)(d)

1,548,200

6,553,084

Yamada Denki Co. Ltd.

50,000

5,448,957

Yaskawa Electric Corp. (a)

231,000

2,841,985

Zeon Corp.

400,000

5,434,029

TOTAL JAPAN

538,955,244

Korea (South) - 5.4%

China Lotsynergy Holding Ltd. (a)

11,890,000

2,453,665

Daegu Bank Co. Ltd.

304,900

5,722,029

Daewoo Securities Co. Ltd. (a)

413,920

7,504,675

Daishin Securities Co. Ltd.

235,210

5,499,000

Hyundai Department Store Co. Ltd.

86,410

8,291,477

Hyundai Engineering & Construction Co. Ltd. (a)

100,000

6,223,826

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - continued

Korea Investment Holdings Co. Ltd.

218,460

$9,357,776

LG Card Co. Ltd. (a)

113,800

6,093,306

NHN Corp. (a)

23,867

8,477,386

Samsung Securities Co. Ltd.

107,760

6,763,923

Shinhan Financial Group Co. Ltd.

156,130

7,780,429

TOTAL KOREA (SOUTH)

74,167,492

Luxembourg - 0.5%

Acergy SA (a)

434,600

7,062,250

Netherlands - 0.2%

Fugro NV (Certificaten Van Aandelen) unit

77,700

3,262,445

Norway - 2.2%

Deep Ocean ASA (a)(d)

522,500

1,840,087

Fred Olsen Energy ASA (a)

98,900

4,678,722

Petroleum Geo-Services ASA (a)(d)

216,550

12,194,951

ProSafe ASA

50,000

2,969,911

TANDBERG Television ASA (a)

400,000

8,049,596

TOTAL NORWAY

29,733,267

Singapore - 1.2%

GigaMedia Ltd. (a)

2,063,020

17,061,175

South Africa - 1.9%

African Bank Investments Ltd.

500,000

2,794,179

Anglogold Ashanti Ltd. sponsored ADR (d)

229,900

12,570,932

Steinhoff International Holdings Ltd.

2,821,000

11,180,778

TOTAL SOUTH AFRICA

26,545,889

Spain - 1.8%

Abengoa SA

200,000

6,240,121

Azucarera Ebro Agricolas SA

700,000

13,847,870

Banco Pastor SA

90,000

5,301,579

TOTAL SPAIN

25,389,570

Sweden - 3.2%

Bergman & Beving AB (B Shares)

300,000

6,359,992

Boliden AB (d)

545,000

11,072,569

HIQ International AB (d)

584,400

3,534,117

Lindex AB (a)

1,000,000

14,812,802

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

143,100

7,856,547

TOTAL SWEDEN

43,636,027

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - 0.7%

SEZ Holding AG (a)

200,000

$5,079,416

Sulzer AG (Reg.) (d)

6,000

5,060,066

TOTAL SWITZERLAND

10,139,482

Thailand - 0.4%

Krung Thai Bank Public Co. Ltd.

3,449,200

1,130,433

Siam City Bank PLC (For. Reg.)

6,816,200

4,322,557

TOTAL THAILAND

5,452,990

United Kingdom - 5.5%

AMEC PLC

1,054,600

7,568,291

CSR PLC (a)

194,246

4,282,957

EMI Group PLC

1,999,000

10,280,807

Expro International Group PLC

400,846

5,424,338

Hunting PLC

1,204,280

8,774,241

Meggitt PLC

2,634,431

16,167,289

Optos PLC

2,000,000

8,881,662

Renovo Group PLC

5,837,663

12,083,707

Xansa PLC

1,500,000

2,544,131

TOTAL UNITED KINGDOM

76,007,423

United States of America - 4.5%

Allegheny Technologies, Inc.

70,000

4,853,800

Allied Waste Industries, Inc. (a)

800,000

11,328,000

Hexcel Corp. (a)

612,700

13,534,543

RTI International Metals, Inc. (a)

53,300

3,205,462

Titanium Metals Corp. (a)(d)

414,800

29,720,417

TOTAL UNITED STATES OF AMERICA

62,642,222

TOTAL COMMON STOCKS

(Cost $1,145,711,728)

1,355,689,558

Money Market Funds - 16.9%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.8% (b)

57,411,887

$57,411,887

Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c)

176,482,087

176,482,087

TOTAL MONEY MARKET FUNDS

(Cost $233,893,974)

233,893,974

TOTAL INVESTMENT PORTFOLIO - 114.8%

(Cost $1,379,605,702)

1,589,583,532

NET OTHER ASSETS - (14.8)%

(204,615,946)

NET ASSETS - 100%

$1,384,967,586

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c)Investment made with cash collateral received from securities on loan.

(d)Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$576,679

Fidelity Securities Lending Cash Central Fund

770,742

Total

$1,347,421

Income Tax Information

At October 31, 2005, the fund had a capital loss carryforward of approximately $3,072,229 all of which will expire on October 31, 2013.

Semiannual Report

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

Financial Statements

Statement of Assets and Liabilities

April 30, 2006 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $170,005,450) - See accompanying schedule:

Unaffiliated issuers (cost $1,145,711,728)

$1,355,689,558

Affiliated Central Funds (cost $233,893,974)

233,893,974

Total Investments (cost $1,379,605,702)

$1,589,583,532

Foreign currency held at value (cost $3,477,123)

3,533,510

Receivable for investments sold

38,767,460

Receivable for fund shares sold

13,534,016

Dividends receivable

2,147,065

Interest receivable

89,129

Prepaid expenses

22,523

Other affiliated receivables

1,087

Other receivables

686,313

Total assets

1,648,364,635

Liabilities

Payable for investments purchased

$84,772,234

Payable for fund shares redeemed

754,796

Accrued management fee

916,819

Distribution fees payable

32,000

Other affiliated payables

242,391

Other payables and accrued expenses

196,722

Collateral on securities loaned, at value

176,482,087

Total liabilities

263,397,049

Net Assets

$1,384,967,586

Net Assets consist of:

Paid in capital

$1,140,045,448

Undistributed net investment income

1,489,708

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

33,318,004

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

210,114,426

Net Assets

$1,384,967,586

Semiannual Report

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

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2006 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($32,427,009 ÷ 2,116,434 shares)

$15.32

Maximum offering price per share (100/94.25 of $15.32)

$16.25

Class T:
Net Asset Value and redemption price per share ($21,520,840 ÷ 1,408,899 shares)

$15.27

Maximum offering price per share (100/96.50 of $15.27)

$15.82

Class B:
Net Asset Value and offering price per share ($7,232,499 ÷ 475,248 shares)A

$15.22

Class C:
Net Asset Value and offering price per share ($17,783,923 ÷ 1,168,600 shares)A

$15.22

International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,286,718,274 ÷ 83,877,110 shares)

$15.34

Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,285,041 ÷ 1,257,382 shares)

$15.34

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

Semiannual Report

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

Statement of Operations

Six months ended April 30, 2006 (Unaudited)

Investment Income

Dividends

$4,832,856

Interest

3,266

Income from affiliated Central Funds (including $770,742 from security lending)

1,347,421

6,183,543

Less foreign taxes withheld

(420,276)

Total income

5,763,267

Expenses

Management fee

$3,283,284

Transfer agent fees

835,303

Distribution fees

107,042

Accounting and security lending fees

196,072

Independent trustees' compensation

1,093

Custodian fees and expenses

192,953

Registration fees

231,992

Audit

33,047

Legal

822

Miscellaneous

2,579

Total expenses before reductions

4,884,187

Expense reductions

(586,748)

4,297,439

Net investment income (loss)

1,465,828

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

36,888,818

Investment not meeting investment restrictions

35,982

Foreign currency transactions

(207,383)

Total net realized gain (loss)

36,717,417

Change in net unrealized appreciation (depreciation) on:

Investment securities

208,779,811

Assets and liabilities in foreign currencies

139,595

Total change in net unrealized appreciation (depreciation)

208,919,406

Net gain (loss)

245,636,823

Net increase (decrease) in net assets resulting from operations

$247,102,651

Semiannual Report

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

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2006
(Unaudited)

August 2, 2005
(commencement
of operations) to October 31, 2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$1,465,828

$25,230

Net realized gain (loss)

36,717,417

(3,306,632)

Change in net unrealized appreciation (depreciation)

208,919,406

1,195,020

Net increase (decrease) in net assets resulting
from operations

247,102,651

(2,086,382)

Distributions to shareholders from net realized gain

(90,957)

-

Share transactions - net increase (decrease)

924,037,827

215,410,790

Redemption fees

461,578

132,079

Total increase (decrease) in net assets

1,171,511,099

213,456,487

Net Assets

Beginning of period

213,456,487

-

End of period (including undistributed net investment income of $1,489,708 and undistributed net investment income of $25,213, respectively)

$1,384,967,586

$213,456,487

Semiannual Report

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

Financial Highlights - Class A

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.41

$10.00

Income from Investment Operations

Net investment income (loss) E

.01

- I

Net realized and unrealized gain (loss)

4.89

.40 F

Total from investment operations

4.90

.40

Distributions from net realized gain

-I

-

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.32

$10.41

Total Return B, C, D

47.20%

4.10%

Ratios to Average Net Assets H

Expenses before reductions

1.59% A

2.67% A

Expenses net of fee waivers, if any

1.59% A

1.65% A

Expenses net of all reductions

1.44% A

1.54% A

Net investment income (loss)

.10% A

(.09)% A

Supplemental Data

Net assets, end of period (000 omitted)

$32,427

$5,533

Portfolio turnover rate

144% A

46%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

IAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - Class T

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.38

$10.00

Income from Investment Operations

Net investment income (loss) E

(.01)

(.01)

Net realized and unrealized gain (loss)

4.89

.38 F

Total from investment operations

4.88

.37

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.27

$10.38

Total Return B, C, D

47.11%

3.80%

Ratios to Average Net Assets H

Expenses before reductions

1.84% A

2.92% A

Expenses net of fee waivers, if any

1.84% A

1.90% A

Expenses net of all reductions

1.68% A

1.78% A

Net investment income (loss)

(.15)% A

(.33)% A

Supplemental Data

Net assets, end of period (000 omitted)

$21,521

$2,704

Portfolio turnover rate

144% A

46%

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 sales charges.

ECalculated based on average shares outstanding during the period.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Class B

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.37

$10.00

Income from Investment Operations

Net investment income (loss) E

(.05)

(.02)

Net realized and unrealized gain (loss)

4.89

.38 F

Total from investment operations

4.84

.36

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.22

$10.37

Total Return B, C, D

46.77%

3.70%

Ratios to Average Net Assets H

Expenses before reductions

2.42% A

3.43% A

Expenses net of fee waivers, if any

2.40% A

2.40% A

Expenses net of all reductions

2.25% A

2.27% A

Net investment income (loss)

(.72)% A

(.82)% A

Supplemental Data

Net assets, end of period (000 omitted)

$7,232

$1,705

Portfolio turnover rate

144% A

46%

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.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Class C

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$10.37

$10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

(.02)

Net realized and unrealized gain (loss)

4.88

.38 F

Total from investment operations

4.84

.36

Redemption fees added to paid in capital E

.01

.01

Net asset value, end of period

$15.22

$10.37

Total Return B, C, D

46.77%

3.70%

Ratios to Average Net Assets H

Expenses before reductions

2.36% A

3.32% A

Expenses net of fee waivers, if any

2.36% A

2.40% A

Expenses net of all reductions

2.20% A

2.29% A

Net investment income (loss)

(.67)% A

(.84)% A

Supplemental Data

Net assets, end of period (000 omitted)

$17,784

$3,317

Portfolio turnover rate

144% A

46%

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.

FThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

HExpense 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 fee 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.

Semiannual Report

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

Financial Highlights - Institutional Class

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$10.40

$10.00

Income from Investment Operations

Net investment income (loss)D

.03

- H

Net realized and unrealized gain (loss)

4.90

.39 E

Total from investment operations

4.93

.39

Distributions from net realized gain

-H

-

Redemption fees added to paid in capital D

.01

.01

Net asset value, end of period

$15.34

$10.40

Total Return B, C

47.54%

4.00%

Ratios to Average Net Assets G

Expenses before reductions

1.22% A

2.25% A

Expenses net of fee waivers, if any

1.22% A

1.40% A

Expenses net of all reductions

1.07% A

1.29% A

Net investment income (loss)

.47% A

.16% A

Supplemental Data

Net assets, end of period (000 omitted)

$19,285

$2,849

Portfolio turnover rate

144% A

46%

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.

EThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Financial Highlights - International Small Cap Opportunities

Six months ended
April 30, 2006

Year ended
October 31,

(Unaudited)

2005 F

Selected Per-Share Data

Net asset value, beginning of period

$10.40

$10.00

Income from Investment Operations

Net investment income (loss) D

.03

- H

Net realized and unrealized gain (loss)

4.90

.39 E

Total from investment operations

4.93

.39

Distributions from net realized gain

-H

-

Redemption fees added to paid in capital D

.01

.01

Net asset value, end of period

$15.34

$10.40

Total Return B, C

47.54%

4.00%

Ratios to Average Net Assets G

Expenses before reductions

1.27% A

2.25% A

Expenses net of fee waivers, if any

1.27% A

1.40% A

Expenses net of all reductions

1.11% A

1.31% A

Net investment income (loss)

.42% A

.14% A

Supplemental Data

Net assets, end of period (000 omitted)

$1,286,718

$197,349

Portfolio turnover rate

144% A

46%

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.

EThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.

FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

GExpense 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 fee 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.

HAmount represents less than $.01 per share.

Semiannual Report

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

Notes to Financial Statements

For the period ended April 30, 2006 (Unaudited)

1. Significant Accounting Policies.

Fidelity International Small Cap Opportunities 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 Opportunities 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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

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.

Semiannual Report

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund 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 the 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 dividends and capital gain distributions are declared separately for each class. 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 claimed a portion of the payment made to redeeming shareholders as a distribution 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, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation

$232,601,339

Unrealized depreciation

(23,448,893)

Net unrealized appreciation (depreciation)

$209,152,446

Cost for federal income tax purposes

$1,380,431,086

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 FMR, are retained by the fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,433,629,476 and $538,440,813, respectively.

The fund realized a gain on the sale of an investment not meeting the investment restrictions of the fund.

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 .27% 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 International Small Cap Opportunities class as compared to an appropriate benchmark index. The fund's performance adjustment will not take effect until August 2006. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .87% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

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%

$19,991

$1,891

Class T

.25%

.25%

24,356

5,194

Class B

.75%

.25%

19,980

16,296

Class C

.75%

.25%

42,715

37,285

$107,042

$60,666

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 depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.

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

Retained
by FDC

Class A

$55,970

Class T

10,067

Class B*

1,478

Class C*

455

$67,970

*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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap Opportunities 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

$23,247

.29*

Class T

13,991

.29*

Class B

7,360

.37*

Class C

12,941

.30*

International Small Cap Opportunities

769,405

.22*

Institutional Class

8,359

.17*

$835,303

* 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.

Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

The Money Market Central Funds do not pay a management fee.

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 were $1,889 for the period.

Semiannual Report

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, which amounts to $199 and is reflected in Miscellaneous Expense on the Statement of Operations. 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. On the settlement date of the loan, 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. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds.

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following class was in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$413

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 $586,335 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2006

Year ended
October 31,
2005

From net realized gain

Class A

$2,067

$-

International Small Cap Opportunities

87,898

-

Institutional Class

992

-

Total

$90,957

$-

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Six months ended
April 30,
2006

Year ended
October 31,
2005 A

Class A

Shares sold

1,638,678

533,911

$22,157,859

$5,543,122

Reinvestment of distributions

162

-

1,916

-

Shares redeemed

(54,015)

(2,302)

(726,385)

(24,252)

Net increase (decrease)

1,584,825

531,609

$21,433,390

$5,518,870

Class T

Shares sold

1,158,045

262,396

$15,649,175

$2,707,886

Shares redeemed

(9,581)

(1,961)

(129,336)

(19,686)

Net increase (decrease)

1,148,464

260,435

$15,519,839

$2,688,200

Class B

Shares sold

332,078

169,923

$4,448,783

$1,745,697

Shares redeemed

(21,168)

(5,585)

(291,516)

(57,751)

Net increase (decrease)

310,910

164,338

$4,157,267

$1,687,946

Class C

Shares sold

856,991

322,125

$11,676,554

$3,329,826

Shares redeemed

(8,143)

(2,373)

(116,183)

(24,472)

Net increase (decrease)

848,848

319,752

$11,560,371

$3,305,354

International Small Cap Opportunities

Shares sold

70,832,543

19,620,455

$938,098,273

$205,992,728

Reinvestment of distributions

6,974

-

82,435

-

Shares redeemed

(5,936,304)

(646,558)

(80,212,069)

(6,587,124)

Net increase (decrease)

64,903,213

18,973,897

$857,968,639

$199,405,604

Institutional Class

Shares sold

995,115

274,003

$13,557,660

2,804,816

Reinvestment of distributions

83

-

980

-

Shares redeemed

(11,819)

-

(160,319)

-

Net increase (decrease)

983,379

274,003

$13,398,321

$2,804,816

AFor the period August 2, 2005 (commencement of operations) to October 31, 2005.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Small Cap Opportunities Fund

On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.

The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.

Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.

In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.

Semiannual Report

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 Research & Analysis Company
(formerly 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 Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

(Fidelity Investment logo)(registered trademark)

AILSI-USAN-0606
1.815084.100

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. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. 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 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. 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 23, 2006

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 23, 2006

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

June 23, 2006