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, 2007

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, 2007
(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 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 funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Global Balanced

Actual

$ 1,000.00

$ 1,096.50

$ 6.03

HypotheticalA

$ 1,000.00

$ 1,019.04

$ 5.81

Diversified International

Actual

$ 1,000.00

$ 1,150.40

$ 4.85

HypotheticalA

$ 1,000.00

$ 1,020.28

$ 4.56

Aggressive International

Actual

$ 1,000.00

$ 1,168.50

$ 4.41

HypotheticalA

$ 1,000.00

$ 1,020.73

$ 4.11

Overseas

Actual

$ 1,000.00

$ 1,162.80

$ 4.67

HypotheticalA

$ 1,000.00

$ 1,020.48

$ 4.36

Worldwide

Actual

$ 1,000.00

$ 1,136.40

$ 5.19

HypotheticalA

$ 1,000.00

$ 1,019.93

$ 4.91

A 5% 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

1.16%

Diversified International

.91%

Aggressive International

.82%

Overseas

.87%

Worldwide

.98%

Semiannual Report

Global Balanced

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

United States of America

34.6%

Japan

17.5%

Germany

9.0%

France

6.4%

United Kingdom

5.7%

Switzerland

3.9%

Australia

3.4%

Netherlands

3.4%

Finland

3.0%

Other

13.1%

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

As of October 31, 2006

United States of America

37.3%

Japan

18.6%

France

7.3%

Germany

6.9%

United Kingdom

4.7%

Switzerland

3.6%

Finland

3.0%

Netherlands

2.9%

Austria

2.6%

Other

13.1%

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

58.8

56.2

Bonds

36.6

35.7

Convertible Securities

0.0

0.1

Short-Term Investments and Net Other Assets

4.6

8.0

Top Five Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

ABB Ltd. sponsored ADR (Switzerland)

1.1

0.8

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

0.9

0.6

AT&T, Inc. (United States of America)

0.8

0.0

Exxon Mobil Corp. (United States of America)

0.8

1.1

Nestle SA (Switzerland)

0.7

0.2

4.3

Top Five Bond Issuers as of April 30, 2007

(with maturities greater than one year)

% of fund's
net assets

% of fund's net assets
6 months ago

Japan Government

8.2

8.6

German Federal Republic

6.0

4.6

Finnish Government

2.2

2.6

U.S. Treasury Obligations

2.0

4.3

French Republic

1.5

1.4

19.9

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

18.7

16.0

Consumer Discretionary

9.2

8.1

Information Technology

7.3

6.0

Industrials

6.9

7.4

Health Care

6.6

6.8

Consumer Staples

5.9

5.6

Materials

5.0

3.4

Energy

4.6

4.5

Utilities

2.1

1.6

Telecommunication Services

1.9

1.8

Semiannual Report

Global Balanced

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 58.1%

Shares

Value

Argentina - 0.3%

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

24,500

$ 594,370

Inversiones y Representaciones SA sponsored GDR (a)

12,000

251,040

TOTAL ARGENTINA

845,410

Australia - 3.4%

AMP Ltd.

90,785

810,468

ASX Ltd.

22,489

896,448

Babcock & Brown Ltd.

17,200

423,513

BHP Billiton Ltd.

30,734

750,524

Computershare Ltd.

92,100

799,262

CSL Ltd.

15,300

1,108,970

Fosters Group Ltd.

114,439

607,279

Macquarie Bank Ltd.

11,700

845,315

McGuigan Simeon Wines Ltd.

122,200

253,702

National Australia Bank Ltd.

34,027

1,210,000

Publishing & Broadcasting Ltd.

46,700

795,031

QBE Insurance Group Ltd.

31,600

809,835

Rinker Group Ltd.

25,300

390,793

United Group Ltd.

60,800

792,714

Woolworths Ltd.

36,400

855,463

TOTAL AUSTRALIA

11,349,317

Austria - 0.5%

Flughafen Wien AG

15,450

1,684,748

Bermuda - 0.6%

Allied World Assurance Co. Holdings Ltd.

8,700

385,584

Endurance Specialty Holdings Ltd.

12,000

449,040

Lazard Ltd. Class A

8,400

454,860

SeaDrill Ltd. (a)

37,500

622,762

TOTAL BERMUDA

1,912,246

Canada - 1.1%

Cameco Corp.

10,500

489,098

Canadian Natural Resources Ltd.

9,100

542,278

European Goldfields Ltd. (a)

113,500

567,551

New Flyer Industries, Inc.

45,600

443,305

Potash Corp. of Saskatchewan, Inc.

3,800

682,176

Suncor Energy, Inc.

5,500

441,279

Western Oil Sands, Inc. Class A (a)

13,300

432,109

TOTAL CANADA

3,597,796

Cayman Islands - 0.2%

Foxconn International Holdings Ltd. (a)

122,000

369,624

GlobalSantaFe Corp.

3,860

246,770

Simcere Pharmaceutical Group sponsored ADR

5,900

97,940

TOTAL CAYMAN ISLANDS

714,334

Shares

Value

Finland - 0.5%

M-real Oyj (B Shares)

87,877

$ 604,381

UPM-Kymmene Corp. (f)

46,899

1,156,998

TOTAL FINLAND

1,761,379

France - 3.2%

Alcatel-Lucent SA

25,400

336,550

Alcatel-Lucent SA sponsored ADR

100,500

1,331,625

BIC SA

22,729

1,665,559

Compagnie Generale de Geophysique SA (a)

2,800

585,397

Eutelsat Communications

51,700

1,283,301

Icade SA (f)

25,968

1,993,626

Renault SA (f)

15,400

2,011,540

Sanofi-Aventis sponsored ADR

29,915

1,371,902

TOTAL FRANCE

10,579,500

Germany - 2.2%

Bayer AG

27,100

1,853,098

E.ON AG (f)

13,400

2,015,226

Lanxess AG

24,800

1,361,128

RWE AG

12,100

1,281,470

Siemens AG sponsored ADR

5,000

604,850

TOTAL GERMANY

7,115,772

Hong Kong - 0.6%

Hang Seng Bank Ltd.

53,600

755,774

Hong Kong Exchanges & Clearing Ltd.

32,000

308,237

Li & Fung Ltd.

248,000

779,899

TOTAL HONG KONG

1,843,910

India - 0.4%

Bharat Heavy Electricals Ltd.

4,379

265,423

Godrej Consumer Products Ltd.

27,664

94,123

Jain Irrigation Systems Ltd.

31,779

335,675

Larsen & Toubro Ltd.

8,001

331,073

Nagarjuna Construction Co. Ltd.

57,999

253,644

TOTAL INDIA

1,279,938

Italy - 0.2%

Ducati Motor Holding Spa (a)

216,100

425,526

IFIL Finanziaria di Partecipazioni Spa

35,036

387,405

TOTAL ITALY

812,931

Japan - 7.5%

Abc-Mart, Inc.

9,000

200,951

ACOM Co. Ltd.

2,790

100,724

Aeon Mall Co. Ltd.

5,400

180,745

Asahi Glass Co. Ltd.

15,000

201,801

Atlus Co. Ltd. (a)

27,800

153,690

Canon, Inc.

10,600

595,720

Casio Computer Co. Ltd.

12,300

248,319

Chiba Bank Ltd.

15,000

123,996

Chubu Electric Power Co., Inc.

19,200

616,988

Daihen Corp.

28,000

169,231

Common Stocks - continued

Shares

Value

Japan - continued

Daiichi Sankyo Co. Ltd.

14,100

$ 420,710

Daiwa House Industry Co. Ltd.

12,000

188,124

East Japan Railway Co.

81

656,908

Haseko Corp. (a)

40,000

132,482

Hitachi Software Engineerng Co. Ltd.

7,200

171,887

Japan Securities Finance Co. Ltd.

6,400

90,968

KDDI Corp.

26

204,351

Komatsu Ltd.

18,800

444,933

Konica Minolta Holdings, Inc.

40,500

554,226

Kurita Water Industries Ltd.

6,300

157,285

Lawson, Inc.

15,000

553,227

Leopalace21 Corp.

1,700

55,744

Makita Corp.

4,400

167,435

Mandom Corp.

2,900

74,118

Marui Co. Ltd.

18,700

222,180

Mitsubishi Estate Co. Ltd.

12,000

372,089

Mitsui & Co. Ltd.

46,000

827,259

Mitsui Engineering & Shipbuilding Co.

37,000

165,752

Mitsui Fudosan Co. Ltd.

17,000

496,285

Mitsui O.S.K. Lines Ltd.

83,000

1,046,136

Mizuho Financial Group, Inc.

137

824,533

Murata Manufacturing Co. Ltd.

4,900

361,147

Namco Bandai Holdings, Inc.

11,400

185,277

Nintendo Co. Ltd.

6,000

1,874,473

Nippon Electric Glass Co. Ltd.

50,000

855,839

Nippon Meat Packers, Inc.

28,000

341,085

Nippon Oil Corp.

49,000

376,327

Nippon Paint Co. Ltd.

49,000

286,998

Nippon Suisan Kaisha Co. Ltd.

23,700

152,712

Nomura Holdings, Inc.

12,500

240,750

Nomura Real Estate Office Fund, Inc.

6

74,464

Nomura Real Estate Residential Fund, Inc.

15

117,770

NSK Ltd.

42,000

406,504

NTT DoCoMo, Inc.

459

780,759

Okinawa Cellular Telephone Co.

54

159,150

ORIX Corp.

1,390

370,674

Osaka Securities Exchange Co. Ltd.

40

200,617

Sankei Building Co. Ltd.

37,200

338,936

Sankyo Co. Ltd. (Gunma)

2,300

100,822

Sharp Corp.

24,000

440,486

Shin-Etsu Chemical Co. Ltd.

11,000

710,064

Sony Corp.

5,900

314,234

Sumco Corp.

4,100

178,185

Sumitomo Corp.

19,800

339,160

Sumitomo Electric Industries Ltd.

12,600

178,208

Sumitomo Metal Industries Ltd.

132,000

670,304

Sumitomo Trust & Banking Co. Ltd.

18,000

175,808

Takeda Pharamaceutical Co. Ltd.

13,800

894,731

The Sumitomo Warehouse Co. Ltd.

31,000

239,330

TIS, Inc.

7,500

171,617

Tohokushinsha Film Corp.

8,300

72,619

Shares

Value

Tokai Carbon Co. Ltd.

33,000

$ 284,134

Tokyo Tomin Bank Ltd.

6,000

207,424

Toyota Motor Corp.

25,500

1,548,105

Uni-Charm Corp.

6,200

365,219

Yamaha Motor Co. Ltd.

2,800

73,976

TOTAL JAPAN

24,506,705

Korea (South) - 0.1%

LG Household & Health Care Ltd.

3,100

412,745

Luxembourg - 0.9%

Acergy SA

50,400

1,079,064

SES SA FDR (France) unit

98,300

1,931,619

TOTAL LUXEMBOURG

3,010,683

Netherlands - 1.7%

Koninklijke Numico NV

8,400

464,925

Koninklijke Philips Electronics NV

47,200

1,937,088

Nutreco Holding NV

22,183

1,647,041

Reed Elsevier NV

77,400

1,458,613

TOTAL NETHERLANDS

5,507,667

Norway - 0.4%

Fred Olsen Energy ASA (a)(f)

11,400

571,025

TGS Nopec Geophysical Co. ASA (a)

29,800

691,241

TOTAL NORWAY

1,262,266

Singapore - 1.2%

DBS Group Holdings Ltd.

47,000

658,965

Keppel Corp. Ltd.

66,000

929,700

Parkway Holdings Ltd.

184,000

479,621

Rickmers Maritime

303,000

313,132

Singapore Exchange Ltd.

168,000

818,325

Singapore Press Holdings Ltd.

245,000

703,133

TOTAL SINGAPORE

3,902,876

South Africa - 0.2%

Gold Fields Ltd. sponsored ADR

36,500

655,905

Sweden - 0.5%

Investor AB (B Shares)

62,700

1,698,591

Switzerland - 3.9%

ABB Ltd. sponsored ADR

172,800

3,449,088

Actelion Ltd. (Reg.) (a)

5,164

1,231,305

Bellevue Group AG

3,240

260,868

Bucher Industries AG

7,292

1,098,766

Julius Baer Holding AG (Bearer)

19,704

1,384,998

Nestle SA:

(Reg.)

4,959

1,970,707

sponsored ADR

4,200

417,270

Pargesa Holding SA

14,759

1,606,829

Syngenta AG (Switzerland)

6,540

1,298,190

TOTAL SWITZERLAND

12,718,021

Turkey - 0.2%

Selcuk Ecza Deposu Tic AS

142,143

612,260

Common Stocks - continued

Shares

Value

United Kingdom - 3.0%

AstraZeneca PLC (United Kingdom)

29,500

$ 1,602,145

Benfield Group PLC

233,943

1,482,791

Clipper Windpower PLC (a)

9,000

157,907

GlaxoSmithKline PLC

67,100

1,938,519

KKR Private Equity Investors, LP

19,700

480,680

Pearson PLC

80,457

1,385,893

Peter Hambro Mining PLC (a)

41,631

962,244

Tesco PLC

194,700

1,794,640

TOTAL UNITED KINGDOM

9,804,819

United States of America - 25.3%

AES Corp. (a)

36,900

811,431

Agilent Technologies, Inc. (a)

10,400

357,448

Allergan, Inc.

10,600

1,284,720

American International Group, Inc.

21,887

1,530,120

American Superconductor Corp. (a)(f)

7,700

111,188

American Tower Corp. Class A (a)

38,600

1,466,800

Amphenol Corp. Class A

14,000

491,540

Amylin Pharmaceuticals, Inc. (a)

12,300

508,359

Apple, Inc. (a)

21,500

2,145,700

Applied Materials, Inc.

19,500

374,790

Astoria Financial Corp.

8,900

236,384

AT&T, Inc.

70,500

2,729,760

Avon Products, Inc.

39,700

1,580,060

Bank of America Corp.

14,100

717,690

BankUnited Financial Corp. Class A

10,100

218,665

BioMimetic Therapeutics, Inc.

1,400

26,236

Brookdale Senior Living, Inc.

5,100

231,591

C.R. Bard, Inc.

17,700

1,471,401

Casual Male Retail Group, Inc. (a)

75,100

864,401

Celgene Corp. (a)

11,600

709,456

Centex Corp.

5,000

223,850

Cerner Corp. (a)

14,340

763,462

Cisco Systems, Inc. (a)

73,250

1,958,705

Coach, Inc. (a)

12,100

590,843

Cognizant Technology Solutions Corp. Class A (a)

26,400

2,360,160

Collagenex Pharmaceuticals, Inc. (a)

16,500

226,215

Commerce Bancorp, Inc.

14,100

471,504

Constellation Energy Group, Inc.

4,100

365,392

Countrywide Financial Corp.

7,600

281,808

CyberSource Corp. (a)

45,100

573,221

DynCorp International, Inc. Class A

29,700

445,500

Estee Lauder Companies, Inc. Class A

12,100

622,182

Exelixis, Inc. (a)

16,900

181,506

Exxon Mobil Corp.

32,500

2,579,850

Federated Department Stores, Inc.

64,050

2,813,076

FormFactor, Inc. (a)

17,900

739,091

FPL Group, Inc.

19,700

1,268,089

Fuel Tech, Inc. (a)

19,800

497,772

General Dynamics Corp.

25,600

2,009,600

Shares

Value

General Growth Properties, Inc.

10,240

$ 653,824

Gilead Sciences, Inc. (a)

8,700

710,964

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

4,600

2,168,348

Granite Construction, Inc.

4,200

253,008

Green Mountain Coffee Roasters, Inc. (a)

3,400

207,808

Greenhill & Co., Inc.

5,400

341,550

Health Net, Inc. (a)

8,000

432,480

Hittite Microwave Corp. (a)

5,300

239,454

Hudson City Bancorp, Inc.

120,700

1,607,724

Inverness Medical Innovations, Inc. (a)

30,900

1,237,545

Janus Capital Group, Inc.

45,100

1,128,402

JCPenney Co., Inc.

17,750

1,403,848

KB Home

5,500

242,605

Kroger Co.

21,100

622,661

Lennar Corp. Class A

8,000

341,680

Mastercard, Inc. Class A

5,000

558,400

Merck & Co., Inc.

45,000

2,314,800

Molson Coors Brewing Co. Class B

6,200

584,536

Monsanto Co.

29,150

1,719,559

Morgan Stanley

16,800

1,411,368

National Oilwell Varco, Inc. (a)

12,500

1,060,625

Nautilus, Inc. (f)

50,600

698,786

Northern Trust Corp.

23,600

1,485,620

Peabody Energy Corp.

10,800

518,184

PepsiCo, Inc.

27,190

1,796,987

Petrohawk Energy Corp. (a)

30,700

443,615

Procter & Gamble Co.

29,800

1,916,438

Quanta Services, Inc. (a)

20,800

571,792

Quicksilver Resources, Inc. (a)

6,350

265,811

Ralcorp Holdings, Inc. (a)

8,500

559,385

Raytheon Co. warrants 6/16/11 (a)

112

2,048

Ryland Group, Inc.

4,500

199,350

Safeway, Inc.

22,700

824,010

Service Corp. International

75,100

912,465

St. Jude Medical, Inc. (a)

11,000

470,690

State Street Corp.

16,200

1,115,694

Sun Microsystems, Inc. (a)

435,900

2,275,398

Sunpower Corp. Class A (a)

4,600

279,128

Synthes, Inc.

12,879

1,690,046

Time Warner, Inc.

53,800

1,109,894

Titanium Metals Corp.

43,200

1,491,696

Tyson Foods, Inc. Class A

17,700

370,992

U.S. Bancorp, Delaware

17,600

604,560

UDR, Inc.

14,700

441,588

Under Armour, Inc. Class A (sub. vtg.) (a)

4,400

222,200

Unisys Corp. (a)

47,900

375,536

URS Corp. (a)

8,600

375,820

Valero Energy Corp.

21,700

1,523,991

ValueClick, Inc. (a)

14,660

419,276

Virgin Media, Inc.

54,665

1,379,198

Wachovia Corp.

5,600

311,024

Washington Group International, Inc. (a)

5,900

394,828

Weight Watchers International, Inc.

20,000

959,800

Wells Fargo & Co.

17,100

613,719

Common Stocks - continued

Shares

Value

United States of America - continued

Wendy's International, Inc.

7,400

$ 278,980

Zoltek Companies, Inc. (a)

5,200

158,288

TOTAL UNITED STATES OF AMERICA

83,137,592

TOTAL COMMON STOCKS

(Cost $161,265,973)

190,727,411

Nonconvertible Preferred Stocks - 0.7%

Italy - 0.7%

Istituto Finanziario Industriale Spa (IFI) (a)
(Cost $1,244,820)

57,200

2,283,112

Nonconvertible Bonds - 9.3%

Principal Amount (d)

Australia - 0.0%

QBE Capital Funding II LP 6.797% (g)(h)

$ 130,000

131,325

Bermuda - 0.1%

Sea Production Ltd. 9.61% 2/14/12 (g)(h)

100,000

101,500

SeaDrill Ltd. 5.37% 1/23/08 (g)(h)

NOK

1,500,000

252,131

TOTAL BERMUDA

353,631

British Virgin Islands - 0.0%

CEMEX SAB de CV 6.196% (h)

100,000

101,055

Cayman Islands - 0.2%

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

160,000

170,646

MUFG Capital Finance 5 Ltd. 6.299% (h)

GBP

100,000

199,891

PetroProd Ltd. 11.355% 1/12/12 (g)(h)

100,000

102,000

SMFG Finance Ltd. 6.164% (h)

GBP

75,000

146,391

Vale Overseas Ltd. 6.875% 11/21/36

200,000

212,140

TOTAL CAYMAN ISLANDS

831,068

Cyprus - 0.0%

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

EUR

100,000

136,433

France - 1.4%

Caisse d'Amort de la Dette Societe 4.125% 4/25/17

EUR

1,700,000

2,290,266

Compagnie de St. Gobain 4.196% 4/11/12 (h)

EUR

175,000

238,460

Principal Amount (d)

Value

Credit Agricole SA 3.934% 9/30/08 (h)

EUR

1,500,000

$ 2,046,286

France Telecom SA 4.375% 2/21/12

EUR

100,000

135,134

TOTAL FRANCE

4,710,146

Germany - 0.3%

Bayer AG 4.044% 4/10/10 (h)

EUR

200,000

272,661

BayernLB Capital Trust I 6.2032% 3/29/49 (h)

250,000

251,303

Cognis GmbH (Reg. S) 12.876% 1/15/15 pay-in-kind (h)

EUR

100,000

144,648

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

EUR

100,000

130,647

TOTAL GERMANY

799,259

Hong Kong - 0.2%

Chong Hing Bank Ltd. 6.28% 12/16/16 (h)

175,000

174,988

Dah Sing Bank Ltd. 6.0975% 6/3/16 (h)

250,000

251,528

Wing Hang Bank Ltd. 6% (h)

260,000

259,061

TOTAL HONG KONG

685,577

India - 0.0%

ICICI Bank Ltd. (Reg. S) 5.895% 1/12/10 (h)

125,000

125,075

Ireland - 0.7%

Ardagh Glass Group plc 10.75% 3/1/15 pay-in-kind

EUR

90,000

120,665

DEPFA ACS Bank 3.875% 11/14/16

EUR

700,000

922,265

JSC Vneshtorgbank 7% 4/13/09 (Issued by Dali Capital PLC for JSC Vneshtorgbank)

RUB

7,000,000

275,386

ROSBANK (OJSC JSCB) 8% 9/30/09 (Issued by Dali Capital PLC for ROSBANK (OJSC JSCB))

RUB

3,800,000

149,199

TransCapitalInvest Ltd. (Reg. S) 5.67% 3/5/14

400,000

397,200

VTB24 Capital PLC 6.15% 12/7/09 (h)

270,000

270,351

TOTAL IRELAND

2,135,066

Japan - 0.0%

Aiful Corp. 6% 12/12/11

120,000

122,125

Kazakhstan - 0.1%

JSC Alliance Bank 9% 6/27/08

360,000

364,140

Korea (South) - 0.2%

Hyundai Capital Services, Inc. 5.625% 1/24/12

200,000

200,400

Woori Bank (Reg. S) 6.208% 5/2/67 (h)

300,000

300,090

TOTAL KOREA (SOUTH)

500,490

Nonconvertible Bonds - continued

Principal Amount (d)

Value

Liberia - 0.1%

Royal Caribbean Cruises Ltd. 5.625% 1/27/14

EUR

125,000

$ 169,756

Luxembourg - 0.7%

BTA Finance Luxembourg 8.25% (h)

100,000

93,094

Fiat Finance & Trade Ltd. 5.625% 11/15/11

EUR

300,000

422,071

Glencore Finance (Europe) SA:

5.375% 9/30/11

EUR

150,000

208,374

6.5% 2/27/19

GBP

100,000

197,756

8%

250,000

257,075

ICB OJSC 6.2% 9/29/15 (Issued by Or-ICB for ICB OJSC) (h)

500,000

502,560

Lux-Development SA 6.1% 10/31/16 (e)

EUR

200,000

277,014

Sitronics Finance SA 7.875% 3/2/09

200,000

202,420

TNK-BP Finance SA 7.5% 7/18/16

250,000

265,350

TOTAL LUXEMBOURG

2,425,714

Multi-National - 0.1%

WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12

EUR

200,000

259,820

Netherlands - 1.4%

ALB Finance BV 8.75% 4/20/11

200,000

194,300

Asset Repackaging Trust Five BV 0% 12/21/11 pay-in-kind (h)

EUR

100,000

138,848

BOATS Investments (Netherlands) BV 11% 3/31/17 pay-in-kind

EUR

260,000

356,570

CRR BV 9% 9/21/07

200,000

200,480

Deutsche Telekom International Finance BV 4.5% 10/25/13

EUR

115,000

154,810

Eureko BV 5.125% (h)

EUR

200,000

270,846

Media Nusantara Citra BV 10.75% 9/12/11

175,000

190,575

Rabobank Nederland 4.25% 1/16/17

EUR

1,700,000

2,287,343

SABIC Europe BV 4.5% 11/28/13

EUR

200,000

264,869

Siemens Financieringsmaatschap NV 6.125% 9/14/66 (h)

GBP

150,000

294,849

TuranAlem Finance BV 6.25% 9/27/11

EUR

250,000

336,203

TOTAL NETHERLANDS

4,689,693

Norway - 0.3%

DDI Holding AS:

9.3% 1/19/12 (i)

100,000

103,118

10.08% 3/15/12 (g)(h)

100,000

103,000

DP Producer AS 11.3475% 12/5/11 (g)(h)

100,000

101,500

MPF Corp. (Norway) AS 12.1% 9/20/11 (g)(h)

100,000

99,750

Principal Amount (d)

Value

OffRig Drilling ASA 9.75% 4/27/11 (g)

$ 100,000

$ 104,000

ProdJack AS:

11.25% 2/22/13 (g)

100,000

100,500

11.25% 3/8/13 (g)

100,000

100,250

Sevan Marine ASA 9.25% 12/20/11 (g)

100,000

103,250

Sinvest ASA 10% 12/22/09 (g)(h)

NOK

1,500,000

262,216

TOTAL NORWAY

1,077,584

Russia - 0.2%

Bank St. Petersburg 9.501% 11/25/09 (Issued by BSPB Finance PLC for Bank St. Petersburg)

250,000

251,500

Promsvyazbank 8.75% 10/20/11 (Issued by PSB Finance SA for Promsvyazbank)

250,000

252,267

Tyumen Oil Co. 11% 11/6/07

175,000

179,323

TOTAL RUSSIA

683,090

Spain - 0.1%

Telefonica Emisiones SAU 5.888% 1/31/14

GBP

100,000

196,274

United Arab Emirates - 0.1%

Abu Dhabi National Energy Co. Pjsc 6.5% 10/27/36

200,000

205,110

United Kingdom - 1.0%

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

GBP

125,000

238,534

Getin Finance PLC 0% 5/13/09 (h)

EUR

100,000

136,460

HBOS Treasury Services PLC 5% 11/21/11

1,900,000

1,905,700

ICICI Bank UK PLC 5.98% 2/27/12 (h)

125,000

125,021

Novae Group plc 8.375% 4/27/17 (h)

GBP

50,000

100,322

Old Mutual plc 4.5% 1/18/17 (h)

EUR

150,000

201,886

OTE PLC 4.625% 5/20/16

EUR

200,000

266,643

Vodafone Group PLC 5.64% 2/27/12 (h)

160,000

160,222

TOTAL UNITED KINGDOM

3,134,788

United States of America - 2.1%

BA Covered Bond 4.125% 4/5/12

EUR

1,700,000

2,297,672

Banca Popolare di Lodi Investor Trust III 6.742% (h)

EUR

200,000

294,126

BSP Finance BV 10.75% 11/1/11

100,000

105,500

DaimlerChrysler NA Holding Corp. 4.375% 3/16/10

EUR

250,000

339,407

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

EUR

289,406

402,822

Embarq Corp. 7.082% 6/1/16

200,000

206,628

Goldman Sachs Group, Inc. 4.085% 2/4/13 (h)

EUR

430,000

586,719

Nonconvertible Bonds - continued

Principal Amount (d)

Value

United States of America - continued

Morgan Stanley 4.279% 7/20/12 (h)

EUR

430,000

$ 586,209

Pemex Project Funding Master Trust (Reg. S) 5.5% 2/24/25

EUR

500,000

681,277

Residential Capital Corp. 6.375% 5/17/13

GBP

250,000

479,713

SLM Corp.:

4.039% 6/15/09 (h)

EUR

100,000

134,099

4.089% 12/15/10 (h)

EUR

100,000

131,616

UniCredito Italiano Capital Trust I 4.028% (h)

EUR

420,000

529,689

TOTAL UNITED STATES OF AMERICA

6,775,477

TOTAL NONCONVERTIBLE BONDS

(Cost $29,646,574)

30,612,696

Government Obligations - 27.2%

Austria - 0.3%

Austrian Republic 5.625% 7/15/07

EUR

775,000

1,060,082

Canada - 0.7%

Canadian Government 5.25% 6/1/12

CAD

2,250,000

2,132,016

Finland - 2.5%

Finnish Government:

3.875% 9/15/17

EUR

5,350,000

7,107,874

5% 7/4/07

EUR

775,000

1,059,151

TOTAL FINLAND

8,167,025

France - 1.8%

French Republic:

OAT 5.5% 4/25/29

EUR

2,500,000

3,961,263

3.75% 4/25/17

EUR

630,000

829,058

3.76% 6/14/07

EUR

775,000

1,052,829

TOTAL FRANCE

5,843,150

Germany - 6.6%

German Federal Republic:

3.7325% 6/13/07

EUR

775,000

1,052,817

3.75% 12/12/08

EUR

12,100,000

16,412,585

4% 4/13/12

EUR

1,000,000

1,357,272

4% 7/4/16

EUR

1,425,000

1,922,193

6% 7/4/07

EUR

775,000

1,060,738

TOTAL GERMANY

21,805,605

Japan - 10.0%

Japan Government:

0.1% 6/20/07

JPY

600,000,000

5,020,725

0.5702% 7/30/07

JPY

100,000,000

835,928

Principal
Amount (d)

Value

1% 11/20/20 (h)

JPY

125,000,000

$ 1,006,529

1.3% 12/20/11

JPY

410,000,000

3,451,670

1.3% 3/20/15

JPY

900,000,000

7,437,675

1.5% 3/20/14

JPY

300,000,000

2,531,581

1.8% 3/20/16

JPY

660,000,000

5,640,854

2.5% 9/20/36

JPY

250,000,000

2,185,088

Real Return Bond 1.1% 12/10/16

JPY

572,000,000

4,743,773

TOTAL JAPAN

32,853,823

Netherlands - 0.3%

Dutch Government 3% 7/15/07

EUR

775,000

1,055,344

United Kingdom - 1.3%

United Kingdom, Great Britain & Northern Ireland:

4.25% 6/7/32

GBP

900,000

1,709,926

5% 3/7/25

GBP

20,000

40,965

8.75% 8/25/17

GBP

980,000

2,541,970

TOTAL UNITED KINGDOM

4,292,861

United States of America - 3.7%

U.S. Treasury Inflation-Indexed Notes 2% 7/15/14

2,158,800

2,140,917

U.S. Treasury Notes:

3.375% 12/15/08

765,000

749,461

3.5% 5/31/07

5,450,000

5,443,188

4.25% 1/15/11

1,000,000

991,367

4.375% 8/15/12

185,000

184,046

4.625% 12/31/11

375,000

376,597

4.625% 2/29/12

375,000

376,699

4.875% 5/31/11

1,375,000

1,393,531

5.125% 6/30/11

580,000

593,390

TOTAL UNITED STATES OF AMERICA

12,249,196

TOTAL GOVERNMENT OBLIGATIONS

(Cost $88,692,654)

89,459,102

Asset-Backed Securities - 0.6%

Affinity PLC Series 2002-A CLass C, 6.9356% 5/15/09 (h)

GBP

110,000

219,980

Bosphorus Financial Services Ltd. (Reg. S) 7.16% 2/15/12 (h)

250,000

253,750

Clock Finance BV Series 2007-1 Class B2, 4.017% 2/25/15 (h)

EUR

100,000

136,460

Holmes Master Issuer PLC Series 2006-1A Class 1C, 5.5956% 7/15/40 (g)(h)

200,000

200,000

Preferred Term Securities XII Ltd. 0% 12/24/33 (g)(h)

400,000

407,040

Asset-Backed Securities - continued

Principal Amount (d)

Value

Preferred Term Securities XXIII Ltd. 5.5549% 12/22/36 (g)(h)

$ 400,000

$ 400,000

Promise K 2006-1 GmbH Series I 2006-1 Class D, 4.038% 3/20/17 (h)

EUR

100,000

136,501

Provide Bricks Series 2007-1 Class B, 4.365% 1/30/40 (h)

EUR

200,000

272,920

TOTAL ASSET-BACKED SECURITIES

(Cost $1,982,579)

2,026,651

Collateralized Mortgage Obligations - 0.1%

Private Sponsor - 0.1%

Permanent Master Issuer PLC floater Series 2006-1 Class 2C, 5.7556% 7/17/42 (h)
(Cost $400,000)

400,000

399,984

Commercial Mortgage Securities - 0.3%

Ireland - 0.2%

European Property Capital Series 4 Class C, 5.9494% 7/20/14 (h)

GBP

62,000

123,964

German Residential Asset Note Distributor PLC Series 1 Class A, 4.219% 7/20/16 (h)

EUR

189,132

258,838

Rivoli Pan Europe PLC Series 2006-1 Class B 4.065% 8/3/18 (h)

EUR

100,000

136,501

TOTAL IRELAND

519,303

United Kingdom - 0.1%

Broadgate PLC 6.435% 10/5/25 (h)

GBP

47,750

94,901

Canary Wharf Finance II plc Series 3MUK Class C2, 6.2244% 10/22/37 (h)

GBP

150,000

299,828

TOTAL UNITED KINGDOM

394,729

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $869,882)

914,032

Commercial Paper - 0.1%

Ireland - 0.1%

GPB Finance Public Ltd. 4.4% 6/5/07
(Cost $261,798)

EUR

200,000

271,777

Preferred Securities - 0.1%

Cayman Island - 0.1%

MUFG Capital Finance 1 Ltd. 6.346% (h)

(Cost $175,000)

175,000

183,156

Money Market Funds - 5.2%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

10,516,532

$ 10,516,532

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

6,441,740

6,441,740

TOTAL MONEY MARKET FUNDS

(Cost $16,958,272)

16,958,272

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $301,497,552)

333,836,193

NET OTHER ASSETS - (1.7)%

(5,477,824)

NET ASSETS - 100%

$ 328,358,369

Currency Abbreviations

CAD

-

Canadian dollar

EUR

-

European Monetary Unit

GBP

-

British pound

JPY

-

Japanese yen

NOK

-

Norwegian krone

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 end of the period, the value of these securities amounted to $2,568,462 or 0.8% 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 $103,118 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

DDI Holding AS 9.3% 1/19/12

3/22/07

$ 103,375

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 321,685

Fidelity Securities Lending Cash Central Fund

29,361

Total

$ 351,046

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

3.7%

AAA,AA,A

27.4%

BBB

2.9%

BB

0.6%

B

0.2%

CCC,CC,C

0.1%

Not Rated

1.7%

Equities

58.8%

Short-Term Investments and Net Other Assets

4.6%

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.

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

Semiannual Report

Global Balanced

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $6,098,034) - See accompanying schedule:

Unaffiliated issuers (cost $284,539,280)

$ 316,877,921

Fidelity Central Funds
(cost $16,958,272)

16,958,272

Total Investments
(cost $301,497,552)

$ 333,836,193

Cash

179,293

Foreign currency held at value
(cost $320,120)

320,079

Receivable for investments sold

3,609,087

Receivable for fund shares sold

991,287

Dividends receivable

510,195

Interest receivable

1,458,175

Distributions receivable from Fidelity Central Funds

42,968

Prepaid expenses

764

Other receivables

35,363

Total assets

340,983,404

Liabilities

Payable for investments purchased

$ 5,260,931

Payable for fund shares redeemed

573,210

Accrued management fee

190,755

Other affiliated payables

75,492

Other payables and accrued expenses

82,907

Collateral on securities loaned,
at value

6,441,740

Total liabilities

12,625,035

Net Assets

$ 328,358,369

Net Assets consist of:

Paid in capital

$ 283,643,369

Undistributed net investment income

1,961,569

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

10,385,850

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

32,367,581

Net Assets, for 14,360,825 shares outstanding

$ 328,358,369

Net Asset Value, offering price and redemption price per share ($328,358,369 ÷ 14,360,825 shares)

$ 22.86

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 1,535,781

Interest

1,862,246

Income from Fidelity Central Funds (including $29,361 from security lending)

351,046

3,749,073

Less foreign taxes withheld

(96,951)

Total income

3,652,122

Expenses

Management fee

$ 1,040,403

Transfer agent fees

350,902

Accounting and security lending fees

75,139

Custodian fees and expenses

125,572

Independent trustees' compensation

454

Registration fees

44,655

Audit

46,443

Legal

10,008

Miscellaneous

896

Total expenses before reductions

1,694,472

Expense reductions

(34,344)

1,660,128

Net investment income (loss)

1,991,994

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $2,546)

11,354,134

Foreign currency transactions

96,370

Total net realized gain (loss)

11,450,504

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $3,759)

13,450,894

Assets and liabilities in foreign currencies

16,903

Total change in net unrealized appreciation (depreciation)

13,467,797

Net gain (loss)

24,918,301

Net increase (decrease) in net assets resulting from operations

$ 26,910,295

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

Semiannual Report

Global Balanced
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,991,994

$ 2,891,675

Net realized gain (loss)

11,450,504

27,388,723

Change in net unrealized appreciation (depreciation)

13,467,797

(1,208,311)

Net increase (decrease) in net assets resulting from operations

26,910,295

29,072,087

Distributions to shareholders from net investment income

(2,296,243)

(1,257,249)

Distributions to shareholders from net realized gain

(24,110,533)

(15,002,921)

Total distributions

(26,406,776)

(16,260,170)

Share transactions
Proceeds from sales of shares

84,110,712

103,989,584

Reinvestment of distributions

25,322,315

15,532,156

Cost of shares redeemed

(41,729,306)

(63,446,357)

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

67,703,721

56,075,383

Redemption fees

7,196

9,915

Total increase (decrease) in net assets

68,214,436

68,897,215

Net Assets

Beginning of period

260,143,933

191,246,718

End of period (including undistributed net investment income of $1,961,569 and undistributed net investment income of $2,652,173, respectively)

$ 328,358,369

$ 260,143,933

Other Information

Shares

Sold

3,797,235

4,699,494

Issued in reinvestment of distributions

1,178,330

741,039

Redeemed

(1,883,750)

(2,883,798)

Net increase (decrease)

3,091,815

2,556,735

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 23.08

$ 21.95

$ 19.69

$ 18.06

$ 14.84

$ 15.36

Income from Investment Operations

Net investment income (loss) D

.15

.28

.17 G

.10 H

.15

.17

Net realized and unrealized gain (loss)

1.93

2.66

2.54

1.85

3.29

(.66)

Total from investment operations

2.08

2.94

2.71

1.95

3.44

(.49)

Distributions from net investment income

(.20)

(.14)

(.13)

(.32)

(.22)

(.03)

Distributions from net realized gain

(2.10)

(1.67)

(.32)

-

-

-

Total distributions

(2.30)

(1.81)

(.45)

(.32)

(.22)

(.03)

Redemption fees added to paid in capital D

- J

- J

- J

- J

- J

- J

Net asset value, end of period

$ 22.86

$ 23.08

$ 21.95

$ 19.69

$ 18.06

$ 14.84

Total Return B, C

9.65%

14.23%

13.92%

10.93%

23.49%

(3.20)%

Ratios to Average Net Assets E, I

Expenses before reductions

1.16% A

1.18%

1.17%

1.20%

1.29%

1.29%

Expenses net of fee waivers, if any

1.16% A

1.18%

1.17%

1.20%

1.29%

1.29%

Expenses net of all reductions

1.14% A

1.14%

1.15%

1.19%

1.28%

1.27%

Net investment income (loss)

1.36% A

1.27%

.80% G

.54% H

.98%

1.07%

Supplemental Data

Net assets, end of period (000 omitted)

$ 328,358

$ 260,144

$ 191,247

$ 137,619

$ 115,864

$ 88,263

Portfolio turnover rate F

151% A

208%

95%

94%

113%

126%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G 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%. H 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%. I 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Diversified International

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan

14.3%

United Kingdom

14.0%

Switzerland

10.6%

France

9.8%

United States of America

8.7%

Germany

7.9%

Canada

5.1%

Italy

4.0%

Netherlands

3.8%

Other

21.8%

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

As of October 31, 2006

Japan

15.9%

United Kingdom

11.9%

United States of America

10.5%

Switzerland

10.1%

France

8.9%

Germany

7.5%

Canada

6.1%

Spain

3.9%

Netherlands

3.6%

Other

21.6%

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

94.5

92.4

Bonds

0.0

0.6

Short-Term Investments and Net Other Assets

5.5

7.0

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.9

1.8

Fiat Spa (Italy, Automobiles)

1.6

1.0

Tesco PLC (United Kingdom, Food & Staples Retailing)

1.6

1.1

Bayer AG (Germany, Chemicals)

1.5

0.9

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

1.4

0.6

Nestle SA (Reg.) (Switzerland, Food Products)

1.3

1.0

Toyota Motor Corp. sponsored ADR (Japan, Automobiles)

1.3

1.3

Unicredito Italiano Spa (Italy, Commercial Banks)

1.2

1.0

Vinci SA (France, Construction & Engineering)

1.2

0.8

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

1.1

0.8

14.1

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

21.1

23.0

Industrials

12.9

11.4

Consumer Discretionary

11.6

11.7

Consumer Staples

9.3

8.4

Information Technology

8.4

7.9

Health Care

8.4

7.6

Materials

7.5

8.3

Energy

6.7

7.7

Telecommunication Services

4.8

3.5

Utilities

3.8

2.9

Semiannual Report

Diversified International

Investments April 30, 2007 (Audited)

Showing Percentage of Net Assets

Common Stocks - 93.9%

Shares

Value

Australia - 3.1%

Aristocrat Leisure Ltd.

3,750,000

$ 51,695,512

Australia & New Zealand Banking Group Ltd.

6,825,000

173,435,330

Australia & New Zealand Banking Group Ltd. ADR

16,000

2,026,400

Brambles Ltd. (a)

13,500,000

147,874,079

Brambles Ltd. unit (a)

7,500,000

82,027,436

Cochlear Ltd.

636,458

33,536,278

Commonwealth Bank of Australia

1,000,000

43,814,542

Computershare Ltd.

24,000,000

208,276,859

CSL Ltd.

5,000,000

362,408,379

National Australia Bank Ltd.

6,550,000

232,918,000

QBE Insurance Group Ltd.

9,500,000

243,463,026

Toll Holdings Ltd.

1,356,606

24,841,386

TOTAL AUSTRALIA

1,606,317,227

Belgium - 0.5%

InBev SA (e)

3,038,200

237,976,250

Bermuda - 0.2%

Clear Media Ltd. (a)(f)

27,000,000

28,475,369

Genesis Lease Ltd. ADR

269,800

7,284,600

Willis Group Holdings Ltd.

1,700,000

69,734,000

TOTAL BERMUDA

105,493,969

Brazil - 0.6%

Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)

1,000,000

38,580,000

Banco Nossa Caixa SA

1,650,000

25,716,392

Companhia Siderurgica Nacional SA (CSN) sponsored ADR

139,000

5,978,390

Cosan SA Industria E Comercio (a)

2,000,000

40,035,377

Cyrela Brazil Realty SA

2,600,000

27,977,594

Petroleo Brasileiro SA Petrobras sponsored ADR

38,000

3,846,740

Uniao de Bancos Brasileiros SA (Unibanco) GDR

1,300,000

126,178,000

Vivo Participacoes SA (PN) sponsored ADR

12,000,000

54,720,000

TOTAL BRAZIL

323,032,493

Canada - 5.1%

Brookfield Asset Management, Inc. Class A (e)

3,300,000

191,952,428

Canadian National Railway Co.

1,825,000

91,439,094

Canadian Natural Resources Ltd.

9,800,000

583,991,350

EnCana Corp.

6,500,000

340,255,879

Flint Energy Services Ltd. (a)

1,800,000

44,695,919

Meridian Gold, Inc. (a)

661,700

16,707,928

Nexen, Inc.

1,000,000

59,509,866

Niko Resources Ltd. (f)

3,313,600

264,216,236

OZ Optics Ltd. unit (a)(h)

102,000

1,504,500

Potash Corp. of Saskatchewan, Inc.

900,000

161,568,002

Power Corp. of Canada (sub. vtg.)

3,800,000

129,245,878

Shares

Value

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

3,000,000

$ 115,010,361

Shoppers Drug Mart Corp.

1,500,000

68,371,024

SNC-Lavalin Group, Inc.

202,900

5,813,335

Suncor Energy, Inc.

1,800,000

144,418,416

Tenke Mining Corp. (a)

500,000

10,811,785

TransCanada Corp.

5,000,000

178,259,303

Ultra Petroleum Corp. (a)

800,000

45,376,000

Western Oil Sands, Inc. Class A (a)

6,400,000

207,932,246

TOTAL CANADA

2,661,079,550

Cayman Islands - 0.2%

Foxconn International Holdings Ltd. (a)

5,000,000

15,148,513

GlobalSantaFe Corp.

1,200,000

76,716,000

TOTAL CAYMAN ISLANDS

91,864,513

China - 0.1%

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

1,500,000

9,338,387

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

2,920,300

23,654,430

Global Bio-Chem Technology Group Co. Ltd.

49,999,600

21,476,201

TOTAL CHINA

54,469,018

Czech Republic - 0.5%

Ceske Energeticke Zavody AS

5,900,000

288,403,831

Denmark - 0.4%

DSV de Sammensluttede Vognmaend AS

100,000

20,733,360

Novo Nordisk AS Series B

34,800

3,422,763

Novozymes AS Series B

2,000,000

210,996,740

TOTAL DENMARK

235,152,863

Finland - 0.7%

Neste Oil Oyj

700,000

25,045,868

Nokia Corp. sponsored ADR

14,000,000

353,500,000

TOTAL FINLAND

378,545,868

France - 9.8%

Accor SA

1,100,000

104,293,648

Air France KLM (Reg.)

1,000,000

51,281,668

Alcatel-Lucent SA sponsored ADR

34,000,000

450,500,000

Alstom SA (a)

1,400,000

210,148,399

AXA SA sponsored ADR

6,681,000

307,726,860

bioMerieux SA

200,000

16,893,748

BNP Paribas SA

1,900,000

222,068,180

Bouygues SA (e)

3,000,000

240,224,183

Cap Gemini SA (e)

623,700

47,525,481

CNP Assurances (e)

900,000

115,383,753

Dassault Aviation SA

36,265

34,635,610

Electricite de France

2,049,500

179,271,527

Essilor International SA (e)

1,200,000

145,084,271

Financiere Marc de Lacharriere SA (Fimalac)

1,401,759

151,114,386

Groupe Danone (e)

661,400

109,343,501

Common Stocks - continued

Shares

Value

France - continued

Ipsen SA

500,000

$ 26,575,585

Ipsos SA (f)

2,226,664

86,141,636

L'Oreal SA (e)

1,200,000

144,298,262

Louis Vuitton Moet Hennessy (LVMH) (e)

1,400,000

164,240,526

Neopost SA

1,500,000

218,629,388

Pernod Ricard SA

1,100,000

235,291,154

Peugeot Citroen SA

400,000

32,635,773

Pinault Printemps-Redoute SA

600,000

104,752,154

Renault SA

1,520,900

198,659,215

Schneider Electric SA (e)

1,400,000

198,819,490

Schneider Electric SA (New)

82,352

11,250,115

Soitec SA (a)(e)

620,101

14,706,779

Societe Generale Series A

809,920

172,966,434

Sodexho Alliance SA

1,123,796

89,726,958

Suez SA (France) (e)

200,000

11,457,182

Total SA Series B

55,300

4,075,057

Vallourec SA

100,000

27,564,920

Veolia Environnement (e)

4,206,300

349,560,943

Vinci SA (e)

3,850,000

622,827,318

TOTAL FRANCE

5,099,674,104

Germany - 7.7%

Adidas-Salomon AG

123,800

7,407,908

Allianz AG:

(Reg.)

18,960

4,312,998

sponsored ADR (e)

21,000,000

466,620,000

BASF AG (e)

25,800

3,065,298

Bayer AG (e)

11,563,610

790,719,652

Bayerische Motoren Werke AG (BMW)

2,250,000

139,148,262

Celesio AG (e)

1,650,000

118,636,277

Continental AG (e)

1,054,923

147,524,871

DaimlerChrysler AG

1,800,000

144,918,000

Deutsche Postbank AG

750,000

73,596,289

E.ON AG

21,080

3,170,221

E.ON AG sponsored ADR

10,000,000

501,300,000

Fresenius AG

2,300,000

191,955,552

GEA Group AG

2,000,000

58,950,720

GFK AG

1,600,000

73,797,568

Henkel KGaA

300,000

42,207,078

K&S AG

21,700

2,855,172

KarstadtQuelle AG (a)(e)

2,600,000

100,407,268

Linde AG

2,020,986

227,080,339

MAN AG

600,000

80,590,547

MTU Aero Engines Holding AG (e)

1,000,000

58,677,800

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

1,171,500

209,564,262

RWE AG

1,650,000

174,745,899

SAP AG sponsored ADR

800,000

38,400,000

Siemens AG:

(Reg.)

29,300

3,544,421

Shares

Value

sponsored ADR

2,600,000

$ 314,522,000

Wacker Chemie AG

100,000

18,299,286

TOTAL GERMANY

3,996,017,688

Hong Kong - 0.6%

China Mobile (Hong Kong) Ltd. sponsored ADR

2,000,000

90,020,000

CNOOC Ltd. sponsored ADR (e)

44,000

3,765,080

Cosco Pacific Ltd.

9,000,000

21,974,931

Esprit Holdings Ltd.

11,810,000

144,179,967

Techtronic Industries Co. Ltd.

34,000,000

45,463,436

Television Broadcasts Ltd.

4,281,000

28,375,638

TOTAL HONG KONG

333,779,052

India - 2.0%

Bajaj Auto Ltd.

1,100,000

65,591,301

Bharti Airtel Ltd. (a)

3,600,000

71,292,846

Infosys Technologies Ltd.

4,700,000

234,839,684

Reliance Industries Ltd.

9,000,000

342,293,817

Satyam Computer Services Ltd.

15,000,000

172,950,417

State Bank of India

4,000,000

131,725,080

TOTAL INDIA

1,018,693,145

Ireland - 1.5%

CRH PLC

4,250,000

187,035,487

IAWS Group PLC (Ireland)

4,000,000

99,342,880

Ryanair Holdings PLC sponsored ADR (a)(e)

7,984,500

372,636,615

Smurfit Kappa Group plc

4,475,558

122,757,663

TOTAL IRELAND

781,772,645

Italy - 3.7%

AEM SpA

12,000,000

47,258,827

Banca Popolare di Milano

69,400

1,177,919

Enel S.p.A. ADR

71,000

4,040,610

ENI Spa

105,600

3,497,472

Fiat Spa (e)

28,102,400

834,847,605

Impregilo Spa (a)

279,000

2,280,152

Intesa Sanpaolo Spa

40,478,464

341,364,115

Mediobanca Spa

53,700

1,250,873

Prysmian SPA

1,542,100

31,565,245

Unicredito Italiano Spa

62,499,500

646,474,076

TOTAL ITALY

1,913,756,894

Japan - 14.1%

Aeon Co. Ltd.

8,200,000

150,002,710

Aeon Mall Co. Ltd. (e)

1,000,000

33,471,293

Aiful Corp.

100,000

2,489,776

Asahi Glass Co. Ltd.

1,000,000

13,453,413

Brother Industries Ltd.

1,000,000

13,590,646

Canon, Inc. sponsored ADR

9,390,000

527,718,000

Common Stocks - continued

Shares

Value

Japan - continued

Casio Computer Co. Ltd.

2,500,000

$ 50,471,293

Chugai Pharmaceutical Co. Ltd.

8,000,000

204,019,742

Credit Saison Co. Ltd.

700,000

19,904,756

Daiwa Securities Group, Inc.

10,000,000

111,393,831

East Japan Railway Co.

17,000

137,869,613

Fanuc Ltd.

2,500,000

244,849,371

Hirose Electric Co. Ltd.

1,000,000

121,513,509

Hitachi Ltd.

4,000,000

30,375,999

Honda Motor Co. Ltd. sponsored ADR

3,700,000

127,391,000

Hoya Corp.

6,400,000

196,691,047

Japan Tobacco, Inc.

85,000

415,216,644

JSR Corp.

5,000,000

111,860,127

KDDI Corp.

11,500

90,385,833

Keyence Corp.

920,000

204,531,963

Komatsu Ltd.

4,000,000

94,666,553

Kubota Corp.

11,000,000

103,974,473

Leopalace21 Corp.

250,000

8,197,656

Makita Corp. sponsored ADR

125,000

4,812,500

Mitsubishi Estate Co. Ltd.

7,900,000

244,958,469

Mitsubishi UFJ Financial Group, Inc.

5,000

52,249,999

Mitsui & Co. Ltd.

13,000,000

233,790,646

Mitsui Fudosan Co. Ltd.

5,000,000

145,966,268

Mizuho Financial Group, Inc.

54,500

328,007,673

Murata Manufacturing Co. Ltd.

2,300,000

169,517,966

Namco Bandai Holdings, Inc.

2,000,000

32,504,789

Nidec Corp.

600,000

37,857,862

Nintendo Co. Ltd.

1,850,000

577,962,406

Nippon Electric Glass Co. Ltd.

3,750,000

64,187,928

Nitto Denko Corp.

400,300

17,669,267

NTT DoCoMo, Inc.

85,811

145,964,508

ORIX Corp.

2,000,000

533,344,404

Shin-Etsu Chemical Co. Ltd.

4,500,000

290,480,651

Shinsei Bank Ltd.

2,000,000

8,625,212

Sony Corp.

2,500,000

133,149,997

Stanley Electric Co. Ltd.

1,500,000

29,799,464

Sumco Corp.

2,000,000

86,919,725

Sumitomo Metal Industries Ltd.

5,000,000

25,390,290

Sumitomo Mitsui Financial Group, Inc.

16,550

144,600,143

Sumitomo Trust & Banking Co. Ltd.

9,000,000

87,903,934

T&D Holdings, Inc.

2,700,000

171,016,855

Tokai Carbon Co. Ltd.

2,500,000

21,525,284

Tokuyama Corp.

3,000,000

44,983,329

Tokyo Tatemono Co. Ltd.

3,000,000

41,935,502

Toyota Motor Corp. sponsored ADR

5,400,000

655,668,000

TOTAL JAPAN

7,344,832,319

Korea (South) - 1.8%

Amorepacific Corp.

210,000

135,357,602

Kookmin Bank sponsored ADR (e)

2,200,000

197,604,000

Korean Reinsurance Co.

1,973,460

25,106,801

LG Household & Health Care Ltd.

519,530

69,172,097

NHN Corp.

800,000

125,133,080

Shares

Value

Samsung Fire & Marine Insurance Co. Ltd.

400,000

$ 70,905,155

Shinhan Financial Group Co. Ltd.

3,500,000

196,279,956

SK Corp.

1,000,000

108,926,268

TOTAL KOREA (SOUTH)

928,484,959

Luxembourg - 0.3%

SES SA FDR (France) unit

6,916,322

135,907,387

Mexico - 0.8%

America Movil SA de CV Series L sponsored ADR

5,458,000

286,708,740

Fomento Economico Mexicano SA de CV sponsored ADR

1,400,000

150,766,000

TOTAL MEXICO

437,474,740

Netherlands - 3.8%

ABN-AMRO Holding NV sponsored ADR (e)

7,000,000

339,150,000

Arcelor Mittal

3,400,000

181,628,000

Chicago Bridge & Iron Co. NV (NY Shares)

2,000,000

69,260,000

CNH Global NV

700,000

30,303,000

Heineken NV (Bearer)

500,000

26,550,000

ING Groep NV:

(Certificaten Van Aandelen)

36,400

1,660,204

sponsored ADR (e)

5,800,000

264,538,000

Koninklijke Ahold NV sponsored ADR (a)

1,000,000

12,710,000

Koninklijke Numico NV (e)

6,224,612

344,520,919

Koninklijke Philips Electronics NV (NY Shares)

5,750,000

235,980,000

Nutreco Holding NV

244,200

18,131,334

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

2,094,400

76,194,766

Reed Elsevier NV

101,200

1,907,127

Reed Elsevier NV sponsored ADR

10,000,000

376,400,000

TOTAL NETHERLANDS

1,978,933,350

Netherlands Antilles - 0.6%

Schlumberger Ltd. (NY Shares)

4,100,000

302,703,000

Norway - 0.9%

DnB Nor ASA (e)

10,800,000

155,211,538

Marine Harvest ASA (a)

40,000,000

43,299,212

Statoil ASA sponsored ADR

69,000

1,936,830

Telenor ASA

14,089,400

263,467,257

TOTAL NORWAY

463,914,837

Russia - 0.3%

JSC MMC 'Norilsk Nickel' sponsored ADR

105,800

20,445,850

Magma OJSC sponsored GDR (a)(g)

1,900,000

24,035,000

OAO Gazprom sponsored ADR

2,000,000

78,600,000

Common Stocks - continued

Shares

Value

Russia - continued

Rostelecom sponsored ADR (e)

91,000

$ 4,809,350

Sberbank (Savings Bank of the Russian Federation) GDR

10,000

5,267,356

TOTAL RUSSIA

133,157,556

South Africa - 0.7%

Gold Fields Ltd. sponsored ADR

12,700,000

228,219,000

Highveld Steel & Vanadium Corp. Ltd. ADR

378,000

4,876,200

Impala Platinum Holdings Ltd.

4,000,000

130,620,590

MTN Group Ltd.

1,000,000

14,730,311

Sasol Ltd. sponsored ADR

54,000

1,845,180

TOTAL SOUTH AFRICA

380,291,281

Spain - 3.6%

Actividades de Construccion y Servicios SA (ACS)

4,200,000

262,207,889

Altadis SA (Spain)

1,022,700

67,336,562

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (e)

23,390,000

559,956,600

Banco Santander Central Hispano SA

138,700

2,496,472

Banco Santander Central Hispano SA sponsored ADR

9,500,000

168,055,000

Enagas SA

4,199,649

102,295,512

Inditex SA

4,900,000

303,435,184

Red Electrica de Espana SA

1,600,000

73,841,235

Telefonica SA

5,143,600

115,988,180

Telefonica SA sponsored ADR

3,100,000

209,715,000

TOTAL SPAIN

1,865,327,634

Sweden - 2.0%

AB Volvo sponsored ADR

53,000

5,155,310

Assa Abloy AB (B Shares) (e)

10,000,000

226,129,529

Atlas Copco AB (A Shares) (e)

2,400,000

92,422,049

Modern Times Group AB (MTG) (B Shares)

850,800

50,097,855

Scania AB (B Shares) (e)

1,320,300

127,109,199

Skandinaviska Enskilda Banken AB (A Shares) (e)

2,522,000

93,355,822

Svenska Cellulosa AB (SCA) (B Shares) (e)

3,300,000

171,164,381

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

7,000,000

267,190,000

TOTAL SWEDEN

1,032,624,145

Switzerland - 10.6%

ABB Ltd. (Reg.)

24,800,000

503,042,596

Actelion Ltd. (Reg.) (a)

900,000

214,596,183

Alcon, Inc.

1,300,000

175,409,000

Barry Callebaut AG

17,944

14,811,581

Compagnie Financiere Richemont unit

3,021,195

183,470,343

Credit Suisse Group (Reg.) (e)

1,900,000

149,150,000

Julius Baer Holding AG (Bearer)

1,800,000

126,522,333

Shares

Value

Kuehne & Nagel International AG (e)

1,000,000

$ 91,816,037

Lonza Group AG (e)

915,671

89,986,462

Nestle SA (Reg.) (e)

1,694,060

673,219,444

Nobel Biocare Holding AG (Switzerland)

369,782

133,940,162

Novartis AG sponsored ADR

6,250,000

363,062,500

Phonak Holding AG

450,000

40,050,503

Roche Holding AG (participation certificate)

5,316,000

1,002,065,987

Schindler Holding AG (Reg.)

1,400,000

91,219,936

Sika AG (Bearer)

1,059

2,074,425

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

212,353

271,275,969

Swiss Life Holding

393,358

102,096,894

Swiss Reinsurance Co. (Reg.) (e)

2,900,352

274,222,957

Tecan Group AG (f)

1,100,000

81,963,820

The Swatch Group AG (Reg.)

3,600,000

210,572,505

UBS AG:

(NY Shares)

8,975,000

582,477,500

(Reg.) (e)

44,648

2,897,655

Zurich Financial Services AG (Reg.) (e)

500,000

146,127,417

TOTAL SWITZERLAND

5,526,072,209

Taiwan - 0.3%

Hon Hai Precision Industry Co. Ltd. (Foxconn)

2,000,000

13,297,114

PixArt Imaging, Inc.

1,000,000

12,156,504

Siliconware Precision Industries Co. Ltd.

20,434,000

39,254,282

Siliconware Precision Industries Co. Ltd. sponsored ADR

2,900,000

28,130,000

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

5,000,000

52,700,000

TOTAL TAIWAN

145,537,900

Turkey - 0.1%

Acibadem Saglik Hizmetleri AS

2,617,050

32,098,149

United Kingdom - 13.4%

Anglo American PLC (United Kingdom)

5,900,000

314,855,390

Associated British Foods PLC

1,000,000

18,524,904

AstraZeneca PLC sponsored ADR

1,032,000

56,047,920

Autonomy Corp. PLC (a)

1,550,000

23,414,059

Aviva PLC

1,000,000

15,805,652

BAE Systems PLC

20,000,000

182,749,729

Barclays PLC

21,500,000

311,965,000

BG Group PLC

5,000,000

72,530,048

BG Group PLC sponsored ADR

27,000

1,942,110

British American Tobacco PLC

97,000

3,019,610

British American Tobacco PLC sponsored ADR

4,830,000

300,715,800

Bunzl PLC ADR

67,000

4,850,800

Burberry Group PLC

8,000,000

111,169,420

Cadbury Schweppes PLC sponsored ADR

41,000

2,175,050

Capita Group PLC

21,500,000

304,356,278

Diageo PLC sponsored ADR

23,000

1,941,200

easyJet PLC (a)

10,500,000

149,373,910

Common Stocks - continued

Shares

Value

United Kingdom - continued

Experian Group Ltd.

13,000,000

$ 147,769,352

Group 4 Securicor PLC (United Kingdom)

20,000,000

92,374,590

Hanson PLC ADR

79,000

6,705,520

HSBC Holdings PLC sponsored ADR

3,100,000

286,316,000

Imperial Tobacco Group PLC sponsored ADR

131,500

11,494,415

Informa PLC

15,000,000

178,150,994

International Power PLC

17,736,300

156,125,175

International Power PLC sponsored ADR

90,000

7,945,200

Investec PLC

1,000,000

14,286,070

KKR Private Equity Investors, LP

1,000,557

24,413,591

Man Group plc

2,000,000

22,593,785

Marks & Spencer Group PLC

1,000,000

14,835,919

National Grid PLC

5,219,700

82,083,302

Next PLC

600,000

28,180,248

Old Mutual plc

25,000,000

89,525,373

Pearson PLC

10,000,000

172,252,617

Pearson PLC sponsored ADR

300,000

5,118,000

Punch Taverns Ltd.

3,500,000

91,254,898

Reckitt Benckiser PLC

10,437,400

574,107,822

Reed Elsevier PLC sponsored ADR

39,000

1,971,060

Rexam PLC sponsored ADR

34,000

1,803,020

Rolls-Royce Group PLC

20,408,708

195,767,701

Royal Bank of Scotland Group PLC

12,000,000

463,072,618

Royal Dutch Shell PLC Class A sponsored ADR

347,800

24,119,930

Serco Group PLC

3,000,000

29,646,845

Shire PLC sponsored ADR

2,500,000

174,725,000

Smith & Nephew PLC

6,300,000

78,561,000

Standard Chartered PLC (United Kingdom)

6,500,300

202,363,676

Tesco PLC

87,342,100

805,072,703

United Utilities PLC sponsored ADR

170,000

5,101,700

Vodafone Group PLC sponsored ADR

26,000,000

746,980,000

Wolseley PLC ADR (e)

170,000

4,136,100

WPP Group plc

3,500,000

51,982,000

Xstrata PLC

6,000,000

316,832,846

TOTAL UNITED KINGDOM

6,983,105,950

United States of America - 3.9%

Allegheny Technologies, Inc.

1,150,000

126,017,000

Autoliv, Inc.

400,000

23,260,000

C.R. Bard, Inc.

800,000

66,504,000

Flowserve Corp.

2,050,000

125,070,500

Genentech, Inc. (a)

1,150,000

91,988,500

Henry Schein, Inc. (a)

1,050,000

54,736,500

Shares

Value

Marathon Oil Corp.

500,000

$ 50,775,000

Merck & Co., Inc.

3,400,000

174,896,000

NII Holdings, Inc. (a)

550,000

42,212,500

Peabody Energy Corp.

1,409,700

67,637,406

RTI International Metals, Inc. (a)(f)

1,300,000

122,551,000

Synthes, Inc.

3,000,000

393,674,711

Tim Hortons, Inc.

1,600,000

50,448,000

Titanium Metals Corp.

3,631,500

125,395,695

Transocean, Inc. (a)

1,550,000

133,610,000

Valero Energy Corp.

4,800,000

337,104,000

Zimmer Holdings, Inc. (a)

600,000

54,288,000

TOTAL UNITED STATES OF AMERICA

2,040,168,812

TOTAL COMMON STOCKS

(Cost $33,399,825,732)

48,856,663,338

Preferred Stocks - 0.6%

Convertible Preferred Stocks - 0.0%

Canada - 0.0%

MetroPhotonics, Inc. Series 2 (a)(h)

198,000

2

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.2%

Porsche AG (non-vtg.)

54,829

92,305,006

Italy - 0.3%

Intesa Sanpaolo Spa

17,859,700

144,814,541

United Kingdom - 0.1%

European Capital Ltd. preference shares (a)(h)

4,900,000

66,865,400

Rolls-Royce Group PLC Series B

1,208,195,513

2,415,727

TOTAL UNITED KINGDOM

69,281,127

TOTAL NONCONVERTIBLE PREFERRED STOCKS

306,400,674

TOTAL PREFERRED STOCKS

(Cost $221,083,321)

306,400,676

Government Obligations - 0.7%

Principal
Amount (d)

Japan - 0.2%

Japan Government 0.5852% to 0.5852% 5/28/07 to 6/4/07

JPY

11,760,000,000

98,379,876

United Kingdom - 0.5%

United Kingdom, Great Britain & Northern Ireland 5.33% 5/29/07

GBP

126,500,000

251,880,813

TOTAL GOVERNMENT OBLIGATIONS

(Cost $342,778,763)

350,260,689

Money Market Funds - 15.5%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

2,397,244,342

$ 2,397,244,342

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

5,653,673,364

5,653,673,364

TOTAL MONEY MARKET FUNDS

(Cost $8,050,917,706)

8,050,917,706

TOTAL INVESTMENT PORTFOLIO - 110.7%

(Cost $42,014,605,522)

57,564,242,409

NET OTHER ASSETS - (10.7)%

(5,540,731,482)

NET ASSETS - 100%

$ 52,023,510,927

Forward Foreign Currency Contracts

Settlement Dates

Value

Unrealized Appreciation/(Depreciation)

Contracts to Buy

1,756,883,652 AUD

May 2007

$ 1,457,741,655

$ 7,741,655

154,179,362 EUR

May 2007

210,672,029

672,029

$ 1,668,413,684

$ 8,413,684

(Payable Amount $1,660,000,000)

The value of contracts to buy as a percentage of net assets - 3.2%

Currency Abbreviations

AUD

-

Australian dollar

EUR

-

European Monetary Unit

GBP

-

British pound

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 end of the period, the value of these securities amounted to $24,035,000 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 $68,369,902 or 0.1% 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

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 investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 69,927,780

Fidelity Securities Lending Cash Central Fund

13,897,871

Total

$ 83,825,651

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

Acibadem Saglik Hizmetleri AS

$ 26,724,309

$ 4,072,561

$ 2,271,978

$ -

$ -

Clear Media Ltd.

37,841,382

-

-

-

28,475,369

Ipsos SA

84,893,943

-

-

-

86,141,636

Neopost SA

201,760,549

-

19,084,386

-

-

Niko Resources Ltd.

121,141,941

94,453,726

-

115,545

264,216,236

RTI International Metals, Inc.

73,584,000

55,021,757

53,077,826

-

122,551,000

Tecan Group AG

42,888,719

21,186,706

-

719,294

81,963,820

Techem AG

127,767,640

-

144,513,953

-

-

Total

$ 716,602,483

$ 174,734,750

$ 218,948,143

$ 834,839

$ 583,348,061

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

Semiannual Report

Diversified International

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Audited)

Assets

Investment in securities, at value (including securities loaned of $5,378,147,651) - See accompanying schedule:

Unaffiliated issuers
(cost $33,573,986,871)

$ 48,929,976,642

Fidelity Central Funds
(cost $8,050,917,706)

8,050,917,706

Other affiliated issuers
(cost $389,700,945)

583,348,061

Total Investments
(cost $42,014,605,522)

$ 57,564,242,409

Foreign currency held at value
(cost $1,353,061)

1,353,273

Receivable for investments sold

330,504,034

Unrealized appreciation on foreign currency contracts

8,413,684

Receivable for fund shares sold

71,465,821

Dividends receivable

201,044,903

Distributions receivable from Fidelity Central Funds

10,100,866

Prepaid expenses

127,706

Other receivables

11,814,651

Total assets

58,199,067,347

Liabilities

Payable for investments purchased

$ 376,580,326

Payable for fund shares redeemed

76,418,146

Accrued management fee

28,321,140

Other affiliated payables

8,696,985

Other payables and accrued expenses

31,866,459

Collateral on securities loaned,
at value

5,653,673,364

Total liabilities

6,175,556,420

Net Assets

$ 52,023,510,927

Net Assets consist of:

Paid in capital

$ 34,354,666,048

Undistributed net investment income

307,879,052

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

1,830,923,483

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

15,530,042,344

Net Assets, for 1,298,471,175 shares outstanding

$ 52,023,510,927

Net Asset Value, offering price and redemption price per share ($52,023,510,927 ÷ 1,298,471,175 shares)

$ 40.07

Statement of Operations

Six months ended April 30, 2007 (Audited)

Investment Income

Dividends (including $834,839 earned from other affiliated issuers)

$ 486,338,042

Interest

8,084,688

Income from Fidelity Central Funds (including $13,897,871 from security lending)

83,825,651

578,248,381

Less foreign taxes withheld

(47,424,571)

Total income

530,823,810

Expenses

Management fee
Basic fee

$ 170,690,629

Performance adjustment

(10,668,900)

Transfer agent fees

49,865,394

Accounting and security lending fees

1,483,540

Custodian fees and expenses

4,951,029

Independent trustees' compensation

69,654

Appreciation in deferred trustee compensation account

102

Registration fees

384,306

Audit

178,710

Legal

299,314

Miscellaneous

142,425

Total expenses before reductions

217,396,203

Expense reductions

(7,622,804)

209,773,399

Net investment income (loss)

321,050,411

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

2,052,883,183

Other affiliated issuers

67,944,280

Investment not meeting investment restrictions

(875)

Foreign currency transactions

23,926,132

Payment from investment advisor for loss on investment not meeting investment restrictions

875

Total net realized gain (loss)

2,144,753,595

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $3,611,935)

4,248,685,382

Assets and liabilities in foreign currencies

7,735,607

Total change in net unrealized appreciation (depreciation)

4,256,420,989

Net gain (loss)

6,401,174,584

Net increase (decrease) in net assets resulting from operations

$ 6,722,224,995

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

Semiannual Report

Diversified International
Financial Statements - continued

Statement of Changes in Net Assets (Audited)

Six months ended April 30,
2007

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 321,050,411

$ 502,990,237

Net realized gain (loss)

2,144,753,595

3,136,092,270

Change in net unrealized appreciation (depreciation)

4,256,420,989

4,490,328,944

Net increase (decrease) in net assets resulting from operations

6,722,224,995

8,129,411,451

Distributions to shareholders from net investment income

(425,826,024)

(273,726,595)

Distributions to shareholders from net realized gain

(2,968,963,794)

(713,589,701)

Total distributions

(3,394,789,818)

(987,316,296)

Share transactions
Proceeds from sales of shares

6,371,123,935

13,118,280,110

Reinvestment of distributions

3,274,077,868

945,934,875

Cost of shares redeemed

(4,914,945,768)

(6,879,921,320)

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

4,730,256,035

7,184,293,665

Redemption fees

630,597

1,607,319

Total increase (decrease) in net assets

8,058,321,809

14,327,996,139

Net Assets

Beginning of period

43,965,189,118

29,637,192,979

End of period (including undistributed net investment income of $307,879,052 and undistributed net investment
income of $447,691,136, respectively)

$ 52,023,510,927

$ 43,965,189,118

Other Information

Shares

Sold

169,063,960

376,717,133

Issued in reinvestment of distributions

90,046,154

29,746,334

Redeemed

(130,603,868)

(198,599,068)

Net increase (decrease)

128,506,246

207,864,399

Financial Highlights (Audited)

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 37.58

$ 30.80

$ 26.08

$ 22.35

$ 16.90

$ 18.06

Income from Investment Operations

Net investment income (loss) D

.25

.46

.30

.16

.18

.14

Net realized and unrealized gain (loss)

5.11

7.33

4.63

3.87

5.40

(1.29)

Total from investment operations

5.36

7.79

4.93

4.03

5.58

(1.15)

Distributions from net investment income

(.36)

(.28)

(.15)

(.30)

(.13)

(.01)

Distributions from net realized gain

(2.51)

(.73)

(.06)

-

-

-

Total distributions

(2.87)

(1.01)

(.21)

(.30)

(.13)

(.01)

Redemption fees added to paid in capital D

- H

- H

- H

- H

- H

- H

Net asset value, end of period

$ 40.07

$ 37.58

$ 30.80

$ 26.08

$ 22.35

$ 16.90

Total Return B ,C

15.04%

25.89%

19.01%

18.20%

33.26%

(6.37)%

Ratios to Average Net Assets E, G

Expenses before reductions

.91% A

1.01%

1.10%

1.15%

1.24%

1.22%

Expenses net of fee waivers, if any

.91% A

1.01%

1.10%

1.15%

1.24%

1.22%

Expenses net of all reductions

.88% A

.97%

1.07%

1.12%

1.22%

1.19%

Net investment income (loss)

1.34% A

1.32%

1.02%

.66%

.96%

.77%

Supplemental Data

Net assets, end of period (000 omitted)

$ 52,023,511

$ 43,965,189

$ 29,637,193

$ 19,902,063

$ 11,542,386

$ 6,735,472

Portfolio turnover rate F

61% A

59%

41%

55%

51%

55%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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.

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

Semiannual Report

Aggressive International

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

United States of America

23.0%

Canada

18.2%

Japan

17.0%

Netherlands

8.3%

South Africa

4.9%

Germany

4.7%

United Kingdom

3.9%

Italy

3.6%

Argentina

3.4%

Other

13.0%

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

As of October 31, 2006

United States of America

21.9%

France

12.8%

Netherlands

9.7%

United Kingdom

9.7%

Canada

9.3%

Germany

9.1%

Italy

5.3%

Japan

5.0%

Luxembourg

3.5%

Other

13.7%

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

86.6

93.2

Bonds

1.0

0.0

Short-Term Investments and Net Other Assets

12.4

6.8

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Gold Fields Ltd. sponsored ADR (South Africa, Metals & Mining)

4.3

2.1

Abitibi-Consolidated, Inc. (Canada, Paper & Forest Products)

3.9

0.9

Fiat Spa (Italy, Automobiles)

3.6

2.8

CNH Global NV (Netherlands, Machinery)

3.3

0.0

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

3.2

3.5

Renault SA (France, Automobiles)

3.1

2.5

Deere & Co. (United States of America, Machinery)

3.0

3.0

Koninklijke Philips Electronics NV (Netherlands, Household Durables)

2.7

2.0

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

2.6

2.7

Catalyst Paper Corp. (Canada, Paper & Forest Products)

2.5

0.1

32.2

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Materials

20.3

14.6

Consumer Discretionary

13.5

21.9

Consumer Staples

12.1

10.6

Industrials

9.4

7.6

Financials

9.3

12.8

Energy

9.0

11.9

Health Care

7.5

6.9

Information Technology

2.9

4.4

Utilities

2.4

2.5

Telecommunication Services

0.2

0.0

Semiannual Report

Aggressive International

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.6%

Shares

Value

Argentina - 3.4%

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

326,800

$ 7,928,168

Inversiones y Representaciones SA sponsored GDR (a)(e)

249,200

5,213,264

Pampa Holding SA (a)

5,314,142

4,781,782

Pampa Holding SA unit (a)(f)

11,400

256,449

TOTAL ARGENTINA

18,179,663

Brazil - 0.6%

BrasilAgro - Compania Brasileira de Propriedades Agricolas

5,000

3,191,333

Canada - 18.2%

Abitibi-Consolidated, Inc.

7,965,600

20,884,671

Absolut Resources Corp. (a)

936,000

446,959

Agricore United (ltd. vtg.)

31,000

567,826

Aquiline Resources, Inc. (a)

189,200

1,384,182

Aquiline Resources, Inc. (a)(f)

494,600

3,618,481

Canadian Natural Resources Ltd.

228,600

13,622,492

Canfor Corp. New (a)

84,200

905,801

Catalyst Paper Corp. (a)

4,249,900

13,248,630

IAMGOLD Corp.

480,300

3,894,675

Meridian Gold, Inc. (a)

127,800

3,226,951

NuVista Energy Ltd. (a)

315,300

4,283,921

ProEx Energy Ltd. (a)

414,700

5,264,549

Saskatchewan Wheat Pool, Inc.:

rights 5/31/07 (a)(f)

962,400

7,023,552

rights 5/31/07 (a)(f)

705,800

5,125,460

subscription receipt:

rights 5/31/07 (a)

10,600

77,358

rights 5/31/07 (a)(f)

566,000

4,130,642

Suncor Energy, Inc.

105,100

8,432,431

TOTAL CANADA

96,138,581

Cayman Islands - 1.9%

GlobalSantaFe Corp.

160,000

10,228,800

Czech Republic - 2.0%

Philip Morris CR AS

21,400

10,393,427

France - 3.1%

Renault SA (e)

125,800

16,431,935

Germany - 4.7%

E.ON AG (e)

85,100

12,798,189

Lanxess AG

220,000

12,074,527

TOTAL GERMANY

24,872,716

Italy - 3.6%

Fiat Spa (e)

642,000

19,072,113

Japan - 17.0%

Advantest Corp.

34,000

1,505,033

Aiful Corp.

194,900

4,852,574

Canon, Inc.

144,500

8,120,900

Credit Saison Co. Ltd.

29,500

838,843

CSK Holdings Corp.

36,500

1,410,387

Shares

Value

Dowa Holdings Co. Ltd.

133,000

$ 1,248,401

Eisai Co. Ltd.

28,100

1,334,764

Fanuc Ltd.

20,100

1,968,589

Fast Retailing Co. Ltd.

18,000

1,236,598

Honda Motor Co. Ltd.

43,700

1,504,591

Kao Corp.

51,000

1,400,106

Kose Corp. (e)

415,100

11,568,244

Kubota Corp.

1,055,400

9,975,878

Kuraray Co. Ltd.

222,500

2,472,847

Kyocera Corp.

18,400

1,794,000

Marui Co. Ltd.

97,300

1,156,048

Millea Holdings, Inc.

171,309

6,348,515

Mitsubishi Corp.

71,700

1,528,572

Nissin Healthcare Food Service Co.

6,700

85,885

Odakyu Electric Railway Co. Ltd.

218,000

1,524,437

SFCG Co. Ltd.

47,290

8,317,123

Shin-Etsu Chemical Co. Ltd.

23,400

1,510,499

Softbank Corp. (e)

49,300

1,059,941

Sony Corp.

24,300

1,294,218

Sumitomo Realty & Development Co. Ltd.

29,500

1,089,012

Takeda Pharamaceutical Co. Ltd.

22,300

1,445,834

Takefuji Corp.

226,980

7,629,552

TDK Corp.

18,800

1,621,532

Tokyo Electron Ltd.

18,500

1,283,147

Toyota Motor Corp.

21,000

1,274,910

Toyota Tsusho Corp.

46,200

1,122,386

TOTAL JAPAN

89,523,366

Luxembourg - 1.7%

SES SA FDR unit

454,706

8,935,082

Netherlands - 8.3%

CNH Global NV

404,900

17,528,121

Koninklijke Philips Electronics NV

349,000

14,322,960

Nutreco Holding NV (e)

162,300

12,050,432

TOTAL NETHERLANDS

43,901,513

Philippines - 1.1%

DMCI Holdings, Inc.

15,608,000

2,336,921

Semirara Mining Corp.

5,956,400

3,265,846

TOTAL PHILIPPINES

5,602,767

South Africa - 4.9%

Gold Fields Ltd.

163,900

2,945,283

Gold Fields Ltd. sponsored ADR

1,269,200

22,807,523

TOTAL SOUTH AFRICA

25,752,806

Switzerland - 1.6%

Actelion Ltd. (Reg.) (a)

34,528

8,232,863

United Kingdom - 3.9%

AstraZeneca PLC (United Kingdom)

208,300

11,312,773

Benfield Group PLC

1,466,100

9,292,518

TOTAL UNITED KINGDOM

20,605,291

Common Stocks - continued

Shares

Value

United States of America - 10.6%

Deere & Co.

145,500

$ 15,917,700

Monsanto Co.

173,800

10,252,462

Newmont Mining Corp.

158,000

6,588,600

Synthes, Inc.

127,776

16,767,393

Virgin Media, Inc.

261,400

6,595,122

TOTAL UNITED STATES OF AMERICA

56,121,277

TOTAL COMMON STOCKS

(Cost $401,827,830)

457,183,533

Government Obligations - 1.0%

Principal Amount (d)

Finland - 1.0%

Finnish Government 0.3% 10/18/07
(Cost $5,302,791)

JPY

634,000,000

5,302,791

Money Market Funds - 29.8%

Shares

Fidelity Cash Central Fund, 5.29% (b)

87,160,737

87,160,737

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

70,148,111

70,148,111

TOTAL MONEY MARKET FUNDS

(Cost $157,308,848)

157,308,848

TOTAL INVESTMENT PORTFOLIO - 117.4%

(Cost $564,439,469)

619,795,172

NET OTHER ASSETS - (17.4)%

(91,883,740)

NET ASSETS - 100%

$ 527,911,432

Forward Foreign Currency Contracts

Settlement Dates

Value

Unrealized Appreciation/
(Depreciation)

Contracts to Buy

2,663,954 AUD

May 2007

$ 2,211,384

$ 11,384

3,032,500 CHF

May 2007

2,514,056

14,056

10,151,306 EUR

May 2007

13,861,243

161,243

4,546,639 GBP

May 2007

9,090,357

90,357

1,030,802,100 JPY

May 2007

8,646,059

(53,941)

$ 36,323,099

$ 223,099

(Payable Amount $36,100,000)

The value of contracts to buy as a percentage of net assets - 6.9%

Currency Abbreviations

AUD

-

Australian dollar

CHF

-

Swiss franc

EUR

-

European Monetary Unit

GBP

-

British pound

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) 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 end of the period, the value of these securities amounted to $20,154,584 or 3.8% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 1,064,199

Fidelity Securities Lending Cash Central Fund

339,009

Total

$ 1,403,208

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

Aggressive International

Aggressive International

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $66,627,615) - See accompanying schedule:

Unaffiliated issuers (cost $407,130,621)

$ 462,486,324

Fidelity Central Funds (cost $157,308,848)

157,308,848

Total Investments (cost $564,439,469)

$ 619,795,172

Foreign currency held at value (cost $76,843)

76,842

Receivable for investments sold

2,916,477

Unrealized appreciation on foreign currency contracts

277,040

Receivable for fund shares sold

958,322

Dividends receivable

1,748,912

Interest receivable

8,800

Distributions receivable from Fidelity Central Funds

378,805

Prepaid expenses

1,528

Other receivables

199,507

Total assets

626,361,405

Liabilities

Payable for investments purchased

$ 26,473,356

Unrealized depreciation on foreign currency contracts

53,941

Payable for fund shares redeemed

1,386,119

Accrued management fee

203,426

Other affiliated payables

126,937

Other payables and accrued expenses

58,083

Collateral on securities loaned, at value

70,148,111

Total liabilities

98,449,973

Net Assets

$ 527,911,432

Net Assets consist of:

Paid in capital

$ 428,124,949

Undistributed net investment income

2,382,494

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

41,853,769

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

55,550,220

Net Assets, for 29,215,980 shares outstanding

$ 527,911,432

Net Asset Value, offering price and redemption price per share ($527,911,432 ÷ 29,215,980 shares)

$ 18.07

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 3,303,188

Interest

20,924

Income from Fidelity Central Funds (including $339,009 from security lending)

1,403,208

4,727,320

Less foreign taxes withheld

(353,647)

Total income

4,373,673

Expenses

Management fee
Basic fee

$ 1,691,717

Performance adjustment

(629,116)

Transfer agent fees

618,732

Accounting and security lending fees

125,073

Custodian fees and expenses

69,766

Independent trustees' compensation

707

Registration fees

24,522

Audit

42,748

Legal

11,683

Miscellaneous

1,702

Total expenses before reductions

1,957,534

Expense reductions

(274,041)

1,683,493

Net investment income (loss)

2,690,180

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

43,017,403

Foreign currency transactions

280,495

Total net realized gain (loss)

43,297,898

Change in net unrealized appreciation (depreciation) on:

Investment securities

27,568,025

Assets and liabilities in foreign currencies

190,147

Total change in net unrealized appreciation (depreciation)

27,758,172

Net gain (loss)

71,056,070

Net increase (decrease) in net assets resulting from operations

$ 73,746,250

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

Semiannual Report

Aggressive International
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,690,180

$ 7,666,044

Net realized gain (loss)

43,297,898

96,103,715

Change in net unrealized appreciation (depreciation)

27,758,172

(5,719,610)

Net increase (decrease) in net assets resulting from operations

73,746,250

98,050,149

Distributions to shareholders from net investment income

(5,378,123)

(7,891,662)

Distributions to shareholders from net realized gain

(70,991,187)

(60,750,944)

Total distributions

(76,369,310)

(68,642,606)

Share transactions
Proceeds from sales of shares

145,935,896

173,391,281

Reinvestment of distributions

73,093,150

62,343,713

Cost of shares redeemed

(164,658,630)

(484,972,865)

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

54,370,416

(249,237,871)

Redemption fees

16,952

263,134

Total increase (decrease) in net assets

51,764,308

(219,567,194)

Net Assets

Beginning of period

476,147,124

695,714,318

End of period (including undistributed net investment income of $2,382,494 and undistributed net investment income of $6,915,455, respectively)

$ 527,911,432

$ 476,147,124

Other Information

Shares

Sold

8,310,293

9,840,640

Issued in reinvestment of distributions

4,454,183

3,762,445

Redeemed

(9,791,705)

(27,820,456)

Net increase (decrease)

2,972,771

(14,217,371)

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 18.14

$ 17.19

$ 15.21

$ 14.36

$ 10.78

$ 10.78

Income from Investment Operations

Net investment income (loss) D

.10

.24

.20

.04

.06

.02

Net realized and unrealized gain (loss)

2.67

2.70

1.83

.91

3.53

.04

Total from investment operations

2.77

2.94

2.03

.95

3.59

.06

Distributions from net investment income

(.20)

(.23)

(.05)

(.10)

(.01)

(.06)

Distributions from net realized gain

(2.64)

(1.77)

-

-

-

-

Total distributions

(2.84)

(2.00)

(.05)

(.10)

(.01)

(.06)

Redemption fees added to paid in capital D

- H

.01

-H

-H

-H

-H

Net asset value, end of period

$ 18.07

$ 18.14

$ 17.19

$ 15.21

$ 14.36

$ 10.78

Total Return B, C

16.85%

18.26%

13.37%

6.65%

33.33%

.50%

Ratios to Average Net Assets E, G

Expenses before reductions

.82% A

.87%

.97%

1.24%

1.23%

1.54%

Expenses net of fee waivers, if any

.82% A

.87%

.97%

1.24%

1.23%

1.54%

Expenses net of all reductions

.71% A

.75%

.84%

1.16%

1.16%

1.40%

Net investment income (loss)

1.13% A

1.36%

1.20%

.27%

.50%

.13%

Supplemental Data

Net assets, end of period (000 omitted)

$ 527,911

$ 476,147

$ 695,714

$ 721,144

$ 554,853

$ 298,478

Portfolio turnover rate F

143% A

176%

185%

161%

212%

188%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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.

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

Semiannual Report

Overseas

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

France

14.6%

Japan

14.1%

United Kingdom

11.1%

Switzerland

9.8%

Germany

7.6%

United States of America

7.3%

Australia

4.4%

Italy

4.3%

Spain

3.4%

Other

23.4%

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

As of October 31, 2006

Japan

16.3%

United Kingdom

16.1%

France

12.8%

United States of America

11.1%

Germany

5.8%

Switzerland

5.6%

Italy

5.1%

Spain

3.2%

Netherlands

2.8%

Other

21.2%

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

97.3

92.3

Short-Term Investments and Net Other Assets

2.7

7.7

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Pernod Ricard SA (France, Beverages)

5.0

4.0

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

2.8

1.5

Aker Kvaerner ASA (Norway, Energy Equipment & Services)

2.6

1.0

Nintendo Co. Ltd. (Japan, Software)

2.2

1.9

China Unicom Ltd. sponsored ADR (Hong Kong, Wireless Telecommunication Services)

2.2

0.0

Veolia Environnement (France, Multi-Utilities)

1.8

0.9

Fluor Corp. (United States of America, Construction & Engineering)

1.7

0.0

Schlumberger Ltd. (NY Shares) (Netherlands Antilles, Energy Equipment & Services)

1.6

1.0

AXA SA (France, Insurance)

1.4

0.7

Banco Bilbao Vizcaya Argentaria SA (Spain, Commercial Banks)

1.3

1.8

22.6

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

28.6

28.7

Industrials

11.9

6.2

Consumer Discretionary

11.0

11.1

Information Technology

10.2

11.3

Consumer Staples

8.0

6.6

Energy

7.1

9.6

Materials

6.1

7.0

Telecommunication Services

5.6

2.8

Utilities

4.7

3.6

Health Care

4.1

5.4

Semiannual Report

Overseas

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

Australia - 4.4%

Computershare Ltd.

10,269,163

$ 89,117,876

CSL Ltd.

933,100

67,632,652

Macquarie Bank Ltd.

1,003,200

72,480,347

National Australia Bank Ltd.

2,473,000

87,939,880

Westfield Group unit

3,000,000

52,318,350

TOTAL AUSTRALIA

369,489,105

Brazil - 2.0%

Banco Nossa Caixa SA

1,078,000

16,801,376

Petroleo Brasileiro SA Petrobras sponsored ADR

611,000

61,851,530

Uniao de Bancos Brasileiros SA (Unibanco) GDR

215,600

20,926,136

Vivo Participacoes SA (PN) sponsored ADR (d)

15,810,000

72,093,600

TOTAL BRAZIL

171,672,642

Canada - 0.9%

Aber Diamond Corp.

893,200

32,278,811

Cameco Corp.

984,200

45,844,797

TOTAL CANADA

78,123,608

Cayman Islands - 1.1%

Foxconn International Holdings Ltd. (a)

10,888,000

32,987,402

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

1,613,400

58,534,152

TOTAL CAYMAN ISLANDS

91,521,554

China - 0.6%

Global Bio-Chem Technology Group Co. Ltd.

114,978,000

49,386,208

Denmark - 1.3%

DSV de Sammensluttede Vognmaend AS (d)

175,450

36,376,680

Vestas Wind Systems AS (a)

1,049,900

69,034,415

TOTAL DENMARK

105,411,095

Finland - 1.4%

Neste Oil Oyj

1,685,622

60,311,238

Nokia Corp. sponsored ADR

2,189,800

55,292,450

TOTAL FINLAND

115,603,688

France - 14.6%

Alcatel-Lucent SA sponsored ADR

4,290,000

56,842,500

AXA SA

2,543,360

117,147,162

Carrefour SA (d)

698,700

53,993,648

Electricite de France (d)

982,900

85,975,108

L'Oreal SA (d)

480,116

57,733,254

Pernod Ricard SA

1,946,742

416,410,151

Pinault Printemps-Redoute SA

292,000

50,979,382

Renault SA (d)

344,400

44,985,360

Societe Generale Series A

446,610

95,377,987

Sodexho Alliance SA ADR

576,700

45,674,640

Shares

Value

Veolia Environnement (d)

1,804,300

$ 149,944,799

Vinci SA (d)

308,300

49,874,717

TOTAL FRANCE

1,224,938,708

Germany - 7.0%

Bayer AG (d)

1,633,900

111,726,082

DaimlerChrysler AG

790,600

63,651,206

E.ON AG (d)

651,791

98,022,848

Hochtief AG

353,600

37,395,498

Linde AG

496,500

55,787,318

MLP AG (d)

2,006,200

50,181,317

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

383,376

68,580,374

SAP AG sponsored ADR (d)

590,400

28,339,200

Siemens AG (Reg.)

647,100

78,279,687

TOTAL GERMANY

591,963,530

Hong Kong - 2.7%

China Unicom Ltd. sponsored ADR

12,674,000

183,646,260

Shanghai Industrial Holdings Ltd. (H Shares)

16,352,000

42,957,041

Television Broadcasts Ltd.

186,000

1,232,859

TOTAL HONG KONG

227,836,160

India - 1.9%

Allahabad Bank

10,885,323

21,226,480

Bank of Baroda

3,860,000

25,190,391

Gammon India Ltd.

143,811

1,228,586

Satyam Computer Services Ltd.

5,509,009

63,519,027

State Bank of India

1,493,012

49,166,781

TOTAL INDIA

160,331,265

Ireland - 0.4%

Ryanair Holdings PLC sponsored ADR (a)

718,600

33,537,062

Italy - 4.3%

Assicurazioni Generali Spa

570,200

26,400,761

FASTWEB Spa

867,040

55,372,018

Impregilo Spa (a)

8,458,700

69,129,482

Lottomatica Spa

1,487,952

61,360,480

Safilo Group Spa

6,000,000

37,474,645

Unicredito Italiano Spa

10,697,100

110,647,251

TOTAL ITALY

360,384,637

Japan - 14.1%

Canon, Inc.

1,197,700

67,310,739

Chugai Pharmaceutical Co. Ltd.

1,554,100

39,633,385

Citizen Holdings Co. Ltd. (d)

10,270,100

91,690,274

Fanuc Ltd.

534,000

52,299,826

Honda Motor Co. Ltd. sponsored ADR (d)

1,276,900

43,963,667

Konica Minolta Holdings, Inc.

4,197,000

57,434,273

Kubota Corp.

6,803,000

64,303,486

Kurita Water Industries Ltd.

1,590,500

39,708,225

Common Stocks - continued

Shares

Value

Japan - continued

Mitsubishi Estate Co. Ltd.

2,734,000

$ 84,774,235

Mitsui Fudosan Co. Ltd.

2,192,000

63,991,612

Mizuho Financial Group, Inc.

9,307

56,014,081

Murata Manufacturing Co. Ltd.

647,600

47,730,363

Nidec Corp. (d)

288,500

18,203,322

Nintendo Co. Ltd.

602,600

188,259,538

Nissan Motor Co. Ltd.

4,002,500

40,345,199

Nomura Holdings, Inc.

2,960,800

57,025,007

Omron Corp.

1,864,700

49,961,753

Sumitomo Mitsui Financial Group, Inc.

4,206

36,748,532

T&D Holdings, Inc.

677,500

42,912,563

Tokuyama Corp.

2,553,000

38,280,813

TOTAL JAPAN

1,180,590,893

Luxembourg - 0.6%

Acergy SA sponsored ADR (a)

2,168,500

46,427,585

Netherlands - 2.2%

Arcelor Mittal

1,922,200

102,683,924

ING Groep NV (Certificaten Van Aandelen)

1,861,114

84,885,409

TOTAL NETHERLANDS

187,569,333

Netherlands Antilles - 1.6%

Schlumberger Ltd. (NY Shares)

1,834,200

135,418,986

Norway - 2.6%

Aker Kvaerner ASA

9,269,800

220,865,337

Philippines - 0.1%

Metropolitan Bank & Trust Co.

7,032,500

9,268,900

South Africa - 1.5%

Impala Platinum Holdings Ltd.

2,139,990

69,881,689

Steinhoff International Holdings Ltd.

15,215,826

54,116,173

TOTAL SOUTH AFRICA

123,997,862

Spain - 3.4%

Banco Bilbao Vizcaya Argentaria SA

4,714,800

112,872,312

Banco Santander Central Hispano SA

5,582,200

100,474,431

Telefonica SA sponsored ADR

1,098,900

74,340,585

TOTAL SPAIN

287,687,328

Sweden - 1.3%

OMX AB (d)

4,543,500

109,523,598

Switzerland - 9.8%

Actelion Ltd. (Reg.) (a)

426,531

101,702,139

Compagnie Financiere Richemont unit

1,620,099

98,384,950

Credit Suisse Group (Reg.)

2,986,035

234,403,748

EFG International

324,790

14,655,011

Nestle SA (Reg.)

224,402

89,177,355

Novartis AG (Reg.)

793,012

46,066,067

Shares

Value

Roche Holding AG (participation certificate)

473,409

$ 89,237,597

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

27,903

35,645,427

UBS AG (NY Shares)

1,696,400

110,096,360

TOTAL SWITZERLAND

819,368,654

Turkey - 1.2%

Turkiye Garanti Bankasi AS

12,550,000

61,387,114

Yapi ve Kredi Bankasi AS

17,924,711

39,258,356

TOTAL TURKEY

100,645,470

United Kingdom - 11.1%

3i Group plc

2,741,800

63,482,625

BAE Systems PLC

7,904,300

72,225,434

Barclays PLC

4,599,600

66,740,196

British Land Co. PLC

1,297,900

38,225,619

Burberry Group PLC

624,412

8,676,940

HSBC Holdings PLC sponsored ADR (d)

593,600

54,824,896

Land Securities Group PLC

1,778,500

69,769,148

Marks & Spencer Group PLC

4,988,400

74,007,498

Next PLC

802,900

37,709,869

Prudential PLC

3,379,900

50,616,978

Reuters Group PLC

9,085,400

86,735,286

Rolls-Royce Group PLC

6,358,829

60,996,185

Standard Chartered PLC (United Kingdom)

957,900

29,820,803

The Weir Group PLC

4,760,800

61,730,595

Vodafone Group PLC sponsored ADR

2,682,900

77,079,717

Xstrata PLC

1,504,400

79,440,555

TOTAL UNITED KINGDOM

932,082,344

United States of America - 4.6%

AES Corp. (a)

2,749,800

60,468,102

Fluor Corp.

1,518,600

145,208,532

Global Industries Ltd. (a)

1,723,400

35,777,784

Starwood Hotels & Resorts Worldwide, Inc.

826,300

55,378,626

Titanium Metals Corp.

924,000

31,905,720

Zale Corp. (a)

2,171,400

60,603,774

TOTAL UNITED STATES OF AMERICA

389,342,538

TOTAL COMMON STOCKS

(Cost $6,465,735,547)

8,122,988,090

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.6%

Porsche AG (non-vtg.)

27,800

46,801,495

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

326,868,596

653,557

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $37,128,919)

47,455,052

Money Market Funds - 13.7%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

262,604,822

$ 262,604,822

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

884,119,499

884,119,499

TOTAL MONEY MARKET FUNDS

(Cost $1,146,724,321)

1,146,724,321

TOTAL INVESTMENT PORTFOLIO - 111.0%

(Cost $7,649,588,787)

9,317,167,463

NET OTHER ASSETS - (11.0)%

(919,871,437)

NET ASSETS - 100%

$ 8,397,296,026

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 investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 10,881,759

Fidelity Securities Lending Cash Central Fund

3,552,087

Total

$ 14,433,846

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

Semiannual Report

Overseas

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $842,877,630) - See accompanying schedule:

Unaffiliated issuers (cost $6,502,864,466)

$ 8,170,443,142

Fidelity Central Funds (cost $1,146,724,321)

1,146,724,321

Total Investments (cost $7,649,588,787)

$ 9,317,167,463

Receivable for investments sold

107,477,780

Receivable for fund shares sold

12,488,545

Dividends receivable

20,508,706

Distributions receivable from Fidelity Central Funds

1,587,282

Prepaid expenses

20,776

Other receivables

3,550,536

Total assets

9,462,801,088

Liabilities

Payable for investments purchased

$ 72,957,340

Payable for fund shares redeemed

99,713,027

Accrued management fee

4,172,127

Other affiliated payables

1,682,425

Other payables and accrued expenses

2,860,644

Collateral on securities loaned, at value

884,119,499

Total liabilities

1,065,505,062

Net Assets

$ 8,397,296,026

Net Assets consist of:

Paid in capital

$ 6,289,003,899

Undistributed net investment income

38,887,893

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

403,905,759

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

1,665,498,475

Net Assets, for 171,667,052 shares outstanding

$ 8,397,296,026

Net Asset Value, offering price and redemption price per share ($8,397,296,026 ÷ 171,667,052 shares)

$ 48.92

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 76,770,638

Interest

95,496

Income from Fidelity Central Funds (including $3,552,087 from
security lending)

14,433,846

91,299,980

Less foreign taxes withheld

(8,293,620)

Total income

83,006,360

Expenses

Management fee
Basic fee

$ 27,729,151

Performance adjustment

(5,156,889)

Transfer agent fees

9,079,892

Accounting and security lending fees

852,554

Custodian fees and expenses

1,081,176

Independent trustees' compensation

11,323

Appreciation in deferred trustee compensation account

846

Registration fees

87,936

Audit

62,473

Legal

55,704

Miscellaneous

23,194

Total expenses before reductions

33,827,360

Expense reductions

(2,474,252)

31,353,108

Net investment income (loss)

51,653,252

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $5,834)

426,054,541

Foreign currency transactions

(1,752,953)

Total net realized gain (loss)

424,301,588

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $402,856)

708,985,376

Assets and liabilities in foreign currencies

(212,714)

Total change in net unrealized appreciation (depreciation)

708,772,662

Net gain (loss)

1,133,074,250

Net increase (decrease) in net assets resulting from operations

$ 1,184,727,502

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

Semiannual Report

Overseas
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 51,653,252

$ 88,135,211

Net realized gain (loss)

424,301,588

865,971,702

Change in net unrealized appreciation (depreciation)

708,772,662

392,508,226

Net increase (decrease) in net assets resulting from operations

1,184,727,502

1,346,615,139

Distributions to shareholders from net investment income

(85,344,408)

(51,835,782)

Distributions to shareholders from net realized gain

(719,995,848)

(20,228,519)

Total distributions

(805,340,256)

(72,064,301)

Share transactions
Proceeds from sales of shares

966,971,229

2,352,534,453

Reinvestment of distributions

797,168,085

71,154,819

Cost of shares redeemed

(963,625,364)

(1,215,037,539)

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

800,513,950

1,208,651,733

Redemption fees

108,121

287,325

Total increase (decrease) in net assets

1,180,009,317

2,483,489,896

Net Assets

Beginning of period

7,217,286,709

4,733,796,813

End of period (including undistributed net investment income of $38,887,893 and undistributed net investment income of $82,749,519, respectively)

$ 8,397,296,026

$ 7,217,286,709

Other Information

Shares

Sold

21,069,784

53,641,186

Issued in reinvestment of distributions

18,292,063

1,782,435

Redeemed

(20,993,177)

(27,857,412)

Net increase (decrease)

18,368,670

27,566,209

Financial Highlights

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 47.08

$ 37.65

$ 32.21

$ 29.19

$ 22.34

$ 25.98

Income from Investment Operations

Net investment income (loss) D

.30

.63

.39

.17 G

.18

.11

Net realized and unrealized gain (loss)

6.73

9.37

5.35

3.15

6.76

(3.75)

Total from investment operations

7.03

10.00

5.74

3.32

6.94

(3.64)

Distributions from net investment income

(.55)

(.41)

(.19)

(.30)

(.09)

-

Distributions from net realized gain

(4.64)

(.16)

(.11)

-

-

-

Total distributions

(5.19)

(.57)

(.30)

(.30)

(.09)

-

Redemption fees added to paid in capital D

- I

-I

-I

-I

-I

-I

Net asset value, end of period

$ 48.92

$ 47.08

$ 37.65

$ 32.21

$ 29.19

$ 22.34

Total Return B, C

16.28%

26.83%

17.90%

11.45%

31.18%

(14.01)%

Ratios to Average Net Assets E, H

Expenses before reductions

.87% A

1.00%

.93%

1.05%

1.04%

1.21%

Expenses net of fee waivers, if any

.87% A

1.00%

.93%

1.05%

1.04%

1.21%

Expenses net of all reductions

.81% A

.90%

.86%

1.01%

1.00%

1.16%

Net investment income (loss)

1.33% A

1.43%

1.11%

.55% G

.75%

.42%

Supplemental Data

Net assets, end of period (000 omitted)

$ 8,397,296

$ 7,217,287

$ 4,733,797

$ 4,182,103

$ 3,500,394

$ 2,862,101

Portfolio turnover rate F

90% A

132%

87%

79%

104%

72%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G 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%. 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.

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

Semiannnual Report

Worldwide

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

United States of America

42.1%

Japan

8.7%

United Kingdom

8.4%

Switzerland

7.8%

Germany

5.7%

France

5.6%

Australia

3.8%

Netherlands

1.9%

Canada

1.8%

Other

14.2%

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

As of October 31, 2006

United States of America

44.8%

Japan

10.1%

United Kingdom

8.4%

Switzerland

6.9%

France

6.5%

Germany

5.2%

Australia

2.8%

Italy

1.7%

Spain

1.6%

Other

12.0%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.5

97.7

Short-Term Investments and Net Other Assets

0.5

2.3

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

ABB Ltd. (Switzerland, Electrical Equipment)

2.2

1.8

Exxon Mobil Corp. (United States of America, Oil, Gas & Consumable Fuels)

1.5

2.0

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

1.5

0.9

AT&T, Inc. (United States of America, Diversified Telecommunication Services)

1.5

0.0

Cognizant Technology Solutions Corp. Class A (United States of America, IT Services)

1.3

0.7

Merck & Co., Inc. (United States of America, Pharmaceuticals)

1.2

1.4

Apple, Inc. (United States of America, Computers & Peripherals)

1.2

1.2

Sun Microsystems, Inc. (United States of America, Computers & Peripherals)

1.1

0.0

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

1.1

1.2

General Dynamics Corp. (United States of America, Aerospace & Defense)

1.1

1.1

13.7

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

20.5

23.8

Consumer Discretionary

13.5

12.2

Industrials

12.8

9.8

Information Technology

12.7

12.0

Health Care

9.8

10.1

Consumer Staples

8.8

10.6

Energy

7.6

7.1

Materials

5.5

3.8

Utilities

4.4

4.3

Telecommunication Services

3.9

4.0

Semiannual Report

Worldwide

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%

Shares

Value

Argentina - 0.1%

Inversiones y Representaciones SA sponsored GDR (a)

92,200

$ 1,928,824

Australia - 3.8%

AMP Ltd.

146,900

1,311,426

Aristocrat Leisure Ltd.

169,300

2,333,880

AXA Asia Pacific Holdings Ltd.

251,900

1,545,917

Babcock & Brown Japan Property Trust

987,600

1,599,297

Babcock & Brown Ltd.

118,200

2,910,420

Billabong International Ltd.

19,100

261,716

Brambles Ltd. (a)

239,100

2,619,014

Cochlear Ltd.

48,300

2,545,026

Computershare Ltd.

412,100

3,576,287

CSL Ltd.

176,000

12,756,775

Downer EDI Ltd.

265,479

1,651,298

Energy Resources of Australia Ltd.

91,200

1,910,088

Macquarie Bank Ltd.

26,600

1,921,827

Macquarie Goodman Group unit

314,600

1,857,556

Mortgage Choice Ltd.

216,600

566,608

National Australia Bank Ltd.

143,800

5,113,528

Oxiana Ltd.

431,474

1,089,285

QBE Insurance Group Ltd.

127,400

3,264,967

Seek Ltd.

131,500

807,019

Woolworths Ltd.

153,603

3,609,937

WorleyParsons Ltd.

80,800

1,845,260

TOTAL AUSTRALIA

55,097,131

Austria - 0.1%

Austriamicrosystems AG (a)

11,400

781,016

Belgium - 0.1%

InBev SA

23,800

1,864,207

Bermuda - 1.1%

Allied World Assurance Co. Holdings Ltd.

71,100

3,151,152

Aquarius Platinum Ltd. (United Kingdom)

96,600

2,897,203

Endurance Specialty Holdings Ltd.

118,100

4,419,302

Lazard Ltd. Class A

70,400

3,812,160

Ports Design Ltd.

445,000

1,251,510

TOTAL BERMUDA

15,531,327

Brazil - 0.2%

Submarino SA

100,500

3,638,878

Canada - 1.8%

Cameco Corp.

88,200

4,108,424

Canadian Natural Resources Ltd.

78,200

4,660,013

Niko Resources Ltd.

14,900

1,188,080

Potash Corp. of Saskatchewan, Inc.

43,000

7,719,360

Suncor Energy, Inc.

46,800

3,754,879

Tenke Mining Corp. (a)

43,200

934,138

Western Oil Sands, Inc. Class A (a)

115,600

3,755,776

TOTAL CANADA

26,120,670

Shares

Value

Cayman Islands - 0.6%

Foxconn International Holdings Ltd. (a)

528,100

$ 1,599,986

GlobalSantaFe Corp.

32,200

2,058,546

Lee & Man Paper Manufacturing Ltd.

815,500

2,303,923

Simcere Pharmaceutical Group sponsored ADR

13,800

229,080

Subsea 7, Inc. (a)

55,100

1,129,914

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

53,300

1,933,724

TOTAL CAYMAN ISLANDS

9,255,173

China - 0.4%

Focus Media Holding Ltd. ADR (a)

42,400

1,568,800

Jiangsu Expressway Co. Ltd. (H Shares)

1,708,000

1,460,715

Mindray Medical International Ltd. sponsored ADR

60,800

1,399,008

Nine Dragons Paper (Holdings) Ltd.

697,000

1,420,276

TOTAL CHINA

5,848,799

Cyprus - 0.1%

Marfin Popular Bank Public Co.

166,249

1,910,190

Czech Republic - 0.1%

Ceske Energeticke Zavody AS

38,900

1,901,510

Denmark - 0.5%

Novo Nordisk AS Series B

19,100

1,878,585

Vestas Wind Systems AS (a)

74,000

4,865,746

TOTAL DENMARK

6,744,331

Finland - 0.5%

Citycon Oyj

54,200

436,372

Nokia Corp. sponsored ADR

183,100

4,623,275

Wartsila Corp. (B Shares)

28,500

1,923,943

TOTAL FINLAND

6,983,590

France - 5.6%

Air France KLM (Reg.)

37,200

1,907,678

Alcatel-Lucent SA

75,500

1,000,375

Alstom SA (a)

24,500

3,677,597

April Group (d)

9,400

497,697

AXA SA

101,100

4,656,666

BNP Paribas SA

26,882

3,141,914

Business Objects SA sponsored ADR (a)

29,300

1,099,043

Cap Gemini SA (d)

29,000

2,209,779

CNP Assurances (d)

13,900

1,782,038

Electricite de France

42,300

3,700,017

Gaz de France

51,800

2,445,745

Geodis SA

4,900

1,124,743

Groupe Danone

15,300

2,529,416

Icade SA (d)

37,200

2,855,933

L'Oreal SA

16,100

1,936,002

Louis Vuitton Moet Hennessy (LVMH)

22,700

2,663,043

Neopost SA

16,700

2,434,074

Neuf Cegetel

41,800

1,711,208

Orpea (a)

18,000

1,857,930

Common Stocks - continued

Shares

Value

France - continued

Pinault Printemps-Redoute SA

10,100

$ 1,763,328

Remy Cointreau SA

20,700

1,518,288

Renault SA

25,500

3,330,798

Schneider Electric SA

12,700

1,803,577

Schneider Electric SA (New)

782

106,829

Sechilienne-Sidec

12,200

764,981

Societe Generale Series A

11,985

2,559,515

Suez SA (France) (d)

61,300

3,511,626

Total SA Series B

115,796

8,533,007

Vallourec SA

5,500

1,516,071

Veolia Environnement

46,100

3,831,101

Vinci SA

41,400

6,697,416

Vivendi Universal SA (d)

70,196

2,910,084

TOTAL FRANCE

82,077,519

GEORGIA - 0.0%

Bank of Georgia unit (a)

15,100

520,950

Germany - 5.0%

Allianz AG (Reg.) (d)

37,900

8,621,447

Bayer AG

109,900

7,514,962

Bilfinger Berger AG

16,500

1,565,080

Continental AG

15,000

2,097,663

DaimlerChrysler AG (Reg.)

30,700

2,471,657

Deutsche Boerse AG

18,500

4,356,042

E.ON AG

64,400

9,685,116

Hochtief AG

28,700

3,035,212

KarstadtQuelle AG (a)(d)

77,400

2,989,047

Linde AG

25,614

2,878,019

MAN AG

15,000

2,014,764

MTU Aero Engines Holding AG

22,200

1,302,647

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

23,800

4,257,473

Q-Cells AG

30,200

2,196,542

SGL Carbon AG (a)

41,600

1,633,197

Siemens AG:

(Reg.)

59,300

7,173,521

sponsored ADR

40,500

4,899,285

SolarWorld AG

34,400

2,917,930

Wincor Nixdorf AG

16,600

1,635,047

TOTAL GERMANY

73,244,651

Greece - 0.1%

EFG Eurobank Ergasias SA

25,900

1,085,034

Hong Kong - 0.7%

Chaoda Modern Agriculture (Holdings) Ltd.

858,000

712,939

Esprit Holdings Ltd.

430,600

5,256,892

Li & Fung Ltd.

720,100

2,264,538

Television Broadcasts Ltd.

214,000

1,418,450

TOTAL HONG KONG

9,652,819

Shares

Value

India - 1.2%

Bharat Heavy Electricals Ltd.

33,257

$ 2,015,798

Bharti Airtel Ltd. (a)

82,847

1,640,666

Infosys Technologies Ltd.

63,538

3,174,733

IVRCL Infrastructures & Projects Ltd.

35,500

277,418

Jain Irrigation Systems Ltd.

234,810

2,480,250

Larsen & Toubro Ltd.

78,953

3,266,994

Nagarjuna Construction Co. Ltd.

439,252

1,920,958

Pantaloon Retail India Ltd.

33,537

344,914

Satyam Computer Services Ltd.

199,900

2,304,853

TOTAL INDIA

17,426,584

Indonesia - 0.1%

PT Perusahaan Gas Negara Tbk Series B

1,091,000

1,260,999

Ireland - 0.4%

Allied Irish Banks PLC

81,700

2,479,187

Paddy Power PLC (Ireland)

43,200

1,206,721

Ryanair Holdings PLC sponsored ADR (a)

62,500

2,916,875

TOTAL IRELAND

6,602,783

Israel - 0.2%

Israel Chemicals Ltd.

260,900

2,007,272

Nice Systems Ltd. sponsored ADR

44,200

1,619,930

TOTAL ISRAEL

3,627,202

Italy - 1.4%

AEM SpA

477,500

1,880,507

Edison Spa

626,500

1,890,232

ENI Spa

71,051

2,353,209

Fiat Spa

164,900

4,898,741

Impregilo Spa (a)

226,300

1,849,457

Pirelli & C. Real Estate Spa

15,000

1,147,287

Prysmian SPA

43,900

898,589

Unicredito Italiano Spa

587,300

6,074,836

TOTAL ITALY

20,992,858

Japan - 8.7%

Aeon Mall Co. Ltd. (d)

54,000

1,807,450

Asahi Glass Co. Ltd.

128,000

1,722,037

Asics Corp.

154,000

1,939,407

Bank of Yokohama Ltd.

176,000

1,288,663

Canon, Inc.

141,350

7,943,870

Casio Computer Co. Ltd.

61,800

1,247,650

Chiba Bank Ltd.

150,000

1,239,960

Chugai Pharmaceutical Co. Ltd.

105,300

2,685,410

East Japan Railway Co.

205

1,662,545

Fanuc Ltd.

12,600

1,234,041

Fujifilm Holdings Corp.

53,900

2,203,971

Honda Motor Co. Ltd.

97,800

3,367,254

Japan Tobacco, Inc.

532

2,598,768

Kawasaki Kisen Kaisha Ltd.

149,000

1,618,464

Keyence Corp.

5,400

1,200,514

Konica Minolta Holdings, Inc.

69,000

944,238

Kubota Corp.

218,000

2,060,585

Common Stocks - continued

Shares

Value

Japan - continued

Leopalace21 Corp.

22,400

$ 734,510

Mitsubishi Estate Co. Ltd.

127,600

3,956,544

Mitsubishi UFJ Financial Group, Inc.

76

794,200

Mitsui & Co. Ltd.

167,000

3,003,311

Mitsui Fudosan Co. Ltd.

145,000

4,233,022

Mizuho Financial Group, Inc.

699

4,206,924

Murata Manufacturing Co. Ltd.

41,700

3,073,434

Namco Bandai Holdings, Inc.

119,400

1,940,536

NGK Insulators Ltd.

127,000

2,772,235

Nintendo Co. Ltd.

41,400

12,933,861

Nippon Building Fund, Inc.

100

1,616,626

Nippon Electric Glass Co. Ltd.

55,000

941,423

Nippon Steel Corp.

300,000

1,935,728

Nomura Holdings, Inc.

184,200

3,547,692

NSK Ltd.

245,000

2,371,271

NTT DoCoMo, Inc.

1,555

2,645,055

ORIX Corp.

28,000

7,466,822

Sony Corp. sponsored ADR

51,400

2,737,564

Sumco Corp.

56,800

2,468,520

Sumitomo Corp.

120,000

2,055,517

Sumitomo Electric Industries Ltd.

118,800

1,680,245

Sumitomo Metal Industries Ltd.

272,100

1,381,740

Sumitomo Mitsui Financial Group, Inc.

120

1,048,460

Sumitomo Trust & Banking Co. Ltd.

163,200

1,593,991

T&D Holdings, Inc.

33,200

2,102,874

Takeda Pharamaceutical Co. Ltd.

58,500

3,792,882

The Sumitomo Warehouse Co. Ltd.

27,000

208,449

Tokuyama Corp.

223,300

3,348,259

Toyo Tanso Co. Ltd. (d)

6,900

732,420

Toyota Motor Corp.

170,300

10,338,913

TOTAL JAPAN

128,427,855

Korea (South) - 1.1%

Korean Reinsurance Co.

62,950

800,864

LG Household & Health Care Ltd.

61,490

8,187,000

NHN Corp.

17,547

2,744,638

Samsung Fire & Marine Insurance Co. Ltd.

13,800

2,446,228

Shinhan Financial Group Co. Ltd.

25,816

1,447,761

TOTAL KOREA (SOUTH)

15,626,491

Luxembourg - 0.3%

Acergy SA

75,000

1,605,750

SES SA FDR unit

106,828

2,099,196

TOTAL LUXEMBOURG

3,704,946

Malaysia - 0.2%

DiGi.com BHD

29,300

174,670

Gamuda BHD

827,400

1,898,039

IJM Corp. BHD

570,700

1,450,932

TOTAL MALAYSIA

3,523,641

Shares

Value

Mexico - 0.3%

America Movil SA de CV Series L sponsored ADR

70,000

$ 3,677,100

Urbi, Desarrollos Urbanos, SA de CV (a)

277,300

1,158,592

TOTAL MEXICO

4,835,692

Netherlands - 1.9%

ABN-AMRO Holding NV

58,600

2,839,170

Arcelor Mittal

41,500

2,216,930

Arcelor Mittal (Class A)

46,400

2,512,436

CNH Global NV

45,800

1,982,682

Heineken NV (Bearer)

52,300

2,777,130

ING Groep NV (Certificaten Van Aandelen)

91,100

4,155,071

Koninklijke KPN NV

77,900

1,328,779

Koninklijke Numico NV

29,400

1,627,236

Koninklijke Philips Electronics NV

89,900

3,689,496

Nutreco Holding NV

41,700

3,096,137

SBM Offshore NV

45,200

1,632,051

TOTAL NETHERLANDS

27,857,118

Norway - 0.8%

Aker Kvaerner ASA

98,250

2,340,937

Hafslund ASA (B Shares)

45,400

1,117,963

Marine Harvest ASA (a)

2,425,500

2,625,556

ProSafe ASA

51,100

796,223

Renewable Energy Corp. AS

74,000

2,139,411

Telenor ASA

132,500

2,477,707

TOTAL NORWAY

11,497,797

Russia - 0.2%

Magma OJSC sponsored GDR (a)(e)

87,800

1,110,670

OAO Gazprom sponsored ADR

44,600

1,752,780

TOTAL RUSSIA

2,863,450

Singapore - 0.2%

Keppel Corp. Ltd.

76,000

1,070,563

Singapore Exchange Ltd.

376,000

1,831,490

TOTAL SINGAPORE

2,902,053

Spain - 1.6%

Banco Bilbao Vizcaya Argentaria SA

157,800

3,777,732

Banco Santander Central Hispano SA

343,700

6,186,282

Grupo Ferrovial SA

16,500

1,803,524

Inditex SA

58,600

3,628,837

Sol Melia SA

96,600

2,364,857

Telefonica SA

224,600

5,064,730

TOTAL SPAIN

22,825,962

Sweden - 0.9%

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

49,400

3,292,252

Modern Times Group AB (MTG) (B Shares)

68,500

4,033,502

Common Stocks - continued

Shares

Value

Sweden - continued

Scania AB (B Shares) (d)

38,400

$ 3,696,882

Swedbank AB (A Shares) (d)

48,100

1,873,830

TOTAL SWEDEN

12,896,466

Switzerland - 7.8%

ABB Ltd.:

(Reg.)

13,388

271,562

sponsored ADR

1,636,300

32,660,546

Actelion Ltd. (Reg.) (a)

17,472

4,166,027

BB Biotech AG

23,140

1,933,043

Compagnie Financiere Richemont unit

33,452

2,031,464

Credit Suisse Group (Reg.)

87,398

6,860,743

EFG International

25,800

1,164,135

Julius Baer Holding AG (Bearer)

228,170

16,038,112

Lindt & Spruengli AG (participation certificate)

1,255

3,480,772

Nestle SA:

(Reg.)

21,598

8,583,045

sponsored ADR

34,800

3,457,380

Nobel Biocare Holding AG (Switzerland)

4,389

1,589,757

Novartis AG sponsored ADR

46,100

2,677,949

Phonak Holding AG

38,927

3,464,547

Roche Holding AG (participation certificate)

58,892

11,101,142

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

932

1,190,608

Swiss Life Holding

6,341

1,645,820

Tecan Group AG

18,800

1,400,836

The Swatch Group AG (Reg.)

79,346

4,641,135

UBS AG (NY Shares)

63,690

4,133,481

Zurich Financial Services AG (Reg.)

7,185

2,099,851

TOTAL SWITZERLAND

114,591,955

Taiwan - 0.6%

Gemtek Technology Corp.

568,000

1,462,815

Hon Hai Precision Industry Co. Ltd. (Foxconn)

459,614

3,055,770

PixArt Imaging, Inc.

115,000

1,397,998

Shin Kong Financial Holding Co. Ltd.

708,345

659,113

Siliconware Precision Industries Co. Ltd.

817,000

1,569,480

Wistron Corp.

894,000

1,336,351

TOTAL TAIWAN

9,481,527

United Kingdom - 8.4%

Anglo American PLC (United Kingdom)

65,700

3,506,102

AstraZeneca PLC sponsored ADR

35,800

1,944,298

Autonomy Corp. PLC (a)

219,600

3,317,244

Aviva PLC

131,000

2,070,540

BAE Systems PLC

272,500

2,489,965

Barclays PLC

180,500

2,619,055

BG Group PLC

97,500

1,414,336

BG Group PLC sponsored ADR

13,800

992,634

BHP Billiton PLC

280,100

6,322,919

BP PLC

307,175

3,446,504

Shares

Value

BP PLC sponsored ADR

6,500

$ 437,580

British American Tobacco PLC

146,400

4,557,432

British Land Co. PLC

91,100

2,683,068

Burberry Group PLC

116,100

1,613,346

Capita Group PLC

92,400

1,308,024

Clipper Windpower PLC (a)

201,800

3,540,616

GlaxoSmithKline PLC sponsored ADR

23,000

1,328,940

HBOS plc

143,700

3,111,686

HSBC Holdings PLC (Hong Kong) (Reg.)

93,152

1,720,704

Informa PLC

92,800

1,102,161

International Power PLC

485,900

4,277,173

Investec PLC

196,100

2,801,498

John Wood Group PLC

205,000

1,154,857

KKR Private Equity Investors, LP

149,300

3,642,920

Man Group plc

204,100

2,305,696

Marks & Spencer Group PLC

224,300

3,327,697

N Brown Group PLC

283,700

1,701,732

National Grid PLC

102,900

1,618,172

Next PLC

66,200

3,109,221

Pearson PLC

156,100

2,688,863

Punch Taverns Ltd.

58,700

1,530,475

Reckitt Benckiser PLC

91,600

5,038,446

Renovo Group PLC

764,000

2,749,644

Rio Tinto PLC sponsored ADR

10,200

2,488,800

Rolls-Royce Group PLC

254,026

2,436,709

Royal Bank of Scotland Group PLC

130,400

5,032,056

Royal Dutch Shell PLC Class B

222,800

7,877,094

Shire PLC

137,300

3,198,632

SSL International PLC

143,900

1,253,744

Tesco PLC

772,243

7,118,122

Vodafone Group PLC

1,594,200

4,580,137

Vodafone Group PLC sponsored ADR

56,712

1,629,336

Xstrata PLC

42,700

2,254,794

TOTAL UNITED KINGDOM

123,342,972

United States of America - 41.6%

AES Corp. (a)

313,700

6,898,263

Agilent Technologies, Inc. (a)

90,900

3,124,233

Allergan, Inc.

84,700

10,265,640

American International Group, Inc.

166,300

11,626,033

American Superconductor Corp. (a)(d)

64,700

934,268

American Tower Corp. Class A (a)

283,800

10,784,400

Amphenol Corp. Class A

107,200

3,763,792

Amylin Pharmaceuticals, Inc. (a)

94,200

3,893,286

Apple, Inc. (a)

176,000

17,564,800

Applied Materials, Inc.

173,400

3,332,748

Astoria Financial Corp.

64,700

1,718,432

AT&T, Inc.

556,600

21,551,552

Avon Products, Inc.

300,900

11,975,820

Bank of America Corp.

124,100

6,316,690

BioMimetic Therapeutics, Inc.

6,200

116,188

Brookdale Senior Living, Inc.

28,200

1,280,562

C.R. Bard, Inc.

116,800

9,709,584

Casual Male Retail Group, Inc. (a)

541,200

6,229,212

Common Stocks - continued

Shares

Value

United States of America - continued

Celgene Corp. (a)

82,500

$ 5,045,700

Centex Corp.

46,200

2,068,374

Cerner Corp. (a)

120,700

6,426,068

Cisco Systems, Inc. (a)

479,400

12,819,156

Coach, Inc. (a)

91,900

4,487,477

Cognizant Technology Solutions Corp. Class A (a)

208,400

18,630,960

Commerce Bancorp, Inc.

114,300

3,822,192

Constellation Energy Group, Inc.

42,600

3,796,512

CyberSource Corp. (a)

417,500

5,306,425

DynCorp International, Inc. Class A

249,600

3,744,000

EOG Resources, Inc.

4,800

352,512

Estee Lauder Companies, Inc. Class A

64,600

3,321,732

Exelixis, Inc. (a)

149,200

1,602,408

Exxon Mobil Corp.

281,900

22,377,222

Federated Department Stores, Inc.

497,700

21,858,984

Fluor Corp.

15,800

1,510,796

FormFactor, Inc. (a)

154,200

6,366,918

FPL Group, Inc.

151,400

9,745,618

Fuel Tech, Inc. (a)

149,800

3,765,972

General Dynamics Corp.

204,600

16,061,100

General Growth Properties, Inc.

65,500

4,182,175

Gilead Sciences, Inc. (a)

71,000

5,802,120

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

34,500

16,262,610

Granite Construction, Inc.

42,000

2,530,080

Greenhill & Co., Inc.

45,900

2,903,175

Health Net, Inc. (a)

66,700

3,605,802

Hittite Microwave Corp. (a)

40,500

1,829,790

Hudson City Bancorp, Inc.

928,500

12,367,620

Inverness Medical Innovations, Inc. (a)

175,001

7,008,790

Janus Capital Group, Inc.

325,800

8,151,516

JCPenney Co., Inc.

156,700

12,393,403

KB Home

40,300

1,777,633

Kroger Co.

161,600

4,768,816

Lennar Corp. Class A

62,150

2,654,427

Macquarie Infrastructure Co. Trust

10,100

430,058

Marathon Oil Corp.

17,600

1,787,280

Mastercard, Inc. Class A

38,800

4,333,184

Merck & Co., Inc.

346,400

17,818,816

Molson Coors Brewing Co. Class B

43,400

4,091,752

Monsanto Co.

221,200

13,048,588

Morgan Stanley

139,800

11,744,598

National Oilwell Varco, Inc. (a)

94,504

8,018,664

Nautilus, Inc. (d)

382,900

5,287,849

Northern Trust Corp.

191,900

12,080,105

Peabody Energy Corp.

74,100

3,555,318

PepsiCo, Inc.

197,800

13,072,602

Petrohawk Energy Corp. (a)

209,500

3,027,275

Shares

Value

Procter & Gamble Co.

221,800

$ 14,263,958

Quanta Services, Inc. (a)

184,100

5,060,909

Quicksilver Resources, Inc. (a)

56,900

2,381,834

Ralcorp Holdings, Inc. (a)

73,000

4,804,130

Ryland Group, Inc.

36,800

1,630,240

Safeway, Inc.

169,200

6,141,960

Service Corp. International

517,500

6,287,625

St. Jude Medical, Inc. (a)

83,800

3,585,802

State Street Corp.

123,400

8,498,558

Sun Microsystems, Inc. (a)

3,127,600

16,326,072

Sunoco, Inc.

41,100

3,104,283

Sunpower Corp. Class A (a)

34,800

2,111,664

Time Warner, Inc.

363,400

7,496,942

Titanium Metals Corp.

341,640

11,796,829

Tyson Foods, Inc. Class A

86,200

1,806,752

U.S. Bancorp, Delaware

149,800

5,145,630

UDR, Inc.

124,500

3,739,980

Under Armour, Inc. Class A (sub. vtg.) (a)

33,300

1,681,650

URS Corp. (a)

65,800

2,875,460

Valero Energy Corp.

150,100

10,541,523

ValueClick, Inc. (a)

70,300

2,010,580

Wachovia Corp.

50,900

2,826,986

Washington Group International, Inc. (a)

51,600

3,453,072

Weight Watchers International, Inc.

153,600

7,371,264

Wells Fargo & Co.

142,600

5,117,914

Wendy's International, Inc.

55,700

2,099,890

TOTAL UNITED STATES OF AMERICA

610,891,182

TOTAL COMMON STOCKS

(Cost $1,158,777,848)

1,449,366,152

Nonconvertible Preferred Stocks - 0.8%

Germany - 0.7%

Fresenius AG (non-vtg.)

36,200

3,065,672

Hugo Boss AG (non-vtg.)

49,000

3,045,719

Porsche AG (non-vtg.)

1,371

2,308,088

ProSiebenSat.1 Media AG

71,700

2,622,161

TOTAL GERMANY

11,041,640

Italy - 0.1%

Intesa Sanpaolo Spa

109,800

890,308

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

16,068,419

32,128

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $8,240,647)

11,964,076

Government Obligations - 0.0%

Principal Amount

Value

United States of America - 0.0%

U.S. Treasury Bills, yield at date of purchase 5.05% to 5.11% 5/3/07
(Cost $104,956)

$ 105,000

$ 104,974

Money Market Funds - 3.0%

Shares

Fidelity Cash Central Fund, 5.29% (b)

8,804,240

8,804,240

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

35,354,730

35,354,730

TOTAL MONEY MARKET FUNDS

(Cost $44,158,970)

44,158,970

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $1,211,282,421)

1,505,594,172

NET OTHER ASSETS - (2.5)%

(36,181,767)

NET ASSETS - 100%

$ 1,469,412,405

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 end of the period, the value of these securities amounted to $1,110,670 or 0.1% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 339,484

Fidelity Securities Lending Cash Central Fund

95,759

Total

$ 435,243

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

Semiannual Report

Worldwide

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $33,485,685) - See accompanying schedule:

Unaffiliated issuers (cost $1,167,123,451)

$ 1,461,435,202

Fidelity Central Funds (cost $44,158,970)

44,158,970

Total Investments (cost $1,211,282,421)

$ 1,505,594,172

Cash

1,806,664

Foreign currency held at value (cost $2,006)

2,006

Receivable for investments sold

30,620,229

Receivable for fund shares sold

1,721,468

Dividends receivable

3,303,986

Distributions receivable from Fidelity Central Funds

42,111

Prepaid expenses

4,107

Other receivables

320,595

Total assets

1,543,415,338

Liabilities

Payable for investments purchased

$ 31,115,136

Payable for fund shares redeemed

6,249,475

Accrued management fee

846,577

Other affiliated payables

321,141

Other payables and accrued expenses

115,874

Collateral on securities loaned, at value

35,354,730

Total liabilities

74,002,933

Net Assets

$ 1,469,412,405

Net Assets consist of:

Paid in capital

$ 1,101,383,457

Undistributed net investment income

4,185,317

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

69,444,601

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

294,399,030

Net Assets, for 67,711,064 shares outstanding

$ 1,469,412,405

Net Asset Value, offering price and redemption price per share ($1,469,412,405 ÷ 67,711,064 shares)

$ 21.70

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 11,981,248

Interest

3,606

Income from Fidelity Central Funds (including $95,759 from security lending)

435,243

12,420,097

Less foreign taxes withheld

(652,761)

Total income

11,767,336

Expenses

Management fee
Basic fee

$ 4,959,271

Performance adjustment

(305,788)

Transfer agent fees

1,574,008

Accounting and security lending fees

312,060

Custodian fees and expenses

177,291

Independent trustees' compensation

2,189

Registration fees

24,052

Audit

46,460

Legal

17,488

Miscellaneous

4,511

Total expenses before reductions

6,811,542

Expense reductions

(318,398)

6,493,144

Net investment income (loss)

5,274,192

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

72,241,053

Foreign currency transactions

147,404

Futures contracts

(187,513)

Total net realized gain (loss)

72,200,944

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $112,720)

100,505,113

Assets and liabilities in foreign currencies

37,691

Total change in net unrealized appreciation (depreciation)

100,542,804

Net gain (loss)

172,743,748

Net increase (decrease) in net assets resulting from operations

$ 178,017,940

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

Semiannual Report

Worldwide
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 5,274,192

$ 11,004,832

Net realized gain (loss)

72,200,944

190,489,131

Change in net unrealized appreciation (depreciation)

100,542,804

41,357,609

Net increase (decrease) in net assets resulting from operations

178,017,940

242,851,572

Distributions to shareholders from net investment income

(10,242,312)

(6,174,286)

Distributions to shareholders from net realized gain

(160,260,858)

(64,208,386)

Total distributions

(170,503,170)

(70,382,672)

Share transactions
Proceeds from sales of shares

121,042,719

204,091,203

Reinvestment of distributions

166,220,804

68,541,602

Cost of shares redeemed

(153,603,074)

(297,960,894)

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

133,660,449

(25,328,089)

Redemption fees

18,006

34,454

Total increase (decrease) in net assets

141,193,225

147,175,265

Net Assets

Beginning of period

1,328,219,180

1,181,043,915

End of period (including undistributed net investment income of $4,185,317 and undistributed net investment income of $10,732,638, respectively)

$ 1,469,412,405

$ 1,328,219,180

Other Information

Shares

Sold

5,799,853

9,990,392

Issued in reinvestment of distributions

8,382,290

3,551,377

Redeemed

(7,346,469)

(14,660,695)

Net increase (decrease)

6,835,674

(1,118,926)

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 21.82

$ 19.05

$ 16.72

$ 15.30

$ 11.91

$ 13.48

Income from Investment Operations

Net investment income (loss) D

.08

.17

.15 G

.05 H

.04

.03

Net realized and unrealized gain (loss)

2.63

3.74

2.30

1.44

3.37

(1.60)

Total from investment operations

2.71

3.91

2.45

1.49

3.41

(1.57)

Distributions from net investment income

(.17)

(.10)

(.10)

(.07)

(.02)

-

Distributions from net realized gain

(2.66)

(1.04)

(.02)

-

-

-

Total distributions

(2.83)

(1.14)

(.12)

(.07)

(.02)

-

Redemption fees added to paid in capital D

- J

-J

-J

-J

- J

- J

Net asset value, end of period

$ 21.70

$ 21.82

$ 19.05

$ 16.72

$ 15.30

$ 11.91

Total Return B, C

13.64%

21.31%

14.71%

9.77%

28.68%

(11.65)%

Ratios to Average Net Assets E, I

Expenses before reductions

.98% A

1.08%

1.07%

1.23%

1.31%

1.24%

Expenses net of fee waivers, if any

.98% A

1.08%

1.07%

1.23%

1.31%

1.24%

Expenses net of all reductions

.93% A

1.02%

1.01%

1.19%

1.28%

1.20%

Net investment income (loss)

.76% A

.85%

.82% G

.29% H

.28%

.19%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,469,412

$ 1,328,219

$ 1,181,044

$ 1,064,162

$ 849,087

$ 647,789

Portfolio turnover rate F

117% A

205%

93%

95%

106%

120%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G 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%. H 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%. I 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited, except as indicated)

1. Organization.

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. 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 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.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedule of Investments lists each of the Fidelity Central Funds as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fidelity Diversified International Fund's Report of Independent Registered Public Accounting Firm, are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

3. Significant Accounting Policies.

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, including the Fidelity Central 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 cannot 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.

Semiannual Report

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

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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 invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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), market discount, partnerships, 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)

Global Balanced

$ 301,813,642

$ 34,857,811

$ (2,835,260)

$ 32,022,551

Diversified International

42,303,188,406

15,607,687,644

(346,633,641)

15,261,054,003

Aggressive International

565,455,671

62,782,166

(8,442,665)

54,339,501

Overseas

7,652,646,574

1,727,206,520

(62,685,631)

1,664,520,889

Worldwide

1,212,558,269

304,584,783

(11,548,880)

293,035,903

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncements - continued

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.

4. Operating Policies.

Forward Foreign Currency Contracts. Diversified International Fund and Aggressive International Fund generally use foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage the Funds' currency exposure. Contracts to sell generally are used to hedge the Funds' investments against currency fluctuations, while contracts to buy generally are used to offset a previous contract to sell. Also, a contract to buy can be used to acquire exposure to foreign currencies and a contract to sell can be used to offset a previous contract to buy. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Funds' Statement of Assets and Liabilities. The U.S. dollar value of the currencies the Funds have committed to buy or sell is shown in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." This amount represents the aggregate exposure to each currency the Funds have acquired or hedged through currency contracts at period end. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts' terms.

The U.S. dollar value of forward foreign currency contracts is determined using forward currency exchange rates supplied by a quotation service. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) recognized on the date of offset: otherwise, gain (loss) is recognized on settlement date. Contracts that have been offset with different counterparties are reflected as both a contract to buy and a contract to sell in the Schedule of Investments under the caption "Forward Foreign Currency Contracts."

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.

5. 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

251,029,896

197,173,184

Diversified International

15,730,180,127

13,795,277,007

Aggressive International

313,704,850

370,857,303

Overseas

3,672,837,912

3,299,736,679

Worldwide

805,171,948

814,505,917

Diversified International realized a loss on the sale of an investment not meeting the investment restrictions of the fund. The loss was fully reimbursed by the Fund's investment advisor.

Semiannual Report

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

6. 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%

.26%

.71%

Diversified International

.45%

.26%

.67%

Aggressive International

.45%

.26%

.45%

Overseas

.45%

.26%

.58%

Worldwide

.45%

.26%

.67%

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

.24%

Diversified International

.21%

Aggressive International

.26%

Overseas

.23%

Worldwide

.23%

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.

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

$ 1,102

Diversified International

4,534

Aggressive International

2

Overseas

1,522

Worldwide

4,210

7. 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:

Global Balanced

$ 343

Diversified International

57,116

Aggressive International

577

Overseas

9,288

Worldwide

1,681

During the period, there were no borrowings on this line of credit.

Semiannual Report

8. 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 Fidelity Central Funds.

9. 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

$ 22,731

$ -

$ 8,067

Diversified International

5,233,462

40,215

1,754,454

Aggressive International

255,852

1,215

8,119

Overseas

2,026,569

3,653

347,699

Worldwide

256,491

2,307

39,473

10. 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 27% of the total outstanding shares of Overseas.

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to each of the Funds is not anticipated to have a material impact on such Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

On April 19, 2007, the Board of Trustees approved an Agreement and Plan of Reorganization whereby the Fidelity Global Balanced Fund will reorganize into Fidelity Charles Street Trust, effective on or about June 29, 2007. The reorganization will not impact the Fidelity Global Balanced Fund's investment strategies or FMR's management of the Fidelity Global Balanced Fund. All legal and other expenses associated with the reorganization will be paid by FMR.

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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the six months ended April 30, 2007 and for each of the five years in the period ended October 31, 2006. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30,2007 and for the year ended October 31, 2006, and the financial highlights for the six months ended April 30, 2007 and for each of the five years in the period ended October 31, 2006, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 15, 2007

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Global Balanced Fund

On April 19, 2007, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund in connection with reorganizing the fund from one Trust to another. The Board reached this determination because the contractual terms of and fees payable under the fund's Advisory Contracts are identical to those in the fund's current Advisory Contracts. The Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board considered that it approved the Advisory Contracts for the fund during the past year and that it will again consider renewal of the Advisory Contracts in July 2007.

Because the Board was approving Advisory Contracts with terms identical to the current Advisory Contracts, 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 Advisory Contracts, 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.

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 Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved, without modification, as part of the process of reorganizing the fund from one Trust to another.

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 International Investment Advisors
(U.K.) Limited
Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodians

Brown Brothers Harriman & Co.
Boston, MA

Global Balanced Fund

JPMorgan Chase Bank
New York, NY

Aggressive International Fund, Diversified International Fund,
Overseas Fund, Worldwide Fund

Corporate Headquarters

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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic)    Automated line for quickest service

IBD-USAN-0607
1.784910.104

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, 2007

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders

Note to Shareholders

<Click Here>

An explanation of the changes to the fund

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

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

Chairman's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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

Note to Shareholders:

Europe and Nordic

The proposal to merge Fidelity Nordic Fund into Fidelity Europe Fund was not approved by shareholders at the shareholder meeting on June 20, 2007. The in-favor votes failed to exceed the 66.67% threshold required to approve the merger. Nordic Fund, which had been closed to new investors pending shareholder consideration of the merger proposal, was reopened on June 21, 2007.

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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Canada

Actual

$ 1,000.00

$ 1,107.30

$ 5.02

HypotheticalA

$ 1,000.00

$ 1,020.03

$ 4.81

China Region

Actual

$ 1,000.00

$ 1,104.70

$ 5.74

HypotheticalA

$ 1,000.00

$ 1,019.34

$ 5.51

Emerging Markets

Actual

$ 1,000.00

$ 1,215.30

$ 5.88

HypotheticalA

$ 1,000.00

$ 1,019.49

$ 5.36

Europe

Actual

$ 1,000.00

$ 1,160.80

$ 5.79

HypotheticalA

$ 1,000.00

$ 1,019.44

$ 5.41

Europe Capital Appreciation

Actual

$ 1,000.00

$ 1,192.40

$ 5.54

HypotheticalA

$ 1,000.00

$ 1,019.74

$ 5.11

Japan

Actual

$ 1,000.00

$ 1,040.90

$ 5.26

HypotheticalA

$ 1,000.00

$ 1,019.64

$ 5.21

Japan Smaller Companies

Actual

$ 1,000.00

$ 929.80

$ 4.93

HypotheticalA

$ 1,000.00

$ 1,019.69

$ 5.16

Latin America

Actual

$ 1,000.00

$ 1,219.50

$ 5.61

HypotheticalA

$ 1,000.00

$ 1,019.74

$ 5.11

Nordic

Actual

$ 1,000.00

$ 1,276.80

$ 6.10

HypotheticalA

$ 1,000.00

$ 1,019.44

$ 5.41

Beginning
Account Value
November 1, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Pacific Basin

Actual

$ 1,000.00

$ 1,183.10

$ 6.50

HypotheticalA

$ 1,000.00

$ 1,018.84

$ 6.01

Southeast Asia

Actual

$ 1,000.00

$ 1,247.00

$ 6.46

HypotheticalA

$ 1,000.00

$ 1,019.04

$ 5.81

A 5% 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

.96%

China Region

1.10%

Emerging Markets

1.07%

Europe

1.08%

Europe Capital Appreciation

1.02%

Japan

1.04%

Japan Smaller Companies

1.03%

Latin America

1.02%

Nordic

1.08%

Pacific Basin

1.20%

Southeast Asia

1.16%

Semiannual Report

Canada

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Canada

96.5%

United States of America

3.5%

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

As of October 31, 2006

Canada

96.5%

United States of America

3.3%

Switzerland

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

97.7

96.9

Short-Term Investments and Net Other Assets

2.3

3.1

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Manulife Financial Corp. (Insurance)

5.0

4.5

Royal Bank of Canada (Commercial Banks)

4.7

4.4

Toronto-Dominion Bank (Commercial Banks)

4.5

4.6

Bank of Montreal (Commercial Banks)

3.8

3.5

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

3.6

3.0

EnCana Corp. (Oil, Gas & Consumable Fuels)

3.2

2.7

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

3.1

2.8

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

3.1

2.7

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

3.1

3.6

Canadian Imperial Bank of Commerce (Commercial Banks)

2.8

2.6

36.9

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

29.7

28.7

Energy

26.8

26.7

Materials

9.5

8.7

Industrials

8.0

7.6

Consumer Discretionary

7.6

7.6

Telecommunication Services

6.6

6.4

Information Technology

5.9

7.3

Consumer Staples

3.6

3.7

Health Care

0.0

0.2

Semiannual Report

Canada

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

CONSUMER DISCRETIONARY - 7.6%

Hotels, Restaurants & Leisure - 1.0%

Great Canadian Gaming Corp. (a)

750,000

$ 8,933,237

Tim Hortons, Inc.

750,000

23,647,500

32,580,737

Media - 3.4%

Aeroplan Income Fund (e)

745,216

13,092,812

Aeroplan Income Fund (f)

31,800

558,699

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

200,000

7,802,505

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

550,000

23,052,527

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

900,000

32,427,246

Yellow Pages Income Fund (e)

2,600,000

32,936,301

109,870,090

Multiline Retail - 0.6%

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

260,000

17,730,787

Specialty Retail - 0.2%

RONA, Inc. (a)

350,000

7,599,784

Textiles, Apparel & Luxury Goods - 2.4%

Gildan Activewear, Inc. Class A (a)

1,200,000

76,114,965

TOTAL CONSUMER DISCRETIONARY

243,896,363

CONSUMER STAPLES - 3.6%

Food & Staples Retailing - 3.3%

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

1,550,000

33,097,576

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

775,000

27,057,618

Shoppers Drug Mart Corp.

975,000

44,441,166

104,596,360

Food Products - 0.3%

Saskatchewan Wheat Pool, Inc. rights 5/31/07 (a)(f)

1,273,500

9,248,049

TOTAL CONSUMER STAPLES

113,844,409

ENERGY - 26.8%

Energy Equipment & Services - 1.0%

CCS Income Trust (e)

540,000

17,685,377

CCS Income Trust (f)

135,000

4,476,830

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

305,000

6,361,609

Savanna Energy Services Corp. (a)

140,000

2,743,490

31,267,306

Oil, Gas & Consumable Fuels - 25.8%

AltaGas Income Trust

600,000

14,433,733

Cameco Corp.

1,700,000

79,187,314

Canadian Natural Resources Ltd.

1,660,000

98,920,984

Canadian Oil Sands Trust unit

800,000

21,738,895

Duvernay Oil Corp. (a)

325,000

11,566,357

EnCana Corp.

1,930,300

101,045,527

Galleon Energy, Inc. (a)(f)

100,000

1,459,591

Galleon Energy, Inc. Class A (a)

700,000

10,217,137

Shares

Value

Highpine Oil & Gas Ltd. (a)

375,000

$ 4,459,861

Husky Energy, Inc.

700,000

53,387,693

Keyera Facilities Income Fund (e)

1,000,000

17,163,708

Nexen, Inc.

700,000

41,656,906

Niko Resources Ltd.

250,000

19,934,228

Niko Resources Ltd. (f)

20,000

1,594,738

Petro-Canada

550,000

24,454,906

Suncor Energy, Inc.

1,425,000

114,331,246

Talisman Energy, Inc.

3,700,000

70,206,325

TransCanada Corp.

2,150,000

76,651,500

Valero Energy Corp.

250,000

17,557,500

Western Oil Sands, Inc. Class A (a)

1,450,000

47,109,649

827,077,798

TOTAL ENERGY

858,345,104

FINANCIALS - 29.7%

Capital Markets - 0.9%

Addenda Capital, Inc.

247,000

5,189,693

CI Financial Income Fund (e)

950,000

24,394,090

29,583,783

Commercial Banks - 16.8%

Bank of Montreal

1,925,000

120,470,763

Canadian Imperial Bank of Commerce

1,000,000

88,025,948

National Bank of Canada

600,000

33,494,910

Royal Bank of Canada

2,917,500

151,986,530

Toronto-Dominion Bank

2,375,000

145,080,638

539,058,789

Diversified Financial Services - 0.6%

TSX Group, Inc.

415,000

17,648,437

Insurance - 9.0%

ING Canada, Inc.

850,000

37,334,445

Manulife Financial Corp.

4,470,000

161,538,604

Power Corp. of Canada (sub. vtg.)

1,200,000

40,814,488

Sun Life Financial, Inc.

1,000,000

47,391,657

287,079,194

Real Estate Management & Development - 2.4%

Brookfield Asset Management, Inc. Class A

975,000

56,713,217

Brookfield Properties Corp.

500,000

20,535,003

77,248,220

TOTAL FINANCIALS

950,618,423

INDUSTRIALS - 8.0%

Aerospace & Defense - 2.1%

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

7,307,100

30,086,897

CAE, Inc.

3,200,000

37,163,708

67,250,605

Airlines - 0.1%

WestJet Airlines Ltd. (a)

193,200

2,894,780

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - 0.3%

Garda World Security Corp. (a)

440,000

$ 8,923,687

Construction & Engineering - 1.3%

SNC-Lavalin Group, Inc.

1,538,700

44,085,647

Road & Rail - 3.1%

Canadian National Railway Co.

1,750,000

87,681,323

TransForce Income Fund (e)

861,237

10,840,149

98,521,472

Trading Companies & Distributors - 1.1%

Finning International, Inc.

700,000

34,687,810

TOTAL INDUSTRIALS

256,364,001

INFORMATION TECHNOLOGY - 5.9%

Communications Equipment - 2.6%

Research In Motion Ltd. (a)

645,000

84,869,105

Electronic Equipment & Instruments - 0.2%

Miranda Technologies, Inc. (a)

513,700

4,855,134

Miranda Technologies, Inc. (a)(f)

186,300

1,760,778

6,615,912

Internet Software & Services - 1.4%

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

95,000

44,781,100

IT Services - 0.6%

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

1,300,000

11,595,639

Emergis, Inc. (a)

1,100,000

6,333,003

17,928,642

Semiconductors & Semiconductor Equipment - 0.4%

Broadcom Corp. Class A (a)

325,000

10,578,750

Tundra Semiconductor Corp. Ltd. (a)

200,000

1,731,688

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

4,300

37,231

12,347,669

Software - 0.7%

Cognos, Inc. (a)

200,000

8,622,000

MacDonald Dettwiler & Associates Ltd. (a)

300,000

13,384,990

22,006,990

TOTAL INFORMATION TECHNOLOGY

188,549,418

MATERIALS - 9.5%

Chemicals - 2.5%

Potash Corp. of Saskatchewan, Inc.

440,000

78,988,801

Metals & Mining - 7.0%

Aber Diamond Corp.

400,000

14,455,356

Alcan, Inc.

1,300,000

76,542,932

Eldorado Gold Corp. (a)

1,300,000

7,531,309

Goldcorp, Inc.

700,000

16,990,720

IPSCO, Inc.

315,000

46,572,751

Meridian Gold, Inc. (a)

625,000

15,781,253

Shore Gold, Inc. (a)

2,000,000

9,928,822

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

375,000

28,411,343

Shares

Value

US Gold Corp. (a)

1,111,300

$ 6,556,670

US Gold Corp. warrants 2/22/11 (a)(g)

200,000

495,542

223,266,698

TOTAL MATERIALS

302,255,499

TELECOMMUNICATION SERVICES - 6.6%

Diversified Telecommunication Services - 3.5%

BCE, Inc.

384,900

12,966,403

TELUS Corp. (non-vtg.)

1,850,000

98,842,238

111,808,641

Wireless Telecommunication Services - 3.1%

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

2,600,000

99,675,646

TOTAL TELECOMMUNICATION SERVICES

211,484,287

TOTAL COMMON STOCKS

(Cost $2,166,568,244)

3,125,357,504

Government Obligations - 1.9%

Principal Amount (d)

Canadian Government Treasury Bills 4.1587% to 4.1809% 5/3/07 to 7/26/07
(Cost $57,820,148)

CAD

$ 67,900,000

60,999,758

Money Market Funds - 5.1%

Shares

Fidelity Cash Central Fund, 5.29% (b)

13,450,431

13,450,431

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

150,016,250

150,016,250

TOTAL MONEY MARKET FUNDS

(Cost $163,466,681)

163,466,681

TOTAL INVESTMENT PORTFOLIO - 104.7%

(Cost $2,387,855,073)

3,349,823,943

NET OTHER ASSETS - (4.7)%

(149,575,227)

NET ASSETS - 100%

$ 3,200,248,716

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) 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) 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 end of the period, the value of these securities amounted to $19,135,916 or 0.6% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $495,542 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

US Gold Corp. warrants 2/22/11

2/8/06

$ 98,359

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 441,411

Fidelity Securities Lending Cash Central Fund

2,119,284

Total

$ 2,560,695

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

WestJet Airlines Ltd.

$ 3,582,328

$ 281,310

$ 2,320,094

$ -

$ -

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

Semiannual Report

Canada

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $143,393,657) - See accompanying schedule:

Unaffiliated issuers (cost $2,224,388,392)

$ 3,186,357,262

Fidelity Central Funds (cost $163,466,681)

163,466,681

Total Investments (cost $2,387,855,073)

$ 3,349,823,943

Cash

32,031

Foreign currency held at value (cost $2,242,459)

2,247,669

Receivable for investments sold
Regular delivery

11,568,869

Delayed delivery

278,178

Receivable for fund shares sold

9,560,018

Dividends receivable

2,378,570

Distributions receivable from Fidelity Central Funds

58,946

Prepaid expenses

9,147

Other receivables

397,786

Total assets

3,376,355,157

Liabilities

Payable for investments purchased

$ 17,283,629

Payable for fund shares redeemed

6,357,076

Accrued management fee

1,709,770

Other affiliated payables

656,633

Other payables and accrued expenses

83,083

Collateral on securities loaned,
at value

150,016,250

Total liabilities

176,106,441

Net Assets

$ 3,200,248,716

Net Assets consist of:

Paid in capital

$ 2,195,927,746

Undistributed net investment income

9,046,540

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

33,284,408

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

961,990,022

Net Assets, for 60,071,854 shares outstanding

$ 3,200,248,716

Net Asset Value, offering price and redemption price per share ($3,200,248,716 ÷ 60,071,854 shares)

$ 53.27

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 30,629,714

Interest

1,208,029

Income from Fidelity Central Funds (including $2,119,284 from security lending)

2,560,695

34,398,438

Less foreign taxes withheld

(4,046,969)

Total income

30,351,469

Expenses

Management fee
Basic fee

$ 10,886,938

Performance adjustment

(529,473)

Transfer agent fees

3,357,276

Accounting and security lending fees

660,635

Custodian fees and expenses

192,836

Independent trustees' compensation

4,642

Registration fees

44,389

Audit

40,114

Legal

22,396

Interest

22,649

Miscellaneous

9,846

Total expenses before reductions

14,712,248

Expense reductions

(260,836)

14,451,412

Net investment income (loss)

15,900,057

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

45,803,653

Other affiliated issuers

295,894

Foreign currency transactions

(292,538)

Total net realized gain (loss)

45,807,009

Change in net unrealized appreciation (depreciation) on:

Investment securities

243,421,400

Assets and liabilities in foreign currencies

(10,824)

Total change in net unrealized appreciation (depreciation)

243,410,576

Net gain (loss)

289,217,585

Net increase (decrease) in net assets resulting from operations

$ 305,117,642

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

Semiannual Report

Canada
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 15,900,057

$ 19,732,045

Net realized gain (loss)

45,807,009

70,228,167

Change in net unrealized appreciation (depreciation)

243,410,576

455,286,136

Net increase (decrease) in net assets resulting from operations

305,117,642

545,246,348

Distributions to shareholders from net investment income

(22,989,617)

(7,430,512)

Distributions to shareholders from net realized gain

(65,775,828)

(464,413)

Total distributions

(88,765,445)

(7,894,925)

Share transactions
Proceeds from sales of shares

457,955,424

1,811,356,216

Reinvestment of distributions

85,654,202

7,617,749

Cost of shares redeemed

(696,989,315)

(943,205,518)

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

(153,379,689)

875,768,447

Redemption fees

348,955

1,291,008

Total increase (decrease) in net assets

63,321,463

1,414,410,878

Net Assets

Beginning of period

3,136,927,253

1,722,516,375

End of period (including undistributed net investment income of $9,046,540 and undistributed net investment income of $17,032,665, respectively)

$ 3,200,248,716

$ 3,136,927,253

Other Information

Shares

Sold

9,202,918

39,925,341

Issued in reinvestment of distributions

1,757,370

181,418

Redeemed

(14,281,632)

(20,723,860)

Net increase (decrease)

(3,321,344)

19,382,899

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 49.48

$ 39.14

$ 31.87

$ 25.13

$ 17.52

$ 17.23

Income from Investment Operations

Net investment income (loss) F

.26

.34

.20

.10

.05

.02

Net realized and unrealized gain (loss)

4.91

10.15

7.12

6.74

7.58

.28

Total from investment operations

5.17

10.49

7.32

6.84

7.63

.30

Distributions from net investment income

(.36)

(.16)

(.08)

(.13)

(.04)

(.03)

Distributions from net realized gain

(1.03)

(.01)

-

-

-

-

Total distributions

(1.39)

(.17)

(.08)

(.13)

(.04)

(.03)

Redemption fees added to paid in capital F

.01

.02

.03

.03

.02

.02

Net asset value, end of period

$ 53.27

$ 49.48

$ 39.14

$ 31.87

$ 25.13

$ 17.52

Total Return B, C, D, E

10.73%

26.93%

23.11%

27.45%

43.75%

1.85%

Ratios to Average Net Assets G, I

Expenses before reductions

.96% A

1.00%

1.08%

1.20%

1.42%

1.52%

Expenses net of fee waivers, if any

.96% A

1.00%

1.08%

1.20%

1.42%

1.52%

Expenses net of all reductions

.95% A

.97%

1.04%

1.15%

1.37%

1.46%

Net investment income (loss)

1.04% A

.74%

.55%

.34%

.26%

.12%

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,200,249

$ 3,136,927

$ 1,722,516

$ 413,319

$ 167,205

$ 77,251

Portfolio turnover rate H

24% A

50%

24%

47%

52%

98%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. H Amount does not include the portfolio activity of any underlying Fidelity Central Funds. I 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.

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

Semiannual Report

China Region

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Hong Kong

47.4%

Taiwan

31.2%

China

8.2%

United Kingdom

6.6%

Cayman Islands

2.9%

United States of America

1.6%

Singapore

1.0%

Australia

0.6%

Bermuda

0.5%

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

As of October 31, 2006

Hong Kong

37.0%

Taiwan

27.6%

United States of America

12.0%

United Kingdom

11.7%

China

6.7%

Cayman Islands

3.6%

Singapore

0.8%

Australia

0.4%

Korea (South)

0.2%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.4

88.0

Short-Term Investments and Net Other Assets

1.6

12.0

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

6.4

5.1

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

5.2

4.6

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

4.5

3.1

Li & Fung Ltd. (Distributors)

4.4

3.1

Cheung Kong Holdings Ltd. (Real Estate Management & Development)

3.9

3.5

Hutchison Whampoa Ltd. (Industrial Conglomerates)

3.7

3.3

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

3.4

9.3

Bank of East Asia Ltd. (Commercial Banks)

3.0

2.4

Sun Hung Kai Properties Ltd. (Real Estate Management & Development)

2.6

1.1

China Mengniu Dairy Co. Ltd. (Food Products)

2.6

1.1

39.7

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

34.3

31.8

Information Technology

23.3

25.3

Consumer Discretionary

12.1

7.7

Telecommunication Services

6.5

4.2

Consumer Staples

5.9

3.7

Materials

4.8

2.4

Industrials

4.6

3.9

Energy

3.6

4.8

Utilities

3.3

4.2

Health Care

0.0

0.0

Semiannual Report

China Region

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

CONSUMER DISCRETIONARY - 12.1%

Auto Components - 0.4%

Hota Industrial Manufacturing Co. Ltd.

2,332,000

$ 3,289,880

Distributors - 5.2%

China Resources Enterprise Ltd.

2,146,000

7,324,747

Li & Fung Ltd.

13,092,600

41,173,014

48,497,761

Hotels, Restaurants & Leisure - 3.5%

Cafe de Coral Holdings Ltd.

4,574,000

8,361,493

eLong, Inc. sponsored ADR (a)

198,100

1,927,513

Hong Kong & Shanghai Hotels Ltd.

4,828,709

7,395,023

Mandarin Oriental International Ltd.

2,521,000

5,596,620

Shangri-La Asia Ltd.

4,106,000

10,077,941

33,358,590

Household Durables - 0.3%

Basso Industry Corp. Ltd.

1,813,160

2,612,348

Leisure Equipment & Products - 0.7%

Li Ning Co. Ltd.

3,334,000

6,563,538

Media - 1.5%

Hong Kong Economic Time Holdings Ltd.

4,572,000

1,566,364

Television Broadcasts Ltd.

1,921,000

12,732,913

14,299,277

Multiline Retail - 0.1%

Intime Department Store Group Co. Ltd.

1,233,000

1,084,434

Textiles, Apparel & Luxury Goods - 0.4%

Embry Holdings Ltd.

3,064,000

2,925,910

Qualipak International Holdings Ltd.

1,849,000

1,257,477

4,183,387

TOTAL CONSUMER DISCRETIONARY

113,889,215

CONSUMER STAPLES - 5.9%

Beverages - 0.6%

Dynasty Fine Wines Group Ltd.

1,556,000

638,508

Yantai Changyu Pioneer Wine Co. (B Shares)

981,963

4,732,473

5,370,981

Food & Staples Retailing - 2.4%

Convenience Retail Asia Ltd.

48,200

19,964

Dairy Farm International Holdings Ltd.

5,581,800

22,550,472

Lianhua Supermarket Holdings Co. (H Shares)

490,000

630,153

23,200,589

Food Products - 2.9%

China Agri-Industries Holding Ltd.

76,000

62,082

China Huiyuan Juice Group Ltd.

2,018,000

2,412,040

China Mengniu Dairy Co. Ltd.

8,040,000

24,615,758

27,089,880

TOTAL CONSUMER STAPLES

55,661,450

Shares

Value

ENERGY - 3.6%

Energy Equipment & Services - 0.3%

China Oilfield Services Ltd. (H Shares)

3,192,000

$ 2,725,781

Oil, Gas & Consumable Fuels - 3.3%

China Shenhua Energy Co. Ltd. (H Shares)

3,700,000

9,242,255

CNOOC Ltd.

10,089,500

8,633,585

PetroChina Co. Ltd. (H Shares)

11,702,000

13,122,623

30,998,463

TOTAL ENERGY

33,724,244

FINANCIALS - 34.3%

Commercial Banks - 19.3%

Bank of East Asia Ltd.

4,607,707

28,508,992

BOC Hong Kong Holdings Ltd.

7,472,500

18,474,557

Chang Hwa Commercial Bank (a)

6,177,000

3,634,020

China Merchants Bank Co. Ltd. (H Shares)

4,687,000

11,539,922

Dah Sing Banking Group Ltd.

1,602,800

3,622,540

DBS Group Holdings Ltd.

701,000

9,828,397

First Financial Holding Co. Ltd.

2,202,000

1,520,193

Hang Seng Bank Ltd.

1,682,500

23,723,690

HSBC Holdings PLC (Hong Kong) (Reg.)

1,729,221

31,942,170

Standard Chartered PLC:

(Hong Kong)

395,370

12,251,464

(United Kingdom)

558,721

17,393,787

Wing Hang Bank Ltd.

893,000

10,730,772

Wing Lung Bank Ltd.

777,000

8,567,059

181,737,563

Diversified Financial Services - 1.7%

First Pacific Co. Ltd.

14,276,000

9,307,400

Jardine Matheson Holdings Ltd.

275,600

6,449,040

15,756,440

Insurance - 2.8%

AXA Asia Pacific Holdings Ltd.

843,950

5,179,343

Cathay Financial Holding Co. Ltd.

6,616,943

13,466,067

Shin Kong Financial Holding Co. Ltd.

8,152,980

7,586,330

26,231,740

Real Estate Investment Trusts - 0.3%

Champion (REIT)

5,029,000

2,892,982

Real Estate Management & Development - 10.2%

Cheung Kong Holdings Ltd.

2,855,000

37,226,991

Hong Kong Land Holdings Ltd.

1,970,000

9,219,600

Hysan Development Co. Ltd.

575,000

1,532,588

Sun Hung Kai Properties Ltd.

2,098,021

24,647,734

Swire Pacific Ltd. (A Shares)

2,099,000

24,082,332

96,709,245

TOTAL FINANCIALS

323,327,970

Common Stocks - continued

Shares

Value

INDUSTRIALS - 4.6%

Electrical Equipment - 0.0%

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

4,200

$ 152,376

Industrial Conglomerates - 3.7%

Hutchison Whampoa Ltd.

3,603,500

34,894,647

Machinery - 0.5%

China Infrastructure Machinery Holdings Ltd.

762,000

1,455,316

King Slide Works Co. Ltd.

690,400

3,087,740

4,543,056

Road & Rail - 0.4%

MTR Corp. Ltd.

1,659,500

4,090,119

Transportation Infrastructure - 0.0%

Yangzijiang Shipbuilding Holdings Ltd.

259,000

225,039

TOTAL INDUSTRIALS

43,905,237

INFORMATION TECHNOLOGY - 23.3%

Communications Equipment - 1.8%

D-Link Corp.

3,165,000

5,871,051

Foxconn International Holdings Ltd. (a)

3,169,000

9,601,127

ZTE Corp. (H Shares)

319,000

1,494,570

16,966,748

Computers & Peripherals - 2.0%

Catcher Technology Co. Ltd.

1,285,789

9,880,146

DVN Holdings Ltd. (a)

14,029,000

3,909,623

Foxconn Technology Co. Ltd.

201,000

1,903,483

Wistron Corp.

2,314,655

3,459,946

19,153,198

Electronic Equipment & Instruments - 7.9%

AU Optronics Corp.

8,309,994

13,145,133

Chroma ATE, Inc.

3,755,714

5,659,133

Everfocus Electronics Co. Ltd.

797,280

1,061,349

Hon Hai Precision Industry Co. Ltd. (Foxconn)

7,325,953

48,707,017

Ju Teng International Holdings Ltd. (a)

402,000

95,071

Kingboard Chemical Holdings Ltd.

1,137,800

5,338,062

Yageo Corp. (a)

1,157,000

458,417

74,464,182

Semiconductors & Semiconductor Equipment - 11.6%

Advanced Semiconductor Engineering, Inc. (a)

9,794,690

11,381,430

King Yuan Electronics Co. Ltd.

2,849,780

2,176,972

MediaTek, Inc.

1,231,200

15,447,513

MJC Probe, Inc.

550,700

1,735,634

Shares

Value

Siliconware Precision Industries Co. Ltd.

9,416,756

$ 18,089,850

Taiwan Semiconductor Manufacturing Co. Ltd.

29,376,513

60,577,405

109,408,804

TOTAL INFORMATION TECHNOLOGY

219,992,932

MATERIALS - 4.8%

Chemicals - 3.3%

Formosa Chemicals & Fibre Corp.

3,807,365

7,085,490

Nan Ya Plastics Corp.

6,728,690

12,279,700

Taiwan Fertilizer Co. Ltd.

6,448,000

11,825,511

31,190,701

Construction Materials - 0.2%

Asia Cement Corp.

1,305,000

1,363,149

Containers & Packaging - 0.2%

AMVIG Holdings Ltd.

2,106,000

1,857,630

Metals & Mining - 0.5%

Gloria Material Technology Corp.

3,426,000

5,131,467

Paper & Forest Products - 0.6%

Chung Hwa Pulp Corp.

9,020,000

4,372,529

Nine Dragons Paper (Holdings) Ltd.

569,000

1,159,451

5,531,980

TOTAL MATERIALS

45,074,927

TELECOMMUNICATION SERVICES - 6.5%

Wireless Telecommunication Services - 6.5%

China Mobile (Hong Kong) Ltd.

4,747,000

42,732,494

Far EasTone Telecommunications Co. Ltd.

10,473,685

11,820,641

SmarTone Telecommunications Holdings Ltd.

1,997,500

2,300,717

Taiwan Cellular Co. Ltd.

4,041,000

4,196,803

61,050,655

UTILITIES - 3.3%

Electric Utilities - 0.7%

Cheung Kong Infrastructure Holdings Ltd.

1,802,000

6,473,107

Gas Utilities - 1.8%

Hong Kong & China Gas Co. Ltd.

7,139,400

17,030,406

Independent Power Producers & Energy Traders - 0.8%

China Power International Development Ltd.

8,388,000

4,385,644

China Resources Power Holdings Co. Ltd.

1,792,000

3,197,975

7,583,619

TOTAL UTILITIES

31,087,132

TOTAL COMMON STOCKS

(Cost $714,556,371)

927,713,762

Money Market Funds - 1.8%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)
(Cost $16,632,842)

16,632,842

$ 16,632,842

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $731,189,213)

944,346,604

NET OTHER ASSETS - (0.2)%

(1,506,960)

NET ASSETS - 100%

$ 942,839,644

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 investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 2,741,134

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

Semiannual Report

China Region

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $714,556,371)

$ 927,713,762

Fidelity Central Funds (cost $16,632,842)

16,632,842

Total Investments (cost $731,189,213)

$ 944,346,604

Foreign currency held at value (cost $1,271,497)

1,270,670

Receivable for investments sold

3,231,810

Receivable for fund shares sold

1,276,469

Dividends receivable

3,344,020

Distributions receivable from Fidelity Central Funds

189,423

Prepaid expenses

1,901

Other receivables

226,648

Total assets

953,887,545

Liabilities

Payable for investments purchased

$ 1,795,646

Payable for fund shares redeemed

8,284,880

Accrued management fee

583,675

Other affiliated payables

234,066

Other payables and accrued expenses

149,634

Total liabilities

11,047,901

Net Assets

$ 942,839,644

Net Assets consist of:

Paid in capital

$ 709,996,998

Undistributed net investment income

2,522,186

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

17,165,541

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

213,154,919

Net Assets, for 37,968,116 shares outstanding

$ 942,839,644

Net Asset Value, offering price and redemption price per share ($942,839,644 ÷ 37,968,116 shares)

$ 24.83

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 5,720,201

Interest

431

Income from Fidelity Central Funds

2,741,134

8,461,766

Less foreign taxes withheld

(10,037)

Total income

8,451,729

Expenses

Management fee

$ 3,361,707

Transfer agent fees

1,145,725

Accounting fees and expenses

219,517

Custodian fees and expenses

350,930

Independent trustees' compensation

1,323

Registration fees

59,289

Audit

33,755

Legal

7,568

Miscellaneous

2,394

Total expenses before reductions

5,182,208

Expense reductions

(351,574)

4,830,634

Net investment income (loss)

3,621,095

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

17,960,785

Foreign currency transactions

(151,928)

Total net realized gain (loss)

17,808,857

Change in net unrealized appreciation (depreciation) on:

Investment securities

57,378,994

Assets and liabilities in foreign currencies

(2,161)

Total change in net unrealized appreciation (depreciation)

57,376,833

Net gain (loss)

75,185,690

Net increase (decrease) in net assets resulting from operations

$ 78,806,785

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

Semiannual Report

China Region
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 3,621,095

$ 11,022,425

Net realized gain (loss)

17,808,857

17,130,560

Change in net unrealized appreciation (depreciation)

57,376,833

105,873,701

Net increase (decrease) in net assets resulting from operations

78,806,785

134,026,686

Distributions to shareholders from net investment income

(9,931,797)

(4,953,820)

Distributions to shareholders from net realized gain

(6,849,518)

-

Total distributions

(16,781,315)

(4,953,820)

Share transactions
Proceeds from sales of shares

400,486,404

370,937,196

Reinvestment of distributions

16,027,386

4,673,740

Cost of shares redeemed

(271,085,461)

(167,183,904)

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

145,428,329

208,427,032

Redemption fees

592,432

388,530

Total increase (decrease) in net assets

208,046,231

337,888,428

Net Assets

Beginning of period

734,793,413

396,904,985

End of period (including undistributed net investment income of $2,522,186 and undistributed net investment income of $10,481,257, respectively)

$ 942,839,644

$ 734,793,413

Other Information

Shares

Sold

16,383,492

17,430,982

Issued in reinvestment of distributions

675,406

249,399

Redeemed

(11,119,972)

(8,027,624)

Net increase (decrease)

5,938,926

9,652,757

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 22.94

$ 17.74

$ 15.88

$ 15.14

$ 11.16

$ 11.27

Income from Investment Operations

Net investment income (loss) E

.09

.42

.36

.25

.25

.19

Net realized and unrealized gain (loss)

2.27

4.99

1.75

.73

3.91

(.15)

Total from investment operations

2.36

5.41

2.11

.98

4.16

.04

Distributions from net investment income

(.29)

(.22)

(.26)

(.26)

(.19)

(.16)

Distributions from net realized gain

(.20)

-

-

-

-

-

Total distributions

(.49)

(.22)

(.26)

(.26)

(.19)

(.16)

Redemption fees added to paid in capital E

.02

.01

.01

.02

.01

.01

Net asset value, end of period

$ 24.83

$ 22.94

$ 17.74

$ 15.88

$ 15.14

$ 11.16

Total Return B, C, D

10.47%

30.83%

13.44%

6.71%

37.91%

.23%

Ratios to Average Net Assets F, H

Expenses before reductions

1.10% A

1.14%

1.16%

1.22%

1.30%

1.32%

Expenses net of fee waivers, if any

1.10%A

1.14%

1.16%

1.22%

1.30%

1.32%

Expenses net of all reductions

1.03%A

1.08%

1.12%

1.22%

1.30%

1.31%

Net investment income (loss)

.77%A

1.99%

2.04%

1.64%

2.07%

1.52%

Supplemental Data

Net assets, end of period (000 omitted)

$ 942,840

$ 734,793

$ 396,905

$ 296,004

$ 231,654

$ 110,359

Portfolio turnover rate G

53%A

36%

44%

101%

39%

53%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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.

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

Semiannual Report

Emerging Markets

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Korea (South)

14.5%

Brazil

12.5%

Russia

10.8%

South Africa

8.6%

Mexico

6.5%

India

5.6%

Taiwan

5.0%

China

3.8%

Turkey

3.4%

Other

29.3%

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

As of October 31, 2006

Korea (South)

16.7%

Russia

11.8%

Brazil

11.3%

South Africa

8.4%

Taiwan

8.0%

Mexico

6.8%

India

5.1%

Hong Kong

3.2%

United States of America

2.8%

Other

25.9%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks and Investment Companies

98.4

98.3

Short-Term Investments and Net Other Assets

1.6

1.7

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

3.3

3.9

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

3.2

4.3

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

2.9

3.1

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

2.3

1.1

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

2.0

1.7

Sberbank (Savings Bank of the Russian Federation) GDR (Russia, Commercial Banks)

1.6

0.9

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

1.5

1.8

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

1.5

2.2

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

1.4

1.2

Impala Platinum Holdings Ltd. (South Africa, Metals & Mining)

1.4

1.0

21.1

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

20.2

16.9

Energy

14.9

18.6

Materials

14.3

12.0

Information Technology

11.3

15.7

Industrials

11.1

9.4

Consumer Discretionary

9.5

9.3

Telecommunication Services

9.3

9.5

Consumer Staples

4.6

3.1

Utilities

2.0

2.1

Health Care

0.9

1.7

Semiannual Report

Emerging Markets

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value

Argentina - 0.8%

Banco Macro SA sponsored ADR

343,100

$ 12,420,220

Inversiones y Representaciones SA sponsored GDR (a)(d)

847,900

17,738,068

Pampa Holding SA (a)

2,297,700

2,067,521

TOTAL ARGENTINA

32,225,809

Austria - 0.6%

Raiffeisen International Bank Holding AG

88,000

12,348,320

voestalpine AG

169,100

11,480,004

TOTAL AUSTRIA

23,828,324

Bahamas (Nassau) - 0.1%

Ultrapetrol (Bahamas) Ltd.

178,600

3,750,600

Bermuda - 2.0%

Aquarius Platinum Ltd. (Australia)

902,700

28,404,133

Central European Media Enterprises Ltd. Class A (a)

192,300

17,333,922

China Solar Energy Holding Ltd. (a)

15,220,000

1,070,111

ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a)

246,700

1,707,164

Credicorp Ltd. (NY Shares)

119,700

6,245,946

Dufry South America Ltd. unit

297,930

5,635,960

Emperor Capital Group Ltd.

4,344,800

338,806

Emperor International Holding Ltd.

10,862,000

2,443,848

Ports Design Ltd.

1,342,500

3,775,623

Sinofert Holdings Ltd.

14,044,900

7,217,659

TOTAL BERMUDA

74,173,172

Brazil - 12.4%

All America Latina Logistica SA unit

1,030,800

12,155,660

Banco Bradesco SA (PN)

2,091,400

44,495,686

Banco do Brasil SA

106,200

3,654,800

Bematech Industria e Comercio de Equipamentos Eletronicos SA

547,800

4,384,661

Brascan Residential Properties SA

416,600

3,160,527

BrasilAgro - Compania Brasileira de Propriedades Agricolas

3,800

2,425,413

Companhia de Concessoes Rodoviarias

414,100

6,439,792

Companhia de Saneamento de Minas Gerais

491,800

6,306,987

Companhia Vale do Rio Doce (PN-A) sponsored ADR

2,529,600

86,487,024

CSU Cardsystem SA sponsored ADR (e)

80,000

1,362,028

Cyrela Brazil Realty SA

1,675,300

18,027,255

Duratex SA (PN)

266,000

5,925,924

Eternit SA

657,040

2,824,833

Itausa-Investimentos Itau S.A. rights 6/1/07

7,509

9,962

JBS SA

1,503,100

5,797,629

Localiza Rent a Car SA

1,339,500

13,676,695

Lojas Americanas SA

176,700,900

11,201,823

Lojas Renner SA

638,100

8,788,297

Shares

Value

LPS Brasil Consultoria de Imoveis SA

268,000

$ 2,762,697

Medial Saude SA

303,900

4,330,336

Net Servicos de Comunicacao SA sponsored ADR (d)

1,158,466

17,295,897

Obrascon Huarte Lain Brasil SA (a)

241,800

3,712,780

Petroleo Brasileiro SA Petrobras:

(PN) (non-vtg.)

1,451,200

32,586,399

(PN) sponsored ADR (non-vtg.)

498,500

44,476,170

sponsored ADR

243,000

24,598,890

Submarino SA

375,600

13,599,629

TAM SA:

(PN) (ltd.-vtg.)

285,000

7,388,267

(PN) sponsored ADR (ltd. vtg.)

48,500

1,247,905

Uniao de Bancos Brasileiros SA (Unibanco):

unit

1,531,000

14,932,365

GDR

226,200

21,954,972

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

556,600

25,981,230

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

687,200

13,730,256

Weg SA (PN)

487,200

4,012,123

TOTAL BRAZIL

469,734,912

British Virgin Islands - 0.1%

Titanium Resources Group Ltd. (a)

2,180,500

2,812,071

Canada - 1.4%

Addax Petroleum, Inc.

152,600

5,946,437

Addax Petroleum, Inc. (a)(e)

20,700

806,627

AUR Resources, Inc.

300,000

6,592,486

Eastern Platinum Ltd. (a)

2,977,300

6,357,511

First Quantum Minerals Ltd.

140,000

9,665,916

Frontera Copper Corp. (a)

1,588,400

7,599,247

Rio Narcea Gold Mines Ltd. (a)

1,302,700

5,927,232

SXR Uranium One, Inc. (South Africa) (a)

564,460

8,655,272

TOTAL CANADA

51,550,728

Cayman Islands - 1.7%

Agile Property Holdings Ltd.

12,450,000

13,146,225

Foxconn International Holdings Ltd. (a)

4,061,100

12,303,925

Gems TV Holdings Ltd.

2,038,000

1,931,754

Integra Group unit

190,000

3,988,100

Intime Department Store Group Co. Ltd.

403,000

354,442

JA Solar Holdings Co. Ltd. ADR

111,400

2,717,046

Lee & Man Paper Manufacturing Ltd.

6,430,000

18,165,815

Shui On Land Ltd.

4,312,500

3,721,213

SinoCom Software Group Ltd.

17,898,000

3,592,161

Trina Solar Ltd. ADR

51,400

2,746,302

TOTAL CAYMAN ISLANDS

62,666,983

China - 3.8%

Bank of China (H Shares)

7,260,000

3,600,974

China Coal Energy Co. Ltd. (H Shares)

6,913,700

6,867,255

China Construction Bank Corp. (H Shares)

40,174,000

24,548,481

Common Stocks - continued

Shares

Value

China - continued

China Gas Holdings Ltd.

13,903,100

$ 2,825,924

China Hongxing Sports Ltd.

1,032,000

2,445,498

China Molybdenum Co. Ltd. (H Shares)

139,000

221,759

China Petroleum & Chemical Corp. (H Shares)

38,924,800

33,946,318

China Shenhua Energy Co. Ltd. (H Shares)

5,076,800

12,681,373

China Ting Group Holdings Ltd.

4,984,000

1,624,688

Digital China Holdings Ltd. (H Shares)

4,263,000

1,738,432

First Tractor Co. Ltd. (H Shares) (a)

8,104,800

3,957,832

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

5,078,400

12,256,897

Home Inns & Hotels Management, Inc. ADR (d)

8,200

281,014

Parkson Retail Group Ltd.

1,124,000

8,017,744

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

3,731,000

19,960,544

Shandong Weigao Group Medical Polymer Co. Ltd.

1,086,000

1,913,069

Yantai Changyu Pioneer Wine Co. (B Shares)

1,408,650

6,788,848

TOTAL CHINA

143,676,650

Colombia - 0.2%

BanColombia SA Sponsored ADR

306,800

8,608,808

Cyprus - 0.5%

Bank of Cyprus Public Co. Ltd.

117,800

1,871,129

Mirland Development Corp. PLC

554,500

7,760,865

Urals Energy Public Co. Ltd. (a)

484,530

4,117,372

XXI Century Investments Public Ltd. (a)

290,000

5,073,604

TOTAL CYPRUS

18,822,970

Czech Republic - 0.8%

Ceske Energeticke Zavody AS

583,700

28,532,426

Egypt - 1.8%

Commercial International Bank Ltd. sponsored GDR

897,250

9,376,263

Eastern Tobacco Co.

128,345

9,379,909

Orascom Construction Industries SAE:

GDR

124,312

14,532,073

GDR (e)

16,120

1,884,428

Orascom Hotels & Development (OHD) (a)

1,503,349

12,391,721

Orascom Telecom Holding SAE GDR

312,863

21,055,680

TOTAL EGYPT

68,620,074

Estonia - 0.0%

Olympic Entertainment Group AS

130,400

1,957,382

Finland - 0.2%

YIT-Yhtyma OY (d)

177,050

6,358,976

Shares

Value

GEORGIA - 0.2%

Bank of Georgia:

ADR (a)

81,200

$ 2,801,400

unit (a)

190,200

6,561,900

TOTAL GEORGIA

9,363,300

Germany - 0.1%

Praktiker Bau- und Heimwerkermaerkte Holding AG

50,000

2,087,838

Hong Kong - 3.2%

Chaoda Modern Agriculture (Holdings) Ltd.

18,968,100

15,761,184

China Grand Frstry Resources Group Ltd. (a)

23,682,000

2,603,565

China Mobile (Hong Kong) Ltd.

8,347,400

75,143,295

China Resources Power Holdings Co. Ltd.

4,869,500

8,690,033

Hopson Development Holdings Ltd.

3,277,900

7,752,095

Kerry Properties Ltd.

2,160,000

10,865,511

REXCAPITAL Financial Holdings Ltd. (a)

24,050,000

2,059,878

TOTAL HONG KONG

122,875,561

Hungary - 0.2%

OTP Bank Ltd. unit

76,800

7,848,960

India - 5.6%

Ambuja Cements Ltd.

2,585,865

7,430,936

Bharat Forge Ltd.

841,802

6,638,843

Bharat Heavy Electricals Ltd.

170,518

10,335,563

Bharti Airtel Ltd. (a)

1,355,638

26,846,470

Federal Bank Ltd.:

GDR

249,942

1,480,295

GDR (a)(e)

337,300

1,997,677

HCL Technologies Ltd.

1,799,042

14,650,500

Indian Overseas Bank

2,102,400

6,158,025

INFO Edge India Ltd.

5,127

97,262

ITC Ltd.

1,500

5,849

IVRCL Infrastructures & Projects Ltd.

818,973

6,399,941

Jaiprakash Associates Ltd.

544,190

8,142,934

Kalpataru Power Transmission Ltd.

71,206

1,998,348

LANCO Infratech Ltd.

447,959

1,738,576

Larsen & Toubro Ltd.

292,798

12,115,681

Nagarjuna Construction Co. Ltd.

1,895,084

8,287,674

Pantaloon Retail India Ltd.

764,041

7,857,846

Parsvnath Developers Ltd.

11,522

91,598

Reliance Industries Ltd.

636,400

24,203,976

Rolta India Ltd.

678,244

6,889,022

Rolta India Ltd. sponsored GDR (e)

242,105

2,360,524

Satyam Computer Services Ltd.

1,208,815

13,937,671

Sintex Industries Ltd.

710,885

3,530,610

Sobha Developers Ltd.

105,767

2,241,992

State Bank of India

443,592

14,608,048

Common Stocks - continued

Shares

Value

India - continued

UTI Bank Ltd.

459,600

$ 5,242,654

Wipro Ltd.

1,124,180

15,655,531

TOTAL INDIA

210,944,046

Indonesia - 3.0%

PT Aneka Tambang Tbk

13,019,900

22,357,991

PT Astra Agro Lestari Tbk

4,456,000

7,725,494

PT Bakrie & Brothers Tbk (a)

368,481,500

9,734,810

PT Bank Mandiri Persero Tbk

36,626,500

12,397,698

PT Bank Niaga Tbk

50,885,000

4,705,108

PT Bank Rakyat Indonesia Tbk

15,574,500

9,000,652

PT Bumi Resources Tbk

51,640,500

7,844,586

PT International Nickel Indonesia Tbk

269,000

1,800,348

PT Medco Energi International Tbk

22,011,000

8,540,817

PT Perusahaan Gas Negara Tbk Series B

17,267,300

19,957,873

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk

16,164,500

11,654,781

TOTAL INDONESIA

115,720,158

Ireland - 0.1%

Dragon Oil plc (a)

876,000

3,021,369

Israel - 1.7%

Africa Israel Investments Ltd.

16,500

2,274,280

Bank Hapoalim BM (Reg.)

3,679,145

19,345,653

Israel Chemicals Ltd.

2,508,800

19,301,815

Ituran Location & Control Ltd.

64,500

879,135

Oil Refineries Ltd.

7,748,700

5,896,168

Orckit Communications Ltd. (a)

369,900

3,887,649

Ormat Industries Ltd.

459,000

5,541,502

Orpak Systems Ltd.

832,800

3,163,770

RADWARE Ltd. (a)

338,200

4,379,690

TOTAL ISRAEL

64,669,662

Kazakhstan - 0.4%

JSC Halyk Bank of Kazakhstan GDR (a)(e)

320,200

7,204,500

Kazkommertsbank JSC:

ADR (a)

65,346

1,372,266

unit (a)

284,000

5,964,000

TOTAL KAZAKHSTAN

14,540,766

Korea (South) - 14.3%

Asia Cement Co. Ltd.

28,743

2,202,281

Celrun Co. Ltd. (a)

638,730

4,552,868

Daegu Bank Co. Ltd.

625,410

10,276,314

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

488,370

19,709,495

Doosan Heavy Industries & Construction Co. Ltd.

49,790

3,897,286

Hanil Cement Co. Ltd.

22,480

2,475,039

Hanjin Heavy Industries & Construction Co. Ltd.

419,810

18,900,880

Hite Brewery Co. Ltd.

83,955

11,805,786

Shares

Value

Hynix Semiconductor, Inc. (a)

157,470

$ 5,366,383

Hyundai Department Store Co. Ltd.

131,100

13,415,789

Hyundai Engineering & Construction Co. Ltd. (a)

220,120

13,098,605

Hyundai Mipo Dockyard Co. Ltd.

31,453

6,372,775

Industrial Bank of Korea

759,280

15,194,637

Kookmin Bank

43,090

3,856,124

Kyeryong Construction Industrial Co. Ltd.

338,240

15,697,810

LG Engineering & Construction Co. Ltd.

221,190

21,931,528

LG Household & Health Care Ltd.

132,240

17,606,910

Macquarie Korea Infrastructure Fund GDR

1,179,900

9,474,597

MegaStudy Co. Ltd.

91,508

15,441,077

NHN Corp.

159,733

24,984,853

ON*Media Corp.

207,200

1,701,894

Osstem Implant Co. Ltd.

86,500

4,116,392

POSCO

116,870

49,011,491

Samsung Electronics Co. Ltd.

200,827

122,817,579

Samsung Heavy Industries Ltd.

687,750

22,480,056

Shinhan Financial Group Co. Ltd.

606,910

34,035,505

SK Corp.

367,750

40,057,635

Taewoong Co. Ltd.

166,816

7,101,309

Woongjin Thinkbig Co. Ltd.

340,580

6,132,392

Woori Finance Holdings Co. Ltd.

626,380

15,581,553

YBM Sisa.com, Inc.

141,220

3,010,859

TOTAL KOREA (SOUTH)

542,307,702

Lebanon - 0.1%

Solidere GDR

333,800

5,233,984

Luxembourg - 0.8%

Evraz Group SA:

GDR (e)

66,100

2,330,025

GDR

497,300

17,529,825

Tenaris SA sponsored ADR

203,000

9,411,080

TOTAL LUXEMBOURG

29,270,930

Malaysia - 0.9%

DiGi.com BHD

13,300

79,287

Genting BHD

5,183,000

12,874,196

IJM Corp. BHD

2,273,000

5,778,814

Lion Diversified Holdings BHD

2,113,700

5,342,930

Steppe Cement Ltd. (a)

1,058,200

6,167,609

UEM World BHD

3,169,000

3,759,831

TOTAL MALAYSIA

34,002,667

Mauritius - 0.1%

Golden Agri-Resources Ltd.

2,171,000

3,515,442

Mexico - 6.5%

Alsea SAB de CV

3,280,500

5,601,139

America Movil SA de CV Series L sponsored ADR

2,068,400

108,653,052

Banco Compartamos SA de CV

1,260,000

6,358,500

Cemex SA de CV sponsored ADR

264,918

8,609,835

Common Stocks - continued

Shares

Value

Mexico - continued

Controladora Commercial Mexicana SA unit

1,343,645

$ 3,469,434

Fomento Economico Mexicano SA de CV sponsored ADR

246,300

26,524,047

Grupo Aeroportuario Norte Sab de CV ADR

301,900

8,827,556

Grupo Famsa SA de CV Series A

1,566,600

9,457,702

Grupo Financiero Banorte SA de CV Series O

3,229,300

14,023,128

Grupo Mexico SA de CV Series B

1,990,538

10,630,330

Industrias CH SA de CV (a)

430,000

1,928,508

Urbi, Desarrollos Urbanos, SA de CV (a)

5,928,700

24,770,807

Wal-Mart de Mexico SA de CV Series V

4,556,001

17,866,589

TOTAL MEXICO

246,720,627

Netherlands - 0.4%

AmRest Holdings NV (a)

59,100

2,055,819

Plaza Centers NV

775,400

2,922,454

X5 Retail Group NV unit (a)

333,700

10,177,850

TOTAL NETHERLANDS

15,156,123

Oman - 0.4%

BankMuscat SAOG sponsored:

GDR (e)

406,257

5,037,587

GDR

693,000

8,593,200

TOTAL OMAN

13,630,787

Pakistan - 0.3%

MCB Bank Ltd.

380,190

1,868,348

MCB Bank Ltd. unit (e)

192,395

3,699,756

Oil & Gas Development Co. Ltd.:

ADR (e)

134,300

2,700,773

unit (a)(e)

233,500

4,695,685

TOTAL PAKISTAN

12,964,562

Panama - 0.3%

Copa Holdings SA Class A

190,200

11,579,376

Philippines - 0.8%

Ayala Corp.

459,000

5,807,676

International Container Terminal Services, Inc.

5,614,000

3,314,888

Jollibee Food Corp.

1,648,900

1,721,226

Megaworld Corp.

73,379,000

5,029,138

PNOC Energy Development Corp.

16,937,000

2,000,152

Robinsons Land Corp.

14,515,000

5,586,224

SM Investments Corp.

953,970

7,191,992

TOTAL PHILIPPINES

30,651,296

Poland - 0.3%

Bank Handlowy w Warszawie SA

60,741

2,069,111

Globe Trade Centre SA (a)

615,500

10,960,366

TOTAL POLAND

13,029,477

Shares

Value

Romania - 0.1%

Banca Transilvania SA

8,506,974

$ 3,768,780

Russia - 10.8%

JSC Chelyabinsk Zinc Plant

27,300

3,385,200

JSC MMC 'Norilsk Nickel' sponsored ADR

238,700

46,128,775

Lukoil Oil Co. sponsored ADR

719,340

55,784,817

Magma OJSC (a)

1,962,300

1,903,431

Mobile TeleSystems OJSC sponsored ADR

406,600

22,403,660

Novolipetsk Iron & Steel Corp. sponsored GDR (e)

574,600

16,088,800

OAO Gazprom sponsored ADR

3,176,206

124,824,889

OAO TatNeft unit

119,800

11,860,200

OAO TMK (a)

1,345,400

12,243,140

OAO TMK unit

104,100

3,799,650

Open Investments (a)

7,100

1,988,000

RBC Information Systems Jsc (a)

189,900

1,804,050

Sberbank (Savings Bank of the Russian Federation)

1,400

5,551,000

Sberbank (Savings Bank of the Russian Federation) GDR

116,100

61,154,003

Sistema-Hals JSC

25,221

7,591,521

Sistema-Hals JSC unit

87,000

1,309,350

Vimpel Communications sponsored ADR (a)

277,700

26,870,252

VSMPO-Avisma Corp.

17,100

5,232,600

TOTAL RUSSIA

409,923,338

Singapore - 0.5%

Keppel Corp. Ltd.

615,900

8,675,790

Olam International Ltd.

2,531,000

5,264,587

Sino-Environment Technology Group Ltd.

1,532,000

3,489,152

Yangzijiang Shipbuilding Holdings Ltd.

955,000

829,779

TOTAL SINGAPORE

18,259,308

South Africa - 8.6%

African Bank Investments Ltd.

3,079,026

14,885,187

African Rainbow Minerals Ltd. (a)

286,366

4,838,294

Bidvest Group Ltd.

1,020,700

21,418,860

Ellerine Holdings Ltd.

353,191

4,813,984

FirstRand Ltd.

9,614,356

34,398,900

Impala Platinum Holdings Ltd.

1,599,428

52,229,557

Imperial Holdings Ltd.

257,600

5,851,802

Investec Ltd.

695,260

9,876,161

JD Group Ltd.

611,900

8,122,989

Lewis Group Ltd.

1,252,973

12,897,441

MTN Group Ltd.

3,566,600

52,537,128

Murray & Roberts Holdings Ltd.

1,711,900

14,789,817

Naspers Ltd. Class N sponsored ADR

790,018

19,545,045

Nedbank Group Ltd.

805,790

17,315,224

Network Healthcare Holdings Ltd.

5,199,600

10,999,679

PSG Group Ltd.

770,437

3,336,267

Raubex Group Ltd.

863,400

2,911,384

Common Stocks - continued

Shares

Value

South Africa - continued

Sasol Ltd.

323,375

$ 11,207,683

Steinhoff International Holdings Ltd.

2,243,184

7,978,044

Truworths International Ltd.

2,823,573

15,738,855

Wesizwe Platinum Ltd. (a)

234,900

416,886

TOTAL SOUTH AFRICA

326,109,187

Taiwan - 5.0%

Delta Electronics, Inc.

4,653,550

14,596,689

Feng Tay Enterprise Co. Ltd.

2,100,000

1,727,124

Foxconn Technology Co. Ltd.

812,500

7,694,429

Gemtek Technology Corp.

702,000

1,807,915

High Tech Computer Corp.

758,200

11,379,088

Hon Hai Precision Industry Co. Ltd. (Foxconn)

8,655,024

57,543,421

Inotera Memories, Inc.

2,911,000

3,280,997

Phoenix Precision Technology Corp.

1,778,000

1,910,594

Powertech Technology, Inc.

3,061,400

11,486,395

Shin Kong Financial Holding Co. Ltd.

16,565,000

15,413,697

Siliconware Precision Industries Co. Ltd.

14,345,045

27,557,230

Taiwan Chi Cheng Enterprise Co. Ltd.

1,046,000

3,390,854

Taiwan Semiconductor Manufacturing Co. Ltd.

15,595,705

32,159,954

TOTAL TAIWAN

189,948,387

Thailand - 1.0%

Bumrungrad Hospital PCL (For. Reg.)

3,186,400

4,398,194

Italian-Thai Development PCL

8,627,000

1,277,615

Minor International PCL (For. Reg.)

27,175,394

8,830,538

PTT Public Co. Ltd. (For. Reg.)

1,750,200

11,072,437

Robinson Department Store PCL (For. Reg.)

11,590,900

3,633,093

Thai Oil PCL (For. Reg.)

5,473,000

10,308,598

TOTAL THAILAND

39,520,475

Turkey - 3.4%

Acibadem Saglik Hizmetleri AS

527,125

6,465,194

Aksigorta AS

417,000

1,963,607

Anadolu Efes Biracilk Ve Malt Sanyii AS

389,829

13,304,987

Asya Katilim Bankasi AS

2,696,000

15,745,939

Atakule Gayrimenkul Yatirim Ortakligi AS

1,692,000

2,137,003

Bagfas Bandirma Gubre Fabrikalari AS

68,000

1,824,421

Dogan Yayin Holding AS (a)

2,127,739

7,922,226

Dogus Otomotiv Servis ve Ticaret AS

1,255,700

5,912,951

Enka Insaat ve Sanayi AS

1,903,163

28,344,242

Migros Turk Ticaret AS

145,300

1,718,460

Shares

Value

Tofas Turk Otomobil Fabrikasi AS

955,433

$ 4,220,018

Tupras-Turkiye Petrol Rafinerileri AS

760,400

15,543,858

Turkiye Garanti Bankasi AS

5,273,500

25,794,817

TOTAL TURKEY

130,897,723

Ukraine - 0.2%

Stirol sponsored ADR (a)

168,500

2,713,234

Ukrnafta Open JSC sponsored ADR

10,000

4,503,180

TOTAL UKRAINE

7,216,414

United Kingdom - 1.0%

Aricom PLC (a)

3,155,000

5,251,630

COSAN SA Industria e Comercio warrants (Deutsche Bank Warrant Program) 7/25/07 (a)(e)

216,241

4,328,645

Hirco PLC

343,600

2,713,694

Imperial Energy PLC (a)

329,700

8,266,602

Sibir Energy PLC (a)

1,401,486

12,609,905

Unitech Corporate Parks PLC

1,745,800

3,132,849

TOTAL UNITED KINGDOM

36,303,325

United States of America - 1.1%

Central European Distribution Corp. (a)

149,600

4,450,600

CTC Media, Inc.

832,060

21,700,125

NII Holdings, Inc. (a)

195,800

15,027,650

TOTAL UNITED STATES OF AMERICA

41,178,375

TOTAL COMMON STOCKS

(Cost $2,598,874,828)

3,709,579,830

Nonconvertible Preferred Stocks - 0.3%

Brazil - 0.1%

Itausa-Investimentos Itau S.A. (PN)

736,250

4,015,514

Korea (South) - 0.2%

Samsung Electronics Co. Ltd.

14,270

6,712,389

South Africa - 0.0%

Allied Electronics Corp. Ltd.

334,300

2,135,860

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $10,508,845)

12,863,763

Investment Companies - 0.3%

Romania - 0.3%

SIF 1 Banat-Crisana Arad Fund (a)

1,421,700

1,825,384

SIF 3 Transilvania Brasov Fund

3,395,800

5,167,946

SIF 4 Muntenia Bucuresti Fund

2,731,000

2,184,531

SIF 5 Oltenia Craiova Fund

1,203,500

1,757,511

TOTAL INVESTMENT COMPANIES

(Cost $9,005,292)

10,935,372

Money Market Funds - 2.4%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

88,131,911

$ 88,131,911

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

4,840,650

4,840,650

TOTAL MONEY MARKET FUNDS

(Cost $92,972,561)

92,972,561

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $2,711,361,526)

3,826,351,526

NET OTHER ASSETS - (0.8)%

(32,211,619)

NET ASSETS - 100%

$ 3,794,139,907

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 end of the period, the value of these securities amounted to $54,497,055 or 1.4% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 1,947,732

Fidelity Securities Lending Cash Central Fund

152,670

Total

$ 2,100,402

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

Semiannual Report

Emerging Markets

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $4,698,490) - See accompanying schedule:

Unaffiliated issuers (cost $2,618,388,965)

$ 3,733,378,965

Fidelity Central Funds (cost $92,972,561)

92,972,561

Total Investments (cost $2,711,361,526)

$ 3,826,351,526

Foreign currency held at value (cost $8,094)

2,682

Receivable for investments sold

25,267,675

Receivable for fund shares sold

9,140,909

Dividends receivable

5,353,782

Distributions receivable from Fidelity Central Funds

295,587

Prepaid expenses

8,669

Other receivables

840,902

Total assets

3,867,261,732

Liabilities

Payable for investments purchased

$ 52,505,516

Payable for fund shares redeemed

8,976,624

Accrued management fee

2,213,274

Other affiliated payables

737,670

Other payables and accrued expenses

3,848,091

Collateral on securities loaned,
at value

4,840,650

Total liabilities

73,121,825

Net Assets

$ 3,794,139,907

Net Assets consist of:

Paid in capital

$ 2,679,684,656

Undistributed net investment income

17,060,748

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

(14,709,737)

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

1,112,104,240

Net Assets, for 142,864,421 shares outstanding

$ 3,794,139,907

Net Asset Value, offering price and redemption price per share ($3,794,139,907 ÷ 142,864,421 shares)

$ 26.56

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 29,048,486

Interest

46,805

Income from Fidelity Central Funds (including $152,670 from security lending)

2,100,402

31,195,693

Less foreign taxes withheld

(2,813,658)

Total income

28,382,035

Expenses

Management fee

$ 12,394,779

Transfer agent fees

3,668,872

Accounting and security lending fees

728,896

Custodian fees and expenses

1,631,833

Independent trustees' compensation

5,255

Registration fees

60,605

Audit

79,644

Legal

26,879

Interest

36,401

Miscellaneous

9,905

Total expenses before reductions

18,643,069

Expense reductions

(1,062,982)

17,580,087

Net investment income (loss)

10,801,948

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $631,239)

107,257,899

Foreign currency transactions

(945,702)

Total net realized gain (loss)

106,312,197

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $333,603)

535,163,422

Assets and liabilities in foreign currencies

(33,539)

Total change in net unrealized appreciation (depreciation)

535,129,883

Net gain (loss)

641,442,080

Net increase (decrease) in net assets resulting from operations

$ 652,244,028

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

Semiannual Report

Emerging Markets
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30,
2007

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

(Unaudited)

Operations

Net investment income (loss)

$ 10,801,948

$ 28,066,004

Net realized gain (loss)

106,312,197

316,799,295

Change in net unrealized appreciation (depreciation)

535,129,883

306,336,297

Net increase (decrease) in net assets resulting from operations

652,244,028

651,201,596

Distributions to shareholders from net investment income

(28,224,601)

(21,238,863)

Share transactions
Proceeds from sales of shares

894,718,172

2,470,015,019

Reinvestment of distributions

27,314,927

20,504,249

Cost of shares redeemed

(757,890,235)

(1,510,859,402)

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

164,142,864

979,659,866

Redemption fees

832,351

3,299,389

Total increase (decrease) in net assets

788,994,642

1,612,921,988

Net Assets

Beginning of period

3,005,145,265

1,392,223,277

End of period (including undistributed net investment income of $17,060,748 and undistributed net investment income of $34,483,401, respectively)

$ 3,794,139,907

$ 3,005,145,265

Other Information

Shares

Sold

36,793,504

121,916,389

Issued in reinvestment of distributions

1,154,965

1,159,761

Redeemed

(31,432,475)

(75,344,302)

Net increase (decrease)

6,515,994

47,731,848

Financial Highlights

Six months ended April 30,2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 22.04

$ 15.71

$ 11.30

$ 9.81

$ 7.03

$ 6.52

Income from Investment Operations

Net investment income (loss) E

.08

.21

.21

.14

.10

.06 H

Net realized and unrealized gain (loss)

4.63

6.31

4.30

1.46

2.73

.47

Total from investment operations

4.71

6.52

4.51

1.60

2.83

.53

Distributions from net investment income

(.20)

(.21)

(.11)

(.12)

(.05)

(.03)

Redemption fees added to paid in capital E

.01

.02

.01

.01

- J

.01

Net asset value, end of period

$ 26.56

$ 22.04

$ 15.71

$ 11.30

$ 9.81

$ 7.03

Total Return B, C, D

21.53%

41.96%

40.25%

16.48%

40.50%

8.25%

Ratios to Average Net Assets F, I

Expenses before reductions

1.07% A

1.11%

1.16%

1.23%

1.36%

1.44%

Expenses net of fee waivers, if any

1.07%A

1.11%

1.16%

1.23%

1.36%

1.44%

Expenses net of all reductions

1.01%A

1.01%

1.07%

1.18%

1.36%

1.39%

Net investment income (loss)

.62%A

1.04%

1.53%

1.27%

1.31%

.73%

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,794,140

$ 3,005,145

$ 1,392,223

$ 604,550

$ 430,928

$ 263,729

Portfolio turnover rate G

54%A

66%

68%

112%

105%

120%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Europe

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Switzerland

18.3%

United Kingdom

16.1%

Germany

15.3%

Sweden

11.8%

France

11.4%

Netherlands

9.0%

Spain

5.5%

Italy

4.9%

Norway

3.2%

Other

4.5%

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

As of October 31, 2006

United Kingdom

26.0%

Switzerland

15.4%

Germany

12.4%

Spain

10.5%

France

9.9%

Netherlands

6.3%

Sweden

5.6%

Italy

5.1%

Norway

2.8%

Other

6.0%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.2

98.3

Short-Term Investments and Net Other Assets

0.8

1.7

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Hennes & Mauritz AB (H&M) (B Shares) (Sweden, Specialty Retail)

4.3

1.6

ABB Ltd. (Reg.) (Switzerland, Electrical Equipment)

4.0

1.7

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

4.0

2.9

Tesco PLC (United Kingdom, Food & Staples Retailing)

4.0

3.4

Bayer AG (Germany, Chemicals)

3.7

1.2

Inditex SA (Spain, Specialty Retail)

2.6

1.4

Syngenta AG (Switzerland) (Switzerland, Chemicals)

2.4

1.7

AXA SA (France, Insurance)

2.4

1.5

Siemens AG (Reg.) (Germany, Industrial Conglomerates)

2.1

0.6

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

2.1

2.3

31.6

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

19.9

34.5

Industrials

17.9

7.3

Consumer Staples

16.0

12.6

Consumer Discretionary

14.1

12.7

Materials

10.6

3.5

Health Care

5.7

9.6

Information Technology

5.0

4.8

Telecommunication Services

4.9

2.3

Utilities

3.6

3.8

Energy

1.5

7.2

Semiannual Report

Europe

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

Austria - 0.7%

Erste Bank AG

428,300

$ 34,494,722

Belgium - 1.0%

InBev SA

615,200

48,187,410

Finland - 1.7%

Metso Corp.

598,000

33,065,568

Nokia Corp. (c)

2,023,600

51,095,900

TOTAL FINLAND

84,161,468

France - 11.4%

AXA SA

2,616,900

120,534,414

Cap Gemini SA (c)

922,000

70,255,721

Carrefour SA (c)

319,300

24,674,641

Electricite de France

136,330

11,924,902

Essilor International SA (c)

398,000

48,119,617

Groupe Danone (c)

404,100

66,806,333

L'Oreal SA (c)

627,300

75,431,916

Louis Vuitton Moet Hennessy (LVMH) (c)

319,700

37,505,497

Veolia Environnement

312,000

25,928,492

Vinci SA

547,200

88,522,366

TOTAL FRANCE

569,703,899

Germany - 13.9%

Allianz AG (Reg.) (c)

320,900

72,997,953

BASF AG

401,200

47,666,572

Bayer AG (c)

2,686,000

183,668,680

E.ON AG (c)

347,700

52,290,603

Hochtief AG

680,600

71,977,874

Linde AG

648,400

72,854,978

Siemens AG (Reg.) (c)

858,500

103,852,745

Wincor Nixdorf AG

885,800

87,248,490

TOTAL GERMANY

692,557,895

Greece - 0.3%

Alpha Bank AE

585,100

17,964,618

Italy - 3.8%

Banca Popolare di Milano

1,884,480

31,985,081

Fiat Spa

1,496,800

44,465,949

Tod's Spa

412,600

38,854,973

Unicredito Italiano Spa

7,174,200

74,207,543

TOTAL ITALY

189,513,546

Netherlands - 9.0%

Arcelor Mittal Class A

700,900

37,951,862

Heineken NV (Bearer)

1,333,300

70,798,230

ING Groep NV (Certificaten Van Aandelen)

2,272,000

103,625,920

Koninklijke Numico NV (c)

514,300

28,465,567

Koninklijke Philips Electronics NV

2,050,300

84,144,312

Randstad Holdings NV

730,900

57,579,102

Rodamco Europe NV

450,252

66,713,059

TOTAL NETHERLANDS

449,278,052

Shares

Value

Norway - 3.2%

Aker Kvaerner ASA

3,061,100

$ 72,934,787

DnB Nor ASA (c)

2,528,000

36,330,997

Telenor ASA

2,630,600

49,191,376

TOTAL NORWAY

158,457,160

Spain - 5.5%

Banco Bilbao Vizcaya Argentaria SA

2,045,200

48,962,088

Banco Santander Central Hispano SA

2,035,400

36,635,315

Inditex SA

2,079,000

128,743,214

Telefonica SA

2,575,800

58,084,290

TOTAL SPAIN

272,424,907

Sweden - 11.8%

Elekta AB (B Shares)

1,915,200

34,017,762

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

3,257,300

217,082,026

Hexagon AB (B Shares) (c)

1,174,325

53,811,033

Nordea Bank AB (c)

1,455,500

25,374,629

Scania AB (B Shares) (c)

304,500

29,315,119

Skandinaviska Enskilda Banken AB (A Shares)

1,464,600

54,214,487

SKF AB (B Shares) (c)

3,925,100

86,854,050

Telefonaktiebolaget LM Ericsson (B Shares)

12,143,000

46,349,831

TeliaSonera AB (c)

5,336,500

43,609,919

TOTAL SWEDEN

590,628,856

Switzerland - 18.3%

ABB Ltd. (Reg.)

9,935,475

201,530,933

Baloise Holdings AG (Reg.)

262,305

28,752,893

Compagnie Financiere Richemont unit

830,354

50,425,521

Credit Suisse Group (Reg.)

555,080

43,573,780

Nestle SA (Reg.)

237,920

94,549,408

Roche Holding AG (participation certificate)

1,058,507

199,528,570

Schindler Holding AG (participation certificate)

633,247

40,710,046

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

57,478

73,426,795

Syngenta AG (Switzerland)

607,254

120,539,919

UBS AG (Reg.) (c)

918,203

59,591,375

TOTAL SWITZERLAND

912,629,240

United Kingdom - 16.1%

Anglo American PLC (United Kingdom)

689,600

36,800,725

Biffa PLC

957,500

6,269,900

British American Tobacco PLC

1,588,200

49,440,666

Capita Group PLC

1,764,100

24,972,786

Carnival PLC

1,088,519

55,194,501

Diageo PLC

3,332,100

70,307,310

Investec PLC

2,601,500

37,165,212

Man Group plc

4,202,600

47,476,320

National Grid PLC

2,786,500

43,819,591

Pearson PLC

718,100

12,369,460

Rio Tinto PLC (Reg.)

408,600

24,924,600

Common Stocks - continued

Shares

Value

United Kingdom - continued

Scottish & Southern Energy PLC

955,100

$ 28,702,411

Serco Group PLC

2,599,100

25,685,038

Severn Trent PLC

638,266

19,015,096

Tesco PLC

21,461,673

197,822,208

Vodafone Group PLC

32,024,200

92,005,530

Yell Group PLC

2,975,500

29,062,640

TOTAL UNITED KINGDOM

801,033,994

TOTAL COMMON STOCKS

(Cost $3,887,774,370)

4,821,035,767

Nonconvertible Preferred Stocks - 2.5%

Germany - 1.4%

Henkel KGaA (c)

439,400

69,314,365

Italy - 1.1%

Intesa Sanpaolo Spa

7,126,997

57,788,921

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $84,592,077)

127,103,286

Money Market Funds - 18.7%

Fidelity Cash Central Fund, 5.29% (a)

7,999,742

7,999,742

Fidelity Securities Lending Cash Central Fund, 5.31% (a)(b)

924,006,250

924,006,250

TOTAL MONEY MARKET FUNDS

(Cost $932,005,992)

932,005,992

Cash Equivalents - 0.0%

Maturity Amount

Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $39,000)

$ 39,006

39,000

TOTAL INVESTMENT PORTFOLIO - 117.9%

(Cost $4,904,411,439)

5,880,184,045

NET OTHER ASSETS - (17.9)%

(892,777,835)

NET ASSETS - 100%

$ 4,987,406,210

Legend

(a) 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.

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

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

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value

$39,000 due 5/01/07 at 5.12%

BNP Paribas Securities Corp.

$ 8,531

Bear Stearns & Co., Inc.

2,617

Lehman Brothers, Inc.

8,741

Merrill Lynch Government Securities, Inc.

15,702

Mizuho Securities USA, Inc.

785

Morgan Stanley & Co., Inc.

2,624

$ 39,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 2,301,956

Fidelity Securities Lending Cash Central Fund

2,076,556

Total

$ 4,378,512

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

Semiannual Report

Europe

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $882,093,886 and repurchase agreements of $39,000) - See accompanying schedule:

Unaffiliated issuers (cost $3,972,405,447)

$ 4,948,178,053

Fidelity Central Funds (cost $932,005,992)

932,005,992

Total Investments (cost $4,904,411,439)

$ 5,880,184,045

Cash

881

Foreign currency held at value (cost $2,691,899)

2,691,837

Receivable for investments sold

76,336,417

Receivable for fund shares sold

4,163,586

Dividends receivable

24,694,351

Distributions receivable from Fidelity Central Funds

240,846

Prepaid expenses

11,111

Other receivables

2,951,204

Total assets

5,991,274,278

Liabilities

Payable for investments purchased

$ 71,994,169

Payable for fund shares redeemed

3,312,785

Accrued management fee

3,261,302

Other affiliated payables

973,713

Other payables and accrued expenses

319,849

Collateral on securities loaned,
at value

924,006,250

Total liabilities

1,003,868,068

Net Assets

$ 4,987,406,210

Net Assets consist of:

Paid in capital

$ 3,824,530,344

Undistributed net investment income

38,962,984

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

147,893,853

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

976,019,029

Net Assets, for 116,180,053 shares outstanding

$ 4,987,406,210

Net Asset Value, offering price and redemption price per share ($4,987,406,210 ÷ 116,180,053 shares)

$ 42.93

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 64,332,946

Interest

54,341

Income from Fidelity Central Funds (including $2,076,556 from security lending)

4,378,512

68,765,799

Less foreign taxes withheld

(7,112,717)

Total income

61,653,082

Expenses

Management fee
Basic fee

$ 15,905,814

Performance adjustment

1,790,552

Transfer agent fees

4,915,606

Accounting and security lending fees

765,778

Custodian fees and expenses

541,740

Independent trustees' compensation

6,747

Registration fees

55,365

Audit

46,831

Legal

26,047

Interest

26,146

Miscellaneous

12,711

Total expenses before reductions

24,093,337

Expense reductions

(1,737,087)

22,356,250

Net investment income (loss)

39,296,832

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

156,079,693

Foreign currency transactions

383,382

Total net realized gain (loss)

156,463,075

Change in net unrealized appreciation (depreciation) on:

Investment securities

477,980,640

Assets and liabilities in foreign currencies

191,393

Total change in net unrealized appreciation (depreciation)

478,172,033

Net gain (loss)

634,635,108

Net increase (decrease) in net assets resulting from operations

$ 673,931,940

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

Semiannual Report

Europe
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 39,296,832

$ 48,383,095

Net realized gain (loss)

156,463,075

528,728,812

Change in net unrealized appreciation (depreciation)

478,172,033

164,130,628

Net increase (decrease) in net assets resulting from operations

673,931,940

741,242,535

Distributions to shareholders from net investment income

(44,655,948)

(20,654,281)

Distributions to shareholders from net realized gain

(492,200,796)

(273,319,238)

Total distributions

(536,856,744)

(293,973,519)

Share transactions
Proceeds from sales of shares

535,989,178

1,199,680,149

Reinvestment of distributions

530,000,842

289,349,942

Cost of shares redeemed

(248,944,964)

(450,913,920)

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

817,045,056

1,038,116,171

Redemption fees

22,914

66,135

Total increase (decrease) in net assets

954,143,166

1,485,451,322

Net Assets

Beginning of period

4,033,263,044

2,547,811,722

End of period (including undistributed net investment income of $38,962,984 and undistributed net investment income of $47,287,901, respectively)

$ 4,987,406,210

$ 4,033,263,044

Other Information

Shares

Sold

13,236,268

30,327,952

Issued in reinvestment of distributions

13,802,106

8,260,061

Redeemed

(6,177,542)

(11,647,553)

Net increase (decrease)

20,860,832

26,940,460

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 42.31

$ 37.26

$ 30.42

$ 24.37

$ 18.31

$ 22.68

Income from Investment Operations

Net investment income (loss) E

.36

.58

.33

.09

.29

.12 H

Net realized and unrealized gain (loss)

5.79

8.74

6.68

6.25

5.91

(4.25)

Total from investment operations

6.15

9.32

7.01

6.34

6.20

(4.13)

Distributions from net investment income

(.46)

(.30)

(.09)

(.29)

(.14)

(.24)

Distributions from net realized gain

(5.07)

(3.97)

(.08)

-

-

-

Total distributions

(5.53)

(4.27)

(.17)

(.29)

(.14)

(.24)

Redemption fees added to paid in capital E, J

-

-

-

-

-

-

Net asset value, end of period

$ 42.93

$ 42.31

$ 37.26

$ 30.42

$ 24.37

$ 18.31

Total Return B, C, D

16.08%

27.40%

23.12%

26.20%

34.09%

(18.49)%

Ratios to Average Net Assets F, I

Expenses before reductions

1.08% A

1.16%

1.15%

1.11%

1.03%

1.20%

Expenses net of fee waivers, if any

1.08% A

1.16%

1.15%

1.11%

1.03%

1.20%

Expenses net of all reductions

1.00% A

1.05%

1.07%

1.05%

.98%

1.13%

Net investment income (loss)

1.76% A

1.48%

.95%

.32%

1.44%

.52%

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,987,406

$ 4,033,263

$ 2,547,812

$ 1,845,440

$ 1,283,191

$ 875,995

Portfolio turnover rate G

90% A

127%

99%

106%

162%

127%

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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.05 per share. I 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Europe Capital Appreciation

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

France

16.7%

United Kingdom

13.4%

United States of America

12.7%

Germany

12.0%

Switzerland

10.8%

Netherlands

8.6%

Italy

4.5%

Luxembourg

4.4%

Finland

3.8%

Other

13.1%

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

As of October 31, 2006

France

16.4%

Netherlands

12.4%

United Kingdom

12.0%

United States of America

11.9%

Switzerland

11.4%

Germany

11.0%

Austria

4.3%

Italy

4.2%

Sweden

4.1%

Other

12.3%

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

84.6

83.1

Bonds

4.9

10.2

Short-Term Investments
and Net Other Assets

10.5

6.7

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

3.3

2.8

E.ON AG (Germany, Electric Utilities)

2.9

2.4

Renault SA (France, Automobiles)

2.9

2.7

Icade SA (France, Real Estate Management & Development)

2.9

3.4

Nestle SA (Reg.) (Switzerland, Food Products)

2.9

0.0

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

2.8

2.7

Koninklijke Philips Electronics NV (Netherlands, Household Durables)

2.8

1.9

SES SA FDR (France) unit (Luxembourg, Media)

2.8

3.2

Bayer AG (Germany, Chemicals)

2.7

0.0

Tesco PLC (United Kingdom, Food & Staples Retailing)

2.6

3.1

28.6

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

17.3

18.9

Financials

14.2

14.1

Materials

12.3

7.0

Health Care

12.3

14.2

Consumer Staples

8.8

6.7

Industrials

7.2

12.0

Energy

5.2

5.6

Utilities

4.8

2.4

Information Technology

2.5

2.2

Semiannual Report

Europe Capital Appreciation

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.3%

Shares

Value

Argentina - 0.9%

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

569,100

$ 13,806,366

Austria - 2.5%

Flughafen Wien AG (e)

360,477

39,308,281

Bermuda - 0.9%

SeaDrill Ltd. (a)(e)

907,600

15,072,509

Canada - 1.5%

European Goldfields Ltd. (a)

2,642,200

13,212,190

New Flyer Industries, Inc.

1,062,300

10,327,252

TOTAL CANADA

23,539,442

Finland - 2.6%

M-real Oyj (B Shares)

2,044,223

14,059,315

UPM-Kymmene Corp.

1,091,400

26,924,838

TOTAL FINLAND

40,984,153

France - 15.5%

Alcatel-Lucent SA

621,300

8,232,225

Alcatel-Lucent SA sponsored ADR (e)

2,428,600

32,178,950

BIC SA

528,283

38,712,060

Compagnie Generale de Geophysique SA (a)

65,400

13,673,202

Eutelsat Communications

1,204,364

29,894,812

Icade SA (e)

604,498

46,408,760

Renault SA (e)

359,600

46,970,776

Sanofi-Aventis sponsored ADR

693,945

31,824,318

TOTAL FRANCE

247,895,103

Germany - 9.5%

Bayer AG (e)

631,266

43,165,969

E.ON AG (e)

312,900

47,057,031

Lanxess AG

576,200

31,624,283

RWE AG

280,600

29,717,394

TOTAL GERMANY

151,564,677

Italy - 1.2%

Ducati Motor Holding Spa (a)

5,029,300

9,903,284

IFIL Finanziaria di Partecipazioni Spa

804,600

8,896,747

TOTAL ITALY

18,800,031

Luxembourg - 4.4%

Acergy SA

1,158,400

24,801,344

SES SA FDR (France) unit

2,289,000

44,979,399

TOTAL LUXEMBOURG

69,780,743

Netherlands - 7.4%

Koninklijke Philips Electronics NV

1,099,700

45,131,688

Nutreco Holding NV (e)

516,900

38,378,732

Reed Elsevier NV

1,800,800

33,936,303

TOTAL NETHERLANDS

117,446,723

Shares

Value

Norway - 1.8%

Fred Olsen Energy ASA (a)(e)

261,600

$ 13,103,525

TGS Nopec Geophysical Co. ASA (a)

693,050

16,075,992

TOTAL NORWAY

29,179,517

South Africa - 0.9%

Gold Fields Ltd. sponsored ADR

846,000

15,202,620

Sweden - 2.5%

Investor AB (B Shares)

1,459,000

39,525,427

Switzerland - 10.8%

Actelion Ltd. (Reg.) (a)

117,665

28,056,067

Bellevue Group AG

75,418

6,072,278

Bucher Industries AG (e)

169,801

25,585,778

Nestle SA (Reg.)

115,431

45,872,279

Pargesa Holding SA

343,517

37,399,086

Syngenta AG (Switzerland)

152,210

30,213,685

TOTAL SWITZERLAND

173,199,173

Turkey - 0.9%

Selcuk Ecza Deposu Tic AS

3,308,007

14,248,762

United Kingdom - 13.4%

AstraZeneca PLC (United Kingdom)

685,000

37,202,350

Benfield Group PLC

5,444,757

34,510,266

GlaxoSmithKline PLC

1,562,900

45,152,181

Pearson PLC

1,873,400

32,269,805

Peter Hambro Mining PLC (a)

968,958

22,396,148

Tesco PLC

4,530,600

41,760,644

TOTAL UNITED KINGDOM

213,291,394

United States of America - 4.6%

Synthes, Inc.

299,762

39,336,240

Virgin Media, Inc.

1,348,800

34,030,224

TOTAL UNITED STATES OF AMERICA

73,366,464

TOTAL COMMON STOCKS

(Cost $1,065,392,400)

1,296,211,385

Nonconvertible Preferred Stocks - 3.3%

Italy - 3.3%

Istituto Finanziario Industriale Spa (IFI) (a)
(Cost $29,924,481)

1,332,211

53,174,603

Government Obligations - 7.3%

Principal Amount (d)

Austria - 1.2%

Austrian Republic 5.625% 7/15/07

EUR

14,275,000

19,526,027

Finland - 1.2%

Finnish Government 5% 7/4/07

EUR

14,275,000

19,508,884

France - 1.2%

French Republic 0% 6/14/07

EUR

14,275,000

19,392,433

Government Obligations - continued

Principal Amount (d)

Value

Germany - 2.5%

German Federal Republic:

0% 6/13/07

EUR

14,275,000

$ 19,392,201

6% 7/4/07

EUR

14,275,000

19,538,104

TOTAL GERMANY

38,930,305

Netherlands - 1.2%

Dutch Government 3% 7/15/07

EUR

14,275,000

19,438,758

TOTAL GOVERNMENT OBLIGATIONS

(Cost $110,124,531)

116,796,407

Money Market Funds - 24.8%

Shares

Fidelity Cash Central Fund, 5.29% (b)

119,999,406

119,999,406

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

276,014,224

276,014,224

TOTAL MONEY MARKET FUNDS

(Cost $396,013,630)

396,013,630

TOTAL INVESTMENT PORTFOLIO - 116.7%

(Cost $1,601,455,042)

1,862,196,025

NET OTHER ASSETS - (16.7)%

(266,676,756)

NET ASSETS - 100%

$ 1,595,519,269

Forward Foreign Currency Contracts

Settlement Dates

Value

Unrealized Appreciation/(Depreciation)

Contracts to Buy

8,733,600 CHF

May 2007

$ 7,240,482

$ 40,482

28,749,685 EUR

May 2007

39,256,659

456,659

13,084,218 GBP

May 2007

26,160,028

260,028

$ 72,657,169

$ 757,169

(Payable Amount $71,900,000)

The value of contracts to buy as a percentage of net assets - 4.6%

Currency Abbreviations

CHF

-

Swiss franc

EUR

-

European Monetary Unit

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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 2,392,622

Fidelity Securities Lending Cash Central Fund

1,384,246

Total

$ 3,776,868

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

Semiannual Report

Europe Capital Appreciation

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $260,490,131) - See accompanying schedule:

Unaffiliated issuers (cost $1,205,441,412)

$ 1,466,182,395

Fidelity Central Funds (cost $396,013,630)

396,013,630

Total Investments (cost $1,601,455,042)

$ 1,862,196,025

Cash

1,672,403

Foreign currency held at value (cost $186,134)

186,134

Unrealized appreciation on foreign currency contracts

757,169

Receivable for fund shares sold

6,303,711

Dividends receivable

3,964,952

Interest receivable

3,091,463

Distributions receivable from Fidelity Central Funds

494,665

Prepaid expenses

2,474

Other receivables

750,141

Total assets

1,879,419,137

Liabilities

Payable for investments purchased

$ 2,460,320

Payable for fund shares redeemed

4,061,086

Accrued management fee

954,881

Other affiliated payables

304,497

Other payables and accrued expenses

104,860

Collateral on securities loaned,
at value

276,014,224

Total liabilities

283,899,868

Net Assets

$ 1,595,519,269

Net Assets consist of:

Paid in capital

$ 1,273,495,111

Undistributed net investment income

11,968,125

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

48,376,397

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

261,679,636

Net Assets, for 53,241,655 shares outstanding

$ 1,595,519,269

Net Asset Value, offering price and redemption price per share ($1,595,519,269 ÷ 53,241,655 shares)

$ 29.97

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 15,238,745

Interest

2,011,064

Income from Fidelity Central Funds (including $1,384,246 from security lending)

3,776,868

21,026,677

Less foreign taxes withheld

(1,708,310)

Total income

19,318,367

Expenses

Management fee
Basic fee

$ 4,848,640

Performance adjustment

117,210

Transfer agent fees

1,411,813

Accounting and security lending fees

313,699

Custodian fees and expenses

135,887

Independent trustees' compensation

1,948

Registration fees

77,126

Audit

30,960

Legal

7,966

Interest

9,396

Miscellaneous

3,215

Total expenses before reductions

6,957,860

Expense reductions

(295,381)

6,662,479

Net investment income (loss)

12,655,888

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

52,206,509

Foreign currency transactions

611,181

Total net realized gain (loss)

52,817,690

Change in net unrealized appreciation (depreciation) on:

Investment securities

167,665,189

Assets and liabilities in foreign currencies

911,636

Total change in net unrealized appreciation (depreciation)

168,576,825

Net gain (loss)

221,394,515

Net increase (decrease) in net assets resulting from operations

$ 234,050,403

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

Semiannual Report

Europe Capital Appreciation
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 12,655,888

$ 10,698,160

Net realized gain (loss)

52,817,690

112,082,857

Change in net unrealized appreciation (depreciation)

168,576,825

56,483,312

Net increase (decrease) in net assets resulting from operations

234,050,403

179,264,329

Distributions to shareholders from net investment income

(9,391,804)

(6,124,444)

Distributions to shareholders from net realized gain

(96,052,487)

(53,486,694)

Total distributions

(105,444,291)

(59,611,138)

Share transactions
Proceeds from sales of shares

547,740,711

647,405,817

Reinvestment of distributions

99,678,930

55,944,039

Cost of shares redeemed

(251,016,661)

(245,527,974)

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

396,402,980

457,821,882

Redemption fees

45,790

201,750

Total increase (decrease) in net assets

525,054,882

577,676,823

Net Assets

Beginning of period

1,070,464,387

492,787,564

End of period (including undistributed net investment income of $11,968,125 and undistributed net investment income of $10,571,012, respectively)

$ 1,595,519,269

$ 1,070,464,387

Other Information

Shares

Sold

19,585,405

24,922,851

Issued in reinvestment of distributions

3,751,559

2,608,114

Redeemed

(9,060,749)

(9,853,075)

Net increase (decrease)

14,276,215

17,677,890

Financial Highlights

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 27.47

$ 23.15

$ 19.63

$ 17.26

$ 13.85

$ 15.43

Income from Investment Operations

Net investment income (loss) D

.26

.38 G

.37

.13 H

.14

.19

Net realized and unrealized gain (loss)

4.71

6.85

3.38

2.46

3.46

(1.60)

Total from investment operations

4.97

7.23

3.75

2.59

3.60

(1.41)

Distributions from net investment income

(.22)

(.30)

(.17)

(.22)

(.19)

(.17)

Distributions from net realized gain

(2.25)

(2.62)

(.06)

-

-

-

Total distributions

(2.47)

(2.92)

(.23)

(.22)

(.19)

(.17)

Redemption fees added to paid in capital D

- J

.01

- J

- J

- J

- J

Net asset value, end of period

$ 29.97

$ 27.47

$ 23.15

$ 19.63

$ 17.26

$ 13.85

Total Return B, C

19.24%

34.81%

19.24%

15.13%

26.36%

(9.29)%

Ratios to Average Net Assets E, I

Expenses before reductions

1.02% A

1.09%

.95%

1.22%

1.39%

1.37%

Expenses net of fee waivers, if any

1.02% A

1.09%

.95%

1.22%

1.39%

1.37%

Expenses net of all reductions

.98% A

.99%

.84%

1.15%

1.32%

1.32%

Net investment income (loss)

1.86% A

1.51% G

1.66%

.69% H

.94%

1.18%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,595,519

$ 1,070,464

$ 492,788

$ 407,362

$ 394,015

$ 424,006

Portfolio turnover rate F

57% A

143%

133%

119%

184%

121%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. H 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%. I 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Japan

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan

98.6%

United States of America

1.4%

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

As of October 31, 2006

Japan

97.7%

United States of America

2.3%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.6

97.7

Short-Term Investments and Net Other Assets

1.4

2.3

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Toyota Motor Corp. (Automobiles)

5.7

0.2

Nintendo Co. Ltd. (Software)

3.9

5.1

Canon, Inc. (Office Electronics)

3.4

0.0

NTT DoCoMo, Inc. (Wireless Telecommunication Services)

3.1

0.0

Mizuho Financial Group, Inc. (Commercial Banks)

2.7

5.3

Mitsui & Co. Ltd. (Trading Companies & Distributors)

2.5

0.0

Honda Motor Co. Ltd. (Automobiles)

2.4

0.0

Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)

2.4

4.9

Sumitomo Corp. (Trading Companies & Distributors)

2.3

0.0

Sumitomo Metal Industries Ltd. (Metals & Mining)

2.2

3.7

30.6

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

21.5

10.5

Consumer Discretionary

20.7

26.4

Information Technology

18.9

13.6

Financials

18.0

17.9

Materials

9.2

11.0

Telecommunication Services

4.5

2.3

Health Care

2.7

6.3

Consumer Staples

1.3

3.8

Utilities

1.1

0.0

Energy

0.7

5.9

Semiannual Report

Japan

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value

CONSUMER DISCRETIONARY - 20.7%

Auto Components - 3.2%

Bridgestone Corp.

1,268,100

$ 25,720,481

Denso Corp.

542,300

19,176,330

Stanley Electric Co. Ltd.

662,200

13,155,470

58,052,281

Automobiles - 8.9%

Honda Motor Co. Ltd.

1,258,000

43,312,939

Isuzu Motors Ltd.

1,366,000

7,178,792

Toyota Motor Corp.

1,669,700

101,367,488

Yamaha Motor Co. Ltd.

288,300

7,616,874

159,476,093

Hotels, Restaurants & Leisure - 0.1%

Plenus Co. Ltd.

85,900

1,598,923

Household Durables - 4.2%

Casio Computer Co. Ltd. (d)

831,000

16,776,658

Haseko Corp. (a)

5,285,500

17,505,872

Matsushita Electric Industrial Co. Ltd.

458,000

8,898,940

Sekisui House Ltd.

307,000

4,531,441

Sony Corp.

530,400

28,249,103

75,962,014

Internet & Catalog Retail - 0.5%

Rakuten, Inc.

20,447

8,214,680

Leisure Equipment & Products - 0.8%

Fujifilm Holdings Corp.

156,800

6,411,552

Namco Bandai Holdings, Inc.

244,100

3,967,210

Sega Sammy Holdings, Inc.

178,500

4,040,190

14,418,952

Media - 0.7%

Fuji Television Network, Inc.

5,296

12,409,779

Multiline Retail - 0.8%

Marui Co. Ltd.

675,500

8,025,800

Mitsukoshi Ltd. (d)

1,043,000

4,996,276

Parco Co. Ltd.

93,200

1,046,717

14,068,793

Specialty Retail - 1.5%

Nishimatsuya Chain Co. Ltd.

170,000

3,058,269

Yamada Denki Co. Ltd.

252,530

23,336,510

26,394,779

TOTAL CONSUMER DISCRETIONARY

370,596,294

CONSUMER STAPLES - 1.3%

Food & Staples Retailing - 1.0%

Aeon Co. Ltd.

935,300

17,109,455

Household Products - 0.2%

Uni-Charm Corp.

58,900

3,469,581

Personal Products - 0.1%

Milbon Co. Ltd. (d)

74,600

2,300,345

TOTAL CONSUMER STAPLES

22,879,381

Shares

Value

ENERGY - 0.7%

Oil, Gas & Consumable Fuels - 0.7%

Japan Petroleum Exploration Co. Ltd.

47,700

$ 3,378,555

Nippon Oil Corp.

1,094,000

8,402,070

11,780,625

FINANCIALS - 18.0%

Capital Markets - 1.8%

Daiwa Securities Group, Inc.

800,000

8,911,506

Matsui Securities Co. Ltd.

475,200

3,502,072

Nomura Holdings, Inc.

982,900

18,930,654

31,344,232

Commercial Banks - 8.1%

Chiba Bank Ltd.

466,000

3,852,143

Mitsubishi UFJ Financial Group, Inc.

2,456

25,665,200

Mizuho Financial Group, Inc.

7,935

47,756,713

Sumitomo Mitsui Financial Group, Inc.

4,887

42,698,544

Sumitomo Trust & Banking Co. Ltd.

2,348,000

22,933,160

Tokyo Tomin Bank Ltd. (d)

76,700

2,651,567

145,557,327

Consumer Finance - 1.9%

ACOM Co. Ltd. (d)

97,390

3,515,966

Aiful Corp.

409,900

10,205,593

Credit Saison Co. Ltd.

413,700

11,763,711

ORIX Corp.

34,070

9,085,522

34,570,792

Insurance - 1.0%

Sompo Japan Insurance, Inc.

723,000

8,831,173

T&D Holdings, Inc.

134,850

8,541,342

17,372,515

Real Estate Management & Development - 5.2%

Cosmos Initia Co. Ltd. (a)

77,000

489,210

Leopalace21 Corp.

721,800

23,668,272

Mitsubishi Estate Co. Ltd.

732,000

22,697,418

Mitsui Fudosan Co. Ltd.

706,000

20,610,437

Sankei Building Co. Ltd.

139,400

1,270,097

Sumitomo Realty & Development Co. Ltd.

314,000

11,591,522

Tokyo Tatemono Co. Ltd.

421,000

5,884,949

Tokyu Land Corp.

569,000

6,436,704

92,648,609

TOTAL FINANCIALS

321,493,475

HEALTH CARE - 2.7%

Health Care Equipment & Supplies - 0.7%

Olympus Corp.

362,000

12,663,580

Sysmex Corp.

25,400

973,285

13,636,865

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - 2.0%

Daiichi Sankyo Co. Ltd.

301,400

$ 8,993,044

Takeda Pharamaceutical Co. Ltd.

405,200

26,271,378

35,264,422

TOTAL HEALTH CARE

48,901,287

INDUSTRIALS - 21.5%

Building Products - 1.5%

Asahi Glass Co. Ltd.

2,015,000

27,108,627

Commercial Services & Supplies - 0.4%

Dai Nippon Printing Co. Ltd.

478,000

7,620,257

Construction & Engineering - 1.1%

JGC Corp.

1,288,000

19,788,247

Meisei Industrial Co. Ltd. (a)

98,000

437,945

20,226,192

Electrical Equipment - 2.8%

Mitsubishi Electric Corp.

1,919,000

18,604,127

Sumitomo Electric Industries Ltd.

2,201,100

31,131,203

49,735,330

Machinery - 9.0%

Fanuc Ltd.

208,100

20,381,262

Kubota Corp.

2,041,000

19,291,991

Mitsubishi Heavy Industries Ltd.

2,559,000

15,752,616

Mitsui Engineering & Shipbuilding Co. (d)

3,911,000

17,520,429

Nabtesco Corp.

737,000

10,001,486

NGK Insulators Ltd.

700,000

15,280,036

NSK Ltd.

1,798,000

17,402,222

Sumitomo Heavy Industries Ltd.

2,286,000

23,534,289

THK Co. Ltd.

553,800

13,496,893

Toshiba Machine Co. Ltd.

825,000

8,037,530

160,698,754

Road & Rail - 1.0%

East Japan Railway Co.

2,040

16,544,354

Nippon Express Co. Ltd.

285,000

1,764,472

18,308,826

Trading Companies & Distributors - 5.3%

Mitsubishi Corp.

385,900

8,227,001

Mitsui & Co. Ltd.

2,503,000

45,013,691

Sumitomo Corp.

2,448,900

41,947,960

95,188,652

Transportation Infrastructure - 0.4%

Mitsui-Soko Co. Ltd. (d)

781,000

5,606,126

The Sumitomo Warehouse Co. Ltd.

188,000

1,451,419

7,057,545

TOTAL INDUSTRIALS

385,944,183

Shares

Value

INFORMATION TECHNOLOGY - 18.9%

Computers & Peripherals - 0.4%

Fujitsu Ltd.

1,120,000

$ 7,040,871

Electronic Equipment & Instruments - 8.1%

Citizen Holdings Co. Ltd.

1,637,400

14,618,519

Dainippon Screen Manufacturing Co. Ltd. (d)

1,268,000

10,673,179

Hoya Corp.

348,200

10,701,222

Kyocera Corp.

173,200

16,887,000

Murata Manufacturing Co. Ltd.

307,200

22,641,704

Nidec Corp. (d)

151,800

9,578,039

Nidec Sankyo Corp. (d)

517,000

3,410,809

Nippon Electric Glass Co. Ltd.

1,769,000

30,279,585

Omron Corp.

246,800

6,612,624

Yamatake Corp.

306,100

7,245,619

Yaskawa Electric Corp. (d)

1,068,000

12,206,665

144,854,965

IT Services - 0.6%

Nomura Research Institute Ltd.

232,400

6,213,169

TIS, Inc.

191,600

4,384,231

10,597,400

Office Electronics - 4.5%

Canon, Inc.

1,091,300

61,331,059

Konica Minolta Holdings, Inc.

1,493,000

20,431,110

81,762,169

Semiconductors & Semiconductor Equipment - 1.0%

Advantest Corp.

96,500

4,271,636

Rohm Co. Ltd.

98,000

8,852,672

Sumco Corp.

114,200

4,963,116

18,087,424

Software - 4.3%

Nintendo Co. Ltd.

222,000

69,355,489

Trend Micro, Inc. (d)

244,500

7,604,267

76,959,756

TOTAL INFORMATION TECHNOLOGY

339,302,585

MATERIALS - 9.2%

Chemicals - 5.5%

JSR Corp.

1,083,100

24,231,141

Kuraray Co. Ltd.

927,500

10,308,159

Mitsubishi Rayon Co. Ltd.

1,360,000

9,454,260

Nitto Denko Corp.

242,500

10,703,965

Shin-Etsu Chemical Co. Ltd.

449,300

29,002,879

Sumitomo Chemical Co. Ltd.

510,000

3,368,852

Tokuyama Corp.

250,000

3,748,611

Tokyo Ohka Kogyo Co. Ltd.

73,200

1,773,168

Toray Industries, Inc.

947,000

6,495,786

99,086,821

Metals & Mining - 3.7%

JFE Holdings, Inc.

198,700

10,923,496

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Nippon Steel Corp.

2,488,000

$ 16,053,637

Sumitomo Metal Industries Ltd.

7,543,000

38,303,791

65,280,924

TOTAL MATERIALS

164,367,745

TELECOMMUNICATION SERVICES - 4.5%

Wireless Telecommunication Services - 4.5%

KDDI Corp.

3,218

25,292,314

NTT DoCoMo, Inc.

32,702

55,626,101

80,918,415

UTILITIES - 1.1%

Electric Utilities - 1.1%

Chubu Electric Power Co., Inc.

219,900

7,066,445

Kansai Electric Power Co., Inc.

166,800

4,668,723

Tokyo Electric Power Co.

234,100

7,781,466

19,516,634

TOTAL COMMON STOCKS

(Cost $1,670,552,569)

1,765,700,624

Money Market Funds - 4.0%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

15,299,411

$ 15,299,411

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

56,628,833

56,628,833

TOTAL MONEY MARKET FUNDS

(Cost $71,928,244)

71,928,244

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $1,742,480,813)

1,837,628,868

NET OTHER ASSETS - (2.6)%

(46,805,786)

NET ASSETS - 100%

$ 1,790,823,082

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 investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 379,402

Fidelity Securities Lending Cash Central Fund

248,394

Total

$ 627,796

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

Semiannual Report

Japan

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $53,694,389) - See accompanying schedule:

Unaffiliated issuers (cost $1,670,552,569)

$ 1,765,700,624

Fidelity Central Funds (cost $71,928,244)

71,928,244

Total Investments (cost $1,742,480,813)

$ 1,837,628,868

Receivable for investments sold

33,896,396

Receivable for fund shares sold

1,218,263

Dividends receivable

11,490,040

Distributions receivable from Fidelity Central Funds

99,641

Prepaid expenses

5,635

Other receivables

261,469

Total assets

1,884,600,312

Liabilities

Payable for investments purchased

$ 22,195,693

Payable for fund shares redeemed

13,221,509

Accrued management fee

1,213,930

Other affiliated payables

404,429

Other payables and accrued expenses

112,836

Collateral on securities loaned,
at value

56,628,833

Total liabilities

93,777,230

Net Assets

$ 1,790,823,082

Net Assets consist of:

Paid in capital

$ 1,506,664,219

Undistributed net investment income

3,760,453

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

185,360,682

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

95,037,728

Net Assets, for 103,571,045 shares outstanding

$ 1,790,823,082

Net Asset Value, offering price and redemption price per share ($1,790,823,082 ÷ 103,571,045 shares)

$ 17.29

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 13,604,689

Interest

12,739

Income from Fidelity Central Funds (including $248,394 from security lending)

627,796

14,245,224

Less foreign taxes withheld

(910,608)

Total income

13,334,616

Expenses

Management fee
Basic fee

$ 6,380,054

Performance adjustment

320,220

Transfer agent fees

1,963,526

Accounting and security lending fees

399,733

Custodian fees and expenses

161,018

Independent trustees' compensation

2,709

Registration fees

27,011

Audit

37,737

Miscellaneous

2,181

Total expenses before reductions

9,294,189

Expense reductions

(159,279)

9,134,910

Net investment income (loss)

4,199,706

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

185,792,349

Foreign currency transactions

230,767

Total net realized gain (loss)

186,023,116

Change in net unrealized appreciation (depreciation) on:

Investment securities

(120,679,187)

Assets and liabilities in foreign currencies

(60,539)

Total change in net unrealized appreciation (depreciation)

(120,739,726)

Net gain (loss)

65,283,390

Net increase (decrease) in net assets resulting from operations

$ 69,483,096

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

Semiannual Report

Japan
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 4,199,706

$ 1,415,844

Net realized gain (loss)

186,023,116

89,269,693

Change in net unrealized appreciation (depreciation)

(120,739,726)

21,910,399

Net increase (decrease) in net assets resulting from operations

69,483,096

112,595,936

Distributions to shareholders from net investment income

(1,030,851)

(1,655,031)

Distributions to shareholders from net realized gain

(23,709,588)

(827,515)

Total distributions

(24,740,439)

(2,482,546)

Share transactions
Proceeds from sales of shares

286,329,336

1,451,989,405

Reinvestment of distributions

22,903,100

2,233,026

Cost of shares redeemed

(326,872,501)

(878,409,948)

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

(17,640,065)

575,812,483

Redemption fees

333,363

2,315,810

Total increase (decrease) in net assets

27,435,955

688,241,683

Net Assets

Beginning of period

1,763,387,127

1,075,145,444

End of period (including undistributed net investment income of $3,760,453 and undistributed net investment income of $1,292,579, respectively)

$ 1,790,823,082

$ 1,763,387,127

Other Information

Shares

Sold

16,772,633

83,073,775

Issued in reinvestment of distributions

1,371,443

136,493

Redeemed

(19,195,065)

(50,278,685)

Net increase (decrease)

(1,050,989)

32,931,583

Financial Highlights

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 16.85

$ 15.00

$ 11.63

$ 11.19

$ 8.25

$ 9.67

Income from Investment Operations

Net investment income (loss) E

.04

.01

.03

(.01)

- I

(.07)

Net realized and unrealized gain (loss)

.64

1.85

3.34

.45

2.93

(1.37)

Total from investment operations

.68

1.86

3.37

.44

2.93

(1.44)

Distributions from net investment income

(.01)

(.02)

-

(.01)

-

-

Distributions from net realized gain

(.23)

(.01)

-

-

-

-

Total distributions

(.24)

(.03)

-

(.01)

-

-

Redemption fees added to paid in capital E

- I

.02

- I

.01

.01

.02

Net asset value, end of period

$ 17.29

$ 16.85

$ 15.00

$ 11.63

$ 11.19

$ 8.25

Total Return B, C, D

4.09%

12.54%

28.98%

4.03%

35.64%

(14.68)%

Ratios to Average Net Assets F, H

Expenses before reductions

1.04% A

1.08%

1.03%

1.04%

1.03%

1.50%

Expenses net of fee waivers, if any

1.04% A

1.08%

1.03%

1.04%

1.03%

1.50%

Expenses net of all reductions

1.02% A

1.05%

1.02%

1.04%

1.03%

1.50%

Net investment income (loss)

.47% A

.08%

.20%

(.04)%

(.04)%

(.77)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,790,823

$ 1,763,387

$ 1,075,145

$ 647,453

$ 529,352

$ 283,293

Portfolio turnover rate G

238% A

78%

74%

99%

86%

66%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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.

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

Semiannual Report

Japan Smaller Companies

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan

98.1%

United States of America

1.6%

Bermuda

0.3%

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

As of October 31, 2006

Japan

95.1%

United States of America

4.9%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.4

95.1

Short-Term Investments and Net Other Assets

1.6

4.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Hitachi Construction Machinery Co. Ltd. (Machinery)

2.5

1.7

C. Uyemura & Co. Ltd. (Chemicals)

2.2

1.8

Star Micronics Co. Ltd. (Electronic Equipment & Instruments)

1.9

1.2

Hikari Tsushin, Inc. (Specialty Retail)

1.8

0.8

Token Corp. (Household Durables)

1.6

2.6

Hogy Medical Co. (Health Care Equipment & Supplies)

1.6

1.0

Nippon Seiki Co. Ltd. (Auto Components)

1.6

1.5

Murata Manufacturing Co. Ltd. (Electronic Equipment & Instruments)

1.6

1.7

Yamada Denki Co. Ltd. (Specialty Retail)

1.6

2.3

NGK Insulators Ltd. (Machinery)

1.5

0.0

17.9

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

25.5

23.0

Consumer Discretionary

24.0

22.5

Information Technology

19.0

24.7

Materials

10.4

7.3

Financials

9.3

9.6

Health Care

5.3

3.3

Consumer Staples

3.9

3.2

Energy

0.6

1.0

Utilities

0.4

0.0

Telecommunication Services

0.0

0.5

Semiannual Report

Japan Smaller Companies

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

CONSUMER DISCRETIONARY - 24.0%

Auto Components - 6.0%

F-Tech, Inc.

271,900

$ 5,840,119

Fine Sinter Co. Ltd.

397,000

1,552,603

Fuji Kiko Co. Ltd. (d)

716,000

1,929,489

H-One Co. Ltd. (d)

326,700

4,860,249

Keihin Corp.

92,900

1,991,057

Koito Manufacturing Co. Ltd.

244,000

2,852,424

NHK Spring Co. Ltd.

621,000

5,337,152

Nippon Seiki Co. Ltd.

675,000

14,472,610

Nissin Kogyo Co. Ltd.

123,300

3,273,591

Toyota Boshoku Corp.

227,800

5,245,155

Toyota Industries Corp.

86,700

4,085,596

TS tech Co. Ltd. (d)

85,500

2,748,137

54,188,182

Automobiles - 0.4%

Yachiyo Industry Co. Ltd.

187,500

3,433,319

Distributors - 0.1%

Jin Co. Ltd.

189,000

624,237

Diversified Consumer Services - 0.6%

Best Bridal, Inc.

1,576

3,517,339

Novarese, Inc.

86

124,899

Take & Give Needs Co. Ltd.

3,128

2,124,277

5,766,515

Hotels, Restaurants & Leisure - 1.4%

Round One Corp.

783

1,618,352

St. Marc Holdings Co. Ltd.

31,500

1,704,024

VIA Holdings, Inc. (a)

12,700

104,732

Zensho Co. Ltd. (d)

978,108

9,115,199

12,542,307

Household Durables - 3.2%

Casio Computer Co. Ltd. (d)

553,700

11,178,382

Juki Corp.

459,000

2,958,891

Token Corp. (d)

294,190

14,739,025

28,876,298

Internet & Catalog Retail - 0.9%

ASKUL Corp.

98,900

1,750,899

DeNA Co. Ltd. (a)

579

1,967,826

Felissimo Corp. (d)

96,100

2,292,641

Rakuten, Inc.

4,145

1,665,274

7,676,640

Leisure Equipment & Products - 0.5%

Endo Manufacturing Co. Ltd.

249,800

1,304,725

Namco Bandai Holdings, Inc.

195,700

3,180,594

4,485,319

Media - 0.2%

WOWOW INC.

295

814,824

Zenrin Co. Ltd. (d)

44,000

1,225,567

2,040,391

Shares

Value

Multiline Retail - 0.7%

The Daimaru, Inc.

532,000

$ 6,318,292

Specialty Retail - 7.5%

Alpen Co. Ltd.

129,600

2,639,149

Hikari Tsushin, Inc. (d)

407,300

16,226,802

KOMERI Co. Ltd.

68,200

2,066,351

Nishimatsuya Chain Co. Ltd.

700,900

12,609,062

PC Depot Corp. (d)

3,314

896,496

Shimachu Co. Ltd.

210,100

5,699,820

Shimamura Co. Ltd.

27,100

2,955,626

United Arrows Ltd.

195,400

3,457,801

USS Co. Ltd.

102,030

6,437,808

Yamada Denki Co. Ltd.

149,450

13,810,801

66,799,716

Textiles, Apparel & Luxury Goods - 2.5%

Asics Corp.

800,000

10,074,844

Japan Vilene Co. Ltd. (d)

486,000

2,955,379

Seiren Co. Ltd. (d)

970,800

9,333,111

22,363,334

TOTAL CONSUMER DISCRETIONARY

215,114,550

CONSUMER STAPLES - 3.9%

Food & Staples Retailing - 2.5%

Cosmos Pharmaceutical Corp. (d)

281,100

5,217,095

Create SD Co. Ltd.

98,500

1,658,736

Daikokutenbussan Co. Ltd.

241,400

2,815,925

Kirindo Co. Ltd. (d)

264,600

2,465,048

Valor Co. Ltd. (d)

827,500

9,881,995

22,038,799

Food Products - 1.2%

Ariake Japan Co. Ltd.

60,400

1,240,928

Frente Co. Ltd.

179,500

3,338,350

Hokuto Corp. (d)

136,300

2,174,159

Nichirei Corp.

329,000

1,967,161

Toyo Suisan Kaisha Ltd.

116,000

2,310,220

11,030,818

Personal Products - 0.2%

Artnature, Inc.

40,500

1,827,195

TOTAL CONSUMER STAPLES

34,896,812

ENERGY - 0.6%

Energy Equipment & Services - 0.6%

Shinko Plantech Co. Ltd.

542,000

5,395,849

FINANCIALS - 9.3%

Capital Markets - 1.1%

E*TRADE Securities Co. Ltd. (d)

3,184

3,429,822

Matsui Securities Co. Ltd. (d)

318,100

2,344,295

Risa Partners, Inc. (d)

1,466

3,943,987

9,718,104

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 3.6%

Bank of Yokohama Ltd.

1,210,000

$ 8,859,560

Chiba Bank Ltd.

1,025,000

8,473,061

The Keiyo Bank Ltd.

1,280,000

7,330,035

Tokyo Tomin Bank Ltd. (d)

209,300

7,235,631

31,898,287

Diversified Financial Services - 0.3%

Japan Securities Finance Co. Ltd.

184,200

2,618,178

Real Estate Management & Development - 3.9%

Arealink Co. Ltd.

1,501

994,129

Cosmos Initia Co. Ltd. (a)

403,000

2,560,409

Daibiru Corp. (d)

344,900

5,125,209

Daiwasystem Co. Ltd.

211,700

5,146,636

Heiwa Real Estate Co. Ltd.

668,000

4,427,795

Joint Corp.

57,500

1,900,249

Land Co. Ltd.

291

481,703

NTT Urban Development Co.

1,247

2,962,186

Sankei Building Co. Ltd. (d)

442,500

4,031,694

Sumitomo Realty & Development Co. Ltd.

78,000

2,879,423

Suruga Corp.

91,700

1,886,285

Tokyu Community Corp.

24,100

671,652

Tokyu Land Corp.

181,000

2,047,528

35,114,898

Thrifts & Mortgage Finance - 0.4%

ASAX Co. Ltd.

554

3,848,832

TOTAL FINANCIALS

83,198,299

HEALTH CARE - 5.3%

Health Care Equipment & Supplies - 3.6%

Hogy Medical Co. (d)

308,100

14,644,293

Nakanishi, Inc.

25,900

3,040,296

Nipro Corp. (d)

161,000

3,102,485

Sysmex Corp. (d)

291,500

11,169,791

31,956,865

Life Sciences Tools & Services - 0.5%

Shin Nippon Biomedical Laboratories Ltd. (d)

266,700

3,986,715

Soiken Holdings, Inc. (d)

658

501,415

4,488,130

Pharmaceuticals - 1.2%

Hisamitsu Pharmaceutical Co., Inc.

206,700

6,169,718

Nichi-iko Pharmaceutical Co. Ltd.

6,000

109,640

Sawai Pharmaceutical Co. Ltd. (d)

89,900

3,734,104

Towa Pharmaceutical Co. Ltd.

32,000

1,223,341

11,236,803

TOTAL HEALTH CARE

47,681,798

Shares

Value

INDUSTRIALS - 25.5%

Air Freight & Logistics - 1.3%

Kintetsu World Express, Inc.

167,900

$ 6,057,040

Yusen Air & Sea Service Co. Ltd. (d)

203,300

5,375,801

11,432,841

Building Products - 0.6%

Comany, Inc.

326,000

5,183,871

Wavelock Holdings Co. Ltd. (d)

52,000

289,469

5,473,340

Commercial Services & Supplies - 3.3%

Asahi Pretec Corp.

38,900

974,403

Asia Media Co. Ltd.

319,000

2,274,948

Career Design Center Co. Ltd. (e)

3,066

6,270,702

Certo Corp.

85,250

1,831,478

Gakujo Co. Ltd. (d)

325,300

1,843,049

Intelligence Ltd. (d)

2,968

7,691,206

Nihonwasou Holdings, Inc.

849

472,085

TFP Consulting Group Co. Ltd.

1,233

3,055,016

The Goodwill Group, Inc. (d)

8,643

5,426,087

29,838,974

Construction & Engineering - 1.6%

Chiyoda Corp.

326,000

7,480,484

Kandenko Co. Ltd.

500,000

3,175,936

Meisei Industrial Co. Ltd. (a)(d)

735,000

3,284,585

13,941,005

Electrical Equipment - 3.4%

Aichi Electric Co. Ltd.

25,000

84,501

Daihen Corp.

696,000

4,206,610

Densei-Lambda KK (d)

39,700

561,067

Endo Lighting Corp.

319,600

1,860,725

Furukawa Electric Co. Ltd.

1,411,000

8,614,282

Iwabuchi Corp.

121,000

684,715

Nippon Carbon Co. Ltd.

990,000

3,907,522

Sansha Electric Manufacturing Co. Ltd.

19,000

171,706

Sec Carbon Ltd.

30,000

432,995

Sumitomo Wiring Systems Ltd.

340,000

6,339,436

Takaoka Electric Mfg. Co. Ltd. (d)

232,000

490,918

Terasaki Electric Co. Ltd.

89,000

1,303,675

Toyo Tanso Co. Ltd. (d)

15,500

1,645,292

30,303,444

Machinery - 10.0%

Harmonic Drive Systems, Inc. (d)

393

2,145,045

Hitachi Construction Machinery Co. Ltd.

726,000

22,660,166

Japan Steel Works Ltd.

625,000

7,369,937

Makino Milling Machine Co. Ltd.

285,000

3,879,605

Miyachi Corp.

64,000

1,121,503

Nabtesco Corp.

205,000

2,781,960

Namura Shipbuilding Co. Ltd.

8,100

100,488

NGK Insulators Ltd.

626,000

13,664,718

Nihon Trim Co. Ltd. (d)

17,200

609,755

NSK Ltd.

660,000

6,387,913

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

NTN Corp.

1,256,000

$ 10,421,949

Obara Corp.

75

1,424

Okuma Corp.

229,000

2,735,286

Organo Corp. (d)

166,000

2,404,140

OSG Corp. (d)

119,500

1,676,161

Produce Co. Ltd. (a)

99

469,012

Sumitomo Heavy Industries Ltd.

332,000

3,417,928

Taiho Kogyo Co. Ltd.

391,500

5,519,851

TCM Corp. (d)

833,000

2,442,433

89,809,274

Marine - 0.7%

Daiichi Chuo Kisen Kaisha

241,000

803,426

Iino Kaiun Kaisha Ltd.

434,800

5,186,171

5,989,597

Road & Rail - 0.9%

Hamakyorex Co. Ltd. (d)

173,800

4,541,481

Ichinen Co. Ltd.

411,100

1,872,679

Keio Corp.

70,000

492,596

Nishi-Nippon Railroad Co. Ltd.

247,000

1,010,867

7,917,623

Trading Companies & Distributors - 3.4%

Itochu Corp.

1,300,000

12,801,177

Marubeni Corp.

2,162,000

12,983,649

Meiji Electric Industries Co. Ltd.

65,600

791,827

Sojitz Corp. (a)

1,146,400

4,332,749

30,909,402

Transportation Infrastructure - 0.3%

The Sumitomo Warehouse Co. Ltd.

368,000

2,841,076

TOTAL INDUSTRIALS

228,456,576

INFORMATION TECHNOLOGY - 19.0%

Communications Equipment - 0.5%

Mitsui Knowledge Industry Co. Ltd.

15,476

4,411,650

Electronic Equipment & Instruments - 11.3%

A&D Co. Ltd. (d)

271,200

5,179,181

Canon Electronics, Inc.

316,000

10,103,657

Dai-ichi Seiko Co. Ltd.

52,700

1,251,688

Excel Co. Ltd.

111,600

1,938,581

Forval Corp.

86,800

261,051

Hamamatsu Photonics KK (d)

370,600

10,695,976

Honda Tsushin Kogyo Co. Ltd. (d)

20,200

77,740

Ibiden Co. Ltd.

119,500

6,793,397

Iriso Electronics Co. Ltd.

33,400

919,963

Meiko Electronics Co. Ltd. (d)

433,200

13,205,338

Murata Manufacturing Co. Ltd.

190,700

14,055,251

Nagano Keiki Co. Ltd.

249,320

3,809,778

Nidec Corp.

46,400

2,927,675

Nippon Electric Glass Co. Ltd.

100,000

1,711,678

Shares

Value

Optoelectronics Co. Ltd. (d)

79,900

$ 955,655

Seikoh Giken Co. Ltd.

5,500

120,078

Shibaura Electronics Co. Ltd.

89,700

1,617,500

Shizuki Electric Co., Inc.

238,000

723,016

Star Micronics Co. Ltd.

716,000

17,315,067

Sunx Ltd. (d)

966,100

7,328,438

Yokogawa Electric Corp.

63,400

934,855

101,925,563

IT Services - 2.9%

Bit-isle, Inc. (d)

1,448

1,523,160

CAC Corp. (d)

561,800

4,499,060

Hitachi Systems & Services Ltd.

129,400

2,751,127

INTEC Holdings Ltd. (a)

448,700

5,923,352

Otsuka Corp. (d)

113,600

10,957,596

25,654,295

Office Electronics - 1.1%

Canon Fintech, Inc.

209,300

3,728,216

Konica Minolta Holdings, Inc.

447,500

6,123,859

9,852,075

Semiconductors & Semiconductor Equipment - 2.5%

Axell Corp.

1,619

4,989,345

Disco Corp.

41,800

2,597,330

Elpida Memory, Inc. (a)(d)

33,900

1,428,467

Micronics Japan Co. Ltd.

297,600

10,293,043

NuFlare Technology, Inc.

8

22,031

Sumco Corp.

46,600

2,025,230

United Technology Holdings Co. Ltd. (a)

693

1,142,722

22,498,168

Software - 0.7%

Alpha Systems, Inc. (d)

112,300

3,024,818

AQ Interactive, Inc.

439

1,216,280

Cybernet Systems Co. Ltd. (d)

2,337

1,309,535

KOEI Co. Ltd. (d)

58,400

926,347

6,476,980

TOTAL INFORMATION TECHNOLOGY

170,818,731

MATERIALS - 10.4%

Chemicals - 6.7%

Adeka Corp.

265,600

2,901,975

Air Water, Inc.

319,000

3,437,426

C. Uyemura & Co. Ltd.

326,900

20,077,500

FCM Co. Ltd.

27,800

986,624

Lintec Corp.

511,700

10,633,476

Nifco, Inc.

43,200

1,021,035

Sakai Chemical Industry Co. Ltd.

537,000

3,970,561

Soken Chemical & Engineer Co. Ltd. (d)

41,700

815,208

Taiyo Kagaku Co. Ltd.

311,700

2,633,339

The Nippon Synthetic Chemical Industry Co. Ltd.

26,000

111,186

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Tohcello Co. Ltd. (d)

567,000

$ 5,977,351

Tokai Carbon Co. Ltd. (d)

921,000

7,929,915

60,495,596

Containers & Packaging - 0.2%

Fuji Seal International, Inc. (d)

83,100

1,687,808

Metals & Mining - 3.5%

Chubu Steel Plate Co. Ltd.

109,500

1,087,393

Chuo Denki Kogyo Co. Ltd.

191,000

1,222,938

Hitachi Metals Ltd.

222,000

2,377,369

Nippon Denko Co. Ltd. (d)

2,105,000

11,562,202

Nippon Yakin Kogyo Co. Ltd. (d)

821,000

8,316,037

Pacific Metals Co. Ltd.

280,000

4,458,488

Sumitomo Light Metal Industries Ltd. (d)

375,000

829,317

Toho Zinc Co. Ltd.

52,000

449,817

Yamato Kogyo Co. Ltd.

28,600

938,865

31,242,426

TOTAL MATERIALS

93,425,830

UTILITIES - 0.4%

Electric Utilities - 0.4%

Chugokun Electric Power Co.

41,900

930,527

Kyushu Electric Power Co., Inc.

33,400

940,944

Shikoku Electric Power Co., Inc.

38,900

953,952

Tohoku Electric Power Co., Inc.

37,800

902,769

3,728,192

TOTAL COMMON STOCKS

(Cost $757,200,092)

882,716,637

Money Market Funds - 12.4%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

12,881,409

$ 12,881,409

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

98,531,793

98,531,793

TOTAL MONEY MARKET FUNDS

(Cost $111,413,202)

111,413,202

TOTAL INVESTMENT PORTFOLIO - 110.8%

(Cost $868,613,294)

994,129,839

NET OTHER ASSETS - (10.8)%

(96,668,751)

NET ASSETS - 100%

$ 897,461,088

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 investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 506,279

Fidelity Securities Lending Cash Central Fund

813,375

Total

$ 1,319,654

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.

$ 9,006,840

$ -

$ 587,738

$ 15,766

$ 6,270,702

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

Semiannual Report

Japan Smaller Companies

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $93,548,328) - See accompanying schedule:

Unaffiliated issuers (cost $749,464,693)

$ 876,445,935

Fidelity Central Funds (cost $111,413,202)

111,413,202

Other affiliated issuers (cost $7,735,399)

6,270,702

Total Investments (cost $868,613,294)

$ 994,129,839

Receivable for investments sold

11,971,810

Receivable for fund shares sold

211,365

Dividends receivable

4,870,058

Distributions receivable from Fidelity Central Funds

65,436

Prepaid expenses

4,613

Other receivables

301,450

Total assets

1,011,554,571

Liabilities

Payable to custodian bank

$ 1,023,748

Payable for investments purchased

9,436,379

Payable for fund shares redeemed

4,219,268

Accrued management fee

551,722

Other affiliated payables

206,382

Other payables and accrued expenses

124,191

Collateral on securities loaned,
at value

98,531,793

Total liabilities

114,093,483

Net Assets

$ 897,461,088

Net Assets consist of:

Paid in capital

$ 715,047,760

Undistributed net investment income

1,306,596

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

55,631,395

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

125,475,337

Net Assets, for 73,918,800 shares outstanding

$ 897,461,088

Net Asset Value, offering price and redemption price per share ($897,461,088 ÷ 73,918,800 shares)

$ 12.14

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends (including $15,766 received from other affiliated issuers)

$ 5,859,605

Interest

5,475

Income from Fidelity Central Funds (including $813,375 from security lending)

1,319,654

7,184,734

Less foreign taxes withheld

(410,172)

Total income

6,774,562

Expenses

Management fee

$ 3,705,376

Transfer agent fees

1,076,913

Accounting and security lending fees

249,312

Custodian fees and expenses

263,969

Independent trustees' compensation

1,664

Registration fees

20,702

Audit

31,186

Miscellaneous

1,355

Total expenses before reductions

5,350,477

Expense reductions

(118,082)

5,232,395

Net investment income (loss)

1,542,167

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

57,349,224

Other affiliated issuers

(405,022)

Foreign currency transactions

(68,387)

Total net realized gain (loss)

56,875,815

Change in net unrealized appreciation (depreciation) on:

Investment securities

(133,360,562)

Assets and liabilities in foreign currencies

10,271

Total change in net unrealized appreciation (depreciation)

(133,350,291)

Net gain (loss)

(76,474,476)

Net increase (decrease) in net assets resulting from operations

$ (74,932,309)

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

Semiannual Report

Japan Smaller Companies
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,542,167

$ 1,483,059

Net realized gain (loss)

56,875,815

72,603,100

Change in net unrealized appreciation (depreciation)

(133,350,291)

(136,387,455)

Net increase (decrease) in net assets resulting from operations

(74,932,309)

(62,301,296)

Distributions to shareholders from net investment income

(857,663)

(2,096,615)

Distributions to shareholders from net realized gain

(30,875,837)

(87,009,291)

Total distributions

(31,733,500)

(89,105,906)

Share transactions
Proceeds from sales of shares

43,715,291

937,781,955

Reinvestment of distributions

27,705,531

81,250,595

Cost of shares redeemed

(284,588,192)

(1,059,732,471)

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

(213,167,370)

(40,699,921)

Redemption fees

55,191

2,673,266

Total increase (decrease) in net assets

(319,777,988)

(189,433,857)

Net Assets

Beginning of period

1,217,239,076

1,406,672,933

End of period (including undistributed net investment income of $1,306,596 and undistributed net investment income of $1,482,630, respectively)

$ 897,461,088

$ 1,217,239,076

Other Information

Shares

Sold

3,422,928

57,660,133

Issued in reinvestment of distributions

2,141,076

5,471,421

Redeemed

(22,301,568)

(71,185,943)

Net increase (decrease)

(16,737,564)

(8,054,389)

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 13.43

$ 14.25

$ 11.58

$ 10.35

$ 6.52

$ 6.97

Income from Investment Operations

Net investment income (loss) E

.02

.01

.03

.01

.01

- I

Net realized and unrealized gain (loss)

(.94)

- I

2.69

1.20

3.81

(.47)

Total from investment operations

(.92)

.01

2.72

1.21

3.82

(.47)

Distributions from net investment income

(.01)

(.02)

(.01)

(.02)

-

-

Distributions from net realized gain

(.36)

(.83)

(.05)

-

-

-

Total distributions

(.37)

(.85)

(.06)

(.02)

-

-

Redemption fees added to paid in capital E

- I

.02

.01

.04

.01

.02

Net asset value, end of period

$ 12.14

$ 13.43

$ 14.25

$ 11.58

$ 10.35

$ 6.52

Total Return B, C, D

(7.02)%

(.36)%

23.69%

12.12%

58.74%

(6.46)%

Ratios to Average Net Assets F, H

Expenses before reductions

1.03% A

1.02%

1.02%

1.04%

1.12%

1.19%

Expenses net of fee waivers, if any

1.03% A

1.02%

1.02%

1.04%

1.12%

1.19%

Expenses net of all reductions

1.01% A

1.01%

1.01%

1.04%

1.12%

1.19%

Net investment income (loss)

.30% A

.09%

.22%

.11%

.19%

(.06)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 897,461

$ 1,217,239

$ 1,406,673

$ 1,279,091

$ 931,728

$ 408,611

Portfolio turnover rate G

79% A

98%

65%

57%

43%

50%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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.

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

Semiannual Report

Latin America

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Brazil

58.2%

Mexico

29.3%

Chile

7.4%

United States of America

2.6%

Luxembourg

0.9%

Bermuda

0.5%

Panama

0.4%

United Kingdom

0.4%

Argentina

0.2%

Other

0.1%

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

As of October 31, 2006

Brazil

53.9%

Mexico

34.3%

Chile

6.4%

United States of America

3.4%

Spain

0.8%

Panama

0.6%

Cayman Islands

0.6%

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

98.0

97.3

Short-Term Investments and Net Other Assets

2.0

2.7

Top Ten Stocks as of April 30, 2007

% 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)

11.9

11.4

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

7.0

2.3

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

6.4

6.0

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

4.8

4.4

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

4.8

2.7

Banco Itau Holding Financeira SA (non-vtg.) (Brazil, Commercial Banks)

4.5

4.8

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

4.4

4.8

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

4.4

4.5

Grupo Televisa SA de CV (Mexico, Media)

3.3

3.3

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

2.9

5.4

54.4

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Materials

24.1

21.9

Telecommunication Services

15.6

14.1

Financials

15.4

16.6

Energy

11.6

10.4

Consumer Discretionary

8.7

8.7

Industrials

8.1

10.2

Consumer Staples

8.1

9.7

Utilities

4.6

4.5

Health Care

1.0

0.6

Information Technology

0.8

0.6

Semiannual Report

Latin America

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

Argentina - 0.2%

Inversiones y Representaciones SA sponsored GDR (a)

285,600

$ 5,974,752

Bahamas (Nassau) - 0.1%

Ultrapetrol (Bahamas) Ltd.

279,300

5,865,300

Bermuda - 0.5%

Credicorp Ltd. (NY Shares)

75,700

3,950,026

Dufry South America Ltd. unit

781,228

14,778,537

TOTAL BERMUDA

18,728,563

Brazil - 58.1%

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

486,700,000

16,692,050

All America Latina Logistica SA unit

2,704,200

31,889,151

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

612,300

33,670,377

Banco Bradesco SA:

(PN)

2,439,508

51,901,875

(PN) sponsored ADR (d)

5,962,100

126,515,762

Banco Itau Holding Financeira SA:

(PN) (non-vtg.)

2,677,040

103,914,190

sponsored ADR (non-vtg.) (d)

1,968,400

75,940,872

Banco Nossa Caixa SA

889,000

13,855,680

Brascan Residential Properties SA

1,898,600

14,403,687

Brasil Telecom Participacoes SA sponsored ADR (a)

586,200

31,086,186

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR (d)

1,229,226

71,811,383

sponsored ADR

74,145

4,235,162

Companhia de Saneamento de Minas Gerais

1,379,600

17,692,394

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

537,000

23,096,370

Companhia Vale do Rio Doce:

(PN-A)

870,400

29,915,723

(PN-A) sponsored ADR

7,392,300

252,742,737

sponsored ADR

4,763,500

193,445,735

Cosan SA Industria E Comercio (a)

311,500

6,235,510

Diagnosticos da America SA

210,700

4,555,228

Duratex SA (PN)

2,454,000

54,669,988

Eletropaulo Metropolitana SA (PN-B)

292,450,000

15,023,412

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

313,200

14,692,212

Empresa Nacional de Comercio Redito e Participacoes SA (PN)

11,465,310

60,279

Gafisa SA (a)

1,299,700

18,277,031

Gafisa SA ADR (a)

107,200

3,001,600

GVT Holding SA

1,779,700

22,473,609

JBS SA

4,754,000

18,336,724

Klabin Segall SA

943,300

7,985,976

Localiza Rent a Car SA

3,184,500

32,514,696

Lojas Renner SA

1,790,000

24,652,958

LPS Brasil Consultoria de Imoveis SA

514,600

5,304,790

Medial Saude SA

1,921,200

27,375,590

Shares

Value

Petroleo Brasileiro SA Petrobras:

(ON)

192,200

$ 4,896,605

(PN) (non-vtg.)

3,087,880

69,337,714

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

2,095,300

186,942,666

sponsored ADR (d)

1,876,230

189,930,763

Profarma Distribuidora de Produtos Farmaceuticos SA

511,000

7,683,078

Sao Carlos Empreen E Part SA

478,500

3,785,304

Submarino SA

1,371,300

49,651,679

TAM SA:

(PN) (ltd.-vtg.)

1,223,900

31,728,068

(PN) sponsored ADR (ltd. vtg.) (d)

554,100

14,256,993

Terna Participacoes SA unit

1,248,500

15,949,784

TIM Participacoes SA

1,833,200,000

6,584,460

TIM Participacoes SA sponsored ADR (non-vtg.)

360,000

12,981,600

Totvs SA

1,096,900

31,798,890

Tractebel Energia SA

1,875,300

16,447,575

Uniao de Bancos Brasileiros SA (Unibanco):

unit

431,200

4,205,641

GDR

1,772,700

172,058,262

Usinas Siderurgicas de Minas Gerais SA

266,800

14,813,483

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

1,427,300

66,624,165

Votorantim Celulose e Papel SA:

(PN) (non-vtg.)

96,565

1,935,855

sponsored ADR (non-vtg.) (d)

4,326,850

86,450,463

TOTAL BRAZIL

2,336,031,985

Chile - 7.4%

Capital SA

3,837,951

70,836,522

Empresa Nacional de Electricidad SA sponsored ADR

768,000

37,271,040

Enersis SA sponsored ADR

1,544,100

29,245,254

Inversiones Aguas Metropolitanas SA ADR (e)

1,584,700

39,199,125

Lan Airlines SA sponsored ADR (d)

1,394,000

101,971,100

Masisa SA

41,861,604

10,354,885

Vina Concha y Toro SA sponsored ADR

217,750

7,989,248

TOTAL CHILE

296,867,174

Luxembourg - 0.9%

Tenaris SA sponsored ADR

425,400

19,721,544

Ternium SA sponsored ADR (a)(d)

632,600

17,016,940

TOTAL LUXEMBOURG

36,738,484

Mexico - 29.3%

Alsea SAB de CV

12,220,400

20,865,159

America Movil SA de CV Series L sponsored ADR

9,095,200

477,770,854

Axtel SAB de CV unit (a)

5,595,480

26,311,115

Banco Compartamos SA de CV

5,127,100

25,873,544

Common Stocks - continued

Shares

Value

Mexico - continued

Cemex SA de CV sponsored ADR

3,535,088

$ 114,890,360

Corporacion Geo SA de CV Series B (a)

8,481,700

46,473,053

Fomento Economico Mexicano SA de CV sponsored ADR

1,036,465

111,616,916

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

507,500

22,949,150

Grupo Televisa SA de CV

1,507,400

8,464,441

Grupo Televisa SA de CV (CPO) sponsored ADR

4,398,800

123,386,340

Industrias Penoles SA de CV

2,305,800

28,444,860

Telefonos de Mexico SA de CV Series L sponsored ADR (d)

1,251,500

42,726,210

Urbi, Desarrollos Urbanos, SA de CV (a)

9,471,900

39,574,714

Wal-Mart de Mexico SA de CV Series V

22,115,116

86,725,549

TOTAL MEXICO

1,176,072,265

Panama - 0.4%

Copa Holdings SA Class A

281,900

17,162,072

United Kingdom - 0.4%

COSAN SA Industria e Comercio warrants (Deutsche Bank Warrant Program) 7/25/07 (a)(e)

221,518

4,434,278

SABMiller PLC

507,800

12,082,316

TOTAL UNITED KINGDOM

16,516,594

United States of America - 0.6%

Southern Copper Corp. (d)

304,742

24,470,783

TOTAL COMMON STOCKS

(Cost $2,412,287,059)

3,934,427,972

Nonconvertible Preferred Stocks - 0.1%

Brazil - 0.1%

Brasil Telecom Participacoes SA (PN) (a)
(Cost $3,912,287)

379,300,000

4,040,499

Money Market Funds - 4.8%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

121,756,435

$ 121,756,435

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

70,651,725

70,651,725

TOTAL MONEY MARKET FUNDS

(Cost $192,408,160)

192,408,160

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $2,608,607,506)

4,130,876,631

NET OTHER ASSETS - (2.8)%

(111,705,216)

NET ASSETS - 100%

$ 4,019,171,415

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 end of the period, the value of these securities amounted to $43,633,403 or 1.1% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 2,398,942

Fidelity Securities Lending Cash Central Fund

147,388

Total

$ 2,546,330

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

Semiannual Report

Latin America

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $68,009,142) - See accompanying schedule:

Unaffiliated issuers (cost $2,416,199,346)

$ 3,938,468,471

Fidelity Central Funds (cost $192,408,160)

192,408,160

Total Investments (cost $2,608,607,506)

$ 4,130,876,631

Cash

285,337

Foreign currency held at value
(cost $226,840)

228,422

Receivable for investments sold

1,145,513

Receivable for fund shares sold

9,765,754

Dividends receivable

15,839,848

Distributions receivable from Fidelity Central Funds

444,199

Prepaid expenses

13,188

Other receivables

167,108

Total assets

4,158,766,000

Liabilities

Payable for investments purchased

$ 54,543,321

Payable for fund shares redeemed

10,933,495

Accrued management fee

2,361,713

Other affiliated payables

748,763

Other payables and accrued expenses

355,568

Collateral on securities loaned, at value

70,651,725

Total liabilities

139,594,585

Net Assets

$ 4,019,171,415

Net Assets consist of:

Paid in capital

$ 2,433,940,343

Undistributed net investment income

19,512,206

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

43,470,905

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

1,522,247,961

Net Assets, for 82,678,993 shares outstanding

$ 4,019,171,415

Net Asset Value, offering price and redemption price per share ($4,019,171,415 ÷ 82,678,993 shares)

$ 48.61

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 50,874,950

Interest

8,047

Income from Fidelity Central Funds (including $147,388 from security lending)

2,546,330

53,429,327

Less foreign taxes withheld

(5,515,570)

Total income

47,913,757

Expenses

Management fee

$ 13,069,885

Transfer agent fees

3,702,609

Accounting and security lending fees

745,481

Custodian fees and expenses

973,036

Independent trustees' compensation

5,561

Registration fees

124,363

Audit

48,373

Legal

20,088

Interest

6,626

Miscellaneous

5,142

Total expenses before reductions

18,701,164

Expense reductions

(267,129)

18,434,035

Net investment income (loss)

29,479,722

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

88,105,108

Foreign currency transactions

(326,953)

Total net realized gain (loss)

87,778,155

Change in net unrealized appreciation (depreciation) on:

Investment securities

573,486,093

Assets and liabilities in foreign currencies

(34,732)

Total change in net unrealized appreciation (depreciation)

573,451,361

Net gain (loss)

661,229,516

Net increase (decrease) in net assets resulting from operations

$ 690,709,238

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

Semiannual Report

Latin America
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 29,479,722

$ 57,985,237

Net realized gain (loss)

87,778,155

36,588,919

Change in net unrealized appreciation (depreciation)

573,451,361

585,339,744

Net increase (decrease) in net assets resulting from operations

690,709,238

679,913,900

Distributions to shareholders from net investment income

(48,023,908)

(25,559,551)

Distributions to shareholders from net realized gain

(60,491,350)

(20,858,777)

Total distributions

(108,515,258)

(46,418,328)

Share transactions
Proceeds from sales of shares

1,004,007,903

2,691,422,984

Reinvestment of distributions

105,191,757

44,620,920

Cost of shares redeemed

(795,732,678)

(1,635,956,243)

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

313,466,982

1,100,087,661

Redemption fees

1,037,867

4,806,595

Total increase (decrease) in net assets

896,698,829

1,738,389,828

Net Assets

Beginning of period

3,122,472,586

1,384,082,758

End of period (including undistributed net investment income of $19,512,206 and undistributed net investment income of $48,654,473, respectively)

$ 4,019,171,415

$ 3,122,472,586

Other Information

Shares

Sold

22,324,899

73,372,373

Issued in reinvestment of distributions

2,427,062

1,389,117

Redeemed

(17,987,939)

(45,918,289)

Net increase (decrease)

6,764,022

28,843,201

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 41.13

$ 29.40

$ 18.10

$ 13.38

$ 8.92

$ 10.40

Income from Investment Operations

Net investment income (loss) E

.36

.82

.57

.40

.20

.17

Net realized and unrealized gain (loss)

8.49

11.68

10.98

4.53

4.42

(1.41)

Total from investment operations

8.85

12.50

11.55

4.93

4.62

(1.24)

Distributions from net investment income

(.61)

(.46)

(.30)

(.23)

(.17)

(.25)

Distributions from net realized gain

(.77)

(.38)

-

-

-

-

Total distributions

(1.38)

(.84)

(.30)

(.23)

(.17)

(.25)

Redemption fees added to paid in capital E

.01

.07

.05

.02

.01

.01

Net asset value, end of period

$ 48.61

$ 41.13

$ 29.40

$ 18.10

$ 13.38

$ 8.92

Total Return B, C, D

21.95%

43.57%

64.94%

37.47%

52.83%

(12.37)%

Ratios to Average Net Assets F, H

Expenses before reductions

1.02% A

1.05%

1.10%

1.19%

1.31%

1.44%

Expenses net of fee waivers, if any

1.02% A

1.05%

1.10%

1.19%

1.31%

1.44%

Expenses net of all reductions

1.01% A

1.02%

1.04%

1.16%

1.31%

1.41%

Net investment income (loss)

1.61% A

2.23%

2.38%

2.56%

1.89%

1.57%

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,019,171

$ 3,122,473

$ 1,384,083

$ 357,335

$ 219,519

$ 140,399

Portfolio turnover rate G

54% A

60%

40%

25%

28%

128%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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.

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

Semiannual Report

Nordic

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Sweden

53.0%

Norway

22.7%

Finland

13.8%

Denmark

6.3%

Iceland

1.5%

United States of America

0.9%

Estonia

0.8%

Canada

0.4%

Liberia

0.4%

Other

0.2%

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

As of October 31, 2006

Sweden

54.6%

Norway

21.6%

Finland

12.6%

Denmark

6.7%

United States of America

1.7%

Iceland

0.9%

Liberia

0.7%

Luxembourg

0.5%

Estonia

0.3%

Other

0.4%

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

99.1

98.3

Short-Term Investments and Net Other Assets

0.9

1.7

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Nokia Corp. (Finland, Communications Equipment)

9.2

8.2

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

6.9

10.3

Nordea Bank AB (Sweden, Commercial Banks)

5.1

5.6

Hennes & Mauritz AB (H&M) (B Shares) (Sweden, Specialty Retail)

3.6

4.0

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

3.2

1.0

Scania AB (B Shares) (Sweden, Machinery)

3.1

0.0

ABB Ltd. (Sweden) (Sweden, Electrical Equipment)

3.0

2.5

Sandvik AB (Sweden, Machinery)

2.9

1.0

Investor AB (B Shares) (Sweden, Diversified Financial Services)

2.9

3.8

Telenor ASA (Norway, Diversified Telecommunication Services)

2.8

3.1

42.7

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

24.2

16.3

Financials

22.8

26.9

Information Technology

17.0

19.6

Consumer Discretionary

11.9

10.2

Energy

7.8

8.5

Telecommunication Services

5.9

7.1

Materials

4.3

4.5

Health Care

3.1

3.2

Consumer Staples

1.6

1.7

Utilities

0.5

0.3

Semiannual Report

Nordic

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

Canada - 0.4%

Crew Gold Corp. (a)

1,180,500

$ 2,996,243

Denmark - 6.3%

Coloplast AS Series B

66,950

5,812,356

FLS Industries (d)

76,250

5,823,702

Novo Nordisk AS Series B

59,195

5,822,139

Novozymes AS Series B

23,500

2,479,212

Rockwool International AS Series B

31,600

7,257,848

Topdanmark AS (a)

38,200

7,556,321

Vestas Wind Systems AS (a)

184,600

12,138,064

TOTAL DENMARK

46,889,642

Estonia - 0.8%

AS Eesti Ehitus

89,100

1,459,030

AS Merko Ehitus

41,900

1,133,243

Tallinna Vesi AS

171,462

3,579,849

TOTAL ESTONIA

6,172,122

Finland - 13.8%

Kemira GrowHow Oyj

253,100

2,932,278

Kemira Oyj

140,800

3,446,914

Metso Corp.

166,400

9,200,854

Nokia Corp. (d)

2,712,000

68,477,998

Nokian Tyres Ltd.

513,180

15,861,465

Stockmann Oyj (B Shares)

53,850

2,684,360

TOTAL FINLAND

102,603,869

Iceland - 1.5%

Exista ehf

7,259,863

3,542,364

Kaupthing Bank Hf

383,500

6,484,979

Ossur hf (a)

689,370

1,307,806

TOTAL ICELAND

11,335,149

Liberia - 0.4%

Royal Caribbean Cruises Ltd.

66,000

2,743,620

Luxembourg - 0.2%

Transcom WorldWide SA Series B

167,300

1,429,605

Norway - 22.7%

Aker ASA (A Shares)

57,140

3,611,289

Aker Kvaerner ASA

748,500

17,834,010

Awilco Offshore ASA (a)

131,300

1,564,750

DnB Nor ASA

1,314,800

18,895,568

Farstad Shipping ASA

117,400

3,058,679

Havila Shipping ASA

187,400

2,897,954

Kongsberg Gruppen ASA

3,900

131,108

Leroy Seafood Group ASA

216,300

4,617,367

Marine Harvest ASA (a)(d)

3,905,000

4,227,086

Norsk Hydro ASA

697,600

24,102,080

Norwegian Air Shuttle AS (a)(d)

461,050

8,912,099

Shares

Value

Norwegian Property ASA

248,900

$ 2,991,335

Ocean RIG ASA (a)(d)

52,200

353,598

Orkla ASA (A Shares)

941,750

15,164,751

Otrum Electronics ASA (a)

94,000

244,903

Petroleum Geo-Services ASA (a)

34,440

960,960

Schibsted ASA (B Shares)

78,500

3,602,189

Solstad Offshore ASA

126,200

3,425,832

Storebrand ASA (A Shares)

841,300

14,388,630

TANDBERG ASA

242,100

5,178,294

Telenor ASA

1,092,400

20,427,529

Yara International ASA

420,800

12,395,610

TOTAL NORWAY

168,985,621

Sweden - 53.0%

AB Volvo (B Shares)

228,400

4,482,977

ABB Ltd. (Sweden)

1,106,000

22,616,237

Alfa Laval AB

57,400

3,538,397

Assa Abloy AB (B Shares)

426,002

9,633,163

Elekta AB (B Shares)

406,900

7,227,353

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

405,890

27,050,448

Hexagon AB (B Shares)

186,025

8,524,214

HQ AB

137,500

3,868,643

Investor AB (B Shares)

789,700

21,393,577

Lbi International AB (a)

165,600

1,141,950

Mekonomen AB

352,500

7,786,916

Modern Times Group AB (MTG) (B Shares)

211,250

12,439,083

NCC AB Series B

26,000

737,346

NeoNet AB

864,000

3,778,557

Nordea Bank AB

2,164,500

37,735,063

Orexo AB (a)(d)

107,800

2,140,006

Ratos AB (B Shares)

76,200

2,559,070

rnb Retail & Brands AB

1,204,250

16,132,280

Sandvik AB

1,128,800

21,860,949

Scania AB (B Shares)

241,200

23,221,040

Skandinaviska Enskilda Banken AB (A Shares)

536,800

19,870,502

Skanska AB (B Shares)

498,600

11,684,135

SKF AB (B Shares) (d)

567,500

12,557,559

Svenska Cellulosa AB (SCA) (B Shares)

149,200

7,738,705

Svenska Handelsbanken AB (A Shares) (d)

443,116

13,624,774

Swedbank AB (A Shares) (d)

370,400

14,429,661

Swedish Match Co.

151,000

2,806,021

TELE2 AB (B Shares)

475,500

8,215,163

Telefonaktiebolaget LM Ericsson (B Shares)

13,461,000

51,380,637

TeliaSonera AB

1,853,500

15,146,816

TOTAL SWEDEN

395,321,242

TOTAL COMMON STOCKS

(Cost $559,243,095)

738,477,113

Money Market Funds - 17.1%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

20,658,332

$ 20,658,332

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

106,959,948

106,959,948

TOTAL MONEY MARKET FUNDS

(Cost $127,618,280)

127,618,280

TOTAL INVESTMENT PORTFOLIO - 116.2%

(Cost $686,861,375)

866,095,393

NET OTHER ASSETS - (16.2)%

(121,015,949)

NET ASSETS - 100%

$ 745,079,444

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 investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 379,486

Fidelity Securities Lending Cash Central Fund

628,682

Total

$ 1,008,168

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

Semiannual Report

Nordic

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $101,148,142) - See accompanying schedule:

Unaffiliated issuers (cost $559,243,095)

$ 738,477,113

Fidelity Central Funds (cost $127,618,280)

127,618,280

Total Investments (cost $686,861,375)

$ 866,095,393

Receivable for investments sold

17,082,276

Receivable for fund shares sold

3,162,152

Dividends receivable

4,701,658

Distributions receivable from Fidelity Central Funds

67,401

Prepaid expenses

1,019

Other receivables

655,388

Total assets

891,765,287

Liabilities

Payable for investments purchased

$ 37,909,763

Payable for fund shares redeemed

1,166,103

Accrued management fee

418,302

Other affiliated payables

157,539

Other payables and accrued expenses

74,188

Collateral on securities loaned,
at value

106,959,948

Total liabilities

146,685,843

Net Assets

$ 745,079,444

Net Assets consist of:

Paid in capital

$ 545,436,612

Undistributed net investment income

8,326,779

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

12,016,743

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

179,299,310

Net Assets, for 16,284,575 shares outstanding

$ 745,079,444

Net Asset Value, offering price and redemption price per share ($745,079,444 ÷ 16,284,575 shares)

$ 45.75

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Dividends

$ 11,940,173

Income from Fidelity Central Funds (including $628,682 from security lending)

1,008,168

12,948,341

Less foreign taxes withheld

(1,787,245)

Total income

11,161,096

Expenses

Management fee

$ 1,937,323

Transfer agent fees

664,919

Accounting and security lending fees

136,806

Custodian fees and expenses

113,649

Independent trustees' compensation

702

Registration fees

56,526

Audit

29,921

Miscellaneous

661

Total expenses before reductions

2,940,507

Expense reductions

(135,420)

2,805,087

Net investment income (loss)

8,356,009

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

12,590,491

Foreign currency transactions

(183,116)

Total net realized gain (loss)

12,407,375

Change in net unrealized appreciation (depreciation) on:

Investment securities

111,744,713

Assets and liabilities in foreign currencies

63,995

Total change in net unrealized appreciation (depreciation)

111,808,708

Net gain (loss)

124,216,083

Net increase (decrease) in net assets resulting from operations

$ 132,572,092

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

Semiannual Report

Nordic
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 8,356,009

$ 3,999,365

Net realized gain (loss)

12,407,375

7,924,426

Change in net unrealized appreciation (depreciation)

111,808,708

41,900,739

Net increase (decrease) in net assets resulting from operations

132,572,092

53,824,530

Distributions to shareholders from net investment income

(3,011,989)

(2,048,598)

Distributions to shareholders from net realized gain

(5,296,944)

(14,574,214)

Total distributions

(8,308,933)

(16,622,812)

Share transactions
Proceeds from sales of shares

344,948,953

241,880,689

Reinvestment of distributions

8,060,493

16,097,675

Cost of shares redeemed

(80,875,807)

(135,218,842)

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

272,133,639

122,759,522

Redemption fees

200,291

509,855

Total increase (decrease) in net assets

396,597,089

160,471,095

Net Assets

Beginning of period

348,482,355

188,011,260

End of period (including undistributed net investment income of $8,326,779 and undistributed net investment income of $3,970,778, respectively)

$ 745,079,444

$ 348,482,355

Other Information

Shares

Sold

8,556,742

7,006,522

Issued in reinvestment of distributions

210,073

544,945

Redeemed

(2,008,053)

(4,105,858)

Net increase (decrease)

6,758,762

3,445,609

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 36.58

$ 30.92

$ 24.44

$ 19.49

$ 15.36

$ 17.31

Income from Investment Operations

Net investment income (loss) E

.62

.50

.55

.26

.11

.10

Net realized and unrealized gain (loss)

9.34

7.94

6.12

4.80

4.14

(1.99)

Total from investment operations

9.96

8.44

6.67

5.06

4.25

(1.89)

Distributions from net investment income

(.29)

(.35)

(.22)

(.15)

(.12)

(.06)

Distributions from net realized gain

(.51)

(2.49)

-

-

-

-

Total distributions

(.80)

(2.84)

(.22)

(.15)

(.12)

(.06)

Redemption fees added to paid in capital E

.01

.06

.03

.04

- I

- I

Net asset value, end of period

$ 45.75

$ 36.58

$ 30.92

$ 24.44

$ 19.49

$ 15.36

Total Return B, C, D

27.68%

29.68%

27.56%

26.31%

27.87%

(10.97)%

Ratios to Average Net Assets F, H

Expenses before reductions

1.08% A

1.14%

1.17%

1.28%

1.43%

1.35%

Expenses net of fee waivers, if any

1.08% A

1.14%

1.17%

1.28%

1.43%

1.35%

Expenses net of all reductions

1.03% A

1.10%

1.13%

1.24%

1.40%

1.30%

Net investment income (loss)

1.54% J

1.49%

1.89%

1.16%

.67%

.57%

Supplemental Data

Net assets, end of period (000 omitted)

$ 745,079

$ 348,482

$ 188,011

$ 116,493

$ 81,337

$ 73,992

Portfolio turnover rate G

40% A

67%

76%

90%

96%

106%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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. J Ratio has not been annualized because of the uneven rate at which the Fund earns dividend income throughout the fiscal year.

Semiannual Report

Pacific Basin

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan

29.6%

Australia

13.6%

Korea (South)

11.8%

Singapore

8.7%

Hong Kong

7.4%

China

5.0%

India

4.1%

Taiwan

4.1%

Malaysia

3.9%

Other

11.8%

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

As of October 31, 2006

Japan

39.7%

Korea (South)

12.6%

Australia

11.7%

Taiwan

5.8%

China

5.7%

Hong Kong

5.2%

Singapore

4.5%

India

4.4%

Cayman Islands

3.4%

Other

7.0%

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

Asset Allocation

% of fund's net assets

% of fund's net assets
6 months ago

Stocks

99.1

99.9

Short-Term Investments and Net Other Assets

0.9

0.1

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Toyota Motor Corp. (Japan, Automobiles)

2.4

2.6

National Australia Bank Ltd. (Australia, Commercial Banks)

1.4

1.3

Keppel Corp. Ltd. (Singapore, Industrial Conglomerates)

1.3

0.7

Computershare Ltd. (Australia, IT Services)

1.1

1.1

Olam International Ltd. (Singapore, Food & Staples Retailing)

1.0

0.0

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

1.0

1.6

Mitsubishi Estate Co. Ltd. (Japan, Real Estate Management & Development)

1.0

0.9

Parkway Holdings Ltd. (Singapore, Health Care Providers & Services)

1.0

0.0

CSL Ltd. (Australia, Biotechnology)

1.0

0.0

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

1.0

0.6

12.2

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.2

23.2

Industrials

20.5

16.1

Consumer Discretionary

19.1

17.7

Information Technology

16.9

20.7

Consumer Staples

6.4

5.6

Materials

4.9

6.1

Health Care

4.4

3.5

Energy

2.5

3.8

Telecommunication Services

1.1

1.8

Utilities

1.1

1.4

Semiannual Report

Pacific Basin

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

Australia - 13.6%

AMP Ltd.

829,406

$ 7,404,387

Aristocrat Leisure Ltd.

348,658

4,806,414

Babcock & Brown Ltd.

384,034

9,456,009

Billabong International Ltd.

328,242

4,497,711

Cochlear Ltd.

85,869

4,524,614

Computershare Ltd.

1,429,438

12,404,952

CSL Ltd.

147,235

10,671,840

CSR Ltd.

1,661,377

5,063,464

Downer EDI Ltd.

1,527,192

9,499,242

Energy Resources of Australia Ltd.

160,146

3,354,090

Gunns Ltd.

365,157

1,046,194

HFA Holdings Ltd.

1,707,074

3,331,453

Macquarie Airports unit

1,059,465

3,501,734

Macquarie Bank Ltd.

84,972

6,139,155

Macquarie Infrastructure Group unit

1,160,797

3,653,499

McGuigan Simeon Wines Ltd.

930,800

1,932,457

National Australia Bank Ltd.

423,234

15,050,201

QBE Insurance Group Ltd.

334,251

8,566,080

Reverse Corp. Ltd.

533,839

2,172,300

Seek Ltd.

869,422

5,335,665

Sonic Healthcare Ltd.

344,264

4,085,426

United Group Ltd.

586,893

7,651,949

Woolworths Ltd.

282,565

6,640,768

WorleyParsons Ltd.

277,317

6,333,192

TOTAL AUSTRALIA

147,122,796

Bermuda - 1.9%

Asia Media Co. Ltd.

20,000

142,630

DVN Holdings Ltd. (a)

5,235,000

1,458,898

Noble Group Ltd.

4,095,000

4,285,841

Peace Mark Holdings Ltd.

4,901,750

5,514,238

Ports Design Ltd.

2,045,500

5,752,728

Sinofert Holdings Ltd.

3,390,400

1,742,323

Sinolink Worldwide Holdings Ltd.

4,726,085

1,099,574

TOTAL BERMUDA

19,996,232

Cayman Islands - 3.0%

China Shineway Pharmaceutical Group Ltd.

1,871,237

1,315,658

Ctrip.com International Ltd. sponsored ADR

47,905

3,397,423

Foxconn International Holdings Ltd. (a)

1,476,000

4,471,841

Himax Technologies, Inc. sponsored ADR

366,093

2,148,966

Kingboard Chemical Holdings Ltd.

1,057,400

4,960,861

Kingdee International Software Group Co. Ltd.

2,468,232

1,931,030

Neo-Neon Holdings Ltd.

498,000

827,607

New Oriental Education & Technology Group, Inc. sponsored ADR

34,000

1,487,500

Samson Holding Ltd.

5,569,000

2,840,546

SinoCom Software Group Ltd.

19,394,000

3,892,411

Shares

Value

The9 Ltd. sponsored ADR (a)(d)

81,771

$ 3,345,252

Xinhua Finance Ltd. (a)(d)

2,696

1,593,614

TOTAL CAYMAN ISLANDS

32,212,709

China - 5.0%

AMVIG Holdings Ltd.

4,392,000

3,874,031

Baidu.com, Inc. sponsored ADR (a)(d)

19,396

2,358,166

Beijing Media Corp. Ltd. (H Shares)

1,084,000

1,212,520

Century Sunshine Ecological Technology Holdings Ltd.

2,220,000

553,400

China Mengniu Dairy Co. Ltd.

1,501,362

4,596,662

China Shenhua Energy Co. Ltd. (H Shares)

1,213,000

3,029,961

China Shipping Development Co. Ltd. (H Shares)

2,616,000

4,976,137

China Sun Bio-chem Technology Group Co. Ltd.

3,429,000

1,489,692

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

166,724

1,350,464

Chitaly Holdings Ltd.

7,537,308

1,281,503

Focus Media Holding Ltd. ADR (a)

95,662

3,539,494

Global Bio-Chem Technology Group Co. Ltd.

5,722,000

2,457,756

Jiangsu Expressway Co. Ltd. (H Shares)

4,840,013

4,139,275

Li Ning Co. Ltd.

2,422,000

4,768,113

Macau Success Ltd.

16,700,000

1,643,837

Pine Agritech Ltd.

315,000

133,738

Sina Corp. (a)

88,149

3,039,378

Tencent Holdings Ltd.

648,000

2,224,185

Weichai Power Co. Ltd. (H Shares)

692,000

3,980,799

Yantai Changyu Pioneer Wine Co. (B Shares)

669,000

3,224,179

TOTAL CHINA

53,873,290

Hong Kong - 7.4%

Bank of East Asia Ltd.

759,228

4,697,526

Cafe de Coral Holdings Ltd.

1,434,789

2,622,864

Chaoda Modern Agriculture (Holdings) Ltd.

3,074,000

2,554,282

China Overseas Land & Investment Ltd.

2,693,750

3,295,497

China Resources Enterprise Ltd.

1,102,000

3,761,357

China State Construction International Holdings Ltd.

11,592,907

10,284,981

China Unicom Ltd.

2,888,000

4,184,712

Esprit Holdings Ltd.

487,500

5,951,544

Far East Consortium International Ltd.

6,041,000

2,455,770

Golden Meditech Co. Ltd. (a)

7,660,000

3,309,765

Guangzhou Investment Co. Ltd.

11,290,903

2,670,251

Hang Lung Properties Ltd.

2,950,000

8,805,632

IPE Group Ltd.

18,870,000

3,160,056

Li & Fung Ltd.

1,294,539

4,071,007

PYI Corp. Ltd.

9,444,215

4,189,353

REXCAPITAL Financial Holdings Ltd. (a)

32,661,967

2,797,492

Television Broadcasts Ltd.

435,792

2,888,549

Tian An China Investments Co. Ltd.

4,292,000

3,154,854

Common Stocks - continued

Shares

Value

Hong Kong - continued

Tingyi (Cayman Island) Holding Corp.

2,952,742

$ 2,929,132

Wing Lung Bank Ltd.

139,600

1,539,204

TOTAL HONG KONG

79,323,828

India - 4.1%

Aditya Birla Nuvo Ltd.

32,334

903,926

Bajaj Auto Ltd.

30,383

1,811,691

BF Utilities Ltd. (a)

16,439

750,899

Educomp Solutions Ltd.

110,930

3,542,895

Financial Technology (India) Ltd.

192,861

9,059,228

Geodesic Information Systems Ltd.

502,422

2,584,636

HCL Infosystems Ltd.

227,933

822,158

INFO Edge India Ltd.

93,293

1,769,828

IVRCL Infrastructures & Projects Ltd.

492,367

3,847,648

Pantaloon Retail India Ltd.

287,601

2,957,858

Pfizer Ltd.

107,366

2,233,903

Praj Industries Ltd.

320,124

3,892,262

Sasken Communication Technologies Ltd.

126,110

1,521,954

Shopper's Stop Ltd.

125,024

2,076,017

State Bank of India

131,824

4,341,132

Suzlon Energy Ltd.

75,624

2,187,928

TOTAL INDIA

44,303,963

Indonesia - 1.7%

PT Astra International Tbk

2,361,000

3,742,476

PT Bank Niaga Tbk

29,692,500

2,745,532

PT Mitra Adiperkasa Tbk

16,186,000

1,514,464

PT Perusahaan Gas Negara Tbk Series B

9,214,848

10,650,696

TOTAL INDONESIA

18,653,168

Japan - 29.6%

Aeon Co. Ltd.

186,700

3,415,306

Aeon Mall Co. Ltd. (d)

214,000

7,162,857

Aida Engineering Ltd.

485,000

3,267,555

Aioi Insurance Co. Ltd.

455,000

3,082,880

ARRK Corp.

199,500

2,324,346

Aruze Corp. (d)

127,700

4,507,684

Asics Corp.

300,000

3,778,066

Asunaro Aoki Construction Co. Ltd.

311,500

2,088,281

Canon, Inc.

129,600

7,283,520

Casio Computer Co. Ltd.

156,600

3,161,522

Daiei, Inc. (a)(d)

130,200

1,533,929

Daiwa House Industry Co. Ltd.

283,000

4,436,589

DCM Japan Holdings Co. Ltd.

179,740

1,693,235

Denso Corp.

160,500

5,675,458

eAccess Ltd. (d)

3,893

2,412,938

EDION Corp.

95,900

1,329,286

Fuji Machine Manufacturing Co. Ltd.

62,600

1,177,713

Fujifilm Holdings Corp.

141,200

5,773,668

H.I.S. Co. Ltd.

113,200

3,501,705

Hamakyorex Co. Ltd. (d)

137,200

3,585,105

Hamamatsu Photonics KK (d)

83,600

2,412,800

Shares

Value

Hikari Tsushin, Inc.

44,300

$ 1,764,909

Hitachi Metals Ltd.

283,000

3,030,610

Intelligent Wave, Inc.

2,249

1,175,072

Ise Chemical Corp.

527,000

7,276,459

Japan Airport Terminal Co. Ltd.

69,900

1,280,683

Japan Excellent, Inc.

482

4,971,125

Japan Logistics Fund, Inc.

388

3,914,243

JSR Corp.

223,700

5,004,622

Kato Works Co. Ltd.

856,000

4,350,410

Keihanshin Real Estate Co. Ltd.

204,000

1,438,403

KK daVinci Advisors (a)(d)

2,928

2,950,681

Kobayashi Pharmaceutical Co. Ltd.

85,500

3,199,265

Konica Minolta Holdings, Inc.

446,000

6,103,332

Kyoritsu Maintenance Co. Ltd.

173,400

3,796,435

Leopalace21 Corp.

134,300

4,403,781

Lintec Corp.

198,100

4,116,653

Mandom Corp.

157,300

4,020,273

Micronics Japan Co. Ltd.

79,900

2,763,488

Misawa Homes Holdings, Inc. (a)(d)

132,300

2,320,284

Mitsubishi Estate Co. Ltd.

360,000

11,162,664

Mitsui & Co. Ltd.

362,000

6,510,170

Mizuho Financial Group, Inc.

1,377

8,287,460

Musashi Seimitsu Industry Co. Ltd. (d)

128,500

3,350,852

Nabtesco Corp.

306,000

4,152,584

Namco Bandai Holdings, Inc.

302,100

4,909,848

Nidec Sankyo Corp. (d)

279,000

1,840,649

Nintendo Co. Ltd.

33,500

10,465,806

Nippon Electric Glass Co. Ltd.

555,000

9,499,813

Nippon Parkerizing Co. Ltd.

197,000

3,567,289

Nitta Corp.

40,700

887,364

Nittoku Engineering Co. Ltd.

291,400

1,695,945

NTT Urban Development Co.

2,305

5,475,412

Rakuten, Inc.

6,429

2,582,882

Risa Partners, Inc. (d)

1,117

3,005,071

Sankyo Seiko Co. Ltd.

274,800

1,433,234

Seikoh Giken Co. Ltd.

46,000

1,004,290

SFCG Co. Ltd.

20,530

3,610,711

Shoei Co.

101,700

2,828,319

Sony Corp.

116,100

6,183,486

Stanley Electric Co. Ltd.

220,600

4,382,508

Sumitomo Corp.

431,700

7,394,722

Sumitomo Metal Industries Ltd.

1,800,000

9,140,504

Sysmex Corp. (d)

53,200

2,038,535

T&D Holdings, Inc.

82,350

5,216,014

Take & Give Needs Co. Ltd. (d)

2,702

1,834,973

Telewave, Inc. (d)

4,555

1,413,460

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

490,000

2,095,437

The Sumitomo Warehouse Co. Ltd. (d)

401,000

3,095,847

Tohcello Co. Ltd.

147,000

1,549,684

Tokyo Tomin Bank Ltd.

80,500

2,782,935

Toyoda Gosei Co. Ltd.

169,900

4,199,573

Toyota Motor Corp.

421,800

25,607,472

Trend Micro, Inc.

90,000

2,799,117

Common Stocks - continued

Shares

Value

Japan - continued

UNY Co. Ltd.

258,000

$ 3,085,734

Valor Co. Ltd.

222,000

2,651,121

Yamaguchi Financial Group, Inc. (a)

210,000

2,635,952

Yasuragi Co. Ltd. (d)

19,300

159,484

Zeon Corp.

335,000

3,449,009

TOTAL JAPAN

319,471,101

Korea (South) - 11.8%

CDNetworks Co. Ltd. (a)

120,643

2,741,736

Cheil Industries, Inc.

119,163

4,495,758

DC Chemical Co. Ltd.

6,108

867,744

Doosan Heavy Industries & Construction Co. Ltd.

93,156

7,291,736

Duzon Digital Ware Co. Ltd.

111,625

2,190,594

eSang Networks Co. Ltd.

54,991

2,398,596

Hana Tour Service, Inc.

32,720

2,421,483

Hyundai Engineering & Construction Co. Ltd. (a)

63,495

3,778,375

Hyunjin Materials Co. Ltd.

131,013

3,696,800

INTOPS Co. Ltd.

119,506

3,772,188

Kookmin Bank

54,720

4,896,893

Korea Information Service, Inc.

60,093

1,407,364

Korean Reinsurance Co.

356,926

4,540,893

Kyeryong Construction Industrial Co. Ltd.

67,780

3,145,688

LG Dacom Corp.

48,772

1,193,750

LG Household & Health Care Ltd.

51,550

6,863,553

Lotte Chilsung Beverage Co. Ltd.

924

1,192,171

Mobilians Co. Ltd.

144,281

1,179,039

NHN Corp.

71,649

11,207,075

Nice e-Banking Services

69,243

2,837,039

S.M. Entertainment Co. Ltd. (a)

336,955

2,158,301

Samsung Corp.

165,654

6,967,130

Samsung Fire & Marine Insurance Co. Ltd.

52,439

9,295,489

Seoul Semiconductor Co. Ltd.

116,061

4,589,240

SFA Engineering Corp.

194,361

8,494,925

Shinhan Financial Group Co. Ltd.

49,617

2,782,521

TK Corp.

372,164

8,076,817

TSM Tech Co. Ltd.

161,065

3,275,267

Woongjin Coway Co. Ltd.

124,340

4,157,635

YBM Sisa.com, Inc.

138,305

2,948,710

Yuhan Corp.

13,309

2,169,367

TOTAL KOREA (SOUTH)

127,033,877

Malaysia - 3.9%

Bumiputra-Commerce Holdings BHD

1,732,900

5,469,117

Gamuda BHD

3,707,271

8,504,406

IJM Corp. BHD

1,348,100

3,427,373

IOI Corp. BHD

756,400

5,581,268

Lafarge Malayan Cement BHD

4,288,000

2,205,400

Lion Diversified Holdings BHD

1,455,610

3,679,435

MMC Corp. BHD

1,898,877

3,939,809

Muhibbah Engineering (M) BHD

446,300

795,567

Shares

Value

PPB Oil Palms BHD

490,200

$ 2,105,769

Resorts World BHD

3,449,700

3,286,389

Zelan BHD

775,700

2,674,828

TOTAL MALAYSIA

41,669,361

New Zealand - 0.2%

Pumpkin Patch Ltd.

810,238

2,586,967

Papua New Guinea - 0.5%

Oil Search Ltd. (d)

1,926,236

5,726,721

Philippines - 0.2%

Filinvest Land, Inc.

62,513,000

2,346,544

Singapore - 8.7%

Ascendas Real Estate Investment Trust (A-REIT)

2,872,550

4,916,160

Ascott Residence Trust

1,589,000

2,039,593

CapitaLand Ltd.

964,000

5,393,628

China Petrotech Holdings Ltd.

8,742,000

2,934,716

Cosco Corp. Singapore Ltd.

3,554,000

6,620,471

CSE Global Ltd.

3,013,000

3,490,574

DBS Group Holdings Ltd.

742,000

10,403,239

Ezra Holdings Ltd.

1,183,000

4,983,676

Gallant Venture Ltd.

3,052,000

2,732,175

Goodpack Ltd.

3,917,000

4,125,329

Keppel Corp. Ltd.

992,000

13,973,670

Keppel Land Ltd.

612,000

3,565,166

KS Energy Services Ltd.

858,000

1,762,085

Olam International Ltd.

5,490,000

11,419,431

Parkway Holdings Ltd.

4,171,000

10,872,275

Pertama Holdings Ltd.

10,644,000

2,907,622

Rickmers Maritime

1,715,000

1,772,347

TOTAL SINGAPORE

93,912,157

Taiwan - 4.1%

D-Link Corp.

1,885,000

3,496,661

E-Life Mall Corp. Ltd.

636,000

1,141,595

Everlight Electronics Co. Ltd.

707,000

2,451,066

Gemtek Technology Corp.

621,000

1,599,310

Hon Hai Precision Industry Co. Ltd. (Foxconn)

1,407,885

9,360,404

MediaTek, Inc.

392,040

4,918,813

Opto Technology Corp. (a)

4,501,000

3,269,475

Phoenix Precision Technology Corp.

2,654,434

2,852,388

Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 6/14/07 (a)

4,817,404

4,454,889

Siliconware Precision Industries Co. Ltd.

1,290,000

2,478,126

Taishin Financial Holdings Co. Ltd. (a)

5,952,000

2,912,086

Taiwan Cellular Co. Ltd.

1,428,000

1,483,057

Wistron Corp.

2,585,981

3,865,524

TOTAL TAIWAN

44,283,394

Thailand - 3.2%

ACL Bank PCL (For. Reg.) (a)

8,517,800

1,009,154

BEC World PCL (For. Reg.)

4,305,300

2,909,405

Common Stocks - continued

Shares

Value

Thailand - continued

Bumrungrad Hospital PCL:

NVDR

1,081,400

$ 1,508,207

(For. Reg.)

4,162,300

5,745,231

Central Pattana PCL (For. Reg.)

2,958,071

2,232,908

Khon Kaen Sugar Industry PCL (For. Reg.)

8,372,100

2,251,017

Minor International PCL (For. Reg.)

13,798,086

4,483,634

Siam Commercial Bank PCL (For. Reg.)

2,275,952

4,352,288

Thai Oil PCL (For. Reg.)

992,000

1,868,469

Thai Stanley Electric PCL

364,390

1,456,512

Ticon Industrial Connection PCL (For. Reg.)

8,032,800

3,880,691

Total Access Communication PCL

644,676

3,287,848

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

206,113

0

TOTAL THAILAND

34,985,364

Vietnam - 0.2%

Luks Industrial (Group) Ltd.

2,334,000

2,568,950

TOTAL COMMON STOCKS

(Cost $826,788,146)

1,070,070,422

Money Market Funds - 3.8%

Fidelity Cash Central Fund, 5.29% (b)

8,931,376

8,931,376

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

32,128,670

32,128,670

TOTAL MONEY MARKET FUNDS

(Cost $41,060,046)

41,060,046

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $867,848,192)

1,111,130,468

NET OTHER ASSETS - (2.9)%

(31,613,983)

NET ASSETS - 100%

$ 1,079,516,485

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 investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 152,782

Fidelity Securities Lending Cash Central Fund

262,660

Total

$ 415,442

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

Semiannual Report

Pacific Basin

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $30,546,464) - See accompanying schedule:

Unaffiliated issuers (cost $826,788,146)

$ 1,070,070,422

Fidelity Central Funds (cost $41,060,046)

41,060,046

Total Investments (cost $867,848,192)

$ 1,111,130,468

Foreign currency held at value (cost $640,761)

639,812

Receivable for investments sold

8,142,201

Receivable for fund shares sold

1,868,551

Dividends receivable

3,106,058

Distributions receivable from Fidelity Central Funds

43,680

Prepaid expenses

3,428

Other receivables

276,428

Total assets

1,125,210,626

Liabilities

Payable for investments purchased

$ 10,271,031

Payable for fund shares redeemed

1,994,771

Accrued management fee

759,287

Other affiliated payables

236,361

Other payables and accrued expenses

304,021

Collateral on securities loaned,
at value

32,128,670

Total liabilities

45,694,141

Net Assets

$ 1,079,516,485

Net Assets consist of:

Paid in capital

$ 758,666,308

Undistributed net investment income

2,792,674

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

74,864,812

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

243,192,691

Net Assets, for 36,353,962 shares outstanding

$ 1,079,516,485

Net Asset Value, offering price and redemption price per share ($1,079,516,485 ÷ 36,353,962 shares)

$ 29.69

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 8,868,844

Interest

5,158

Income from Fidelity Central Funds (including $262,660 from security lending)

415,442

9,289,444

Less foreign taxes withheld

(668,537)

Total income

8,620,907

Expenses

Management fee
Basic fee

$ 3,595,530

Performance adjustment

575,435

Transfer agent fees

1,152,621

Accounting and security lending fees

236,458

Custodian fees and expenses

367,467

Independent trustees' compensation

1,681

Registration fees

28,862

Audit

66,756

Interest

11,024

Miscellaneous

3,092

Total expenses before reductions

6,038,926

Expense reductions

(397,296)

5,641,630

Net investment income (loss)

2,979,277

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $241,580)

85,067,845

Foreign currency transactions

396,228

Total net realized gain (loss)

85,464,073

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $378,393)

80,737,967

Assets and liabilities in foreign currencies

(56,561)

Total change in net unrealized appreciation (depreciation)

80,681,406

Net gain (loss)

166,145,479

Net increase (decrease) in net assets resulting from operations

$ 169,124,756

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

Semiannual Report

Pacific Basin
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,979,277

$ 6,138,792

Net realized gain (loss)

85,464,073

97,497,094

Change in net unrealized appreciation (depreciation)

80,681,406

59,273,598

Net increase (decrease) in net assets resulting from operations

169,124,756

162,909,484

Distributions to shareholders from net investment income

(5,493,694)

(5,529,029)

Distributions to shareholders from net realized gain

(76,911,706)

(9,829,319)

Total distributions

(82,405,400)

(15,358,348)

Share transactions
Proceeds from sales of shares

129,892,350

667,355,117

Reinvestment of distributions

77,891,047

14,211,173

Cost of shares redeemed

(187,901,029)

(505,973,121)

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

19,882,368

175,593,169

Redemption fees

109,587

810,944

Total increase (decrease) in net assets

106,711,311

323,955,249

Net Assets

Beginning of period

972,805,174

648,849,925

End of period (including undistributed net investment income of $2,792,674 and undistributed net investment income
of $5,642,285, respectively)

$ 1,079,516,485

$ 972,805,174

Other Information

Shares

Sold

4,635,740

25,188,605

Issued in reinvestment of distributions

2,929,336

586,996

Redeemed

(6,770,196)

(19,160,860)

Net increase (decrease)

794,880

6,614,741

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 27.36

$ 22.42

$ 17.91

$ 17.06

$ 12.73

$ 13.09

Income from Investment Operations

Net investment income (loss) F

.08

.16

.22 I

.07

.06

(.02)

Net realized and unrealized gain (loss)

4.65

5.26

4.49

.92

4.26

(.36)

Total from investment operations

4.73

5.42

4.71

.99

4.32

(.38)

Distributions from net investment income

(.16)

(.18)

(.08)

(.16)

-

-

Distributions from net realized gain

(2.24)

(.32)

(.13)

-

-

-

Total distributions

(2.40)

(.50)

(.21)

(.16)

-

-

Redemption fees added to paid in capital F

- K

.02

.01

.02

.01

.02

Net asset value, end of period

$ 29.69

$ 27.36

$ 22.42

$ 17.91

$ 17.06

$ 12.73

Total Return B, C, D, E

18.31%

24.55%

26.62%

5.98%

34.01%

(2.75)%

Ratios to Average Net Assets G, J

Expenses before reductions

1.20% A

1.14%

1.10%

1.20%

1.17%

1.51%

Expenses net of fee waivers, if any

1.20% A

1.14%

1.10%

1.20%

1.17%

1.51%

Expenses net of all reductions

1.12% A

1.08%

1.05%

1.19%

1.17%

1.50%

Net investment income (loss)

.59% A

.60%

1.09%

.42%

.41%

(.15)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,079,516

$ 972,805

$ 648,850

$ 445,127

$ 419,251

$ 306,206

Portfolio turnover rate H

92% A

75%

78%

145%

97%

98%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. H Amount does not include the portfolio activity of any underlying Fidelity Central Funds. I 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%. J 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Southeast Asia

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Korea (South)

26.6%

China

17.3%

Hong Kong

14.6%

Taiwan

12.7%

Singapore

8.9%

Malaysia

6.3%

Indonesia

3.7%

Cayman Islands

3.4%

United States of America

2.5%

Other

4.0%

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

As of October 31, 2006

Korea (South)

24.4%

Hong Kong

16.4%

China

15.8%

Taiwan

14.1%

Singapore

7.9%

Indonesia

7.8%

United States of America

2.9%

Malaysia

2.8%

Cayman Islands

2.2%

Other

5.7%

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 and Investment Companies

97.5

97.1

Short-Term Investments and Net Other Assets

2.5

2.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

3.3

3.4

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

2.6

3.1

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

2.6

3.8

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

2.4

2.5

POSCO (Korea (South), Metals & Mining)

2.4

1.1

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

1.8

2.8

Hyundai Heavy Industries Co. Ltd. (Korea (South), Machinery)

1.8

1.3

Kookmin Bank (Korea (South), Commercial Banks)

1.8

2.7

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

1.7

1.7

Cosco Corp. Singapore Ltd. (Singapore, Marine)

1.5

0.9

21.9

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

30.5

27.0

Industrials

21.8

14.4

Information Technology

10.6

15.0

Materials

8.5

7.5

Consumer Discretionary

5.9

7.3

Energy

5.5

9.5

Telecommunication Services

4.5

5.6

Utilities

4.0

7.5

Consumer Staples

4.0

2.4

Health Care

0.8

0.2

Semiannual Report

Southeast Asia

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value

Australia - 2.0%

Babcock & Brown Ltd.

160,000

$ 3,939,655

CSR Ltd.

1,400,000

4,266,852

HFA Holdings Ltd.

2,000,000

3,903,115

Paladin Resources Ltd. (a)(d)

1,337,200

10,660,586

Rinker Group Ltd.

280,000

4,324,984

Seek Ltd.

1,020,000

6,259,766

WorleyParsons Ltd.

692,344

15,811,320

TOTAL AUSTRALIA

49,166,278

Bermuda - 1.0%

China Green (Holdings) Ltd.

7,092,000

5,602,848

Hongguo International Holdings Ltd.

7,000,000

5,713,533

NWS Holdings Ltd.

4,645,117

11,905,912

Ports Design Ltd.

937,000

2,635,202

TOTAL BERMUDA

25,857,495

Cayman Islands - 3.4%

China Infrastructure Machinery Holdings Ltd.

7,186,000

13,724,277

Foxconn International Holdings Ltd. (a)

3,761,000

11,394,711

Geely Automobile Holdings Ltd.

37,000,000

4,871,813

Intime Department Store Group Co. Ltd.

2,000,000

1,759,017

New World China Land Ltd.

16,520,000

11,636,257

Shimao Property Holdings Ltd.

8,200,000

17,526,766

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

290,000

10,521,200

Tianjin Port Development Holdings Ltd.

22,600,000

12,683,076

TOTAL CAYMAN ISLANDS

84,117,117

China - 17.3%

Angang Steel Co. Ltd. (H Shares)

5,478,000

10,588,281

Anhui Conch Cement Co. Ltd. (H Shares)

3,432,000

13,820,046

AviChina Industry & Technology Co. Ltd.

30,000,000

5,522,496

Baidu.com, Inc. sponsored ADR (a)(d)

54,000

6,565,320

Bank of China (H Shares)

26,040,000

12,915,891

Bank of Communications Co. Ltd. (H Shares)

8,600,000

9,102,914

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

560,000

3,486,331

Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. (UBS Warrant Programme) 1/22/10 (a)

1,971,513

6,998,743

Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. warrants:

(Citigroup Warrant Program) 1/20/10 (a)

480,267

1,704,917

(JPMorgan Warrant Program) 2/13/12 (a)(e)

398,412

1,414,337

China Construction Bank Corp. (H Shares)

22,200,000

13,565,397

China Cosco Holdings Co. Ltd. (H Shares)

20,260,000

18,595,829

China International Marine Containers Co. Ltd. (B Shares)

1,000,000

2,523,474

Shares

Value

China Life Insurance Co. Ltd. (H Shares)

11,762,000

$ 36,336,739

China Mengniu Dairy Co. Ltd.

6,716,000

20,562,118

China Merchants Bank Co. Ltd. (H Shares)

9,856,500

24,267,814

China Oilfield Services Ltd. (H Shares)

19,600,000

16,737,253

China Shipping Container Lines Co. Ltd. (H Shares)

16,400,000

7,966,712

Dongfang Electrical Machinery Co. Ltd. (H Shares)

2,280,000

9,210,296

Dongfeng Motor Group Co. Ltd. (H Shares) (a)

9,000,000

4,832,184

Focus Media Holding Ltd. ADR (a)(d)

284,000

10,508,000

Guangzhou Shipyard International Co. Ltd. (a)

1,000,000

3,477,127

Harbin Power Equipment Co. Ltd. (H Shares)

13,392,000

15,715,919

Huadian Power International Corp. Ltd. (H shares)

8,320,000

3,616,212

Hunan Non-Ferrous Metals Corp. Ltd. (H Shares)

15,600,000

9,532,441

Industrial & Commercial Bank of China

32,322,000

17,725,854

Li Ning Co. Ltd.

9,400,000

18,505,475

Li Ning Co. Ltd. warrants (UBS Warrant Programme) 5/14/07 (a)

906,000

1,783,613

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

4,888,000

3,405,488

Mindray Medical International Ltd. sponsored ADR

210,000

4,832,100

Nine Dragons Paper (Holdings) Ltd.

3,011,000

6,135,511

PetroChina Co. Ltd. (H Shares)

28,578,000

32,047,369

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

600,000

3,209,951

Pingdingshan Tianan Coal Mining Co. Ltd. warrants (UBS Warrant Programme) 3/16/10 (a)

231,551

524,068

Shandong Weigao Group Medical Polymer Co. Ltd.

3,912,000

6,891,277

Shanghai Electric (Group) Corp. (H Shares)

19,760,000

8,588,504

Shanghai Prime Machinery Co. Ltd. (H Shares) (d)

14,600,000

6,140,453

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

7,497,600

12,685,939

Shenzhen International Holdings Ltd.

148,000,000

10,216,617

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

6,200,000

3,558,686

Tencent Holdings Ltd.

3,560,000

12,219,289

Tsingtao Brewery Co. Ltd. (H Shares)

696,000

1,234,953

Weichai Power Co. Ltd. (H Shares)

626,000

3,601,128

Yantai Changyu Pioneer Wine Co. (B Shares)

1,241,100

5,981,358

TOTAL CHINA

428,854,424

Hong Kong - 13.2%

Asia Financial Holdings Ltd.

9,400,000

4,650,402

Bank of East Asia Ltd.

3,581,200

22,157,746

Common Stocks - continued

Shares

Value

Hong Kong - continued

Cheung Kong Holdings Ltd.

2,141,000

$ 27,916,984

China Mobile (Hong Kong) Ltd.

8,980,800

80,845,163

China Power International Development Ltd.

21,200,000

11,084,365

China Resources Power Holdings Co. Ltd.

3,800,000

6,781,420

CLP Holdings Ltd.

2,605,500

19,135,189

CNOOC Ltd.

19,200,000

16,429,440

Cosco International Holdings Ltd.

9,300,000

5,825,466

Dynasty Fine Wines Group Ltd. (d)

12,592,000

5,167,154

Esprit Holdings Ltd.

2,020,700

24,669,302

Hong Kong Aircraft & Engineering Co.

400,000

6,161,674

Hong Kong Exchanges & Clearing Ltd.

2,450,000

23,599,402

Li & Fung Ltd.

2,880,000

9,056,893

Midland Holdings Ltd.

10,000,000

6,212,808

New World Development Co. Ltd.

7,600,000

18,031,972

Orient Overseas International Ltd.

1,020,000

8,664,566

PYI Corp. Ltd.

15,569,180

6,906,323

Shangri-La Asia Ltd.

3,400,000

8,345,105

Sino Land Co.

3,000,000

6,350,870

Sun Hung Kai Properties Ltd.

956,000

11,231,171

TOTAL HONG KONG

329,223,415

Indonesia - 3.7%

Ciputra Surya Tbk PT

40,000,000

5,900,181

PT Apexindo Pratama Duta Tbk

11,000,000

2,288,522

PT Bank Niaga Tbk

105,910,500

9,793,069

PT Hexindo Adiperkasa Tbk

22,500,000

2,848,268

PT Jakarta International Hotel & Development Tbk (a)

52,000,000

4,522,004

PT Medco Energi International Tbk

14,800,000

5,742,769

PT Perusahaan Gas Negara Tbk Series B

39,600,000

45,770,432

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk

2,000,000

1,442,022

PT Summarecon Agung Tbk

19,000,000

2,467,949

PT Tambang Batubbara Bukit Asam Tbk

20,200,000

8,671,945

Tempo Scan Pacific Tbk PT

32,798,000

3,068,787

TOTAL INDONESIA

92,515,948

Korea (South) - 26.6%

Amorepacific Corp.

11,000

7,090,160

Cheil Industries, Inc.

264,000

9,960,139

Daewoo Engineering & Construction Co. Ltd.

810,000

20,181,569

Daewoo Securities Co. Ltd.

650,000

14,030,068

Daishin Securities Co. Ltd.

360,000

8,709,013

Dongbu Securities Co. Ltd.

204,500

3,507,625

Dongkuk Steel Mill Co. Ltd.

23,390

638,157

Doosan Co. Ltd. (a)

170,000

15,662,932

Doosan Construction & Engineering Co. Ltd. (a)

454,680

7,783,810

Shares

Value

Doosan Heavy Industries & Construction Co. Ltd.

233,000

$ 18,237,951

Hanbit Soft, Inc. (a)

190,000

2,033,495

Hanwha Corp.

253,000

12,050,444

Hyundai Department Store Co. Ltd.

107,606

11,011,590

Hyundai Engineering & Construction Co. Ltd. (a)

392,962

23,383,854

Hyundai Heavy Industries Co. Ltd.

180,760

45,550,501

Hyundai Mipo Dockyard Co. Ltd.

94,000

19,045,588

Hyundai Securities Co. Ltd.

665,000

10,182,015

Kookmin Bank

495,000

44,297,547

Korea Investment Holdings Co. Ltd.

366,010

21,567,507

Korean Reinsurance Co.

105,087

1,336,940

Kumho Industrial Co. Ltd.

430,000

12,559,477

Kyobo Securities Co. Ltd.

360,000

5,172,361

Meritz Fire & Marine Insurance Co. Ltd.

580,000

4,897,380

Mirae Asset Securities Co. Ltd.

75,000

4,869,626

NHN Corp.

129,978

20,330,684

ON*Media Corp.

200,000

1,642,755

POSCO

139,440

58,476,618

Samsung Electronics Co. Ltd.

103,085

63,042,569

Samsung Electronics Co. Ltd. GDR

8,200

2,517,400

Samsung Engineering Co. Ltd.

489,000

35,904,106

Samsung Fire & Marine Insurance Co. Ltd.

167,310

29,657,854

Samsung Techwin Co. Ltd.

313,000

12,376,066

Seoul Securities Co. Ltd.

9,267,099

11,523,759

Shinhan Financial Group Co. Ltd.

1,070,320

60,023,532

Shinsegae Co. Ltd.

34,132

23,224,255

SK Corp.

120,000

13,071,152

SK Securities Co. Ltd.

2,800,000

4,560,194

TOTAL KOREA (SOUTH)

660,110,693

Malaysia - 6.3%

Bumiputra-Commerce Holdings BHD

3,800,000

11,992,987

Bursa Malaysia BHD

4,900,000

16,610,169

Cement Industries of Malaysia BHD

1,591,200

2,720,199

DiGi.com BHD

1,050,000

6,259,497

Gamuda BHD

960,000

2,202,221

Golden Hope Plantation BHD

5,980,600

13,894,147

IGB Corp. BHD

6,000,000

4,997,078

IOI Corp. BHD

850,000

6,271,917

Kinsteel BHD

3,200,000

5,236,704

KLCC Property Holdings BHD

3,000,000

3,366,452

Lafarge Malayan Cement BHD

17,000,000

8,743,425

Lingkaran Transportation Kota Holdings BHD

832,500

885,535

Malaysian Resources Corp. BHD (a)

8,600,000

5,679,719

MMC Corp. BHD

2,794,100

5,797,227

PPB Oil Palms BHD

2,000,000

8,591,467

Public Bank BHD (For. Reg.)

1,990,625

5,817,139

Sime Darby BHD

4,850,000

13,039,158

Telekom Malaysia BHD

3,100,000

9,783,752

Common Stocks - continued

Shares

Value

Malaysia - continued

Tenaga Nasional BHD

4,415,400

$ 14,709,398

UEM World BHD

8,500,000

10,084,746

TOTAL MALAYSIA

156,682,937

Papua New Guinea - 0.4%

Oil Search Ltd.

3,000,000

8,919,033

Philippines - 0.3%

Philippine Long Distance Telephone Co.

159,280

8,531,657

Singapore - 8.9%

Ascott Residence Trust

1,731,000

2,221,860

Banyan Tree Holdings Ltd.

1,413,000

2,176,422

CDL Hospitality Trusts unit

4,400,000

5,300,158

China Energy Ltd.

11,300,000

9,669,563

Cosco Corp. Singapore Ltd.

20,400,000

38,001,580

DBS Group Holdings Ltd.

1,270,000

17,806,082

Hotel Properties Ltd.

1,172,000

4,628,752

Keppel Corp. Ltd.

2,181,000

30,722,354

Keppel Land Ltd.

510,000

2,970,972

Mapletree Logistics Trust (REIT)

1,836,000

1,619,431

Raffles Medical Group Ltd.

2,613,600

2,339,716

Rotary Engineering Ltd.

9,000,000

5,983,412

SembCorp Industries Ltd.

2,750,000

8,833,597

Singapore Exchange Ltd.

6,585,000

32,075,434

Singapore Land Ltd.

1,060,000

7,326,224

Singapore Technologies Engineering Ltd.

3,000,000

7,109,005

Straits Asia Resources Ltd.

9,000,000

5,983,412

The Ascott Group Ltd.

12,650,000

14,571,814

United Overseas Bank Ltd.

630,000

8,874,408

Yangzijiang Shipbuilding Holdings Ltd.

15,500,000

13,467,615

TOTAL SINGAPORE

221,681,811

Taiwan - 12.7%

Advanced Semiconductor Engineering, Inc. (a)

10,600,000

12,317,200

Ambassador Hotel

7,300,000

7,888,220

China Life Insurance Co. Ltd. (a)

8,400,000

3,618,136

China Steel Corp.

10,100,000

11,459,531

Chinatrust Financial Holding Co. Ltd.

10,600,000

8,351,968

Chinatrust Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 9/28/07 (a)

4,125,501

3,230,488

Chong Hong Construction Co. Ltd.

3,707,888

6,989,400

Far EasTone Telecommunications Co. Ltd.

5,080,000

5,733,307

Farglory Land Developt Co. Ltd.

4,200,000

6,958,923

Formosa Plastics Corp.

12,004,000

22,987,955

Foxconn Technology Co. Ltd.

1,307,645

12,383,485

Fubon No 2 (REIT)

7,000,000

2,710,450

Fuhwa Financial Holding Co. Ltd. (a)

20,996,500

9,075,343

Goldsun Development & Construction Co. Ltd.

7,432,000

3,993,120

Hon Hai Precision Industry Co. Ltd. (Foxconn)

9,815,025

65,255,754

Shares

Value

Huaku Construction Co. Ltd.

5,060,000

$ 10,631,688

Hung Poo Real Estate Development Co. Ltd.

6,675,000

6,812,145

KEE TAI Properties Co. Ltd.

3,549,000

3,573,981

Kindom Construction Co. Ltd. (a)

9,000,000

4,241,269

Shin Kong Financial Holding Co. Ltd.

4,000,000

3,721,991

Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 6/14/07 (a)

1,275,902

1,179,889

Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme):

7/31/07 (a)

6,762,280

6,253,411

9/17/07 (a)

4,900,000

4,528,993

Shin Kong No 1 REIT

6,483,000

2,237,832

Shinkong Insurance Co. Ltd.

662,000

343,762

Siliconware Precision Industries Co. Ltd.

6,328,000

12,156,264

Tainan Spinning Co. Ltd. (a)

8,036,000

3,666,378

Taiwan Chi Cheng Enterprise Co. Ltd.

3,450,000

11,183,984

Taiwan Fertilizer Co. Ltd.

10,727,000

19,673,116

Taiwan Semiconductor Manufacturing Co. Ltd.

20,903,604

43,105,390

TOTAL TAIWAN

316,263,373

Thailand - 0.3%

Bangkok Dusit Medical Service PCL (For. Reg.)

2,600,000

2,841,121

Central Pattana PCL (For. Reg.)

5,216,600

3,937,764

True Corp. PCL (For. Reg.) (a)

100

18

TOTAL THAILAND

6,778,903

TOTAL COMMON STOCKS

(Cost $1,710,743,845)

2,388,703,084

Investment Companies - 1.4%

Hong Kong - 1.4%

iShares FTSE/Xinhua A50 China Tracker
(Cost $23,712,639)

2,186,200

35,660,893

Money Market Funds - 3.5%

Fidelity Cash Central Fund, 5.29% (b)

65,803,109

65,803,109

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

20,116,842

20,116,842

TOTAL MONEY MARKET FUNDS

(Cost $85,919,951)

85,919,951

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $1,820,376,435)

2,510,283,928

NET OTHER ASSETS - (1.0)%

(24,843,050)

NET ASSETS - 100%

$ 2,485,440,878

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 end of the period, the value of these securities amounted to $1,414,337 or 0.1% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 1,162,996

Fidelity Securities Lending Cash Central Fund

124,934

Total

$ 1,287,930

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

Semiannual Report

Southeast Asia

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $19,115,470) - See accompanying schedule:

Unaffiliated issuers (cost $1,734,456,484)

$ 2,424,363,977

Fidelity Central Funds (cost $85,919,951)

85,919,951

Total Investments (cost $1,820,376,435)

$ 2,510,283,928

Foreign currency held at value (cost $305,664)

305,667

Receivable for investments sold

32,514,055

Receivable for fund shares sold

8,063,882

Dividends receivable

6,185,929

Distributions receivable from Fidelity Central Funds

193,744

Prepaid expenses

4,240

Other receivables

841,409

Total assets

2,558,392,854

Liabilities

Payable for investments purchased

$ 39,785,760

Payable for fund shares redeemed

10,464,156

Accrued management fee

1,618,241

Other affiliated payables

476,781

Other payables and accrued expenses

490,196

Collateral on securities loaned,
at value

20,116,842

Total liabilities

72,951,976

Net Assets

$ 2,485,440,878

Net Assets consist of:

Paid in capital

$ 1,685,315,315

Undistributed net investment income

5,039,794

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

105,166,024

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

689,919,745

Net Assets, for 82,415,039 shares outstanding

$ 2,485,440,878

Net Asset Value, offering price and redemption price per share ($2,485,440,878 ÷ 82,415,039 shares)

$ 30.16

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 20,548,591

Interest

15,421

Income from Fidelity Central Funds (including $124,934 from security lending)

1,287,930

21,851,942

Less foreign taxes withheld

(2,199,942)

Total income

19,652,000

Expenses

Management fee
Basic fee

$ 7,485,744

Performance adjustment

926,114

Transfer agent fees

2,220,314

Accounting and security lending fees

458,411

Custodian fees and expenses

883,029

Independent trustees' compensation

3,131

Registration fees

110,049

Audit

50,116

Interest

15,700

Miscellaneous

3,371

Total expenses before reductions

12,155,979

Expense reductions

(1,363,739)

10,792,240

Net investment income (loss)

8,859,760

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

107,665,741

Foreign currency transactions

(634,951)

Total net realized gain (loss)

107,030,790

Change in net unrealized appreciation (depreciation) on:

Investment securities

319,327,950

Assets and liabilities in foreign currencies

(12,337)

Total change in net unrealized appreciation (depreciation)

319,315,613

Net gain (loss)

426,346,403

Net increase (decrease) in net assets resulting from operations

$ 435,206,163

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

Semiannual Report

Southeast Asia
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 8,859,760

$ 17,990,728

Net realized gain (loss)

107,030,790

101,570,768

Change in net unrealized appreciation (depreciation)

319,315,613

243,787,082

Net increase (decrease) in net assets resulting from operations

435,206,163

363,348,578

Distributions to shareholders from net investment income

(15,348,089)

(11,222,484)

Distributions to shareholders from net realized gain

(86,082,743)

(18,514,528)

Total distributions

(101,430,832)

(29,737,012)

Share transactions
Proceeds from sales of shares

776,546,066

839,465,156

Reinvestment of distributions

97,580,587

28,757,013

Cost of shares redeemed

(316,175,601)

(393,593,644)

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

557,951,052

474,628,525

Redemption fees

766,808

942,767

Total increase (decrease) in net assets

892,493,191

809,182,858

Net Assets

Beginning of period

1,592,947,687

783,764,829

End of period (including undistributed net investment income of $5,039,794 and undistributed net investment income of $13,779,108, respectively)

$ 2,485,440,878

$ 1,592,947,687

Other Information

Shares

Sold

27,912,868

36,006,623

Issued in reinvestment of distributions

3,728,720

1,416,326

Redeemed

(11,481,968)

(17,069,282)

Net increase (decrease)

20,159,620

20,353,667

Financial Highlights

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 25.59

$ 18.70

$ 14.87

$ 13.72

$ 9.96

$ 9.10

Income from Investment Operations

Net investment income (loss) D

.12

.33

.30

.16

.15

.06

Net realized and unrealized gain (loss)

5.96

7.23

3.66

1.10

3.68

.81

Total from investment operations

6.08

7.56

3.96

1.26

3.83

.87

Distributions from net investment income

(.23)

(.26)

(.14)

(.13)

(.08)

(.03)

Distributions from net realized gain

(1.29)

(.43)

-

-

-

-

Total distributions

(1.52)

(.69)

(.14)

(.13)

(.08)

(.03)

Redemption fees added to paid in capital D

.01

.02

.01

.02

.01

.02

Net asset value, end of period

$ 30.16

$ 25.59

$ 18.70

$ 14.87

$ 13.72

$ 9.96

Total Return B, C, H

24.70%

41.50%

26.84%

9.39%

38.81%

9.75%

Ratios to Average Net Assets E, G

Expenses before reductions

1.16% A

1.21%

1.20%

1.21%

1.32%

1.54%

Expenses net of fee waivers, if any

1.16% A

1.21%

1.20%

1.21%

1.32%

1.54%

Expenses net of all reductions

1.03% A

1.04%

1.09%

1.20%

1.32%

1.50%

Net investment income (loss)

.84% A

1.44%

1.71%

1.11%

1.35%

.54%

Supplemental Data

Net assets, end of period (000 omitted)

$ 2,485,441

$ 1,592,948

$ 783,765

$ 464,874

$ 395,554

$ 245,651

Portfolio turnover rate F

83% A

100%

109%

131%

115%

131%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. 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 Total returns do not include the effect of the former sales charges.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

1. Organization.

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 Latin America Fund. Each Fund is authorized to issue an unlimited number of shares. On January 18, 2007, the Board of Trustees of Fidelity Canada Fund approved the creation of additional classes of shares. The Fund will commence sale of shares of Class A, Class T, Class B, Class C and Institutional Class and the existing class will be designated Canada on May 2, 2007. The Fidelity Japan Smaller Companies Fund is currently closed to most new accounts. Fidelity Nordic Fund was closed to most new accounts effective the close of business on March 14, 2007 and was reopened on June 21, 2007. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedule of Investments lists each of the Fidelity Central Funds as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

3. Significant Accounting Policies.

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, including the Fidelity Central 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 cannot 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

$ 2,395,811,640

$ 976,366,571

$ (22,354,268)

$ 954,012,303

China Region

732,122,083

222,509,874

(10,285,353)

212,224,521

Emerging Markets

2,712,441,343

1,171,214,730

(57,304,516)

1,113,910,214

Europe

4,906,580,141

993,624,687

(20,020,783)

973,603,904

Europe Capital Appreciation

1,603,419,874

266,862,500

(8,086,349)

258,776,151

Japan

1,748,183,447

143,266,480

(53,821,059)

89,445,421

Japan Smaller Companies

869,564,371

184,720,484

(60,155,016)

124,565,468

Latin America

2,625,544,768

1,519,228,362

(13,896,499)

1,505,331,863

Nordic

687,813,490

182,433,944

(4,152,041)

178,281,903

Pacific Basin

868,390,313

284,219,768

(41,479,613)

242,740,155

Southeast Asia

1,820,876,792

710,220,977

(20,813,840)

689,407,137

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.

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.

4. Operating Policies.

Forward Foreign Currency Contracts. Europe Capital Appreciation generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage the Fund's currency exposure. Contracts to sell generally are used to hedge the Fund's investments against currency fluctuations, while contracts to buy generally are used to offset a previous contract to sell. Also, a contract to buy can be used to acquire exposure to foreign currencies and a contract to sell can be used to offset a previous contract to buy. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Fund's Statement of Assets and Liabilities. The U.S. dollar value of the currencies the Fund has committed to buy or sell is shown in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." This amount represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts at period end. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts' terms.

The U.S. dollar value of forward foreign currency contracts is determined using forward currency exchange rates supplied by a quotation service. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) recognized on the date of offset: otherwise, gain (loss) is recognized on settlement date. Contracts that have been offset with different counterparties are reflected as both a contract to buy and a contract to sell in the Schedule of Investments under the caption "Forward Foreign Currency Contracts."

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.

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.

5. Purchases and Sales of Investments.

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

Purchases ($)

Sales ($)

Canada

366,702,989

570,347,261

China Region

426,667,030

220,831,554

Emerging Markets

1,047,084,089

912,016,534

Europe

2,331,825,869

1,984,052,504

Europe Capital Appreciation

574,822,017

327,000,710

Japan

2,116,039,538

2,139,382,141

Japan Smaller Companies

401,213,549

599,598,033

Latin America

1,189,939,741

952,381,357

Nordic

378,328,220

106,709,753

Pacific Basin

460,326,856

527,716,853

Southeast Asia

1,296,824,215

845,582,379

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. 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%

.26%

.68%

China Region

.45%

.26%

.71%

Emerging Markets

.45%

.26%

.71%

Europe

.45%

.26%

.79%

Europe Capital Appreciation

.45%

.26%

.73%

Japan

.45%

.26%

.75%

Japan Smaller Companies

.45%

.26%

.71%

Latin America

.45%

.26%

.71%

Nordic

.45%

.26%

.71%

Pacific Basin

.45%

.26%

.83%

Southeast Asia

.45%

.26%

.80%

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

.22%

China Region

.24%

Emerging Markets

.21%

Europe

.22%

Europe Capital Appreciation

.21%

Japan

.22%

Japan Smaller Companies

.21%

Latin America

.20%

Nordic

.24%

Pacific Basin

.23%

Southeast Asia

.21%

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.

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

$ 41

Emerging Markets

237

Latin America

125

Pacific Basin

2

Semiannual Report

6. 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

Canada

Borrower

$ 8,411,000

5.39%

$ 22,649

Emerging Markets

Borrower

34,707,000

5.39%

36,401

Europe

Borrower

43,540,000

5.40%

26,146

Europe Capital Appreciation

Borrower

20,898,000

5.40%

9,396

Latin America

Borrower

44,260,000

5.39%

6,626

Pacific Basin

Borrower

4,906,200

5.39%

11,024

Southeast Asia

Borrower

14,969,286

5.39%

15,700

7. 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

$ 3,755

China Region

1,093

Emerging Markets

4,102

Europe

5,281

Europe Capital Appreciation

1,550

Japan

2,181

Japan Smaller Companies

1,355

Latin America

4,297

Nordic

576

Pacific Basin

1,229

Southeast Asia

2,367

During the period, there were no borrowings on this line of credit.

8. 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 Fidelity Central Funds.

9. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Expense Reductions - continued

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

$ 157,646

$ 10,153

$ 51,962

China Region

332,078

740

10,035

Emerging Markets

952,252

2,331

67,593

Europe

1,479,089

11

206,629

Europe Capital Appreciation

273,603

177

10,308

Japan

105,109

6

54,164

Japan Smaller Companies

108,933

152

8,997

Latin America

180,529

5,427

41,677

Nordic

130,809

283

4,328

Pacific Basin

375,543

-

21,753

Southeast Asia

1,326,461

947

36,331

10. 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 Fund 2020 was the owner of record of approximately 19% and 14% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom 2030 was the owner of record of approximately 15% and 11% of the total outstanding shares of Europe and Japan, respectively. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 65% and 47% of the total outstanding shares of Europe and Japan, respectively.

11. Other Matters Regarding Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation and Latin America.

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to each of the Funds listed above is not anticipated to have a material impact on such Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

12. Subsequent Event Regarding Europe and Nordic.

The proposal to merge Fidelity Nordic Fund into Fidelity Europe Fund did not receive the number of votes required for approval at the shareholder meeting on June 20, 2007. All expenses in connection with the proxy will be paid by FMR.

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

15445 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

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, 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 Westview Road
Lone Tree, 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

400 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

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, 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

238 Main Street
Cambridge, 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

Missouri

1524 South Lindbergh Blvd.
St. Louis, 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 Broad Street
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

980 Madison Avenue
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

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
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

6560 Fannin Street
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

279 West South Temple
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

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

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

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 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

Custodians

JPMorgan Chase Bank
New York, NY

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

Brown Brothers Harriman & Co.
Boston, MA

China Region Fund, Latin America Fund, Nordic Fund

Mellon Bank, N.A.
Pittsburgh, PA

Canada Fund, Europe Fund

The Northern Trust Company
Chicago, IL

Japan Smaller Companies Fund

Fidelity's International Equity Funds

Aggressive International Fund

Canada Fund

China Region Fund

Diversified International Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

International Discovery Fund

International Small Cap Fund

International Small Cap Opportunities Fund

International Value Fund

Japan Fund

Japan Smaller Companies Fund

Latin America Fund

Nordic Fund

Overseas Fund

Pacific Basin Fund

Southeast Asia Fund

Worldwide Fund

Corporate Headquarters

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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic)    Automated line for quickest service

TIF-USAN-0607
1.784917.104

Fidelity®

International Discovery

Fund

Semiannual Report

April 30, 2007

(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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,157.00

$ 6.63

Hypothetical A

$ 1,000.00

$ 1,018.65

$ 6.21

Class T

Actual

$ 1,000.00

$ 1,155.00

$ 8.76

Hypothetical A

$ 1,000.00

$ 1,016.66

$ 8.20

Class B

Actual

$ 1,000.00

$ 1,151.80

$ 11.58

Hypothetical A

$ 1,000.00

$ 1,014.03

$ 10.84

Class C

Actual

$ 1,000.00

$ 1,151.70

$ 11.36

Hypothetical A

$ 1,000.00

$ 1,014.23

$ 10.64

International Discovery Fund

Actual

$ 1,000.00

$ 1,158.20

$ 5.57

Hypothetical A

$ 1,000.00

$ 1,019.64

$ 5.21

Institutional Class

Actual

$ 1,000.00

$ 1,158.80

$ 5.19

Hypothetical A

$ 1,000.00

$ 1,019.98

$ 4.86

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

1.24%

Class T

1.64%

Class B

2.17%

Class C

2.13%

International Discovery Fund

1.04%

Institutional Class

.97%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 16.4%

United Kingdom 15.5%

France 10.7%

Germany 10.6%

Switzerland 9.4%

Australia 6.6%

Netherlands 3.6%

United States of America 3.6%

Spain 2.9%

Other 20.7%

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

As of October 31, 2006

Japan 19.1%

United Kingdom 16.5%

France 12.3%

Germany 10.2%

Switzerland 9.5%

Australia 5.5%

Italy 3.6%

United States of America 3.3%

Spain 3.2%

Other 16.8%

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 and Equity Futures

97.3

97.1

Short-Term Investments and Net Other Assets

2.7

2.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.5

1.5

Toyota Motor Corp. (Japan, Automobiles)

1.4

1.3

E.ON AG (Germany, Electric Utilities)

1.3

1.1

Nestle SA (Reg.) (Switzerland, Food Products)

1.1

1.1

Allianz AG (Reg.) (Germany, Insurance)

1.1

1.1

Siemens AG (Reg.) (Germany, Industrial Conglomerates)

1.1

0.0

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

1.1

1.2

Canon, Inc. (Japan, Office Electronics)

1.1

0.8

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

1.1

0.9

CSL Ltd. (Australia, Biotechnology)

1.0

0.7

11.8

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.7

27.5

Consumer Discretionary

15.1

15.8

Industrials

14.5

8.3

Information Technology

8.5

7.4

Health Care

7.8

8.1

Consumer Staples

7.5

9.6

Materials

6.5

4.5

Energy

5.8

6.6

Utilities

5.2

5.2

Telecommunication Services

3.2

2.7

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value (000s)

Australia - 6.6%

AMP Ltd.

2,150,200

$ 19,196

Aristocrat Leisure Ltd.

2,592,700

35,742

AXA Asia Pacific Holdings Ltd.

3,809,600

23,380

Babcock & Brown Japan Property Trust

14,813,600

23,989

Babcock & Brown Ltd.

1,739,000

42,819

Billabong International Ltd.

294,626

4,037

Brambles Ltd. (a)

3,581,600

39,232

Cochlear Ltd.

721,200

38,002

Computershare Ltd.

6,268,300

54,398

CSL Ltd.

1,660,850

120,381

Downer EDI Ltd.

3,857,181

23,992

Energy Resources of Australia Ltd.

1,344,200

28,153

Macquarie Bank Ltd.

406,900

29,398

Macquarie Goodman Group unit

4,632,200

27,351

Mortgage Choice Ltd.

2,899,300

7,584

National Australia Bank Ltd.

2,197,000

78,125

Oxiana Ltd.

6,500,731

16,412

QBE Insurance Group Ltd.

1,922,267

49,263

Seek Ltd.

2,000,000

12,274

Woolworths Ltd.

2,353,439

55,310

WorleyParsons Ltd.

1,190,900

27,197

TOTAL AUSTRALIA

756,235

Austria - 0.1%

Austriamicrosystems AG (a)

111,000

7,605

Belgium - 0.2%

InBev SA

365,300

28,613

Bermuda - 0.5%

Aquarius Platinum Ltd. (United Kingdom)

1,434,800

43,032

Ports Design Ltd.

6,613,900

18,601

TOTAL BERMUDA

61,633

Brazil - 0.5%

Submarino SA

1,519,400

55,014

Canada - 0.5%

Niko Resources Ltd.

114,600

9,138

Potash Corp. of Saskatchewan, Inc.

197,100

35,383

Tenke Mining Corp. (a)

649,500

14,045

TOTAL CANADA

58,566

Cayman Islands - 0.8%

Foxconn International Holdings Ltd. (a)

7,852,300

23,790

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

Lee & Man Paper Manufacturing Ltd.

7,304,000

$ 20,635

Simcere Pharmaceutical Group sponsored ADR

106,280

1,764

Subsea 7, Inc. (a)(d)

791,800

16,237

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

809,100

29,354

TOTAL CAYMAN ISLANDS

91,780

China - 0.7%

Focus Media Holding Ltd. ADR (a)

640,308

23,691

Jiangsu Expressway Co. Ltd. (H Shares)

25,464,000

21,777

Mindray Medical International Ltd. sponsored ADR

822,600

18,928

Nine Dragons Paper (Holdings) Ltd.

10,409,000

21,210

TOTAL CHINA

85,606

Cyprus - 0.3%

Marfin Popular Bank Public Co.

2,494,659

28,663

Czech Republic - 0.2%

Ceske Energeticke Zavody AS

584,800

28,586

Denmark - 0.9%

Novo Nordisk AS Series B

288,400

28,366

Vestas Wind Systems AS (a)

1,117,200

73,460

TOTAL DENMARK

101,826

Finland - 0.9%

Citycon Oyj

692,322

5,574

Nokia Corp. sponsored ADR

2,785,700

70,339

Wartsila Corp. (B Shares)

431,600

29,136

TOTAL FINLAND

105,049

France - 10.7%

Air France KLM (Reg.)

548,400

28,123

Alcatel-Lucent SA

1,089,900

14,441

Alstom SA (a)

374,900

56,275

April Group (d)

142,162

7,527

AXA SA

1,537,666

70,825

BNP Paribas SA

403,139

47,118

Business Objects SA sponsored ADR (a)

431,100

16,171

Cap Gemini SA (d)

442,000

33,680

CNP Assurances (d)

210,300

26,961

Electricite de France

648,200

56,699

Gaz de France (d)

774,200

36,554

Geodis SA

73,700

16,917

Groupe Danone

232,200

38,388

Common Stocks - continued

Shares

Value (000s)

France - continued

Icade SA (d)

558,489

$ 42,877

L'Oreal SA (d)

247,100

29,713

Louis Vuitton Moet Hennessy (LVMH) (d)

343,300

40,274

Neopost SA

254,300

37,065

Neuf Cegetel

318,153

13,025

Orpea (a)(d)

270,464

27,917

Pinault Printemps-Redoute SA

155,200

27,096

Remy Cointreau SA

304,500

22,334

Renault SA (d)

388,500

50,746

Schneider Electric SA (d)

191,000

27,125

Schneider Electric SA (new)

11,235

1,535

Sechilienne-Sidec

174,000

10,910

Societe Generale Series A

181,820

38,829

Suez SA (France) (d)

918,900

52,640

Total SA Series B (d)

1,772,076

130,584

Vallourec SA

82,800

22,824

Veolia Environnement

705,800

58,655

Vinci SA (d)

634,600

102,661

Vivendi Universal SA (d)

1,055,598

43,761

TOTAL FRANCE

1,230,250

Georgia - 0.1%

Bank of Georgia unit (a)

206,100

7,110

Germany - 9.2%

Allianz AG (Reg.) (d)

576,530

131,148

Bayer AG sponsored ADR (d)

1,663,400

113,743

Bilfinger Berger AG

242,300

22,983

Continental AG (d)

228,600

31,968

DaimlerChrysler AG (Reg.)

433,000

34,861

Deutsche Boerse AG

276,700

65,152

E.ON AG (d)

974,300

146,525

Hochtief AG

440,000

46,533

Hugo Boss AG

43,200

2,889

KarstadtQuelle AG (a)(d)

1,160,400

44,813

Linde AG

385,128

43,273

MAN AG

221,900

29,805

MTU Aero Engines Holding AG (d)

327,000

19,188

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

362,300

64,810

Q-Cells AG (d)

390,000

28,366

SGL Carbon AG (a)

612,600

24,050

Siemens AG (Reg.)

1,081,900

130,877

Common Stocks - continued

Shares

Value (000s)

Germany - continued

SolarWorld AG

528,200

$ 44,804

Wincor Nixdorf AG

247,400

24,368

TOTAL GERMANY

1,050,156

Greece - 0.1%

EFG Eurobank Ergasias SA

374,100

15,672

Hong Kong - 1.3%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

10,470

Esprit Holdings Ltd.

6,508,600

79,459

Li & Fung Ltd.

10,953,900

34,447

Television Broadcasts Ltd.

2,838,529

18,815

TOTAL HONG KONG

143,191

India - 1.1%

Bharti Airtel Ltd. (a)

1,220,000

24,160

Infosys Technologies Ltd.

953,052

47,620

IVRCL Infrastructures & Projects Ltd.

498,800

3,898

Larsen & Toubro Ltd.

147,000

6,083

Pantaloon Retail India Ltd.

442,715

4,553

Satyam Computer Services Ltd.

3,024,300

34,870

TOTAL INDIA

121,184

Indonesia - 0.2%

PT Perusahaan Gas Negara Tbk Series B

16,035,500

18,534

Ireland - 0.9%

Allied Irish Banks PLC

1,216,400

36,912

Paddy Power PLC (Ireland)

623,197

17,408

Ryanair Holdings PLC sponsored ADR (a)

937,500

43,753

TOTAL IRELAND

98,073

Israel - 0.5%

Israel Chemicals Ltd.

3,916,700

30,134

Nice Systems Ltd. sponsored ADR

614,000

22,503

TOTAL ISRAEL

52,637

Italy - 2.6%

AEM SpA

4,072,044

16,037

Edison Spa

8,145,605

24,576

ENI Spa

288,800

9,565

ENI Spa sponsored ADR

389,450

25,797

Fiat Spa

2,508,000

74,506

Common Stocks - continued

Shares

Value (000s)

Italy - continued

Impregilo Spa (a)

3,423,000

$ 27,975

Pirelli & C. Real Estate Spa (d)

227,800

17,423

Prysmian SPA

338,700

6,933

Unicredito Italiano Spa

8,882,300

91,876

TOTAL ITALY

294,688

Japan - 15.9%

Aeon Mall Co. Ltd. (d)

793,600

26,563

Asahi Glass Co. Ltd.

1,924,000

25,884

Asics Corp.

2,315,000

29,154

Bank of Yokohama Ltd.

2,571,000

18,825

Canon, Inc.

2,148,450

120,743

Casio Computer Co. Ltd.

908,500

18,341

Chiba Bank Ltd.

2,187,000

18,079

Chugai Pharmaceutical Co. Ltd.

1,571,700

40,082

East Japan Railway Co.

3,681

29,853

Fanuc Ltd.

192,200

18,824

Fujifilm Holdings Corp.

801,200

32,761

Honda Motor Co. Ltd.

1,470,700

50,636

Japan Tobacco, Inc.

8,463

41,341

Kawasaki Kisen Kaisha Ltd. (d)

2,253,000

24,472

Keyence Corp.

82,600

18,363

Konica Minolta Holdings, Inc.

987,500

13,514

Kubota Corp.

3,316,000

31,344

Leopalace21 Corp.

329,500

10,805

Mitsubishi Estate Co. Ltd.

1,926,400

59,733

Mitsubishi UFJ Financial Group, Inc.

1,086

11,349

Mitsui & Co. Ltd.

2,560,000

46,039

Mitsui Fudosan Co. Ltd.

2,217,000

64,721

Mizuho Financial Group, Inc.

11,116

66,902

Murata Manufacturing Co. Ltd.

627,200

46,227

Namco Bandai Holdings, Inc.

1,763,600

28,663

NGK Insulators Ltd.

1,937,000

42,282

Nintendo Co. Ltd.

340,100

106,251

Nippon Building Fund, Inc.

2,400

38,799

Nippon Electric Glass Co. Ltd.

855,000

14,635

Nippon Steel Corp.

4,566,000

29,462

Nomura Holdings, Inc.

2,767,200

53,296

NSK Ltd.

3,609,000

34,930

NTT DoCoMo, Inc.

23,200

39,463

ORIX Corp.

251,320

67,020

Sony Corp. sponsored ADR

776,900

41,378

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Sumco Corp.

843,600

$ 36,663

Sumitomo Corp.

1,815,400

31,097

Sumitomo Electric Industries Ltd.

1,786,100

25,262

Sumitomo Metal Industries Ltd.

4,099,000

20,815

Sumitomo Mitsui Financial Group, Inc.

1,982

17,317

Sumitomo Trust & Banking Co. Ltd.

2,478,800

24,211

T&D Holdings, Inc.

495,150

31,363

Takeda Pharamaceutical Co. Ltd.

896,400

58,119

The Sumitomo Warehouse Co. Ltd.

338,000

2,609

Tokuyama Corp.

2,931,900

43,962

Toyo Tanso Co. Ltd. (d)

104,400

11,082

Toyota Motor Corp.

2,609,100

158,398

TOTAL JAPAN

1,821,632

Korea (South) - 1.5%

Korean Reinsurance Co.

946,600

12,043

LG Household & Health Care Ltd.

462,880

61,630

NHN Corp.

261,735

40,940

Samsung Fire & Marine Insurance Co. Ltd.

208,660

36,988

Shinhan Financial Group Co. Ltd.

385,130

21,598

TOTAL KOREA (SOUTH)

173,199

Luxembourg - 0.5%

Acergy SA

1,124,500

24,076

SES SA FDR unit

1,505,854

29,590

TOTAL LUXEMBOURG

53,666

Malaysia - 0.5%

DiGi.com BHD

225,500

1,344

Gamuda BHD

12,673,900

29,074

IJM Corp. BHD

8,525,300

21,674

TOTAL MALAYSIA

52,092

Mexico - 0.6%

America Movil SA de CV Series L sponsored ADR

1,057,700

55,561

Urbi, Desarrollos Urbanos, SA de CV (a)

4,121,400

17,220

TOTAL MEXICO

72,781

Netherlands - 3.6%

ABN-AMRO Holding NV (d)

869,800

42,142

Arcelor Mittal

628,300

33,564

Arcelor Mittal Class A

702,200

38,022

CNH Global NV

702,000

30,390

Common Stocks - continued

Shares

Value (000s)

Netherlands - continued

Heineken NV (Bearer)

791,000

$ 42,002

ING Groep NV (Certificaten Van Aandelen)

1,385,044

63,172

Koninklijke KPN NV

1,139,700

19,440

Koninklijke Numico NV (d)

341,600

18,907

Koninklijke Philips Electronics NV

1,369,200

56,192

Nutreco Holding NV

628,000

46,628

SBM Offshore NV

691,900

24,983

TOTAL NETHERLANDS

415,442

Norway - 1.5%

Aker Kvaerner ASA

1,494,750

35,614

Hafslund ASA (B Shares) (d)

674,550

16,611

Marine Harvest ASA (a)

36,488,200

39,498

ProSafe ASA

773,000

12,045

Renewable Energy Corp. AS (d)

1,103,800

31,912

Telenor ASA

1,977,400

36,977

TOTAL NORWAY

172,657

Russia - 0.3%

Magma OJSC sponsored GDR (a)(f)

675,700

8,548

OAO Gazprom sponsored ADR

677,600

26,630

TOTAL RUSSIA

35,178

Singapore - 0.4%

Keppel Corp. Ltd.

1,166,000

16,425

Singapore Exchange Ltd.

5,755,000

28,033

TOTAL SINGAPORE

44,458

Spain - 2.9%

Banco Bilbao Vizcaya Argentaria SA

2,401,000

57,480

Banco Santander Central Hispano SA

5,263,900

94,745

Grupo Ferrovial SA

243,200

26,583

Inditex SA

891,300

55,194

Sol Melia SA

702,567

17,199

Telefonica SA

3,416,700

77,047

TOTAL SPAIN

328,248

Sweden - 1.7%

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

742,500

49,484

Modern Times Group AB (MTG) (B Shares)

1,049,300

61,786

Common Stocks - continued

Shares

Value (000s)

Sweden - continued

Scania AB (B Shares)

576,700

$ 55,521

Swedbank AB (A Shares) (d)

736,200

28,680

TOTAL SWEDEN

195,471

Switzerland - 9.4%

ABB Ltd. sponsored ADR

5,171,500

103,223

Actelion Ltd. (Reg.) (a)

199,558

47,583

BB Biotech AG (d)

341,699

28,544

Compagnie Financiere Richemont unit

508,844

30,901

Credit Suisse Group (Reg.)

1,338,656

105,084

EFG International

332,000

14,980

Julius Baer Holding AG (Bearer)

1,105,364

77,696

Lindt & Spruengli AG (participation certificate)

15,453

42,859

Nestle SA (Reg.)

330,815

131,466

Nobel Biocare Holding AG (Switzerland)

66,378

24,043

Novartis AG (Reg.)

707,960

41,125

Phonak Holding AG

463,240

41,229

Roche Holding AG (participation certificate)

891,492

168,039

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

12,915

16,499

Swiss Life Holding

95,891

24,889

Tecan Group AG

212,300

15,819

The Swatch Group AG (Reg.)

1,212,573

70,926

UBS AG (NY Shares)

969,200

62,901

Zurich Financial Services AG (Reg.)

109,285

31,939

TOTAL SWITZERLAND

1,079,745

Taiwan - 1.2%

Gemtek Technology Corp.

8,486,000

21,855

Hon Hai Precision Industry Co. Ltd. (Foxconn)

6,887,890

45,795

PixArt Imaging, Inc.

1,740,000

21,152

Shin Kong Financial Holding Co. Ltd.

10,227,415

9,517

Siliconware Precision Industries Co. Ltd.

12,187,000

23,412

Wistron Corp.

13,850,000

20,703

TOTAL TAIWAN

142,434

United Kingdom - 15.5%

Anglo American PLC (United Kingdom)

987,700

52,709

AstraZeneca PLC sponsored ADR

549,000

29,816

Autonomy Corp. PLC (a)

3,363,000

50,801

Aviva PLC

1,949,300

30,810

BAE Systems PLC

4,145,509

37,880

Barclays PLC

2,701,800

39,203

BG Group PLC

1,454,900

21,105

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

BG Group PLC sponsored ADR

200,000

$ 14,386

BHP Billiton PLC

4,290,500

96,853

BP PLC sponsored ADR

876,100

58,979

British American Tobacco PLC

1,459,900

45,447

British American Tobacco PLC sponsored ADR

390,200

24,294

British Land Co. PLC

1,369,800

40,343

Burberry Group PLC

1,777,700

24,703

Capita Group PLC

1,106,900

15,669

Clipper Windpower PLC (a)

2,006,200

35,199

GlaxoSmithKline PLC sponsored ADR

339,300

19,605

HBOS plc

2,208,200

47,816

HSBC Holdings PLC (Hong Kong) (Reg.)

1,403,144

25,919

Informa PLC

1,379,400

16,383

International Power PLC

7,306,600

64,317

Investec PLC

2,902,500

41,465

John Wood Group PLC

3,062,900

17,255

Man Group plc

3,043,000

34,376

Marks & Spencer Group PLC

3,391,600

50,318

N Brown Group PLC

4,180,000

25,073

National Grid PLC

1,576,100

24,785

Next PLC

991,700

46,577

Pearson PLC

2,394,300

41,242

Punch Taverns Ltd.

871,700

22,728

Reckitt Benckiser PLC

1,392,700

76,605

Renovo Group PLC (e)

9,727,800

35,010

Rio Tinto PLC sponsored ADR

155,900

38,040

Rolls-Royce Group PLC

3,864,403

37,069

Royal Bank of Scotland Group PLC

1,969,971

76,020

Royal Dutch Shell PLC Class B

3,412,059

120,633

Shire PLC

2,059,200

47,972

SSL International PLC

1,111,400

9,683

Tesco PLC

11,828,812

109,032

Vodafone Group PLC

33,268,435

95,580

Xstrata PLC

649,900

34,318

TOTAL UNITED KINGDOM

1,776,018

United States of America - 0.9%

Fluor Corp.

238,100

22,767

Macquarie Infrastructure Co. Trust

131,000

5,578

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Marathon Oil Corp.

259,900

$ 26,393

Sunoco, Inc.

624,200

47,146

TOTAL UNITED STATES OF AMERICA

101,884

TOTAL COMMON STOCKS

(Cost $8,526,082)

10,905,576

Nonconvertible Preferred Stocks - 1.5%

Germany - 1.4%

Fresenius AG (non-vtg.)

551,200

46,680

Hugo Boss AG (non-vtg.)

697,600

43,361

Porsche AG (non-vtg.)

20,695

34,840

ProSiebenSat.1 Media AG

887,300

32,450

TOTAL GERMANY

157,331

Italy - 0.1%

Intesa Sanpaolo Spa

1,669,602

13,538

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

236,131,217

472

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $111,572)

171,341

Government Obligations - 0.0%

Principal Amount (000s)

United States of America - 0.0%

U.S. Treasury Bills, yield at date of purchase 4.96% to 5.11% 5/3/07 to 6/7/07 (g)
(Cost $3,093)

$ 3,100

3,094

Money Market Funds - 12.6%

Shares

Fidelity Cash Central Fund, 5.29% (b)

301,402,870

301,403

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

1,142,567,681

1,142,568

TOTAL MONEY MARKET FUNDS

(Cost $1,443,971)

1,443,971

Cash Equivalents - 0.1%

Maturity Amount (000s)

Value (000s)

Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,197)

$ 13,199

$ 13,197

TOTAL INVESTMENT PORTFOLIO - 109.5%

(Cost $10,097,915)

12,537,179

NET OTHER ASSETS - (9.5)%

(1,091,615)

NET ASSETS - 100%

$ 11,445,564

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

723 Nikkei 225 Index Contracts (Japan)

June 2007

$ 62,594

$ 2,997

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete 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 end of the period, the value of these securities amounted to $8,548,000 or 0.1% of net assets.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,094,000.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value (000s)

$13,197,000 due 5/1/07 at 5.12%

Banc of America Securities LLC

$ 2,016

Barclays Capital, Inc.

4,495

Fortis Securities LLC

2,882

Lehman Brothers, Inc.

3,804

$ 13,197

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned (Amounts in thousands)

Fidelity Cash Central Fund

$ 9,859

Fidelity Securities Lending Cash Central Fund

3,199

Total

$ 13,058

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
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Renovo Group PLC

$ 14,540

$ 16,799

$ 586

$ -

$ 35,010

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $1,090,882 and repurchase agreements of $13,197) - See accompanying schedule:

Unaffiliated issuers (cost $8,628,450)

$ 11,058,198

Fidelity Central Funds (cost $1,443,971)

1,443,971

Other affiliated issuers (cost $25,494)

35,010

Total Investments (cost $10,097,915)

$ 12,537,179

Receivable for investments sold

227,995

Receivable for fund shares sold

27,975

Dividends receivable

36,252

Distributions receivable from Fidelity Central Funds

1,070

Prepaid expenses

29

Other receivables

4,758

Total assets

12,835,258

Liabilities

Payable to custodian bank

$ 2,406

Payable for investments purchased

218,054

Payable for fund shares redeemed

14,603

Accrued management fee

7,243

Distribution fees payable

71

Payable for daily variation on futures contracts

343

Other affiliated payables

2,024

Other payables and accrued expenses

2,382

Collateral on securities loaned, at value

1,142,568

Total liabilities

1,389,694

Net Assets

$ 11,445,564

Net Assets consist of:

Paid in capital

$ 8,522,568

Undistributed net investment income

51,320

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

430,711

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

2,440,965

Net Assets

$ 11,445,564

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($225,752 ÷ 5,545.1 shares)

$ 40.71

Maximum offering price per share (100/94.25 of $40.71)

$ 43.19

Class T:
Net Asset Value and redemption price per share ($24,720 ÷ 609.8 shares)

$ 40.54

Maximum offering price per share (100/96.50 of $40.54)

$ 42.01

Class B:
Net Asset Value and offering price per share
($8,106 ÷ 201.0 shares)A

$ 40.33

Class C:
Net Asset Value and offering price per share
($12,545 ÷ 310.3 shares)A

$ 40.43

International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($11,136,988 ÷ 271,956.5 shares)

$ 40.95

Institutional Class:
Net Asset Value, offering price and redemption price per share ($37,453 ÷ 913.8 shares)

$ 40.99

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

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

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 105,916

Interest

459

Income from Fidelity Central Funds

13,058

119,433

Less foreign taxes withheld

(8,698)

Total income

110,735

Expenses

Management fee
Basic fee

$ 34,999

Performance adjustment

2,767

Transfer agent fees

10,537

Distribution fees

337

Accounting and security lending fees

916

Custodian fees and expenses

1,231

Independent trustees' compensation

14

Registration fees

412

Audit

87

Legal

71

Miscellaneous

19

Total expenses before reductions

51,390

Expense reductions

(3,630)

47,760

Net investment income (loss)

62,975

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $515)

463,711

Other affiliated issuers

8

Foreign currency transactions

(42)

Futures contracts

265

Total net realized gain (loss)

463,942

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $150)

903,463

Assets and liabilities in foreign currencies

263

Futures contracts

1,712

Total change in net unrealized appreciation (depreciation)

905,438

Net gain (loss)

1,369,380

Net increase (decrease) in net assets resulting from operations

$ 1,432,355

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 62,975

$ 89,022

Net realized gain (loss)

463,942

238,999

Change in net unrealized appreciation (depreciation)

905,438

940,196

Net increase (decrease) in net assets resulting
from operations

1,432,355

1,268,217

Distributions to shareholders from net investment income

(85,862)

(41,324)

Distributions to shareholders from net realized gain

(224,325)

(189,744)

Total distributions

(310,187)

(231,068)

Share transactions - net increase (decrease)

2,081,090

3,239,823

Redemption fees

203

380

Total increase (decrease) in net assets

3,203,461

4,277,352

Net Assets

Beginning of period

8,242,103

3,964,751

End of period (including undistributed net investment income of $51,320 and undistributed net investment income of $83,948, respectively)

$ 11,445,564

$ 8,242,103

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

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.47

$ 30.57

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.21

.42

.28

Net realized and unrealized gain (loss)

5.36

7.19

2.88

Total from investment operations

5.57

7.61

3.16

Distributions from net investment income

(.35)

(.31)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.33)

(1.71)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.71

$ 36.47

$ 30.57

Total Return B, C, D

15.70%

26.01%

11.53%

Ratios to Average Net Assets F, I

Expenses before reductions

1.24% A

1.27%

1.42% A

Expenses net of fee waivers, if any

1.24% A

1.27%

1.42% A

Expenses net of all reductions

1.17% A

1.21%

1.36% A

Net investment income (loss)

1.08% A

1.22%

1.15% A

Supplemental Data

Net assets, end of period (in millions)

$ 226

$ 140

$ 2

Portfolio turnover rate G

89% A

56%

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 sales charges.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.30

$ 30.49

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.13

.27

.20

Net realized and unrealized gain (loss)

5.35

7.18

2.88

Total from investment operations

5.48

7.45

3.08

Distributions from net investment income

(.26)

(.24)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.24)

(1.64)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.54

$ 36.30

$ 30.49

Total Return B, C, D

15.50%

25.49%

11.24%

Ratios to Average Net Assets F, I

Expenses before reductions

1.64% A

1.71%

1.75% A

Expenses net of fee waivers, if any

1.64% A

1.71%

1.75% A

Expenses net of all reductions

1.57% A

1.65%

1.69% A

Net investment income (loss)

.69% A

.78%

.83% A

Supplemental Data

Net assets, end of period (in millions)

$ 25

$ 10

$ 2

Portfolio turnover rate G

89% A

56%

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 sales charges.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.12

$ 30.36

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.03

.08

.08

Net realized and unrealized gain (loss)

5.32

7.19

2.87

Total from investment operations

5.35

7.27

2.95

Distributions from net investment income

(.16)

(.11)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.14)

(1.51)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.33

$ 36.12

$ 30.36

Total Return B, C, D

15.18%

24.91%

10.76%

Ratios to Average Net Assets F, I

Expenses before reductions

2.17% A

2.27%

2.24% A

Expenses net of fee waivers, if any

2.17% A

2.25%

2.24% A

Expenses net of all reductions

2.10% A

2.19%

2.18% A

Net investment income (loss)

.15% A

.24%

.33% A

Supplemental Data

Net assets, end of period (in millions)

$ 8

$ 4

$ 1

Portfolio turnover rate G

89% A

56%

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 contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.19

$ 30.41

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.04

.11

.13

Net realized and unrealized gain (loss)

5.32

7.19

2.87

Total from investment operations

5.36

7.30

3.00

Distributions from net investment income

(.14)

(.12)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.12)

(1.52)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.43

$ 36.19

$ 30.41

Total Return B, C, D

15.17%

24.97%

10.94%

Ratios to Average Net Assets F, I

Expenses before reductions

2.13% A

2.16%

2.04% A

Expenses net of fee waivers, if any

2.13% A

2.16%

2.04% A

Expenses net of all reductions

2.06% A

2.11%

1.98% A

Net investment income (loss)

.19% A

.33%

.53% A

Supplemental Data

Net assets, end of period (in millions)

$ 13

$ 6

$ 2

Portfolio turnover rate G

89% A

56%

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 contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Discovery Fund

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 36.67

$ 30.65

$ 25.31

$ 21.87

$ 16.66

$ 17.61

Income from Investment Operations

Net investment income (loss) D

.25

.48

.37

.22

.19

.11

Net realized and unrealized gain (loss)

5.39

7.25

5.24

3.40

5.11

(1.06)

Total from investment operations

5.64

7.73

5.61

3.62

5.30

(.95)

Distributions from net investment income

(.38)

(.31)

(.15)

(.18)

(.09)

-

Distributions from net realized gain

(.98)

(1.40)

(.12)

-

-

-

Total distributions

(1.36)

(1.71)

(.27)

(.18)

(.09)

-

Redemption fees added to paid in capital D

- H

- H

- H

- H

- H

- H

Net asset value, end of period

$ 40.95

$ 36.67

$ 30.65

$ 25.31

$ 21.87

$ 16.66

Total Return B, C

15.82%

26.34%

22.29%

16.65%

31.97%

(5.39)%

Ratios to Average Net Assets E, G

Expenses before reductions

1.04% A

1.09%

1.08%

1.10%

1.14%

1.14%

Expenses net of fee waivers, if any

1.04% A

1.08%

1.07%

1.10%

1.14%

1.14%

Expenses net of all reductions

.97% A

1.03%

1.01%

1.06%

1.11%

1.12%

Net investment income (loss)

1.29% A

1.41%

1.35%

.92%

1.08%

.59%

Supplemental Data

Net assets, end of period (in millions)

$ 11,137

$ 8,054

$ 3,949

$ 2,193

$ 1,243

$ 890

Portfolio turnover rate F

89% A

56%

75%

87%

81%

63%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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.

H Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 36.71

$ 30.68

$ 27.41

Income from Investment Operations

Net investment income (loss) D

.26

.51

.38

Net realized and unrealized gain (loss)

5.40

7.25

2.89

Total from investment operations

5.66

7.76

3.27

Distributions from net investment income

(.40)

(.33)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.38)

(1.73)

-

Redemption fees added to paid in capital D

- I

- I

- I

Net asset value, end of period

$ 40.99

$ 36.71

$ 30.68

Total Return B, C

15.88%

26.45%

11.93%

Ratios to Average Net Assets E, H

Expenses before reductions

.97% A

1.00%

.97% A

Expenses net of fee waivers, if any

.97% A

1.00%

.97% A

Expenses net of all reductions

.90% A

.95%

.90% A

Net investment income (loss)

1.35% A

1.49%

1.60% A

Supplemental Data

Net assets, end of period (in millions)

$ 37

$ 28

$ 10

Portfolio turnover rate F

89% A

56%

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 Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

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, 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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

3. Significant Accounting Policies.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Security Valuation - continued

(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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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. 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 Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to futures transactions, 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

$ 2,532,048

Unrealized depreciation

(98,790)

Net unrealized appreciation (depreciation)

$ 2,433,258

Cost for federal income tax purposes

$ 10,103,921

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

4. 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

Semiannual Report

4. Operating Policies - continued

Repurchase Agreements - continued

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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $6,017,901 and $4,196,234, respectively.

6. 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%

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

of the Fund's average net assets and a group fee rate that averaged .26% 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 relative investment performance of the retail class of the Fund, International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% 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%

$ 221

$ 8

Class T

.25%

.25%

42

3

Class B

.75%

.25%

31

23

Class C

.75%

.25%

43

21

$ 337

$ 55

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 and .25% for certain purchases of Class T shares.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

Retained
by FDC

Class A

$ 38

Class T

10

Class B*

5

Class C*

2

$ 55

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

$ 145

.16

Class T

26

.31

Class B

11

.35

Class C

13

.31

International Discovery Fund

10,318

.22

Institutional Class

24

.15

$ 10,537

* 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.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. 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 amounted to $11 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $3,199.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,318 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Discovery Fund

$ 191

Semiannual Report

10. 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.

In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Year ended
October 31,
2006

From net investment income

Class A

$ 1,387

$ 38

Class T

80

18

Class B

21

3

Class C

24

8

International Discovery Fund

84,038

41,152

Institutional Class

312

105

Total

$ 85,862

$ 41,324

From net realized gain

Class A

$ 3,929

$ 173

Class T

302

102

Class B

130

40

Class C

170

94

International Discovery Fund

219,032

188,890

Institutional Class

762

445

Total

$ 224,325

$ 189,744

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2007

Year ended
October 31, 2006

Six months ended April 30,
2007

Year ended
October 31, 2006

Class A

Shares sold

2,006

3,952

$ 76,508

$ 133,777

Reinvestment of distributions

63

5

2,271

160

Shares redeemed

(359)

(183)

(13,776)

(6,217)

Net increase (decrease)

1,710

3,774

$ 65,003

$ 127,720

Class T

Shares sold

371

248

$ 14,048

$ 8,469

Reinvestment of distributions

10

4

371

112

Shares redeemed

(48)

(36)

(1,798)

(1,223)

Net increase (decrease)

333

216

$ 12,621

$ 7,358

Class B

Shares sold

97

112

$ 3,685

$ 3,875

Reinvestment of distributions

4

1

136

37

Shares redeemed

(24)

(14)

(907)

(489)

Net increase (decrease)

77

99

$ 2,914

$ 3,423

Semiannual Report

12. Share Transactions - continued

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2007

Year ended
October 31, 2006

Six months ended April 30,
2007

Year ended
October 31, 2006

Class C

Shares sold

167

130

$ 6,392

$ 4,409

Reinvestment of distributions

4

1

139

41

Shares redeemed

(23)

(32)

(865)

(1,088)

Net increase (decrease)

148

99

$ 5,666

$ 3,362

International Discovery Fund

Shares sold

73,288

123,095

$ 2,804,820

$ 4,201,412

Reinvestment of distributions

7,929

7,089

289,549

215,944

Shares redeemed

(28,906)

(39,365)

(1,104,895)

(1,334,783)

Net increase (decrease)

52,311

90,819

$ 1,989,474

$ 3,082,573

Institutional Class

Shares sold

174

512

$ 6,668

$ 17,352

Reinvestment of distributions

19

4

700

121

Shares redeemed

(51)

(61)

(1,956)

(2,086)

Net increase (decrease)

142

455

$ 5,412

$ 15,387

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

15445 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

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, 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 Westview Road
Lone Tree, 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

400 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

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, 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

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

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

Semiannual Report

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

Missouri

1524 South Lindbergh Blvd.
St. Louis, 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 Broad Street
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

980 Madison Avenue
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

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
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

6560 Fannin Street
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

279 West South Temple
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

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

The Northern Trust Company
Chicago, IL

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-8888

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

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

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

(automated graphic)    Automated line for quickest service

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

IGI-USAN-0607
1.807260.102

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Discovery

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

Semiannual Report

April 30, 2007

(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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,157.00

$ 6.63

Hypothetical A

$ 1,000.00

$ 1,018.65

$ 6.21

Class T

Actual

$ 1,000.00

$ 1,155.00

$ 8.76

Hypothetical A

$ 1,000.00

$ 1,016.66

$ 8.20

Class B

Actual

$ 1,000.00

$ 1,151.80

$ 11.58

Hypothetical A

$ 1,000.00

$ 1,014.03

$ 10.84

Class C

Actual

$ 1,000.00

$ 1,151.70

$ 11.36

Hypothetical A

$ 1,000.00

$ 1,014.23

$ 10.64

International Discovery Fund

Actual

$ 1,000.00

$ 1,158.20

$ 5.57

Hypothetical A

$ 1,000.00

$ 1,019.64

$ 5.21

Institutional Class

Actual

$ 1,000.00

$ 1,158.80

$ 5.19

Hypothetical A

$ 1,000.00

$ 1,019.98

$ 4.86

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

1.24%

Class T

1.64%

Class B

2.17%

Class C

2.13%

International Discovery Fund

1.04%

Institutional Class

.97%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 16.4%

United Kingdom 15.5%

France 10.7%

Germany 10.6%

Switzerland 9.4%

Australia 6.6%

Netherlands 3.6%

United States of America 3.6%

Spain 2.9%

Other 20.7%

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

As of October 31, 2006

Japan 19.1%

United Kingdom 16.5%

France 12.3%

Germany 10.2%

Switzerland 9.5%

Australia 5.5%

Italy 3.6%

United States of America 3.3%

Spain 3.2%

Other 16.8%

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 and Equity Futures

97.3

97.1

Short-Term Investments and Net Other Assets

2.7

2.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.5

1.5

Toyota Motor Corp. (Japan, Automobiles)

1.4

1.3

E.ON AG (Germany, Electric Utilities)

1.3

1.1

Nestle SA (Reg.) (Switzerland, Food Products)

1.1

1.1

Allianz AG (Reg.) (Germany, Insurance)

1.1

1.1

Siemens AG (Reg.) (Germany, Industrial Conglomerates)

1.1

0.0

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

1.1

1.2

Canon, Inc. (Japan, Office Electronics)

1.1

0.8

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

1.1

0.9

CSL Ltd. (Australia, Biotechnology)

1.0

0.7

11.8

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.7

27.5

Consumer Discretionary

15.1

15.8

Industrials

14.5

8.3

Information Technology

8.5

7.4

Health Care

7.8

8.1

Consumer Staples

7.5

9.6

Materials

6.5

4.5

Energy

5.8

6.6

Utilities

5.2

5.2

Telecommunication Services

3.2

2.7

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value (000s)

Australia - 6.6%

AMP Ltd.

2,150,200

$ 19,196

Aristocrat Leisure Ltd.

2,592,700

35,742

AXA Asia Pacific Holdings Ltd.

3,809,600

23,380

Babcock & Brown Japan Property Trust

14,813,600

23,989

Babcock & Brown Ltd.

1,739,000

42,819

Billabong International Ltd.

294,626

4,037

Brambles Ltd. (a)

3,581,600

39,232

Cochlear Ltd.

721,200

38,002

Computershare Ltd.

6,268,300

54,398

CSL Ltd.

1,660,850

120,381

Downer EDI Ltd.

3,857,181

23,992

Energy Resources of Australia Ltd.

1,344,200

28,153

Macquarie Bank Ltd.

406,900

29,398

Macquarie Goodman Group unit

4,632,200

27,351

Mortgage Choice Ltd.

2,899,300

7,584

National Australia Bank Ltd.

2,197,000

78,125

Oxiana Ltd.

6,500,731

16,412

QBE Insurance Group Ltd.

1,922,267

49,263

Seek Ltd.

2,000,000

12,274

Woolworths Ltd.

2,353,439

55,310

WorleyParsons Ltd.

1,190,900

27,197

TOTAL AUSTRALIA

756,235

Austria - 0.1%

Austriamicrosystems AG (a)

111,000

7,605

Belgium - 0.2%

InBev SA

365,300

28,613

Bermuda - 0.5%

Aquarius Platinum Ltd. (United Kingdom)

1,434,800

43,032

Ports Design Ltd.

6,613,900

18,601

TOTAL BERMUDA

61,633

Brazil - 0.5%

Submarino SA

1,519,400

55,014

Canada - 0.5%

Niko Resources Ltd.

114,600

9,138

Potash Corp. of Saskatchewan, Inc.

197,100

35,383

Tenke Mining Corp. (a)

649,500

14,045

TOTAL CANADA

58,566

Cayman Islands - 0.8%

Foxconn International Holdings Ltd. (a)

7,852,300

23,790

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

Lee & Man Paper Manufacturing Ltd.

7,304,000

$ 20,635

Simcere Pharmaceutical Group sponsored ADR

106,280

1,764

Subsea 7, Inc. (a)(d)

791,800

16,237

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

809,100

29,354

TOTAL CAYMAN ISLANDS

91,780

China - 0.7%

Focus Media Holding Ltd. ADR (a)

640,308

23,691

Jiangsu Expressway Co. Ltd. (H Shares)

25,464,000

21,777

Mindray Medical International Ltd. sponsored ADR

822,600

18,928

Nine Dragons Paper (Holdings) Ltd.

10,409,000

21,210

TOTAL CHINA

85,606

Cyprus - 0.3%

Marfin Popular Bank Public Co.

2,494,659

28,663

Czech Republic - 0.2%

Ceske Energeticke Zavody AS

584,800

28,586

Denmark - 0.9%

Novo Nordisk AS Series B

288,400

28,366

Vestas Wind Systems AS (a)

1,117,200

73,460

TOTAL DENMARK

101,826

Finland - 0.9%

Citycon Oyj

692,322

5,574

Nokia Corp. sponsored ADR

2,785,700

70,339

Wartsila Corp. (B Shares)

431,600

29,136

TOTAL FINLAND

105,049

France - 10.7%

Air France KLM (Reg.)

548,400

28,123

Alcatel-Lucent SA

1,089,900

14,441

Alstom SA (a)

374,900

56,275

April Group (d)

142,162

7,527

AXA SA

1,537,666

70,825

BNP Paribas SA

403,139

47,118

Business Objects SA sponsored ADR (a)

431,100

16,171

Cap Gemini SA (d)

442,000

33,680

CNP Assurances (d)

210,300

26,961

Electricite de France

648,200

56,699

Gaz de France (d)

774,200

36,554

Geodis SA

73,700

16,917

Groupe Danone

232,200

38,388

Common Stocks - continued

Shares

Value (000s)

France - continued

Icade SA (d)

558,489

$ 42,877

L'Oreal SA (d)

247,100

29,713

Louis Vuitton Moet Hennessy (LVMH) (d)

343,300

40,274

Neopost SA

254,300

37,065

Neuf Cegetel

318,153

13,025

Orpea (a)(d)

270,464

27,917

Pinault Printemps-Redoute SA

155,200

27,096

Remy Cointreau SA

304,500

22,334

Renault SA (d)

388,500

50,746

Schneider Electric SA (d)

191,000

27,125

Schneider Electric SA (new)

11,235

1,535

Sechilienne-Sidec

174,000

10,910

Societe Generale Series A

181,820

38,829

Suez SA (France) (d)

918,900

52,640

Total SA Series B (d)

1,772,076

130,584

Vallourec SA

82,800

22,824

Veolia Environnement

705,800

58,655

Vinci SA (d)

634,600

102,661

Vivendi Universal SA (d)

1,055,598

43,761

TOTAL FRANCE

1,230,250

Georgia - 0.1%

Bank of Georgia unit (a)

206,100

7,110

Germany - 9.2%

Allianz AG (Reg.) (d)

576,530

131,148

Bayer AG sponsored ADR (d)

1,663,400

113,743

Bilfinger Berger AG

242,300

22,983

Continental AG (d)

228,600

31,968

DaimlerChrysler AG (Reg.)

433,000

34,861

Deutsche Boerse AG

276,700

65,152

E.ON AG (d)

974,300

146,525

Hochtief AG

440,000

46,533

Hugo Boss AG

43,200

2,889

KarstadtQuelle AG (a)(d)

1,160,400

44,813

Linde AG

385,128

43,273

MAN AG

221,900

29,805

MTU Aero Engines Holding AG (d)

327,000

19,188

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

362,300

64,810

Q-Cells AG (d)

390,000

28,366

SGL Carbon AG (a)

612,600

24,050

Siemens AG (Reg.)

1,081,900

130,877

Common Stocks - continued

Shares

Value (000s)

Germany - continued

SolarWorld AG

528,200

$ 44,804

Wincor Nixdorf AG

247,400

24,368

TOTAL GERMANY

1,050,156

Greece - 0.1%

EFG Eurobank Ergasias SA

374,100

15,672

Hong Kong - 1.3%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

10,470

Esprit Holdings Ltd.

6,508,600

79,459

Li & Fung Ltd.

10,953,900

34,447

Television Broadcasts Ltd.

2,838,529

18,815

TOTAL HONG KONG

143,191

India - 1.1%

Bharti Airtel Ltd. (a)

1,220,000

24,160

Infosys Technologies Ltd.

953,052

47,620

IVRCL Infrastructures & Projects Ltd.

498,800

3,898

Larsen & Toubro Ltd.

147,000

6,083

Pantaloon Retail India Ltd.

442,715

4,553

Satyam Computer Services Ltd.

3,024,300

34,870

TOTAL INDIA

121,184

Indonesia - 0.2%

PT Perusahaan Gas Negara Tbk Series B

16,035,500

18,534

Ireland - 0.9%

Allied Irish Banks PLC

1,216,400

36,912

Paddy Power PLC (Ireland)

623,197

17,408

Ryanair Holdings PLC sponsored ADR (a)

937,500

43,753

TOTAL IRELAND

98,073

Israel - 0.5%

Israel Chemicals Ltd.

3,916,700

30,134

Nice Systems Ltd. sponsored ADR

614,000

22,503

TOTAL ISRAEL

52,637

Italy - 2.6%

AEM SpA

4,072,044

16,037

Edison Spa

8,145,605

24,576

ENI Spa

288,800

9,565

ENI Spa sponsored ADR

389,450

25,797

Fiat Spa

2,508,000

74,506

Common Stocks - continued

Shares

Value (000s)

Italy - continued

Impregilo Spa (a)

3,423,000

$ 27,975

Pirelli & C. Real Estate Spa (d)

227,800

17,423

Prysmian SPA

338,700

6,933

Unicredito Italiano Spa

8,882,300

91,876

TOTAL ITALY

294,688

Japan - 15.9%

Aeon Mall Co. Ltd. (d)

793,600

26,563

Asahi Glass Co. Ltd.

1,924,000

25,884

Asics Corp.

2,315,000

29,154

Bank of Yokohama Ltd.

2,571,000

18,825

Canon, Inc.

2,148,450

120,743

Casio Computer Co. Ltd.

908,500

18,341

Chiba Bank Ltd.

2,187,000

18,079

Chugai Pharmaceutical Co. Ltd.

1,571,700

40,082

East Japan Railway Co.

3,681

29,853

Fanuc Ltd.

192,200

18,824

Fujifilm Holdings Corp.

801,200

32,761

Honda Motor Co. Ltd.

1,470,700

50,636

Japan Tobacco, Inc.

8,463

41,341

Kawasaki Kisen Kaisha Ltd. (d)

2,253,000

24,472

Keyence Corp.

82,600

18,363

Konica Minolta Holdings, Inc.

987,500

13,514

Kubota Corp.

3,316,000

31,344

Leopalace21 Corp.

329,500

10,805

Mitsubishi Estate Co. Ltd.

1,926,400

59,733

Mitsubishi UFJ Financial Group, Inc.

1,086

11,349

Mitsui & Co. Ltd.

2,560,000

46,039

Mitsui Fudosan Co. Ltd.

2,217,000

64,721

Mizuho Financial Group, Inc.

11,116

66,902

Murata Manufacturing Co. Ltd.

627,200

46,227

Namco Bandai Holdings, Inc.

1,763,600

28,663

NGK Insulators Ltd.

1,937,000

42,282

Nintendo Co. Ltd.

340,100

106,251

Nippon Building Fund, Inc.

2,400

38,799

Nippon Electric Glass Co. Ltd.

855,000

14,635

Nippon Steel Corp.

4,566,000

29,462

Nomura Holdings, Inc.

2,767,200

53,296

NSK Ltd.

3,609,000

34,930

NTT DoCoMo, Inc.

23,200

39,463

ORIX Corp.

251,320

67,020

Sony Corp. sponsored ADR

776,900

41,378

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Sumco Corp.

843,600

$ 36,663

Sumitomo Corp.

1,815,400

31,097

Sumitomo Electric Industries Ltd.

1,786,100

25,262

Sumitomo Metal Industries Ltd.

4,099,000

20,815

Sumitomo Mitsui Financial Group, Inc.

1,982

17,317

Sumitomo Trust & Banking Co. Ltd.

2,478,800

24,211

T&D Holdings, Inc.

495,150

31,363

Takeda Pharamaceutical Co. Ltd.

896,400

58,119

The Sumitomo Warehouse Co. Ltd.

338,000

2,609

Tokuyama Corp.

2,931,900

43,962

Toyo Tanso Co. Ltd. (d)

104,400

11,082

Toyota Motor Corp.

2,609,100

158,398

TOTAL JAPAN

1,821,632

Korea (South) - 1.5%

Korean Reinsurance Co.

946,600

12,043

LG Household & Health Care Ltd.

462,880

61,630

NHN Corp.

261,735

40,940

Samsung Fire & Marine Insurance Co. Ltd.

208,660

36,988

Shinhan Financial Group Co. Ltd.

385,130

21,598

TOTAL KOREA (SOUTH)

173,199

Luxembourg - 0.5%

Acergy SA

1,124,500

24,076

SES SA FDR unit

1,505,854

29,590

TOTAL LUXEMBOURG

53,666

Malaysia - 0.5%

DiGi.com BHD

225,500

1,344

Gamuda BHD

12,673,900

29,074

IJM Corp. BHD

8,525,300

21,674

TOTAL MALAYSIA

52,092

Mexico - 0.6%

America Movil SA de CV Series L sponsored ADR

1,057,700

55,561

Urbi, Desarrollos Urbanos, SA de CV (a)

4,121,400

17,220

TOTAL MEXICO

72,781

Netherlands - 3.6%

ABN-AMRO Holding NV (d)

869,800

42,142

Arcelor Mittal

628,300

33,564

Arcelor Mittal Class A

702,200

38,022

CNH Global NV

702,000

30,390

Common Stocks - continued

Shares

Value (000s)

Netherlands - continued

Heineken NV (Bearer)

791,000

$ 42,002

ING Groep NV (Certificaten Van Aandelen)

1,385,044

63,172

Koninklijke KPN NV

1,139,700

19,440

Koninklijke Numico NV (d)

341,600

18,907

Koninklijke Philips Electronics NV

1,369,200

56,192

Nutreco Holding NV

628,000

46,628

SBM Offshore NV

691,900

24,983

TOTAL NETHERLANDS

415,442

Norway - 1.5%

Aker Kvaerner ASA

1,494,750

35,614

Hafslund ASA (B Shares) (d)

674,550

16,611

Marine Harvest ASA (a)

36,488,200

39,498

ProSafe ASA

773,000

12,045

Renewable Energy Corp. AS (d)

1,103,800

31,912

Telenor ASA

1,977,400

36,977

TOTAL NORWAY

172,657

Russia - 0.3%

Magma OJSC sponsored GDR (a)(f)

675,700

8,548

OAO Gazprom sponsored ADR

677,600

26,630

TOTAL RUSSIA

35,178

Singapore - 0.4%

Keppel Corp. Ltd.

1,166,000

16,425

Singapore Exchange Ltd.

5,755,000

28,033

TOTAL SINGAPORE

44,458

Spain - 2.9%

Banco Bilbao Vizcaya Argentaria SA

2,401,000

57,480

Banco Santander Central Hispano SA

5,263,900

94,745

Grupo Ferrovial SA

243,200

26,583

Inditex SA

891,300

55,194

Sol Melia SA

702,567

17,199

Telefonica SA

3,416,700

77,047

TOTAL SPAIN

328,248

Sweden - 1.7%

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

742,500

49,484

Modern Times Group AB (MTG) (B Shares)

1,049,300

61,786

Common Stocks - continued

Shares

Value (000s)

Sweden - continued

Scania AB (B Shares)

576,700

$ 55,521

Swedbank AB (A Shares) (d)

736,200

28,680

TOTAL SWEDEN

195,471

Switzerland - 9.4%

ABB Ltd. sponsored ADR

5,171,500

103,223

Actelion Ltd. (Reg.) (a)

199,558

47,583

BB Biotech AG (d)

341,699

28,544

Compagnie Financiere Richemont unit

508,844

30,901

Credit Suisse Group (Reg.)

1,338,656

105,084

EFG International

332,000

14,980

Julius Baer Holding AG (Bearer)

1,105,364

77,696

Lindt & Spruengli AG (participation certificate)

15,453

42,859

Nestle SA (Reg.)

330,815

131,466

Nobel Biocare Holding AG (Switzerland)

66,378

24,043

Novartis AG (Reg.)

707,960

41,125

Phonak Holding AG

463,240

41,229

Roche Holding AG (participation certificate)

891,492

168,039

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

12,915

16,499

Swiss Life Holding

95,891

24,889

Tecan Group AG

212,300

15,819

The Swatch Group AG (Reg.)

1,212,573

70,926

UBS AG (NY Shares)

969,200

62,901

Zurich Financial Services AG (Reg.)

109,285

31,939

TOTAL SWITZERLAND

1,079,745

Taiwan - 1.2%

Gemtek Technology Corp.

8,486,000

21,855

Hon Hai Precision Industry Co. Ltd. (Foxconn)

6,887,890

45,795

PixArt Imaging, Inc.

1,740,000

21,152

Shin Kong Financial Holding Co. Ltd.

10,227,415

9,517

Siliconware Precision Industries Co. Ltd.

12,187,000

23,412

Wistron Corp.

13,850,000

20,703

TOTAL TAIWAN

142,434

United Kingdom - 15.5%

Anglo American PLC (United Kingdom)

987,700

52,709

AstraZeneca PLC sponsored ADR

549,000

29,816

Autonomy Corp. PLC (a)

3,363,000

50,801

Aviva PLC

1,949,300

30,810

BAE Systems PLC

4,145,509

37,880

Barclays PLC

2,701,800

39,203

BG Group PLC

1,454,900

21,105

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

BG Group PLC sponsored ADR

200,000

$ 14,386

BHP Billiton PLC

4,290,500

96,853

BP PLC sponsored ADR

876,100

58,979

British American Tobacco PLC

1,459,900

45,447

British American Tobacco PLC sponsored ADR

390,200

24,294

British Land Co. PLC

1,369,800

40,343

Burberry Group PLC

1,777,700

24,703

Capita Group PLC

1,106,900

15,669

Clipper Windpower PLC (a)

2,006,200

35,199

GlaxoSmithKline PLC sponsored ADR

339,300

19,605

HBOS plc

2,208,200

47,816

HSBC Holdings PLC (Hong Kong) (Reg.)

1,403,144

25,919

Informa PLC

1,379,400

16,383

International Power PLC

7,306,600

64,317

Investec PLC

2,902,500

41,465

John Wood Group PLC

3,062,900

17,255

Man Group plc

3,043,000

34,376

Marks & Spencer Group PLC

3,391,600

50,318

N Brown Group PLC

4,180,000

25,073

National Grid PLC

1,576,100

24,785

Next PLC

991,700

46,577

Pearson PLC

2,394,300

41,242

Punch Taverns Ltd.

871,700

22,728

Reckitt Benckiser PLC

1,392,700

76,605

Renovo Group PLC (e)

9,727,800

35,010

Rio Tinto PLC sponsored ADR

155,900

38,040

Rolls-Royce Group PLC

3,864,403

37,069

Royal Bank of Scotland Group PLC

1,969,971

76,020

Royal Dutch Shell PLC Class B

3,412,059

120,633

Shire PLC

2,059,200

47,972

SSL International PLC

1,111,400

9,683

Tesco PLC

11,828,812

109,032

Vodafone Group PLC

33,268,435

95,580

Xstrata PLC

649,900

34,318

TOTAL UNITED KINGDOM

1,776,018

United States of America - 0.9%

Fluor Corp.

238,100

22,767

Macquarie Infrastructure Co. Trust

131,000

5,578

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Marathon Oil Corp.

259,900

$ 26,393

Sunoco, Inc.

624,200

47,146

TOTAL UNITED STATES OF AMERICA

101,884

TOTAL COMMON STOCKS

(Cost $8,526,082)

10,905,576

Nonconvertible Preferred Stocks - 1.5%

Germany - 1.4%

Fresenius AG (non-vtg.)

551,200

46,680

Hugo Boss AG (non-vtg.)

697,600

43,361

Porsche AG (non-vtg.)

20,695

34,840

ProSiebenSat.1 Media AG

887,300

32,450

TOTAL GERMANY

157,331

Italy - 0.1%

Intesa Sanpaolo Spa

1,669,602

13,538

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

236,131,217

472

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $111,572)

171,341

Government Obligations - 0.0%

Principal Amount (000s)

United States of America - 0.0%

U.S. Treasury Bills, yield at date of purchase 4.96% to 5.11% 5/3/07 to 6/7/07 (g)
(Cost $3,093)

$ 3,100

3,094

Money Market Funds - 12.6%

Shares

Fidelity Cash Central Fund, 5.29% (b)

301,402,870

301,403

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

1,142,567,681

1,142,568

TOTAL MONEY MARKET FUNDS

(Cost $1,443,971)

1,443,971

Cash Equivalents - 0.1%

Maturity Amount (000s)

Value (000s)

Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,197)

$ 13,199

$ 13,197

TOTAL INVESTMENT PORTFOLIO - 109.5%

(Cost $10,097,915)

12,537,179

NET OTHER ASSETS - (9.5)%

(1,091,615)

NET ASSETS - 100%

$ 11,445,564

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

723 Nikkei 225 Index Contracts (Japan)

June 2007

$ 62,594

$ 2,997

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete 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 end of the period, the value of these securities amounted to $8,548,000 or 0.1% of net assets.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,094,000.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value (000s)

$13,197,000 due 5/1/07 at 5.12%

Banc of America Securities LLC

$ 2,016

Barclays Capital, Inc.

4,495

Fortis Securities LLC

2,882

Lehman Brothers, Inc.

3,804

$ 13,197

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned (Amounts in thousands)

Fidelity Cash Central Fund

$ 9,859

Fidelity Securities Lending Cash Central Fund

3,199

Total

$ 13,058

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
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Renovo Group PLC

$ 14,540

$ 16,799

$ 586

$ -

$ 35,010

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $1,090,882 and repurchase agreements of $13,197) - See accompanying schedule:

Unaffiliated issuers (cost $8,628,450)

$ 11,058,198

Fidelity Central Funds (cost $1,443,971)

1,443,971

Other affiliated issuers (cost $25,494)

35,010

Total Investments (cost $10,097,915)

$ 12,537,179

Receivable for investments sold

227,995

Receivable for fund shares sold

27,975

Dividends receivable

36,252

Distributions receivable from Fidelity Central Funds

1,070

Prepaid expenses

29

Other receivables

4,758

Total assets

12,835,258

Liabilities

Payable to custodian bank

$ 2,406

Payable for investments purchased

218,054

Payable for fund shares redeemed

14,603

Accrued management fee

7,243

Distribution fees payable

71

Payable for daily variation on futures contracts

343

Other affiliated payables

2,024

Other payables and accrued expenses

2,382

Collateral on securities loaned, at value

1,142,568

Total liabilities

1,389,694

Net Assets

$ 11,445,564

Net Assets consist of:

Paid in capital

$ 8,522,568

Undistributed net investment income

51,320

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

430,711

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

2,440,965

Net Assets

$ 11,445,564

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($225,752 ÷ 5,545.1 shares)

$ 40.71

Maximum offering price per share (100/94.25 of $40.71)

$ 43.19

Class T:
Net Asset Value and redemption price per share ($24,720 ÷ 609.8 shares)

$ 40.54

Maximum offering price per share (100/96.50 of $40.54)

$ 42.01

Class B:
Net Asset Value and offering price per share
($8,106 ÷ 201.0 shares)A

$ 40.33

Class C:
Net Asset Value and offering price per share
($12,545 ÷ 310.3 shares)A

$ 40.43

International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($11,136,988 ÷ 271,956.5 shares)

$ 40.95

Institutional Class:
Net Asset Value, offering price and redemption price per share ($37,453 ÷ 913.8 shares)

$ 40.99

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

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

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 105,916

Interest

459

Income from Fidelity Central Funds

13,058

119,433

Less foreign taxes withheld

(8,698)

Total income

110,735

Expenses

Management fee
Basic fee

$ 34,999

Performance adjustment

2,767

Transfer agent fees

10,537

Distribution fees

337

Accounting and security lending fees

916

Custodian fees and expenses

1,231

Independent trustees' compensation

14

Registration fees

412

Audit

87

Legal

71

Miscellaneous

19

Total expenses before reductions

51,390

Expense reductions

(3,630)

47,760

Net investment income (loss)

62,975

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $515)

463,711

Other affiliated issuers

8

Foreign currency transactions

(42)

Futures contracts

265

Total net realized gain (loss)

463,942

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $150)

903,463

Assets and liabilities in foreign currencies

263

Futures contracts

1,712

Total change in net unrealized appreciation (depreciation)

905,438

Net gain (loss)

1,369,380

Net increase (decrease) in net assets resulting from operations

$ 1,432,355

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 62,975

$ 89,022

Net realized gain (loss)

463,942

238,999

Change in net unrealized appreciation (depreciation)

905,438

940,196

Net increase (decrease) in net assets resulting
from operations

1,432,355

1,268,217

Distributions to shareholders from net investment income

(85,862)

(41,324)

Distributions to shareholders from net realized gain

(224,325)

(189,744)

Total distributions

(310,187)

(231,068)

Share transactions - net increase (decrease)

2,081,090

3,239,823

Redemption fees

203

380

Total increase (decrease) in net assets

3,203,461

4,277,352

Net Assets

Beginning of period

8,242,103

3,964,751

End of period (including undistributed net investment income of $51,320 and undistributed net investment income of $83,948, respectively)

$ 11,445,564

$ 8,242,103

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

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.47

$ 30.57

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.21

.42

.28

Net realized and unrealized gain (loss)

5.36

7.19

2.88

Total from investment operations

5.57

7.61

3.16

Distributions from net investment income

(.35)

(.31)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.33)

(1.71)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.71

$ 36.47

$ 30.57

Total Return B, C, D

15.70%

26.01%

11.53%

Ratios to Average Net Assets F, I

Expenses before reductions

1.24% A

1.27%

1.42% A

Expenses net of fee waivers, if any

1.24% A

1.27%

1.42% A

Expenses net of all reductions

1.17% A

1.21%

1.36% A

Net investment income (loss)

1.08% A

1.22%

1.15% A

Supplemental Data

Net assets, end of period (in millions)

$ 226

$ 140

$ 2

Portfolio turnover rate G

89% A

56%

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 sales charges.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.30

$ 30.49

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.13

.27

.20

Net realized and unrealized gain (loss)

5.35

7.18

2.88

Total from investment operations

5.48

7.45

3.08

Distributions from net investment income

(.26)

(.24)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.24)

(1.64)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.54

$ 36.30

$ 30.49

Total Return B, C, D

15.50%

25.49%

11.24%

Ratios to Average Net Assets F, I

Expenses before reductions

1.64% A

1.71%

1.75% A

Expenses net of fee waivers, if any

1.64% A

1.71%

1.75% A

Expenses net of all reductions

1.57% A

1.65%

1.69% A

Net investment income (loss)

.69% A

.78%

.83% A

Supplemental Data

Net assets, end of period (in millions)

$ 25

$ 10

$ 2

Portfolio turnover rate G

89% A

56%

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 sales charges.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.12

$ 30.36

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.03

.08

.08

Net realized and unrealized gain (loss)

5.32

7.19

2.87

Total from investment operations

5.35

7.27

2.95

Distributions from net investment income

(.16)

(.11)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.14)

(1.51)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.33

$ 36.12

$ 30.36

Total Return B, C, D

15.18%

24.91%

10.76%

Ratios to Average Net Assets F, I

Expenses before reductions

2.17% A

2.27%

2.24% A

Expenses net of fee waivers, if any

2.17% A

2.25%

2.24% A

Expenses net of all reductions

2.10% A

2.19%

2.18% A

Net investment income (loss)

.15% A

.24%

.33% A

Supplemental Data

Net assets, end of period (in millions)

$ 8

$ 4

$ 1

Portfolio turnover rate G

89% A

56%

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 contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.19

$ 30.41

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.04

.11

.13

Net realized and unrealized gain (loss)

5.32

7.19

2.87

Total from investment operations

5.36

7.30

3.00

Distributions from net investment income

(.14)

(.12)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.12)

(1.52)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.43

$ 36.19

$ 30.41

Total Return B, C, D

15.17%

24.97%

10.94%

Ratios to Average Net Assets F, I

Expenses before reductions

2.13% A

2.16%

2.04% A

Expenses net of fee waivers, if any

2.13% A

2.16%

2.04% A

Expenses net of all reductions

2.06% A

2.11%

1.98% A

Net investment income (loss)

.19% A

.33%

.53% A

Supplemental Data

Net assets, end of period (in millions)

$ 13

$ 6

$ 2

Portfolio turnover rate G

89% A

56%

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 contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Discovery Fund

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 36.67

$ 30.65

$ 25.31

$ 21.87

$ 16.66

$ 17.61

Income from Investment Operations

Net investment income (loss) D

.25

.48

.37

.22

.19

.11

Net realized and unrealized gain (loss)

5.39

7.25

5.24

3.40

5.11

(1.06)

Total from investment operations

5.64

7.73

5.61

3.62

5.30

(.95)

Distributions from net investment income

(.38)

(.31)

(.15)

(.18)

(.09)

-

Distributions from net realized gain

(.98)

(1.40)

(.12)

-

-

-

Total distributions

(1.36)

(1.71)

(.27)

(.18)

(.09)

-

Redemption fees added to paid in capital D

- H

- H

- H

- H

- H

- H

Net asset value, end of period

$ 40.95

$ 36.67

$ 30.65

$ 25.31

$ 21.87

$ 16.66

Total Return B, C

15.82%

26.34%

22.29%

16.65%

31.97%

(5.39)%

Ratios to Average Net Assets E, G

Expenses before reductions

1.04% A

1.09%

1.08%

1.10%

1.14%

1.14%

Expenses net of fee waivers, if any

1.04% A

1.08%

1.07%

1.10%

1.14%

1.14%

Expenses net of all reductions

.97% A

1.03%

1.01%

1.06%

1.11%

1.12%

Net investment income (loss)

1.29% A

1.41%

1.35%

.92%

1.08%

.59%

Supplemental Data

Net assets, end of period (in millions)

$ 11,137

$ 8,054

$ 3,949

$ 2,193

$ 1,243

$ 890

Portfolio turnover rate F

89% A

56%

75%

87%

81%

63%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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.

H Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 36.71

$ 30.68

$ 27.41

Income from Investment Operations

Net investment income (loss) D

.26

.51

.38

Net realized and unrealized gain (loss)

5.40

7.25

2.89

Total from investment operations

5.66

7.76

3.27

Distributions from net investment income

(.40)

(.33)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.38)

(1.73)

-

Redemption fees added to paid in capital D

- I

- I

- I

Net asset value, end of period

$ 40.99

$ 36.71

$ 30.68

Total Return B, C

15.88%

26.45%

11.93%

Ratios to Average Net Assets E, H

Expenses before reductions

.97% A

1.00%

.97% A

Expenses net of fee waivers, if any

.97% A

1.00%

.97% A

Expenses net of all reductions

.90% A

.95%

.90% A

Net investment income (loss)

1.35% A

1.49%

1.60% A

Supplemental Data

Net assets, end of period (in millions)

$ 37

$ 28

$ 10

Portfolio turnover rate F

89% A

56%

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 Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

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, 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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

3. Significant Accounting Policies.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Security Valuation - continued

(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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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. 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 Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to futures transactions, 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

$ 2,532,048

Unrealized depreciation

(98,790)

Net unrealized appreciation (depreciation)

$ 2,433,258

Cost for federal income tax purposes

$ 10,103,921

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

4. 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

Semiannual Report

4. Operating Policies - continued

Repurchase Agreements - continued

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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $6,017,901 and $4,196,234, respectively.

6. 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%

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

of the Fund's average net assets and a group fee rate that averaged .26% 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 relative investment performance of the retail class of the Fund, International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% 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%

$ 221

$ 8

Class T

.25%

.25%

42

3

Class B

.75%

.25%

31

23

Class C

.75%

.25%

43

21

$ 337

$ 55

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 and .25% for certain purchases of Class T shares.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

Retained
by FDC

Class A

$ 38

Class T

10

Class B*

5

Class C*

2

$ 55

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

$ 145

.16

Class T

26

.31

Class B

11

.35

Class C

13

.31

International Discovery Fund

10,318

.22

Institutional Class

24

.15

$ 10,537

* 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.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. 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 amounted to $11 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $3,199.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,318 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Discovery Fund

$ 191

Semiannual Report

10. 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.

In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Year ended
October 31,
2006

From net investment income

Class A

$ 1,387

$ 38

Class T

80

18

Class B

21

3

Class C

24

8

International Discovery Fund

84,038

41,152

Institutional Class

312

105

Total

$ 85,862

$ 41,324

From net realized gain

Class A

$ 3,929

$ 173

Class T

302

102

Class B

130

40

Class C

170

94

International Discovery Fund

219,032

188,890

Institutional Class

762

445

Total

$ 224,325

$ 189,744

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2007

Year ended
October 31, 2006

Six months ended April 30,
2007

Year ended
October 31, 2006

Class A

Shares sold

2,006

3,952

$ 76,508

$ 133,777

Reinvestment of distributions

63

5

2,271

160

Shares redeemed

(359)

(183)

(13,776)

(6,217)

Net increase (decrease)

1,710

3,774

$ 65,003

$ 127,720

Class T

Shares sold

371

248

$ 14,048

$ 8,469

Reinvestment of distributions

10

4

371

112

Shares redeemed

(48)

(36)

(1,798)

(1,223)

Net increase (decrease)

333

216

$ 12,621

$ 7,358

Class B

Shares sold

97

112

$ 3,685

$ 3,875

Reinvestment of distributions

4

1

136

37

Shares redeemed

(24)

(14)

(907)

(489)

Net increase (decrease)

77

99

$ 2,914

$ 3,423

Semiannual Report

12. Share Transactions - continued

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2007

Year ended
October 31, 2006

Six months ended April 30,
2007

Year ended
October 31, 2006

Class C

Shares sold

167

130

$ 6,392

$ 4,409

Reinvestment of distributions

4

1

139

41

Shares redeemed

(23)

(32)

(865)

(1,088)

Net increase (decrease)

148

99

$ 5,666

$ 3,362

International Discovery Fund

Shares sold

73,288

123,095

$ 2,804,820

$ 4,201,412

Reinvestment of distributions

7,929

7,089

289,549

215,944

Shares redeemed

(28,906)

(39,365)

(1,104,895)

(1,334,783)

Net increase (decrease)

52,311

90,819

$ 1,989,474

$ 3,082,573

Institutional Class

Shares sold

174

512

$ 6,668

$ 17,352

Reinvestment of distributions

19

4

700

121

Shares redeemed

(51)

(61)

(1,956)

(2,086)

Net increase (decrease)

142

455

$ 5,412

$ 15,387

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

The Northern Trust Company

Chicago, IL

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

AID-USAN-0607
1.806663.102

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Discovery

Fund - Institutional Class

Semiannual Report

April 30, 2007

(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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,157.00

$ 6.63

Hypothetical A

$ 1,000.00

$ 1,018.65

$ 6.21

Class T

Actual

$ 1,000.00

$ 1,155.00

$ 8.76

Hypothetical A

$ 1,000.00

$ 1,016.66

$ 8.20

Class B

Actual

$ 1,000.00

$ 1,151.80

$ 11.58

Hypothetical A

$ 1,000.00

$ 1,014.03

$ 10.84

Class C

Actual

$ 1,000.00

$ 1,151.70

$ 11.36

Hypothetical A

$ 1,000.00

$ 1,014.23

$ 10.64

International Discovery Fund

Actual

$ 1,000.00

$ 1,158.20

$ 5.57

Hypothetical A

$ 1,000.00

$ 1,019.64

$ 5.21

Institutional Class

Actual

$ 1,000.00

$ 1,158.80

$ 5.19

Hypothetical A

$ 1,000.00

$ 1,019.98

$ 4.86

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

1.24%

Class T

1.64%

Class B

2.17%

Class C

2.13%

International Discovery Fund

1.04%

Institutional Class

.97%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 16.4%

United Kingdom 15.5%

France 10.7%

Germany 10.6%

Switzerland 9.4%

Australia 6.6%

Netherlands 3.6%

United States of America 3.6%

Spain 2.9%

Other 20.7%

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

As of October 31, 2006

Japan 19.1%

United Kingdom 16.5%

France 12.3%

Germany 10.2%

Switzerland 9.5%

Australia 5.5%

Italy 3.6%

United States of America 3.3%

Spain 3.2%

Other 16.8%

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 and Equity Futures

97.3

97.1

Short-Term Investments and Net Other Assets

2.7

2.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

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

1.5

1.5

Toyota Motor Corp. (Japan, Automobiles)

1.4

1.3

E.ON AG (Germany, Electric Utilities)

1.3

1.1

Nestle SA (Reg.) (Switzerland, Food Products)

1.1

1.1

Allianz AG (Reg.) (Germany, Insurance)

1.1

1.1

Siemens AG (Reg.) (Germany, Industrial Conglomerates)

1.1

0.0

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

1.1

1.2

Canon, Inc. (Japan, Office Electronics)

1.1

0.8

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

1.1

0.9

CSL Ltd. (Australia, Biotechnology)

1.0

0.7

11.8

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.7

27.5

Consumer Discretionary

15.1

15.8

Industrials

14.5

8.3

Information Technology

8.5

7.4

Health Care

7.8

8.1

Consumer Staples

7.5

9.6

Materials

6.5

4.5

Energy

5.8

6.6

Utilities

5.2

5.2

Telecommunication Services

3.2

2.7

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%

Shares

Value (000s)

Australia - 6.6%

AMP Ltd.

2,150,200

$ 19,196

Aristocrat Leisure Ltd.

2,592,700

35,742

AXA Asia Pacific Holdings Ltd.

3,809,600

23,380

Babcock & Brown Japan Property Trust

14,813,600

23,989

Babcock & Brown Ltd.

1,739,000

42,819

Billabong International Ltd.

294,626

4,037

Brambles Ltd. (a)

3,581,600

39,232

Cochlear Ltd.

721,200

38,002

Computershare Ltd.

6,268,300

54,398

CSL Ltd.

1,660,850

120,381

Downer EDI Ltd.

3,857,181

23,992

Energy Resources of Australia Ltd.

1,344,200

28,153

Macquarie Bank Ltd.

406,900

29,398

Macquarie Goodman Group unit

4,632,200

27,351

Mortgage Choice Ltd.

2,899,300

7,584

National Australia Bank Ltd.

2,197,000

78,125

Oxiana Ltd.

6,500,731

16,412

QBE Insurance Group Ltd.

1,922,267

49,263

Seek Ltd.

2,000,000

12,274

Woolworths Ltd.

2,353,439

55,310

WorleyParsons Ltd.

1,190,900

27,197

TOTAL AUSTRALIA

756,235

Austria - 0.1%

Austriamicrosystems AG (a)

111,000

7,605

Belgium - 0.2%

InBev SA

365,300

28,613

Bermuda - 0.5%

Aquarius Platinum Ltd. (United Kingdom)

1,434,800

43,032

Ports Design Ltd.

6,613,900

18,601

TOTAL BERMUDA

61,633

Brazil - 0.5%

Submarino SA

1,519,400

55,014

Canada - 0.5%

Niko Resources Ltd.

114,600

9,138

Potash Corp. of Saskatchewan, Inc.

197,100

35,383

Tenke Mining Corp. (a)

649,500

14,045

TOTAL CANADA

58,566

Cayman Islands - 0.8%

Foxconn International Holdings Ltd. (a)

7,852,300

23,790

Common Stocks - continued

Shares

Value (000s)

Cayman Islands - continued

Lee & Man Paper Manufacturing Ltd.

7,304,000

$ 20,635

Simcere Pharmaceutical Group sponsored ADR

106,280

1,764

Subsea 7, Inc. (a)(d)

791,800

16,237

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

809,100

29,354

TOTAL CAYMAN ISLANDS

91,780

China - 0.7%

Focus Media Holding Ltd. ADR (a)

640,308

23,691

Jiangsu Expressway Co. Ltd. (H Shares)

25,464,000

21,777

Mindray Medical International Ltd. sponsored ADR

822,600

18,928

Nine Dragons Paper (Holdings) Ltd.

10,409,000

21,210

TOTAL CHINA

85,606

Cyprus - 0.3%

Marfin Popular Bank Public Co.

2,494,659

28,663

Czech Republic - 0.2%

Ceske Energeticke Zavody AS

584,800

28,586

Denmark - 0.9%

Novo Nordisk AS Series B

288,400

28,366

Vestas Wind Systems AS (a)

1,117,200

73,460

TOTAL DENMARK

101,826

Finland - 0.9%

Citycon Oyj

692,322

5,574

Nokia Corp. sponsored ADR

2,785,700

70,339

Wartsila Corp. (B Shares)

431,600

29,136

TOTAL FINLAND

105,049

France - 10.7%

Air France KLM (Reg.)

548,400

28,123

Alcatel-Lucent SA

1,089,900

14,441

Alstom SA (a)

374,900

56,275

April Group (d)

142,162

7,527

AXA SA

1,537,666

70,825

BNP Paribas SA

403,139

47,118

Business Objects SA sponsored ADR (a)

431,100

16,171

Cap Gemini SA (d)

442,000

33,680

CNP Assurances (d)

210,300

26,961

Electricite de France

648,200

56,699

Gaz de France (d)

774,200

36,554

Geodis SA

73,700

16,917

Groupe Danone

232,200

38,388

Common Stocks - continued

Shares

Value (000s)

France - continued

Icade SA (d)

558,489

$ 42,877

L'Oreal SA (d)

247,100

29,713

Louis Vuitton Moet Hennessy (LVMH) (d)

343,300

40,274

Neopost SA

254,300

37,065

Neuf Cegetel

318,153

13,025

Orpea (a)(d)

270,464

27,917

Pinault Printemps-Redoute SA

155,200

27,096

Remy Cointreau SA

304,500

22,334

Renault SA (d)

388,500

50,746

Schneider Electric SA (d)

191,000

27,125

Schneider Electric SA (new)

11,235

1,535

Sechilienne-Sidec

174,000

10,910

Societe Generale Series A

181,820

38,829

Suez SA (France) (d)

918,900

52,640

Total SA Series B (d)

1,772,076

130,584

Vallourec SA

82,800

22,824

Veolia Environnement

705,800

58,655

Vinci SA (d)

634,600

102,661

Vivendi Universal SA (d)

1,055,598

43,761

TOTAL FRANCE

1,230,250

Georgia - 0.1%

Bank of Georgia unit (a)

206,100

7,110

Germany - 9.2%

Allianz AG (Reg.) (d)

576,530

131,148

Bayer AG sponsored ADR (d)

1,663,400

113,743

Bilfinger Berger AG

242,300

22,983

Continental AG (d)

228,600

31,968

DaimlerChrysler AG (Reg.)

433,000

34,861

Deutsche Boerse AG

276,700

65,152

E.ON AG (d)

974,300

146,525

Hochtief AG

440,000

46,533

Hugo Boss AG

43,200

2,889

KarstadtQuelle AG (a)(d)

1,160,400

44,813

Linde AG

385,128

43,273

MAN AG

221,900

29,805

MTU Aero Engines Holding AG (d)

327,000

19,188

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

362,300

64,810

Q-Cells AG (d)

390,000

28,366

SGL Carbon AG (a)

612,600

24,050

Siemens AG (Reg.)

1,081,900

130,877

Common Stocks - continued

Shares

Value (000s)

Germany - continued

SolarWorld AG

528,200

$ 44,804

Wincor Nixdorf AG

247,400

24,368

TOTAL GERMANY

1,050,156

Greece - 0.1%

EFG Eurobank Ergasias SA

374,100

15,672

Hong Kong - 1.3%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

10,470

Esprit Holdings Ltd.

6,508,600

79,459

Li & Fung Ltd.

10,953,900

34,447

Television Broadcasts Ltd.

2,838,529

18,815

TOTAL HONG KONG

143,191

India - 1.1%

Bharti Airtel Ltd. (a)

1,220,000

24,160

Infosys Technologies Ltd.

953,052

47,620

IVRCL Infrastructures & Projects Ltd.

498,800

3,898

Larsen & Toubro Ltd.

147,000

6,083

Pantaloon Retail India Ltd.

442,715

4,553

Satyam Computer Services Ltd.

3,024,300

34,870

TOTAL INDIA

121,184

Indonesia - 0.2%

PT Perusahaan Gas Negara Tbk Series B

16,035,500

18,534

Ireland - 0.9%

Allied Irish Banks PLC

1,216,400

36,912

Paddy Power PLC (Ireland)

623,197

17,408

Ryanair Holdings PLC sponsored ADR (a)

937,500

43,753

TOTAL IRELAND

98,073

Israel - 0.5%

Israel Chemicals Ltd.

3,916,700

30,134

Nice Systems Ltd. sponsored ADR

614,000

22,503

TOTAL ISRAEL

52,637

Italy - 2.6%

AEM SpA

4,072,044

16,037

Edison Spa

8,145,605

24,576

ENI Spa

288,800

9,565

ENI Spa sponsored ADR

389,450

25,797

Fiat Spa

2,508,000

74,506

Common Stocks - continued

Shares

Value (000s)

Italy - continued

Impregilo Spa (a)

3,423,000

$ 27,975

Pirelli & C. Real Estate Spa (d)

227,800

17,423

Prysmian SPA

338,700

6,933

Unicredito Italiano Spa

8,882,300

91,876

TOTAL ITALY

294,688

Japan - 15.9%

Aeon Mall Co. Ltd. (d)

793,600

26,563

Asahi Glass Co. Ltd.

1,924,000

25,884

Asics Corp.

2,315,000

29,154

Bank of Yokohama Ltd.

2,571,000

18,825

Canon, Inc.

2,148,450

120,743

Casio Computer Co. Ltd.

908,500

18,341

Chiba Bank Ltd.

2,187,000

18,079

Chugai Pharmaceutical Co. Ltd.

1,571,700

40,082

East Japan Railway Co.

3,681

29,853

Fanuc Ltd.

192,200

18,824

Fujifilm Holdings Corp.

801,200

32,761

Honda Motor Co. Ltd.

1,470,700

50,636

Japan Tobacco, Inc.

8,463

41,341

Kawasaki Kisen Kaisha Ltd. (d)

2,253,000

24,472

Keyence Corp.

82,600

18,363

Konica Minolta Holdings, Inc.

987,500

13,514

Kubota Corp.

3,316,000

31,344

Leopalace21 Corp.

329,500

10,805

Mitsubishi Estate Co. Ltd.

1,926,400

59,733

Mitsubishi UFJ Financial Group, Inc.

1,086

11,349

Mitsui & Co. Ltd.

2,560,000

46,039

Mitsui Fudosan Co. Ltd.

2,217,000

64,721

Mizuho Financial Group, Inc.

11,116

66,902

Murata Manufacturing Co. Ltd.

627,200

46,227

Namco Bandai Holdings, Inc.

1,763,600

28,663

NGK Insulators Ltd.

1,937,000

42,282

Nintendo Co. Ltd.

340,100

106,251

Nippon Building Fund, Inc.

2,400

38,799

Nippon Electric Glass Co. Ltd.

855,000

14,635

Nippon Steel Corp.

4,566,000

29,462

Nomura Holdings, Inc.

2,767,200

53,296

NSK Ltd.

3,609,000

34,930

NTT DoCoMo, Inc.

23,200

39,463

ORIX Corp.

251,320

67,020

Sony Corp. sponsored ADR

776,900

41,378

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Sumco Corp.

843,600

$ 36,663

Sumitomo Corp.

1,815,400

31,097

Sumitomo Electric Industries Ltd.

1,786,100

25,262

Sumitomo Metal Industries Ltd.

4,099,000

20,815

Sumitomo Mitsui Financial Group, Inc.

1,982

17,317

Sumitomo Trust & Banking Co. Ltd.

2,478,800

24,211

T&D Holdings, Inc.

495,150

31,363

Takeda Pharamaceutical Co. Ltd.

896,400

58,119

The Sumitomo Warehouse Co. Ltd.

338,000

2,609

Tokuyama Corp.

2,931,900

43,962

Toyo Tanso Co. Ltd. (d)

104,400

11,082

Toyota Motor Corp.

2,609,100

158,398

TOTAL JAPAN

1,821,632

Korea (South) - 1.5%

Korean Reinsurance Co.

946,600

12,043

LG Household & Health Care Ltd.

462,880

61,630

NHN Corp.

261,735

40,940

Samsung Fire & Marine Insurance Co. Ltd.

208,660

36,988

Shinhan Financial Group Co. Ltd.

385,130

21,598

TOTAL KOREA (SOUTH)

173,199

Luxembourg - 0.5%

Acergy SA

1,124,500

24,076

SES SA FDR unit

1,505,854

29,590

TOTAL LUXEMBOURG

53,666

Malaysia - 0.5%

DiGi.com BHD

225,500

1,344

Gamuda BHD

12,673,900

29,074

IJM Corp. BHD

8,525,300

21,674

TOTAL MALAYSIA

52,092

Mexico - 0.6%

America Movil SA de CV Series L sponsored ADR

1,057,700

55,561

Urbi, Desarrollos Urbanos, SA de CV (a)

4,121,400

17,220

TOTAL MEXICO

72,781

Netherlands - 3.6%

ABN-AMRO Holding NV (d)

869,800

42,142

Arcelor Mittal

628,300

33,564

Arcelor Mittal Class A

702,200

38,022

CNH Global NV

702,000

30,390

Common Stocks - continued

Shares

Value (000s)

Netherlands - continued

Heineken NV (Bearer)

791,000

$ 42,002

ING Groep NV (Certificaten Van Aandelen)

1,385,044

63,172

Koninklijke KPN NV

1,139,700

19,440

Koninklijke Numico NV (d)

341,600

18,907

Koninklijke Philips Electronics NV

1,369,200

56,192

Nutreco Holding NV

628,000

46,628

SBM Offshore NV

691,900

24,983

TOTAL NETHERLANDS

415,442

Norway - 1.5%

Aker Kvaerner ASA

1,494,750

35,614

Hafslund ASA (B Shares) (d)

674,550

16,611

Marine Harvest ASA (a)

36,488,200

39,498

ProSafe ASA

773,000

12,045

Renewable Energy Corp. AS (d)

1,103,800

31,912

Telenor ASA

1,977,400

36,977

TOTAL NORWAY

172,657

Russia - 0.3%

Magma OJSC sponsored GDR (a)(f)

675,700

8,548

OAO Gazprom sponsored ADR

677,600

26,630

TOTAL RUSSIA

35,178

Singapore - 0.4%

Keppel Corp. Ltd.

1,166,000

16,425

Singapore Exchange Ltd.

5,755,000

28,033

TOTAL SINGAPORE

44,458

Spain - 2.9%

Banco Bilbao Vizcaya Argentaria SA

2,401,000

57,480

Banco Santander Central Hispano SA

5,263,900

94,745

Grupo Ferrovial SA

243,200

26,583

Inditex SA

891,300

55,194

Sol Melia SA

702,567

17,199

Telefonica SA

3,416,700

77,047

TOTAL SPAIN

328,248

Sweden - 1.7%

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

742,500

49,484

Modern Times Group AB (MTG) (B Shares)

1,049,300

61,786

Common Stocks - continued

Shares

Value (000s)

Sweden - continued

Scania AB (B Shares)

576,700

$ 55,521

Swedbank AB (A Shares) (d)

736,200

28,680

TOTAL SWEDEN

195,471

Switzerland - 9.4%

ABB Ltd. sponsored ADR

5,171,500

103,223

Actelion Ltd. (Reg.) (a)

199,558

47,583

BB Biotech AG (d)

341,699

28,544

Compagnie Financiere Richemont unit

508,844

30,901

Credit Suisse Group (Reg.)

1,338,656

105,084

EFG International

332,000

14,980

Julius Baer Holding AG (Bearer)

1,105,364

77,696

Lindt & Spruengli AG (participation certificate)

15,453

42,859

Nestle SA (Reg.)

330,815

131,466

Nobel Biocare Holding AG (Switzerland)

66,378

24,043

Novartis AG (Reg.)

707,960

41,125

Phonak Holding AG

463,240

41,229

Roche Holding AG (participation certificate)

891,492

168,039

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

12,915

16,499

Swiss Life Holding

95,891

24,889

Tecan Group AG

212,300

15,819

The Swatch Group AG (Reg.)

1,212,573

70,926

UBS AG (NY Shares)

969,200

62,901

Zurich Financial Services AG (Reg.)

109,285

31,939

TOTAL SWITZERLAND

1,079,745

Taiwan - 1.2%

Gemtek Technology Corp.

8,486,000

21,855

Hon Hai Precision Industry Co. Ltd. (Foxconn)

6,887,890

45,795

PixArt Imaging, Inc.

1,740,000

21,152

Shin Kong Financial Holding Co. Ltd.

10,227,415

9,517

Siliconware Precision Industries Co. Ltd.

12,187,000

23,412

Wistron Corp.

13,850,000

20,703

TOTAL TAIWAN

142,434

United Kingdom - 15.5%

Anglo American PLC (United Kingdom)

987,700

52,709

AstraZeneca PLC sponsored ADR

549,000

29,816

Autonomy Corp. PLC (a)

3,363,000

50,801

Aviva PLC

1,949,300

30,810

BAE Systems PLC

4,145,509

37,880

Barclays PLC

2,701,800

39,203

BG Group PLC

1,454,900

21,105

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

BG Group PLC sponsored ADR

200,000

$ 14,386

BHP Billiton PLC

4,290,500

96,853

BP PLC sponsored ADR

876,100

58,979

British American Tobacco PLC

1,459,900

45,447

British American Tobacco PLC sponsored ADR

390,200

24,294

British Land Co. PLC

1,369,800

40,343

Burberry Group PLC

1,777,700

24,703

Capita Group PLC

1,106,900

15,669

Clipper Windpower PLC (a)

2,006,200

35,199

GlaxoSmithKline PLC sponsored ADR

339,300

19,605

HBOS plc

2,208,200

47,816

HSBC Holdings PLC (Hong Kong) (Reg.)

1,403,144

25,919

Informa PLC

1,379,400

16,383

International Power PLC

7,306,600

64,317

Investec PLC

2,902,500

41,465

John Wood Group PLC

3,062,900

17,255

Man Group plc

3,043,000

34,376

Marks & Spencer Group PLC

3,391,600

50,318

N Brown Group PLC

4,180,000

25,073

National Grid PLC

1,576,100

24,785

Next PLC

991,700

46,577

Pearson PLC

2,394,300

41,242

Punch Taverns Ltd.

871,700

22,728

Reckitt Benckiser PLC

1,392,700

76,605

Renovo Group PLC (e)

9,727,800

35,010

Rio Tinto PLC sponsored ADR

155,900

38,040

Rolls-Royce Group PLC

3,864,403

37,069

Royal Bank of Scotland Group PLC

1,969,971

76,020

Royal Dutch Shell PLC Class B

3,412,059

120,633

Shire PLC

2,059,200

47,972

SSL International PLC

1,111,400

9,683

Tesco PLC

11,828,812

109,032

Vodafone Group PLC

33,268,435

95,580

Xstrata PLC

649,900

34,318

TOTAL UNITED KINGDOM

1,776,018

United States of America - 0.9%

Fluor Corp.

238,100

22,767

Macquarie Infrastructure Co. Trust

131,000

5,578

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Marathon Oil Corp.

259,900

$ 26,393

Sunoco, Inc.

624,200

47,146

TOTAL UNITED STATES OF AMERICA

101,884

TOTAL COMMON STOCKS

(Cost $8,526,082)

10,905,576

Nonconvertible Preferred Stocks - 1.5%

Germany - 1.4%

Fresenius AG (non-vtg.)

551,200

46,680

Hugo Boss AG (non-vtg.)

697,600

43,361

Porsche AG (non-vtg.)

20,695

34,840

ProSiebenSat.1 Media AG

887,300

32,450

TOTAL GERMANY

157,331

Italy - 0.1%

Intesa Sanpaolo Spa

1,669,602

13,538

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

236,131,217

472

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $111,572)

171,341

Government Obligations - 0.0%

Principal Amount (000s)

United States of America - 0.0%

U.S. Treasury Bills, yield at date of purchase 4.96% to 5.11% 5/3/07 to 6/7/07 (g)
(Cost $3,093)

$ 3,100

3,094

Money Market Funds - 12.6%

Shares

Fidelity Cash Central Fund, 5.29% (b)

301,402,870

301,403

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

1,142,567,681

1,142,568

TOTAL MONEY MARKET FUNDS

(Cost $1,443,971)

1,443,971

Cash Equivalents - 0.1%

Maturity Amount (000s)

Value (000s)

Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,197)

$ 13,199

$ 13,197

TOTAL INVESTMENT PORTFOLIO - 109.5%

(Cost $10,097,915)

12,537,179

NET OTHER ASSETS - (9.5)%

(1,091,615)

NET ASSETS - 100%

$ 11,445,564

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

723 Nikkei 225 Index Contracts (Japan)

June 2007

$ 62,594

$ 2,997

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete 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 end of the period, the value of these securities amounted to $8,548,000 or 0.1% of net assets.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,094,000.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value (000s)

$13,197,000 due 5/1/07 at 5.12%

Banc of America Securities LLC

$ 2,016

Barclays Capital, Inc.

4,495

Fortis Securities LLC

2,882

Lehman Brothers, Inc.

3,804

$ 13,197

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned (Amounts in thousands)

Fidelity Cash Central Fund

$ 9,859

Fidelity Securities Lending Cash Central Fund

3,199

Total

$ 13,058

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
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Renovo Group PLC

$ 14,540

$ 16,799

$ 586

$ -

$ 35,010

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $1,090,882 and repurchase agreements of $13,197) - See accompanying schedule:

Unaffiliated issuers (cost $8,628,450)

$ 11,058,198

Fidelity Central Funds (cost $1,443,971)

1,443,971

Other affiliated issuers (cost $25,494)

35,010

Total Investments (cost $10,097,915)

$ 12,537,179

Receivable for investments sold

227,995

Receivable for fund shares sold

27,975

Dividends receivable

36,252

Distributions receivable from Fidelity Central Funds

1,070

Prepaid expenses

29

Other receivables

4,758

Total assets

12,835,258

Liabilities

Payable to custodian bank

$ 2,406

Payable for investments purchased

218,054

Payable for fund shares redeemed

14,603

Accrued management fee

7,243

Distribution fees payable

71

Payable for daily variation on futures contracts

343

Other affiliated payables

2,024

Other payables and accrued expenses

2,382

Collateral on securities loaned, at value

1,142,568

Total liabilities

1,389,694

Net Assets

$ 11,445,564

Net Assets consist of:

Paid in capital

$ 8,522,568

Undistributed net investment income

51,320

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

430,711

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

2,440,965

Net Assets

$ 11,445,564

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($225,752 ÷ 5,545.1 shares)

$ 40.71

Maximum offering price per share (100/94.25 of $40.71)

$ 43.19

Class T:
Net Asset Value and redemption price per share ($24,720 ÷ 609.8 shares)

$ 40.54

Maximum offering price per share (100/96.50 of $40.54)

$ 42.01

Class B:
Net Asset Value and offering price per share
($8,106 ÷ 201.0 shares)A

$ 40.33

Class C:
Net Asset Value and offering price per share
($12,545 ÷ 310.3 shares)A

$ 40.43

International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($11,136,988 ÷ 271,956.5 shares)

$ 40.95

Institutional Class:
Net Asset Value, offering price and redemption price per share ($37,453 ÷ 913.8 shares)

$ 40.99

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

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

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 105,916

Interest

459

Income from Fidelity Central Funds

13,058

119,433

Less foreign taxes withheld

(8,698)

Total income

110,735

Expenses

Management fee
Basic fee

$ 34,999

Performance adjustment

2,767

Transfer agent fees

10,537

Distribution fees

337

Accounting and security lending fees

916

Custodian fees and expenses

1,231

Independent trustees' compensation

14

Registration fees

412

Audit

87

Legal

71

Miscellaneous

19

Total expenses before reductions

51,390

Expense reductions

(3,630)

47,760

Net investment income (loss)

62,975

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $515)

463,711

Other affiliated issuers

8

Foreign currency transactions

(42)

Futures contracts

265

Total net realized gain (loss)

463,942

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $150)

903,463

Assets and liabilities in foreign currencies

263

Futures contracts

1,712

Total change in net unrealized appreciation (depreciation)

905,438

Net gain (loss)

1,369,380

Net increase (decrease) in net assets resulting from operations

$ 1,432,355

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 62,975

$ 89,022

Net realized gain (loss)

463,942

238,999

Change in net unrealized appreciation (depreciation)

905,438

940,196

Net increase (decrease) in net assets resulting
from operations

1,432,355

1,268,217

Distributions to shareholders from net investment income

(85,862)

(41,324)

Distributions to shareholders from net realized gain

(224,325)

(189,744)

Total distributions

(310,187)

(231,068)

Share transactions - net increase (decrease)

2,081,090

3,239,823

Redemption fees

203

380

Total increase (decrease) in net assets

3,203,461

4,277,352

Net Assets

Beginning of period

8,242,103

3,964,751

End of period (including undistributed net investment income of $51,320 and undistributed net investment income of $83,948, respectively)

$ 11,445,564

$ 8,242,103

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

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.47

$ 30.57

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.21

.42

.28

Net realized and unrealized gain (loss)

5.36

7.19

2.88

Total from investment operations

5.57

7.61

3.16

Distributions from net investment income

(.35)

(.31)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.33)

(1.71)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.71

$ 36.47

$ 30.57

Total Return B, C, D

15.70%

26.01%

11.53%

Ratios to Average Net Assets F, I

Expenses before reductions

1.24% A

1.27%

1.42% A

Expenses net of fee waivers, if any

1.24% A

1.27%

1.42% A

Expenses net of all reductions

1.17% A

1.21%

1.36% A

Net investment income (loss)

1.08% A

1.22%

1.15% A

Supplemental Data

Net assets, end of period (in millions)

$ 226

$ 140

$ 2

Portfolio turnover rate G

89% A

56%

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 sales charges.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.30

$ 30.49

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.13

.27

.20

Net realized and unrealized gain (loss)

5.35

7.18

2.88

Total from investment operations

5.48

7.45

3.08

Distributions from net investment income

(.26)

(.24)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.24)

(1.64)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.54

$ 36.30

$ 30.49

Total Return B, C, D

15.50%

25.49%

11.24%

Ratios to Average Net Assets F, I

Expenses before reductions

1.64% A

1.71%

1.75% A

Expenses net of fee waivers, if any

1.64% A

1.71%

1.75% A

Expenses net of all reductions

1.57% A

1.65%

1.69% A

Net investment income (loss)

.69% A

.78%

.83% A

Supplemental Data

Net assets, end of period (in millions)

$ 25

$ 10

$ 2

Portfolio turnover rate G

89% A

56%

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 sales charges.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.12

$ 30.36

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.03

.08

.08

Net realized and unrealized gain (loss)

5.32

7.19

2.87

Total from investment operations

5.35

7.27

2.95

Distributions from net investment income

(.16)

(.11)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.14)

(1.51)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.33

$ 36.12

$ 30.36

Total Return B, C, D

15.18%

24.91%

10.76%

Ratios to Average Net Assets F, I

Expenses before reductions

2.17% A

2.27%

2.24% A

Expenses net of fee waivers, if any

2.17% A

2.25%

2.24% A

Expenses net of all reductions

2.10% A

2.19%

2.18% A

Net investment income (loss)

.15% A

.24%

.33% A

Supplemental Data

Net assets, end of period (in millions)

$ 8

$ 4

$ 1

Portfolio turnover rate G

89% A

56%

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 contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 36.19

$ 30.41

$ 27.41

Income from Investment Operations

Net investment income (loss) E

.04

.11

.13

Net realized and unrealized gain (loss)

5.32

7.19

2.87

Total from investment operations

5.36

7.30

3.00

Distributions from net investment income

(.14)

(.12)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.12)

(1.52)

-

Redemption fees added to paid in capital E

- J

- J

- J

Net asset value, end of period

$ 40.43

$ 36.19

$ 30.41

Total Return B, C, D

15.17%

24.97%

10.94%

Ratios to Average Net Assets F, I

Expenses before reductions

2.13% A

2.16%

2.04% A

Expenses net of fee waivers, if any

2.13% A

2.16%

2.04% A

Expenses net of all reductions

2.06% A

2.11%

1.98% A

Net investment income (loss)

.19% A

.33%

.53% A

Supplemental Data

Net assets, end of period (in millions)

$ 13

$ 6

$ 2

Portfolio turnover rate G

89% A

56%

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 contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Discovery Fund

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 36.67

$ 30.65

$ 25.31

$ 21.87

$ 16.66

$ 17.61

Income from Investment Operations

Net investment income (loss) D

.25

.48

.37

.22

.19

.11

Net realized and unrealized gain (loss)

5.39

7.25

5.24

3.40

5.11

(1.06)

Total from investment operations

5.64

7.73

5.61

3.62

5.30

(.95)

Distributions from net investment income

(.38)

(.31)

(.15)

(.18)

(.09)

-

Distributions from net realized gain

(.98)

(1.40)

(.12)

-

-

-

Total distributions

(1.36)

(1.71)

(.27)

(.18)

(.09)

-

Redemption fees added to paid in capital D

- H

- H

- H

- H

- H

- H

Net asset value, end of period

$ 40.95

$ 36.67

$ 30.65

$ 25.31

$ 21.87

$ 16.66

Total Return B, C

15.82%

26.34%

22.29%

16.65%

31.97%

(5.39)%

Ratios to Average Net Assets E, G

Expenses before reductions

1.04% A

1.09%

1.08%

1.10%

1.14%

1.14%

Expenses net of fee waivers, if any

1.04% A

1.08%

1.07%

1.10%

1.14%

1.14%

Expenses net of all reductions

.97% A

1.03%

1.01%

1.06%

1.11%

1.12%

Net investment income (loss)

1.29% A

1.41%

1.35%

.92%

1.08%

.59%

Supplemental Data

Net assets, end of period (in millions)

$ 11,137

$ 8,054

$ 3,949

$ 2,193

$ 1,243

$ 890

Portfolio turnover rate F

89% A

56%

75%

87%

81%

63%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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.

H Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 36.71

$ 30.68

$ 27.41

Income from Investment Operations

Net investment income (loss) D

.26

.51

.38

Net realized and unrealized gain (loss)

5.40

7.25

2.89

Total from investment operations

5.66

7.76

3.27

Distributions from net investment income

(.40)

(.33)

-

Distributions from net realized gain

(.98)

(1.40)

-

Total distributions

(1.38)

(1.73)

-

Redemption fees added to paid in capital D

- I

- I

- I

Net asset value, end of period

$ 40.99

$ 36.71

$ 30.68

Total Return B, C

15.88%

26.45%

11.93%

Ratios to Average Net Assets E, H

Expenses before reductions

.97% A

1.00%

.97% A

Expenses net of fee waivers, if any

.97% A

1.00%

.97% A

Expenses net of all reductions

.90% A

.95%

.90% A

Net investment income (loss)

1.35% A

1.49%

1.60% A

Supplemental Data

Net assets, end of period (in millions)

$ 37

$ 28

$ 10

Portfolio turnover rate F

89% A

56%

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 Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

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, 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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

3. Significant Accounting Policies.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Security Valuation - continued

(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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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. 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 Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to futures transactions, 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

$ 2,532,048

Unrealized depreciation

(98,790)

Net unrealized appreciation (depreciation)

$ 2,433,258

Cost for federal income tax purposes

$ 10,103,921

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

4. 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

Semiannual Report

4. Operating Policies - continued

Repurchase Agreements - continued

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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $6,017,901 and $4,196,234, respectively.

6. 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%

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

of the Fund's average net assets and a group fee rate that averaged .26% 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 relative investment performance of the retail class of the Fund, International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% 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%

$ 221

$ 8

Class T

.25%

.25%

42

3

Class B

.75%

.25%

31

23

Class C

.75%

.25%

43

21

$ 337

$ 55

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 and .25% for certain purchases of Class T shares.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

Retained
by FDC

Class A

$ 38

Class T

10

Class B*

5

Class C*

2

$ 55

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

$ 145

.16

Class T

26

.31

Class B

11

.35

Class C

13

.31

International Discovery Fund

10,318

.22

Institutional Class

24

.15

$ 10,537

* 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.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. 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 amounted to $11 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $3,199.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,318 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Discovery Fund

$ 191

Semiannual Report

10. 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.

In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Year ended
October 31,
2006

From net investment income

Class A

$ 1,387

$ 38

Class T

80

18

Class B

21

3

Class C

24

8

International Discovery Fund

84,038

41,152

Institutional Class

312

105

Total

$ 85,862

$ 41,324

From net realized gain

Class A

$ 3,929

$ 173

Class T

302

102

Class B

130

40

Class C

170

94

International Discovery Fund

219,032

188,890

Institutional Class

762

445

Total

$ 224,325

$ 189,744

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2007

Year ended
October 31, 2006

Six months ended April 30,
2007

Year ended
October 31, 2006

Class A

Shares sold

2,006

3,952

$ 76,508

$ 133,777

Reinvestment of distributions

63

5

2,271

160

Shares redeemed

(359)

(183)

(13,776)

(6,217)

Net increase (decrease)

1,710

3,774

$ 65,003

$ 127,720

Class T

Shares sold

371

248

$ 14,048

$ 8,469

Reinvestment of distributions

10

4

371

112

Shares redeemed

(48)

(36)

(1,798)

(1,223)

Net increase (decrease)

333

216

$ 12,621

$ 7,358

Class B

Shares sold

97

112

$ 3,685

$ 3,875

Reinvestment of distributions

4

1

136

37

Shares redeemed

(24)

(14)

(907)

(489)

Net increase (decrease)

77

99

$ 2,914

$ 3,423

Semiannual Report

12. Share Transactions - continued

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30,
2007

Year ended
October 31, 2006

Six months ended April 30,
2007

Year ended
October 31, 2006

Class C

Shares sold

167

130

$ 6,392

$ 4,409

Reinvestment of distributions

4

1

139

41

Shares redeemed

(23)

(32)

(865)

(1,088)

Net increase (decrease)

148

99

$ 5,666

$ 3,362

International Discovery Fund

Shares sold

73,288

123,095

$ 2,804,820

$ 4,201,412

Reinvestment of distributions

7,929

7,089

289,549

215,944

Shares redeemed

(28,906)

(39,365)

(1,104,895)

(1,334,783)

Net increase (decrease)

52,311

90,819

$ 1,989,474

$ 3,082,573

Institutional Class

Shares sold

174

512

$ 6,668

$ 17,352

Reinvestment of distributions

19

4

700

121

Shares redeemed

(51)

(61)

(1,956)

(2,086)

Net increase (decrease)

142

455

$ 5,412

$ 15,387

Semiannual Report

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Semiannual Report

Semiannual Report

Semiannual Report

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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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AIDI-USAN-0607
1.806664.102

Fidelity®

International Small Cap

Fund

Semiannual Report

April 30, 2007

(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>

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,175.30

$ 7.50

HypotheticalA

$ 1,000.00

$ 1,017.90

$ 6.95

Class T

Actual

$ 1,000.00

$ 1,174.20

$ 8.73

HypotheticalA

$ 1,000.00

$ 1,016.76

$ 8.10

Class B

Actual

$ 1,000.00

$ 1,171.00

$ 11.63

HypotheticalA

$ 1,000.00

$ 1,014.08

$ 10.79

Class C

Actual

$ 1,000.00

$ 1,170.90

$ 11.36

HypotheticalA

$ 1,000.00

$ 1,014.33

$ 10.54

International Small Cap

Actual

$ 1,000.00

$ 1,177.30

$ 5.61

HypotheticalA

$ 1,000.00

$ 1,019.64

$ 5.21

Institutional Class

Actual

$ 1,000.00

$ 1,177.20

$ 5.61

HypotheticalA

$ 1,000.00

$ 1,019.64

$ 5.21

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

1.39%

Class T

1.62%

Class B

2.16%

Class C

2.11%

International Small Cap

1.04%

Institutional Class

1.04%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 26.8%

United Kingdom 16.8%

Australia 13.2%

Italy 5.3%

United States of America 5.3%

Germany 3.4%

France 3.2%

Canada 3.2%

South Africa 2.8%

Other 20.0%

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

As of October 31, 2006

Japan 31.2%

United Kingdom 19.2%

Australia 10.5%

United States of America 5.1%

Canada 3.7%

France 3.2%

Germany 3.1%

Italy 2.9%

Bermuda 2.5%

Other 18.6%

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 Investment Companies

96.6

96.1

Bonds

0.2

0.3

Short-Term Investments and Net Other Assets

3.2

3.6

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Banca Italease Spa (Italy, Diversified Financial Services)

2.8

2.3

Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels)

2.0

1.1

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

1.4

1.1

121Media, Inc. (United States of America, Media)

1.2

0.6

Nissin Kogyo Co. Ltd. (Japan, Auto Components)

1.1

1.2

Stepstone ASA (Norway, Commercial Services & Supplies)

1.1

0.4

International Ferro Metals (Australia, Metals & Mining)

1.1

0.9

Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities)

0.9

1.1

E.ON AG (Germany, Electric Utilities)

0.8

0.6

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

0.8

0.7

13.2

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

20.0

15.1

Consumer Discretionary

17.1

16.8

Materials

15.0

16.7

Financials

13.4

11.3

Energy

9.0

10.3

Information Technology

8.4

11.4

Utilities

5.2

4.6

Health Care

4.3

5.4

Consumer Staples

3.7

3.7

Telecommunication Services

0.7

1.1

Semiannual Report

Investments April 30, 2007

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value (000s)

Australia - 13.2%

Allied Gold Ltd. (a)

11,880,000

$ 4,045

AMP Ltd.

377,100

3,366

Aristocrat Leisure Ltd.

109,200

1,505

ASX Ltd.

181,509

7,235

Ausenco Ltd.

344,500

2,100

Austbrokers Holdings Ltd.

1,102,345

4,522

Australian Wealth Management Ltd.

1,555,487

3,165

Babcock & Brown Japan Property Trust

2,892,400

4,684

Babcock & Brown Ltd.

37,200

916

Billabong International Ltd.

185,200

2,538

Boart Longyear Ltd.

1,402,500

2,248

Boral Ltd.

118,200

830

Bradken Ltd.

601,395

4,770

Brambles Ltd. (a)

291,800

3,196

Cabcharge Australia Ltd.

47,600

460

Capital-XX Ltd.

2,262,572

5,089

Centamin Egypt Ltd. (a)

3,589,755

3,158

CFS Retail Property Trust

422,200

810

Cochlear Ltd.

52,400

2,761

Computershare Ltd.

822,772

7,140

David Jones Ltd.

424,100

1,750

Dominos Pizza Enterprises Ltd.

1,671,520

4,234

Downer EDI Ltd.

1,286,173

8,000

Dwyka Resources Ltd. (a)

5,235,220

3,925

Emeco Holdings Ltd.

1,124,900

1,756

European Gas Ltd. (a)

1,673,600

1,028

Flexigroup Ltd.

1,723,400

4,222

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

114

Gunns Ltd.

371,700

1,065

Hastie Group Ltd.

2,671,773

8,343

HFA Holdings Ltd.

2,035,100

3,972

IBT Education Ltd.

377,250

627

Incitec Pivot Ltd.

70,800

2,869

International Ferro Metals (a)

13,067,539

18,028

Invocare Ltd.

64,100

294

Iress Market Technology Ltd.

172,200

1,177

JB Hi-Fi Ltd. (e)

585,900

4,048

Jumbuck Entertainment Ltd. (a)

419,400

557

McGuigan Simeon Wines Ltd.

603,224

1,252

Meo Australia Ltd. (a)

5,066,100

3,828

Mineral Deposits Ltd. (a)

880,900

973

Monto Minerals Ltd. (a)

8,525,252

1,726

Common Stocks - continued

Shares

Value (000s)

Australia - continued

Monto Minerals Ltd. warrants 5/25/09 (a)

1,485,934

$ 30

Mortgage Choice Ltd.

1,851,838

4,844

Oakton Ltd.

184,615

811

Paladin Resources Ltd. (a)(e)

1,328,400

10,590

Phosphagenics Ltd. (a)

9,040,000

2,027

QBE Insurance Group Ltd.

165,423

4,239

realestate.com.au Ltd. (a)

134,764

669

Reverse Corp. Ltd.

493,100

2,007

Roc Oil Co. Ltd. (United Kingdom) (a)

2,864,489

7,646

RP Data Ltd.

1,481,800

2,412

Rubicon Japan Trust

3,266,600

2,740

Seek Ltd.

1,307,939

8,027

SMS Management & Technology Ltd.

315,600

1,190

Sphere Investments Ltd. (a)

1,305,498

1,941

Sylvania Resources Ltd. (a)(f)

7,878,437

10,337

Sylvania Resources Ltd. (United Kingdom) (a)(f)

4,923,630

6,547

Tanami Gold NL

19,652,484

2,611

United Group Ltd.

394,121

5,139

Woolworths Ltd.

373,526

8,779

WorleyParsons Ltd.

102,033

2,330

Wotif.com Holdings Ltd.

348,300

1,238

TOTAL AUSTRALIA

224,480

Austria - 0.3%

Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (e)

106,900

5,530

Bermuda - 2.3%

Aquarius Platinum Ltd. (United Kingdom)

223,390

6,700

Peace Mark Holdings Ltd.

4,910,000

5,524

Petra Diamonds Ltd. (a)

2,461,491

7,825

Ports Design Ltd.

1,798,000

5,057

RC Group (Holdings) Ltd.

752,420

1,677

Sinofert Holdings Ltd.

1,960,000

1,007

Tanzanite One Ltd. (f)

5,808,701

9,059

Trefoil Ltd. (a)

385,100

2,136

VODone Ltd. (a)

2,442,000

930

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

66

TOTAL BERMUDA

39,981

British Virgin Islands - 0.3%

Albidon Ltd. unit (a)

1,469,000

3,113

Kalahari Energy (h)

1,451,000

1,814

TOTAL BRITISH VIRGIN ISLANDS

4,927

Common Stocks - continued

Shares

Value (000s)

Canada - 3.0%

AirSea Lines (a)(h)

1,862,300

$ 1,271

AirSea Lines warrants 8/4/11 (a)(h)

1,862,300

0

Altius Minerals Corp. (a)

374,906

4,351

Antrim Energy, Inc. (a)

274,340

1,315

Antrim Energy, Inc. (a)

800,000

3,863

Bankers Petroleum Ltd. (a)

3,767,000

1,935

First Quantum Minerals Ltd.

45,011

3,108

MagIndustries Corp. (a)

3,635,960

4,914

Oilexco, Inc. (a)

1,394,525

10,969

Rally Energy Corp. (a)

416,720

2,452

Rock Well Petroleum, Inc. (h)

770,400

1,041

Sino-Forest Corp. (a)

67,400

820

Starfield Resources, Inc.:

warrants 5/23/07 (a)(h)

1,313,025

0

warrants 1/20/08 (a)(h)

1,678,100

78

Stealth Ventures Ltd. (a)

966,500

1,176

Stealth Ventures Ltd. warrants 3/12/08 (a)(h)

483,250

78

SXR Uranium One, Inc. (South Africa) (a)

475,740

7,295

Visual Defence, Inc. (a)(f)

4,664,100

1,539

Western Canadian Coal Corp. (a)

1,554,418

3,081

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,096

TOTAL CANADA

50,382

Cayman Islands - 0.6%

China Infrastructure Machinery Holdings Ltd.

646,000

1,234

EcoGreen Fine Chemical Group Ltd.

2,588,000

923

Embry Holdings Ltd.

1,081,000

1,032

Ju Teng International Holdings Ltd. (a)

2,830,000

669

Kingboard Chemical Holdings Ltd.

364,500

1,710

Kingdee International Software Group Co. Ltd.

396,000

310

Lee & Man Paper Manufacturing Ltd.

570,000

1,610

Neo-Neon Holdings Ltd.

1,136,000

1,888

Simcere Pharmaceutical Group sponsored ADR

81,000

1,345

TOTAL CAYMAN ISLANDS

10,721

China - 0.8%

Anhui Conch Cement Co. Ltd. (H Shares)

140,000

564

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

108,500

675

China Hongxing Sports Ltd.

697,000

1,652

China International Marine Containers Co. Ltd. (B Shares)

751,500

1,896

China Mengniu Dairy Co. Ltd.

734,000

2,247

China Merchants Bank Co. Ltd. (H Shares)

264,000

650

Common Stocks - continued

Shares

Value (000s)

China - continued

China Oilfield Services Ltd. (H Shares)

1,682,000

$ 1,436

China Shipping Development Co. Ltd. (H Shares)

182,000

346

Dongfang Electrical Machinery Co. Ltd. (H Shares)

80,000

323

Nine Dragons Paper (Holdings) Ltd.

479,000

976

Shandong Weigao Group Medical Polymer Co. Ltd.

776,000

1,367

Shenzhou International Group Holdings Ltd.

678,000

300

Xinjiang Tianye Water Saving Irrigation System Co. Ltd.

806,000

241

Yantai Changyu Pioneer Wine Co. (B Shares)

174,010

839

TOTAL CHINA

13,512

Cyprus - 0.2%

Buried Hill Energy (Cyprus) PCL (h)

1,947,000

2,142

Marfin Popular Bank Public Co.

173,665

1,995

TOTAL CYPRUS

4,137

Czech Republic - 0.9%

Ceske Energeticke Zavody AS

319,140

15,600

Denmark - 0.3%

DSV de Sammensluttede Vognmaend AS (e)

25,930

5,376

Finland - 1.3%

Inion OY (a)

3,590,300

2,566

Nokian Tyres Ltd.

430,910

13,319

Rakentajain Konevuokraamo Oyj (B Shares)

152,030

6,027

TOTAL FINLAND

21,912

France - 3.2%

Carbone Lorraine

27,400

1,809

Electricite de France

90,900

7,951

ENTREPOSE Contracting

13,692

1,045

Geodis SA

42,180

9,682

Guerbet SA

8,400

1,639

Icade SA (e)

123,018

9,444

Laurent-Perrier Group

31,960

3,829

Norbert Dentressangle SA

38,142

3,628

Seche Environment SA

11,560

2,077

Veolia Environnement (e)

166,000

13,795

TOTAL FRANCE

54,899

Germany - 3.4%

Deutz AG (a)

601,600

9,646

E.ON AG

93,000

13,986

ElringKlinger AG

18,284

1,569

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Fresenius Medical Care AG

88,370

$ 13,316

Interhyp AG

23,450

2,915

Kontron AG

154,620

2,882

MLP AG

89,150

2,230

SGL Carbon AG (a)

272,200

10,686

TOTAL GERMANY

57,230

Greece - 1.0%

Fourlis Holdings SA

110,000

2,756

Hellenic Technodomiki Tev SA

223,750

3,084

Sarantis SA (Reg.)

1,076,638

11,900

TOTAL GREECE

17,740

Hong Kong - 1.0%

Bank of East Asia Ltd.

158,437

980

Cafe de Coral Holdings Ltd.

686,000

1,254

China Overseas Land & Investment Ltd.

1,348,000

1,649

Esprit Holdings Ltd.

246,000

3,003

Fairwood Holdings Ltd. (g)

878,500

1,249

Hang Lung Properties Ltd.

1,208,000

3,606

Li & Fung Ltd.

924,000

2,906

Midland Holdings Ltd.

860,000

534

Tai Cheung Holdings Ltd.

700,000

490

Vtech Holdings Ltd.

281,000

2,130

TOTAL HONG KONG

17,801

India - 0.1%

Deccan Chronicle Holdings Ltd.

95,000

478

INFO Edge India Ltd.

66,039

1,253

TOTAL INDIA

1,731

Indonesia - 0.1%

PT Telkomunikasi Indonesia Tbk Series B

1,463,500

1,692

Ireland - 0.5%

Adwalker PLC (a)(f)

9,125,000

388

Kenmare Resources PLC (a)

2,640,000

2,600

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

1,036

Petroceltic International PLC (a)

13,644,934

3,820

Vimio PLC (a)

867,300

1,145

TOTAL IRELAND

8,989

Israel - 0.3%

Israel Chemicals Ltd.

611,900

4,708

Common Stocks - continued

Shares

Value (000s)

Italy - 5.3%

ASM Spa

626,550

$ 4,222

Banca Italease Spa (e)

790,700

48,107

Enel S.p.A.

543,800

6,192

ERG Spa

71,100

2,013

Guala Closures Spa

475,090

3,697

Hera Spa

1,510,160

6,984

Impregilo Spa (a)

447,350

3,656

Lottomatica Spa

58,540

2,414

Seldovia Native Association, Inc. (SNAI) (a)

1,081,120

11,509

Teleunit Spa (f)

12,719,158

1,208

TOTAL ITALY

90,002

Japan - 26.8%

Abc-Mart, Inc. (e)

333,600

7,449

Access Co. Ltd. (a)

256

385

Adeka Corp.

144,000

1,573

Aeon Fantasy Co. Ltd.

45,120

1,149

Airport Facilities Co. Ltd.

19,200

141

Anritsu Corp. (e)

1,259,000

5,836

AOI Electronics Co. Ltd.

66,100

1,326

ARDEPRO CO., Ltd.

10,626

3,554

Ariake Japan Co. Ltd.

67,300

1,383

Atlus Co. Ltd. (a)

79,800

441

Atrium Co. Ltd.

64,400

1,754

Axell Corp.

384

1,183

Bit-isle, Inc.

1,190

1,252

Bookoff Corp.

166,100

2,799

Brother Industries Ltd.

342,000

4,648

C. Uyemura & Co. Ltd.

40,100

2,463

Cabin Co. Ltd. (e)

104,000

448

CareNet, Inc.

12

30

Chiba Bank Ltd.

382,000

3,158

Chiyoda Corp.

65,000

1,492

CMIC Co. Ltd. (e)

1,670

443

Create SD Co. Ltd.

55,300

931

Dai-ichi Seiko Co. Ltd.

38,200

907

Daido Metal Co. Ltd. (e)

495,000

3,097

Daikokutenbussan Co. Ltd.

52,900

617

Daiseki Co. Ltd. (e)

72,600

1,403

Daito Gyorui Co. Ltd.

252,000

505

Daiwa Securities Group, Inc.

132,000

1,470

Daiwabo Information System Ltd.

202,500

2,743

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Daiwasystem Co. Ltd.

39,800

$ 968

Denyo Co. Ltd.

67,700

716

E*TRADE Securities Co. Ltd. (e)

790

851

Ebara-Udylite Co. Ltd.

8,700

232

Elpida Memory, Inc. (a)(e)

22,300

940

Endo Lighting Corp.

125,600

731

EPS Co. Ltd. (e)

1,465

4,553

Fast Retailing Co. Ltd. (e)

12,300

845

FCM Co. Ltd.

30,800

1,093

FinTech Global, Inc. (e)

563

419

Fuji Heavy Industries Ltd.

176,000

871

Fujitsu Component Ltd. (a)

417

572

Futaba Industrial Co. Ltd.

38,800

938

H-One Co. Ltd.

21,800

324

H.I.S. Co. Ltd.

37,000

1,145

Harakosan Co. Ltd.

1,636

4,202

Harmonic Drive Systems, Inc. (e)

483

2,636

Haseko Corp. (a)

734,500

2,433

Heiwa Real Estate Co. Ltd. (e)

280,000

1,856

Hikari Tsushin, Inc. (e)

279,700

11,143

Hioki EE Corp. (e)

27,000

633

Hiroshima Bank Ltd.

339,000

1,825

Hitachi Construction Machinery Co. Ltd.

407,900

12,732

Hokuriku Electric Industry (e)

205,000

462

Hokuto Corp.

160,100

2,554

Ibiden Co. Ltd.

28,500

1,620

Ichiyoshi Securities Co. Ltd.

102,800

1,651

IDU Co.

1,731

1,860

Imagineer Co. Ltd.

30,100

422

Index Holdings (e)

4,627

1,570

Inpex Holdings, Inc.

184

1,553

Intelligence Ltd. (e)

409

1,060

Intelligent Wave, Inc. (e)

926

484

Ishihara Chemical Co. Ltd.

32,200

592

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

1,145,000

4,462

Itochu Corp.

449,000

4,421

ITOCHU Techno-Solutions Corp.

29,500

1,346

Japan Airport Terminal Co. Ltd.

89,000

1,631

Japan Steel Works Ltd.

478,000

5,637

Jastec Co. Ltd.

238,300

2,456

Joint Corp.

27,200

899

Juroku Bank Ltd.

149,000

877

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Kakaku.com, Inc. (e)

264

$ 768

Kandenko Co. Ltd.

245,000

1,556

Kanematsu Corp. (a)(e)

652,000

1,240

Kawasaki Heavy Industries Ltd.

518,000

2,062

Kenedix, Inc. (e)

217

951

Kibun Food Chemifa Co. Ltd. (e)

36,400

425

Kimoto Co. Ltd.

80,700

430

Kitagawa Seiki Co. Ltd.

84,000

431

KK daVinci Advisors (a)(e)

4,535

4,570

Kobayashi Pharmaceutical Co. Ltd.

62,600

2,342

Konica Minolta Holdings, Inc.

112,500

1,540

Kubota Corp.

91,000

860

Kura Corp. Ltd.

4,580

9,844

Kureha Chemical Industry Co. Ltd.

96,000

470

Kurita Water Industries Ltd.

72,700

1,815

Link Theory Holdings Co. Ltd. (e)

102

120

Mandom Corp.

14,700

376

MCJ Co. Ltd. (a)

1,279

553

Media Global Links Co. Ltd.

648

686

Meiko Electronics Co. Ltd. (e)

46,700

1,424

Micronics Japan Co. Ltd.

117,900

4,078

Mitsuba Corp.

255,000

2,016

Mitsui Engineering & Shipbuilding Co. (e)

262,000

1,174

Mitsui O.S.K. Lines Ltd.

364,000

4,588

Mitsumi Electric Co. Ltd.

70,100

2,338

Miyachi Corp.

60,600

1,062

Miyano Machinery, Inc.

357,000

1,228

Mori Seiki Co. Ltd.

188,300

4,945

Murata Manufacturing Co. Ltd.

59,400

4,378

Nabtesco Corp.

111,000

1,506

Nachi-Fujikoshi Corp. (e)

275,000

1,469

Namco Bandai Holdings, Inc.

67,800

1,102

NIC Corp.

57,100

422

Nidec Corp.

22,400

1,413

Nidec Sankyo Corp. (e)

245,000

1,616

Nihon Dempa Kogyo Co. Ltd. (e)

283,000

13,874

Nihon Kohden Corp.

20,100

454

Nihon Trim Co. Ltd. (e)

193,500

6,860

Nihonwasou Holdings, Inc.

782

435

Nikon Corp.

76,000

1,744

Nippon Carbon Co. Ltd.

351,000

1,385

Nippon Denko Co. Ltd. (e)

1,706,000

9,371

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nippon Paint Co. Ltd.

1,258,000

$ 7,368

Nippon Seiki Co. Ltd.

634,000

13,594

Nippon Suisan Kaisha Co. Ltd.

288,100

1,856

Nippon Yakin Kogyo Co. Ltd. (e)

783,000

7,931

Nissin Kogyo Co. Ltd.

737,400

19,578

Nitto Boseki Co. Ltd.

326,000

1,237

NOK Corp.

625,100

11,631

NSK Ltd.

350,000

3,388

Obara Corp.

1,650

31

Oiles Corp.

77,040

1,655

Okuma Corp.

134,000

1,601

Optoelectronics Co. Ltd.

27,700

331

Otaki Gas Co. Ltd.

15,000

79

Otsuka Corp. (e)

39,400

3,800

Pacific Metals Co. Ltd.

128,000

2,038

Pigeon Corp. (e)

57,700

867

Produce Co. Ltd. (a)(e)

496

2,350

Properst Co. Ltd.

665

1,247

Round One Corp. (e)

2,649

5,475

Ryobi Ltd.

226,000

1,670

Saison Information Systems Co. Ltd.

21,100

175

Sakai Chemical Industry Co. Ltd.

55,000

407

Sammy NetWorks Co. Ltd. (e)

1,075

5,421

Sansha Electric Manufacturing Co. Ltd.

56,000

506

Sanyo Denki Co. Ltd.

16,000

116

Sato Corp. (e)

178,400

3,479

Sawai Pharmaceutical Co. Ltd. (e)

42,200

1,753

Sec Carbon Ltd.

33,000

476

Sega Sammy Holdings, Inc.

20,200

457

Seria Co. Ltd.

482

893

Shaddy Co. Ltd. (e)

118,900

1,366

Shibaura Electronics Co. Ltd.

119,400

2,153

Shikoku Chemicals Corp. (e)

88,000

517

Shimachu Co. Ltd.

80,600

2,187

Shimamura Co. Ltd.

11,800

1,287

Shin Nippon Biomedical Laboratories Ltd. (e)

69,600

1,040

Shin-Kobe Electric Machinery Co. Ltd.

419,000

2,079

Shinohara Systems of Construction Co. Ltd. (a)

678

1,128

Shizuki Electric Co., Inc.

158,000

480

Sojitz Corp. (a)

585,500

2,213

SRI Sports Ltd.

1,294

1,647

St. Marc Holdings Co. Ltd.

15,500

838

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Stanley Electric Co. Ltd.

386,100

$ 7,670

Star Micronics Co. Ltd.

214,700

5,192

Starbucks Coffee Japan Ltd.

2,853

1,254

Stella Chemifa Corp. (e)

19,600

614

Sumco Corp.

26,200

1,139

Sumitomo Corp.

356,300

6,103

Sumitomo Metal Industries Ltd.

578,000

2,935

Sumitomo Titanium Corp. (e)

12,600

1,349

Sumitomo Trust & Banking Co. Ltd.

160,000

1,563

Sun Frontier Fudousan Co. Ltd.

790

1,810

Sunx Ltd. (e)

125,700

954

Suruga Corp.

105,100

2,162

Sysmex Corp. (e)

65,800

2,521

T Rad Co. Ltd. (e)

454,000

2,217

T&D Holdings, Inc.

18,300

1,159

Taiho Kogyo Co. Ltd.

81,200

1,145

Taiyo Ink Manufacturing Co. Ltd.

96,800

2,572

Taiyo Kagaku

73,500

621

Taiyo Nippon Sanso Corp.

222,000

1,930

Takara Holdings, Inc. (e)

324,000

2,400

Takata Corp.

58,400

2,136

Takeuchi Manufacturing Co. Ltd.

10,000

409

Takiron Co. Ltd. (e)

282,000

995

Takisawa Machine Tool Co. Ltd.

524,000

1,273

Telewave, Inc. (e)

392

122

TFP Consulting Group Co. Ltd.

169

419

The Goodwill Group, Inc. (e)

668

419

TOA Valve Holding, Inc.

161

602

Toagosei Co. Ltd.

354,000

1,354

Tohcello Co. Ltd.

99,500

1,049

Toho Zinc Co. Ltd.

272,000

2,353

Tohoku Electric Power Co., Inc.

46,300

1,106

Tokai Carbon Co. Ltd. (e)

216,000

1,860

Tokai Rubber Industries Ltd.

179,700

3,478

Token Corp. (e)

28,110

1,408

Tokyo Gas Co. Ltd.

248,000

1,246

Tokyo Radiator Manufacturing Co. Ltd.

13,700

90

Tokyo Seimitsu Co. Ltd. (e)

65,400

2,260

Tomen Devices Corp. (e)

28,300

493

TonenGeneral Sekiyu KK (e)

122,000

1,313

Topcon Corp.

32,500

489

Toray Industries, Inc.

157,000

1,077

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Torishima Pump Manufacturing Co. Ltd.

55,600

$ 605

Toshiba Machine Co. Ltd. (e)

479,000

4,667

Trancom Co. Ltd.

70,200

1,152

Tyo Productions, Inc. (e)

85,500

145

Ulvac, Inc. (e)

32,000

1,043

Unicom Group Holdings, Inc.

135,600

1,287

Usen Corp. (e)

185,990

1,560

Village Vanguard Co. Ltd. (e)

136

722

Wacom Co. Ltd. (e)

173

423

Yachiyo Industry Co. Ltd.

64,200

1,176

Yamada Denki Co. Ltd.

49,740

4,597

Yamaha Motor Co. Ltd.

57,200

1,511

Yaskawa Electric Corp.

125,000

1,429

Yonkyu Co. Ltd.

135,500

1,477

Yume No Machi Souzou Iinkai Co. Ltd.

67

160

TOTAL JAPAN

456,276

Kazakhstan - 0.1%

JSC Halyk Bank of Kazakhstan unit (a)

49,600

1,116

Korea (South) - 0.8%

Hyunjin Materials Co. Ltd.

69,962

1,974

JVM Co. Ltd.

15,566

799

LG Household & Health Care Ltd.

16,790

2,235

MegaStudy Co. Ltd.

7,425

1,253

NHN Corp.

5,675

888

Osstem Implant Co. Ltd.

17,593

837

SSCP Co. Ltd. (a)

9,567

269

Sung Kwang Bend Co. Ltd.

178,958

2,755

Taewoong Co. Ltd.

16,881

719

Woongjin Coway Co. Ltd.

49,070

1,641

YBM Sisa.com, Inc.

44,849

956

TOTAL KOREA (SOUTH)

14,326

Luxembourg - 0.2%

SES SA FDR (France) unit

142,650

2,803

Malaysia - 0.3%

DiGi.com BHD

95,300

568

Gamuda BHD

495,000

1,136

IJM Plantation BHD

510,500

300

KNM Group BHD

238,600

983

Common Stocks - continued

Shares

Value (000s)

Malaysia - continued

MMC Corp. BHD

357,200

$ 741

Zelan BHD

253,400

874

TOTAL MALAYSIA

4,602

Malta - 0.4%

Unibet Group plc unit

178,456

5,913

Netherlands - 0.5%

Engel East Europe NV

975,032

2,876

Koninklijke Ten Cate NV

94,370

3,834

Tele Atlas NV (Netherlands) (a)

105,000

2,188

TOTAL NETHERLANDS

8,898

Norway - 2.0%

Aker Kvaerner ASA

112,750

2,686

Hafslund ASA (B Shares) (e)

172,870

4,257

Pertra AS (A Shares)

175,642

2,081

ProSafe ASA (e)

328,950

5,126

Schibsted ASA (B Shares)

48,600

2,230

Stepstone ASA (a)

5,212,154

18,398

TOTAL NORWAY

34,778

Oman - 0.1%

BankMuscat SAOG sponsored GDR

158,950

1,971

Papua New Guinea - 0.1%

Lihir Gold Ltd. (a)

1,001,133

2,478

Portugal - 0.2%

Banif SGPS SA

484,850

3,778

Russia - 0.1%

Sistema-Hals JSC unit

91,600

1,379

Singapore - 2.6%

Advent Air Ltd. (f)

14,719,299

3,973

Ascott Residence Trust

654,000

839

Banyan Tree Holdings Ltd.

2,220,000

3,419

CapitaMall Trust

746,000

1,954

Cosco Corp. Singapore Ltd.

2,157,000

4,018

CSE Global Ltd.

2,604,000

3,017

Ezra Holdings Ltd.

310,000

1,306

F J Benjamin Holdings Ltd.

2,892,000

1,618

Hyflux Ltd.

327,000

581

Keppel Corp. Ltd.

68,000

958

Mapletree Logistics Trust (REIT)

1,493,000

1,317

Common Stocks - continued

Shares

Value (000s)

Singapore - continued

Olam International Ltd.

1,031,000

$ 2,145

Parkway Holdings Ltd.

1,648,300

4,297

Rickmers Maritime

2,711,000

2,802

SIA Engineering Co. Ltd.

615,000

1,862

Singapore Land Ltd.

64,000

442

Swissco International Ltd.

1,541,000

827

Unisteel Technology Ltd.

533,000

853

Uol Group Ltd.

1,247,000

3,989

Wing Tai Holdings Ltd.

850,000

1,880

Yangzijiang Shipbuilding Holdings Ltd.

1,634,000

1,420

Yanlord Land Group Ltd.

838,000

1,313

TOTAL SINGAPORE

44,830

South Africa - 2.8%

African Rainbow Minerals Ltd. (a)

291,610

4,927

Illovo Sugar Ltd.

1,385,820

4,004

Investec Ltd.

344,447

4,893

Steinhoff International Holdings Ltd.

6,659,732

23,686

Telkom SA Ltd.

146,300

3,604

Wilson Bayly Holmes-Ovcon Ltd.

446,856

5,869

TOTAL SOUTH AFRICA

46,983

Sweden - 1.3%

Hexagon AB (B Shares) (e)

239,511

10,975

Modern Times Group AB (MTG) (B Shares)

199,460

11,745

TOTAL SWEDEN

22,720

Switzerland - 1.1%

Actelion Ltd. (Reg.) (a)

16,588

3,955

Bucher Industries AG

15,811

2,382

Partners Group Holding

39,750

5,045

Sulzer AG (Reg.)

2,070

2,740

Vontobel Holdings AG

86,450

4,831

TOTAL SWITZERLAND

18,953

Taiwan - 0.2%

China Life Insurance Co. Ltd. (a)

3,063,000

1,319

Sinyi Realty, Inc.

483,000

1,377

TOTAL TAIWAN

2,696

United Kingdom - 16.8%

Accsys Technologies PLC (a)

500,000

2,159

Accuma Group PLC (a)

883,600

1,290

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

ADVFN PLC (a)

19,750,780

$ 1,037

AeroBox PLC (a)

5,694,657

0

Afren PLC (a)(e)

4,580,710

4,946

African Consolidated Resources PLC

7,758,334

2,172

African Copper PLC (a)

1,677,884

2,382

Air Partner PLC

45,000

1,107

Alfred McAlpine Group PLC

359,600

3,381

Alliance Pharma PLC (a)

7,984,200

1,556

Amlin PLC

206,973

1,284

Anglo Asian Mining PLC (a)

4,169,300

1,542

Appian Technology PLC (a)

3,702,924

851

Appian Technology PLC warrants 2/28/08 (a)(h)

479,045

192

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

172

Baltic Oil Terminals PLC

1,314,300

4,704

Belitung Zinc Corp. PLC (h)

7,435,490

1,487

BioCare Solutions PLC (f)

4,849,670

1,648

Bioprogress PLC (a)

5,338,366

6,671

Blackstar Investors PLC (a)

2,735,000

5,633

Block Shield Corp. PLC (a)

1,103,400

2,217

Cambrian Mining PLC

4,026,100

9,660

CareCapital Group PLC

1,495,100

1,016

Celsis International PLC (a)

443,648

1,929

Central African Mining & Exploration Co. PLC (a)

4,497,509

4,946

Centurion Electronics PLC (a)(f)

780,024

179

Clapham House Group PLC (a)

278,850

2,222

Cobra Biomanufacturing PLC (a)

138,200

128

Coffeeheaven International PLC (a)

1,875,340

1,594

Corac Group PLC (a)(f)

5,084,104

3,761

Countermine PLC (a)(h)

4,939

255

Countermine PLC warrants 7/26/06 (a)(h)

4,939

0

CustomVis plc (a)(f)

8,417,536

820

DA Group PLC (a)

905,065

480

Datacash Group PLC

720,000

3,588

Eclipse Energy Co. Ltd. (h)

102,000

1,530

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

27

Financial Payment Systems Ltd. (a)(f)

7,787,504

467

Flomerics Group PLC

449,658

809

Forum Energy PLC (a)

800,270

888

Gasol PLC (a)

7,750,800

988

Gemfields Resources PLC (a)

3,909,100

2,384

Global Coal Management PLC (a)

1,478,451

4,286

Gyrus Group PLC (a)

692,720

6,576

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Hardide Ltd. (a)

6,848,580

$ 1,335

Healthcare Enterprise Group PLC (a)(f)

23,246,074

2,231

Healthcare Enterprise Group PLC warrants 6/30/08 (a)

1,851,769

83

Hot Tuna International PLC (a)

2,349,400

752

Hot Tuna International PLC warrants 2/25/08 (a)(h)

1,179,700

0

Hydrodec Group PLC (a)(f)

11,187,286

5,816

Ideal Shopping Direct PLC

661,592

3,254

IG Group Holdings plc

1,316,600

8,088

Imagelinx PLC (a)(f)

22,912,152

916

Impact Holdings PLC (a)(f)

10,414,000

1,406

Imperial Energy PLC (a)

70,000

1,755

Indago Petroleum Ltd. (a)

357,729

662

Inova Holding PLC

1,443,461

346

International Con Minerals Ltd. (h)

2,659,964

798

International Con Minerals Ltd. warrants 4/30/07 (a)(h)

1,329,982

0

Intertek Group PLC

94,110

1,758

iomart Group PLC

2,037,940

2,160

Irvine Energy PLC (a)

12,895,900

774

ITE Group PLC

2,116,540

7,057

ITM Power PLC (a)

1,780,200

4,627

Jubilee Platinum PLC (a)(f)

5,182,503

12,383

Kalahari Minerals PLC

2,351,800

1,305

KBC Advanced Technologies PLC

917,600

871

Keronite PLC (a)(h)

13,620,267

1,634

KimCor Diamonds PLC (f)

4,185,000

816

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

186

Landround plc (a)(f)

858,600

240

Landround plc warrants 12/11/09 (a)(h)

166,666

15

Lansdowne Oil & Gas PLC

907,620

1,080

Lawrence PLC

187,307

854

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

62

Max Petroleum PLC (a)

9,611,220

34,879

Meggitt PLC

991,949

6,099

MicroEmissive Displays (a)(f)

2,365,500

2,152

Motivcom PLC (f)

1,820,500

4,750

Advanced Fluid Connection PLC (a)

7,009,687

0

Plethora Solutions Holdings PLC (a)

431,818

1,351

Proteome Sciences PLC (a)

780,842

714

Pureprofile Media PLC (h)

1,108,572

831

Pursuit Dynamics PLC (a)

666,667

2,839

Rambler Metals & Mining PLC (a)

1,300,000

1,742

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

RGI International Ltd.

391,550

$ 4,620

Rheochem PLC warrants 12/30/07 (a)

4,364,150

23

Sarantel Group PLC Class A (a)(f)

3,385,900

846

Scottish & Southern Energy PLC

209,000

6,281

SDL plc (a)

863,350

6,452

SDL plc

159,777

1,195

Sibir Energy PLC (a)

84,580

761

Sinclair Pharma PLC (a)

1,128,371

3,046

Sinosoft Technology PLC

4,573,900

1,578

SPI Lasers PLC (a)

406,200

1,836

Stem Cell Sciences PLC

716,649

695

SubSea Resources PLC (a)

7,879,100

1,044

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

72

Tanfield Group PLC (a)

3,072,337

8,124

Target Resources PLC

1,020,000

591

Target Resources PLC warrants 7/12/08 (a)

1,020,000

71

Tersus Energy PLC (a)

1,333,622

360

Third Advance Value Realisation Co. Ltd.

507,108

1,070

TMO Biotec (h)

10,000

1,389

Toledo Mining Corp. PLC (a)(f)

1,764,544

9,702

Triple Plate Junction PLC (a)

1,539,200

869

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

UK Coal PLC

409,200

4,598

Vanco PLC (a)

117,600

1,024

Vectura Group PLC (a)

3,556,060

6,186

Virotec International PLC (a)

3,411,132

921

York Pharma PLC (a)

575,200

1,599

Zenergy Power PLC (a)

922,000

2,728

ZincOx Resources PLC (a)

693,100

4,587

TOTAL UNITED KINGDOM

285,853

United States of America - 2.1%

121Media, Inc. (a)(f)

644,900

20,019

Cyberview Technology, Inc. (a)(f)

996,527

3,238

Frontera Resources Corp. (a)

1,157,200

1,816

Frontier Mining Ltd. (a)(f)

6,771,600

2,403

Solar Integrated Technologies, Inc. (a)

713,573

1,769

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Spacelabs Healthcare, Inc. (a)

707,250

$ 997

XL TechGroup, Inc. (a)

1,329,250

5,289

TOTAL UNITED STATES OF AMERICA

35,531

TOTAL COMMON STOCKS

(Cost $1,218,266)

1,647,234

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $404)

2,175,000

587

Convertible Bonds - 0.2%

Principal
Amount (000s) (d)

Canada - 0.2%

Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061)

CAD

4,714

3,674

Money Market Funds - 13.4%

Shares

Fidelity Cash Central Fund, 5.29% (b)

54,508,258

54,508

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

174,330,943

174,331

TOTAL MONEY MARKET FUNDS

(Cost $228,839)

228,839

TOTAL INVESTMENT PORTFOLIO - 110.2%

(Cost $1,451,570)

1,880,334

NET OTHER ASSETS - (10.2)%

(174,657)

NET ASSETS - 100%

$ 1,705,677

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) 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 end of the period, the value of these securities amounted to $1,249,000 or 0.1% 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 $14,554,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AirSea Lines

8/4/06

$ 1,199

AirSea Lines warrants 8/4/11

8/4/06

$ 0

Appian Technology PLC warrants 2/28/08

2/18/05

$ 0

Belitung Zinc Corp. PLC

1/12/06

$ 1,308

Buried Hill Energy (Cyprus) PCL

8/18/06

$ 2,142

Countermine PLC

12/22/05

$ 443

Countermine PLC warrants 7/26/06

12/22/05

$ 0

Eclipse Energy Co. Ltd.

4/28/05

$ 1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$ 0

International Con Minerals Ltd.

1/30/06

$ 798

International Con Minerals Ltd. warrants 4/30/07

1/30/06

$ 0

Kalahari Energy

9/1/06

$ 1,814

Keronite PLC

8/16/06

$ 1,549

Landround plc warrants 12/11/09

12/12/06

$ 0

Pureprofile Media PLC

5/3/05 - 1/11/06

$ 1,173

Rock Well Petroleum, Inc.

4/13/06

$ 1,004

Starfield Resources, Inc. warrants 5/23/07

5/18/06

$ 0

Starfield Resources, Inc. warrants 1/20/08

1/17/06

$ 0

Stealth Ventures Ltd. warrants 3/12/08

9/21/06

$ 0

TMO Biotec

10/27/05

$ 535

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,570

Fidelity Securities Lending Cash Central Fund

667

Total

$ 2,237

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.

$ 11,748

$ -

$ -

$ -

$ 20,019

Advent Air Ltd.

2,948

-

-

80

3,973

Adwalker PLC

413

-

-

-

388

Avanti Screenmedia Group PLC

9,335

-

8,831

-

-

BDI Mining Corp.

3,288

-

6,306

-

-

BioCare Solutions PLC

2,270

-

150

-

1,648

Bioprogress PLC

9,152

-

3,914

-

-

Cambrian Mining PLC

15,845

-

5,408

182

-

Centurion Electronics PLC

432

-

29

-

179

Corac Group PLC

3,538

-

103

-

3,761

CustomVis plc

134

715

-

-

820

Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.)

4,562

-

-

-

3,238

DA Group PLC

1,236

-

680

-

-

Financial Payment Systems Ltd.

1,485

-

-

-

467

Frontier Mining Ltd.

1,808

-

-

-

2,403

Gasol PLC

1,257

-

-

-

-

Gemfields Resources PLC

5,589

-

1,823

-

-

GMA Resources PLC

3,939

-

3,863

-

-

Hardide Ltd.

1,711

-

233

-

-

Healthcare Enterprise Group PLC

1,010

431

77

-

2,231

Hydrodec Group PLC

8,231

-

1,056

-

5,816

ID Data PLC

925

-

1,169

-

-

Imagelinx PLC (formerly LTG Technologies PLC)

1,948

340

-

-

916

Other Affiliated Issuers - continued

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Impact Holdings PLC

$ 2,086

$ -

$ -

$ -

$ 1,406

Inion OY

1,677

-

111

-

-

Interbulk Investments PLC

1,682

-

1,528

-

-

International Ferro Metals

17,682

1,265

12,943

-

-

Jubilee Platinum PLC

8,789

1,994

4,138

-

12,383

KimCor Diamonds PLC

1,185

-

25

-

816

Landround plc

188

197

-

-

240

Metals Exploration PLC

2,126

-

2,280

-

-

MicroEmissive Displays

1,672

-

685

-

2,152

Mineral Commodities Ltd.

948

-

730

-

-

Motivcom PLC

3,085

-

186

32

4,750

Platinum Mining Corp. of India PLC

2,418

-

2,829

-

-

Rheochem PLC

2,034

-

2,015

-

-

Sarantel Group PLC Class A

677

463

24

-

846

Solomon Gold PLC

905

-

502

-

-

Starfield Resources, Inc.

3,247

-

2,924

-

-

SubSea Resources PLC

2,630

-

-

-

-

Sylvania Resources Ltd.

5,331

557

-

-

10,337

Sylvania Resources Ltd. (United Kingdom)

3,616

-

-

-

6,547

Tanzanite One Ltd.

9,086

-

-

350

9,059

Teleunit Spa

1,122

-

-

-

1,208

Toledo Mining Corp. PLC

3,742

412

-

-

9,702

Visual Defence, Inc.

2,673

-

430

-

1,539

Xceldiam Ltd.

1,946

-

65

3,815

-

Total

$ 173,351

$ 6,374

$ 65,057

$ 4,459

$ 106,844

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2007

Assets

Investment in securities, at value (including securities loaned of $165,030) - See accompanying schedule:

Unaffiliated issuers (cost $1,132,476)

$ 1,544,651

Fidelity Central Funds (cost $228,839)

228,839

Other affiliated issuers (cost $90,255)

106,844

Total Investments (cost $1,451,570)

$ 1,880,334

Cash

10

Foreign currency held at value (cost $2,263)

2,267

Receivable for investments sold

15,921

Receivable for fund shares sold

1,194

Dividends receivable

3,977

Interest receivable

32

Distributions receivable from Fidelity Central Funds

273

Prepaid expenses

7

Other receivables

419

Total assets

1,904,434

Liabilities

Payable for investments purchased

$ 19,244

Payable for fund shares redeemed

3,455

Accrued management fee

1,093

Distribution fees payable

48

Other affiliated payables

362

Other payables and accrued expenses

224

Collateral on securities loaned, at value

174,331

Total liabilities

198,757

Net Assets

$ 1,705,677

Net Assets consist of:

Paid in capital

$ 1,156,699

Undistributed net investment income

6,154

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

114,042

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

428,782

Net Assets

$ 1,705,677

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2007

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($35,916 ÷ 1,309.1 shares)

$ 27.43

Maximum offering price per share (100/94.25 of $27.43)

$ 29.10

Class T:
Net Asset Value and redemption price per share ($38,073 ÷ 1,393.5 shares)

$ 27.32

Maximum offering price per share (100/96.50 of $27.32)

$ 28.31

Class B:
Net Asset Value and offering price per share
($10,725 ÷ 397.6 shares)A

$ 26.97

Class C:
Net Asset Value and offering price per share
($19,292 ÷ 712.3 shares)A

$ 27.08

International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,594,350 ÷ 57,644.2 shares)

$ 27.66

Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,321 ÷ 265.3 shares)

$ 27.60

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

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

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2007

Investment Income

Dividends (including $4,459 earned from other affiliated issuers)

$ 13,620

Interest

223

Income from Fidelity Central Funds

2,237

16,080

Less foreign taxes withheld

(946)

Total income

15,134

Expenses

Management fee
Basic fee

$ 7,515

Performance adjustment

(1,187)

Transfer agent fees

1,870

Distribution fees

296

Accounting and security lending fees

405

Custodian fees and expenses

357

Independent trustees' compensation

3

Registration fees

63

Audit

56

Legal

25

Miscellaneous

7

Total expenses before reductions

9,410

Expense reductions

(447)

8,963

Net investment income (loss)

6,171

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $1)

158,074

Other affiliated issuers

(6,348)

Foreign currency transactions

(51)

Total net realized gain (loss)

151,675

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $4)

124,308

Assets and liabilities in foreign currencies

91

Total change in net unrealized appreciation (depreciation)

124,399

Net gain (loss)

276,074

Net increase (decrease) in net assets resulting from operations

$ 282,245

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30,
2007

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 6,171

$ 6,181

Net realized gain (loss)

151,675

461,201

Change in net unrealized appreciation (depreciation)

124,399

(42,338)

Net increase (decrease) in net assets resulting
from operations

282,245

425,044

Distributions to shareholders from net investment income

(3,787)

(10,829)

Distributions to shareholders from net realized gain

(351,004)

(234,438)

Total distributions

(354,791)

(245,267)

Share transactions - net increase (decrease)

(158,379)

(456,221)

Redemption fees

121

565

Total increase (decrease) in net assets

(230,804)

(275,879)

Net Assets

Beginning of period

1,936,481

2,212,360

End of period (including undistributed net investment income of $6,154 and undistributed net investment income of $5,133, respectively)

$ 1,705,677

$ 1,936,481

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

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.79

$ 26.69

$ 21.25

$ 17.69

$ 12.35

Income from Investment Operations

Net investment income (loss) E

.05

(.02)

.05

.02

.02 H

Net realized and unrealized gain (loss)

4.24

5.05

6.16

3.83

5.30

Total from investment operations

4.29

5.03

6.21

3.85

5.32

Distributions from net investment income

-

(.05)

(.02)

(.02)

-

Distributions from net realized gain

(5.65)

(2.89)

(.77)

(.31)

-

Total distributions

(5.65)

(2.94)

(.79)

(.33)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.43

$ 28.79

$ 26.69

$ 21.25

$ 17.69

Total Return B, C, D

17.53%

20.22%

30.16%

22.36%

43.24%

Ratios to Average Net Assets F, J

Expenses before reductions

1.39% A

1.64%

1.66%

1.71%

1.77% A

Expenses net of fee waivers, if any

1.39% A

1.64%

1.66%

1.71%

1.77% A

Expenses net of all reductions

1.34% A

1.58%

1.63%

1.69%

1.74% A

Net investment income (loss)

.40% A

(.08)%

.21%

.09%

.28% A

Supplemental Data

Net assets, end of period (in millions)

$ 36

$ 37

$ 35

$ 13

$ 5

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.64

$ 26.57

$ 21.20

$ 17.68

$ 12.35

Income from Investment Operations

Net investment income (loss) E

.02

(.09)

(.01)

(.03)

- H, K

Net realized and unrealized gain (loss)

4.23

5.03

6.12

3.83

5.31

Total from investment operations

4.25

4.94

6.11

3.80

5.31

Distributions from net investment income

-

-

-

(.01)

-

Distributions from net realized gain

(5.57)

(2.88)

(.76)

(.31)

-

Total distributions

(5.57)

(2.88)

(.76)

(.32)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.32

$ 28.64

$ 26.57

$ 21.20

$ 17.68

Total Return B, C, D

17.42%

19.93%

29.72%

22.07%

43.16%

Ratios to Average Net Assets F, J

Expenses before reductions

1.62% A

1.89%

1.92%

1.94%

2.12% A

Expenses net of fee waivers, if any

1.62% A

1.89%

1.91%

1.94%

2.12% A

Expenses net of all reductions

1.58% A

1.83%

1.88%

1.92%

2.09% A

Net investment income (loss)

.16% A

(.32)%

(.04)%

(.14)%

(.07)% A

Supplemental Data

Net assets, end of period (in millions)

$ 38

$ 42

$ 42

$ 15

$ 4

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.26

$ 26.24

$ 20.99

$ 17.62

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.05)

(.24)

(.14)

(.16)

(.05) H

Net realized and unrealized gain (loss)

4.17

4.98

6.08

3.80

5.30

Total from investment operations

4.12

4.74

5.94

3.64

5.25

Distributions from net realized gain

(5.41)

(2.73)

(.71)

(.31)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 26.97

$ 28.26

$ 26.24

$ 20.99

$ 17.62

Total Return B, C, D

17.10%

19.28%

29.13%

21.21%

42.67%

Ratios to Average Net Assets F, J

Expenses before reductions

2.16% A

2.48%

2.49%

2.63%

2.76% A

Expenses net of fee waivers, if any

2.16% A

2.40%

2.43%

2.63%

2.76% A

Expenses net of all reductions

2.11% A

2.34%

2.40%

2.60%

2.73% A

Net investment income (loss)

(.38)% A

(.84)%

(.56)%

(.83)%

(.71)% A

Supplemental Data

Net assets, end of period (in millions)

$ 11

$ 11

$ 13

$ 5

$ 1

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.33

$ 26.31

$ 21.04

$ 17.64

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.04)

(.23)

(.13)

(.12)

(.04) H

Net realized and unrealized gain (loss)

4.18

4.99

6.10

3.80

5.31

Total from investment operations

4.14

4.76

5.97

3.68

5.27

Distributions from net investment income

-

-

-

(.01)

-

Distributions from net realized gain

(5.39)

(2.75)

(.72)

(.31)

-

Total distributions

(5.39)

(2.75)

(.72)

(.32)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.08

$ 28.33

$ 26.31

$ 21.04

$ 17.64

Total Return B, C, D

17.09%

19.34%

29.22%

21.43%

42.83%

Ratios to Average Net Assets F, J

Expenses before reductions

2.11% A

2.38%

2.41%

2.43%

2.57% A

Expenses net of fee waivers, if any

2.11% A

2.38%

2.41%

2.43%

2.57% A

Expenses net of all reductions

2.06% A

2.32%

2.38%

2.40%

2.55% A

Net investment income (loss)

(.32)% A

(.81)%

(.54)%

(.62)%

(.52)% A

Supplemental Data

Net assets, end of period (in millions)

$ 19

$ 21

$ 25

$ 9

$ 1

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Small Cap

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003

2002 H

Selected Per-Share Data

Net asset value, beginning of period

$ 29.03

$ 26.89

$ 21.36

$ 17.71

$ 9.87

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.10

.08

.15

.10

.07 G

(.01)

Net realized and unrealized gain (loss)

4.27

5.08

6.19

3.84

7.75

(.12)

Total from investment operations

4.37

5.16

6.34

3.94

7.82

(.13)

Distributions from net investment income

(.07)

(.14)

(.06)

(.02)

-

-

Distributions from net realized gain

(5.67)

(2.89)

(.77)

(.31)

(.02)

-

Total distributions

(5.74)

(3.03)

(.83)

(.33)

(.02)

-

Redemption fees added to paid in capital D

- J

.01

.02

.04

.04

- J

Net asset value, end of period

$ 27.66

$ 29.03

$ 26.89

$ 21.36

$ 17.71

$ 9.87

Total Return B, C

17.73%

20.65%

30.67%

22.84%

79.78%

(1.30)%

Ratios to Average Net Assets E, I

Expenses before reductions

1.04% A

1.28%

1.28%

1.30%

1.54%

13.70% A

Expenses net of fee waivers, if any

1.04% A

1.28%

1.28%

1.30%

1.54%

1.80% A

Expenses net of all reductions

.99% A

1.22%

1.25%

1.28%

1.51%

1.80% A

Net investment income (loss)

.75% A

.29%

.59%

.50%

.46%

(.56)% A

Supplemental Data

Net assets, end of period (in millions)

$ 1,594

$ 1,816

$ 2,090

$ 1,091

$ 547

$ 3

Portfolio turnover rate F

63% A

84%

79%

77%

84%

85% A

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.03 per share. H For the period September 18, 2002 (commencement of operations) to October 31, 2002. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 H

Selected Per-Share Data

Net asset value, beginning of period

$ 28.99

$ 26.86

$ 21.36

$ 17.72

$ 12.35

Income from Investment Operations

Net investment income (loss) D

.10

.08

.14

.10

.04 G

Net realized and unrealized gain (loss)

4.26

5.07

6.18

3.84

5.31

Total from investment operations

4.36

5.15

6.32

3.94

5.35

Distributions from net investment income

(.07)

(.14)

(.07)

(.03)

-

Distributions from net realized gain

(5.67)

(2.89)

(.77)

(.31)

-

Total distributions

(5.75)

(3.03)

(.84)

(.34)

-

Redemption fees added to paid in capital D

- J

.01

.02

.04

.02

Net asset value, end of period

$ 27.60

$ 28.99

$ 26.86

$ 21.36

$ 17.72

Total Return B, C

17.72%

20.65%

30.59%

22.84%

43.48%

Ratios to Average Net Assets E, I

Expenses before reductions

1.04% A

1.29%

1.30%

1.32%

1.51% A

Expenses net of fee waivers, if any

1.04% A

1.29%

1.30%

1.32%

1.51% A

Expenses net of all reductions

.99% A

1.23%

1.27%

1.29%

1.48% A

Net investment income (loss)

.75% A

.28%

.57%

.49%

.54% A

Supplemental Data

Net assets, end of period (in millions)

$ 7

$ 9

$ 7

$ 3

$ .4

Portfolio turnover rate F

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007

(Amounts in thousands except ratios)

1. Organization.

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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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. 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 Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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 will claim 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

$ 538,409

Unrealized depreciation

(129,743)

Net unrealized appreciation (depreciation)

$ 408,666

Cost for federal income tax purposes

$ 1,471,668

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $528,824 and $1,014,952, respectively.

6. 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 .26% 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 relative investment performance of the retail class of the Fund, International Small Cap, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

6. 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%

$ 44

$ 3

Class T

.25%

.25%

98

-

Class B

.75%

.25%

54

41

Class C

.75%

.25%

100

17

$ 296

$ 61

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 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

$ 2

Class T

2

Class B*

13

Class C*

2

$ 19

* 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

6. 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

$ 54

.30

Class T

58

.29

Class B

18

.33

Class C

27

.28

International Small Cap

1,705

.21

Institutional Class

8

.20

$ 1,870

* 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.

7. 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 amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Security Lending - continued

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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $667.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $387 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Small Cap

$ 18

10. 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.

In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

Semiannual Report

10. Other - continued

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Year ended
October 31,
2006

From net investment income

Class A

$ -

$ 62

International Small Cap

3,765

10,726

Institutional Class

22

42

Total

$ 3,787

$ 10,829

From net realized gain

Class A

$ 6,864

$ 3,713

Class T

7,706

4,531

Class B

2,092

1,339

Class C

3,882

2,560

International Small Cap

328,782

221,459

Institutional Class

1,678

836

Total

$ 351,004

$ 234,438

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2007

Year ended
October 31,
2006

Six months ended
April 30,
2007

Year ended
October 31,
2006

Class A

Shares sold

131

335

$ 3,392

$ 9,788

Reinvestment of distributions

252

125

6,096

3,194

Shares redeemed

(349)

(490)

(9,083)

(14,008)

Net increase (decrease)

34

(30)

$ 405

$ (1,026)

Class T

Shares sold

118

413

$ 3,025

$ 11,877

Reinvestment of distributions

297

165

7,166

4,209

Shares redeemed

(487)

(679)

(12,651)

(19,325)

Net increase (decrease)

(72)

(101)

$ (2,460)

$ (3,239)

Class B

Shares sold

12

69

$ 285

$ 1,926

Reinvestment of distributions

79

48

1,892

1,211

Shares redeemed

(95)

(202)

(2,417)

(5,665)

Net increase (decrease)

(4)

(85)

$ (240)

$ (2,528)

Class C

Shares sold

36

146

$ 896

$ 4,106

Reinvestment of distributions

124

80

2,967

2,033

Shares redeemed

(201)

(431)

(5,148)

(11,929)

Net increase (decrease)

(41)

(205)

$ (1,285)

$ (5,790)

International Small Cap

Shares sold

3,551

17,580

$ 93,299

$ 512,573

Reinvestment of distributions

12,767

8,379

311,000

216,010

Shares redeemed

(21,236)

(41,151)

(557,775)

(1,173,251)

Net increase (decrease)

(4,918)

(15,192)

$ (153,476)

$ (444,668)

Institutional Class

Shares sold

31

124

$ 789

$ 3,656

Reinvestment of distributions

39

20

938

506

Shares redeemed

(117)

(109)

(3,050)

(3,132)

Net increase (decrease)

(47)

35

$ (1,323)

$ 1,030

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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 20, 2007

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

15445 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

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

21701 Hawthorne Boulevard
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2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
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Colorado

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

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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

400 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

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, 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

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

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

Semiannual Report

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

Missouri

1524 South Lindbergh Blvd.
St. Louis, 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 Broad Street
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

980 Madison Avenue
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

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
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

6560 Fannin Street
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

279 West South Temple
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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Making Changes
To Your Account

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

Fidelity Investments
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Buying shares

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General Correspondence

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P.O. Box 500
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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

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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Company (formerly Fidelity
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Boston, MA

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ISC-USAN-0607
1.800661.103

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Small Cap

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

Semiannual Report

April 30, 2007

(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>

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,175.30

$ 7.50

HypotheticalA

$ 1,000.00

$ 1,017.90

$ 6.95

Class T

Actual

$ 1,000.00

$ 1,174.20

$ 8.73

HypotheticalA

$ 1,000.00

$ 1,016.76

$ 8.10

Class B

Actual

$ 1,000.00

$ 1,171.00

$ 11.63

HypotheticalA

$ 1,000.00

$ 1,014.08

$ 10.79

Class C

Actual

$ 1,000.00

$ 1,170.90

$ 11.36

HypotheticalA

$ 1,000.00

$ 1,014.33

$ 10.54

International Small Cap

Actual

$ 1,000.00

$ 1,177.30

$ 5.61

HypotheticalA

$ 1,000.00

$ 1,019.64

$ 5.21

Institutional Class

Actual

$ 1,000.00

$ 1,177.20

$ 5.61

HypotheticalA

$ 1,000.00

$ 1,019.64

$ 5.21

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

1.39%

Class T

1.62%

Class B

2.16%

Class C

2.11%

International Small Cap

1.04%

Institutional Class

1.04%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 26.8%

United Kingdom 16.8%

Australia 13.2%

Italy 5.3%

United States of America 5.3%

Germany 3.4%

France 3.2%

Canada 3.2%

South Africa 2.8%

Other 20.0%

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

As of October 31, 2006

Japan 31.2%

United Kingdom 19.2%

Australia 10.5%

United States of America 5.1%

Canada 3.7%

France 3.2%

Germany 3.1%

Italy 2.9%

Bermuda 2.5%

Other 18.6%

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 Investment Companies

96.6

96.1

Bonds

0.2

0.3

Short-Term Investments and Net Other Assets

3.2

3.6

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Banca Italease Spa (Italy, Diversified Financial Services)

2.8

2.3

Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels)

2.0

1.1

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

1.4

1.1

121Media, Inc. (United States of America, Media)

1.2

0.6

Nissin Kogyo Co. Ltd. (Japan, Auto Components)

1.1

1.2

Stepstone ASA (Norway, Commercial Services & Supplies)

1.1

0.4

International Ferro Metals (Australia, Metals & Mining)

1.1

0.9

Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities)

0.9

1.1

E.ON AG (Germany, Electric Utilities)

0.8

0.6

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

0.8

0.7

13.2

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

20.0

15.1

Consumer Discretionary

17.1

16.8

Materials

15.0

16.7

Financials

13.4

11.3

Energy

9.0

10.3

Information Technology

8.4

11.4

Utilities

5.2

4.6

Health Care

4.3

5.4

Consumer Staples

3.7

3.7

Telecommunication Services

0.7

1.1

Semiannual Report

Investments April 30, 2007

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value (000s)

Australia - 13.2%

Allied Gold Ltd. (a)

11,880,000

$ 4,045

AMP Ltd.

377,100

3,366

Aristocrat Leisure Ltd.

109,200

1,505

ASX Ltd.

181,509

7,235

Ausenco Ltd.

344,500

2,100

Austbrokers Holdings Ltd.

1,102,345

4,522

Australian Wealth Management Ltd.

1,555,487

3,165

Babcock & Brown Japan Property Trust

2,892,400

4,684

Babcock & Brown Ltd.

37,200

916

Billabong International Ltd.

185,200

2,538

Boart Longyear Ltd.

1,402,500

2,248

Boral Ltd.

118,200

830

Bradken Ltd.

601,395

4,770

Brambles Ltd. (a)

291,800

3,196

Cabcharge Australia Ltd.

47,600

460

Capital-XX Ltd.

2,262,572

5,089

Centamin Egypt Ltd. (a)

3,589,755

3,158

CFS Retail Property Trust

422,200

810

Cochlear Ltd.

52,400

2,761

Computershare Ltd.

822,772

7,140

David Jones Ltd.

424,100

1,750

Dominos Pizza Enterprises Ltd.

1,671,520

4,234

Downer EDI Ltd.

1,286,173

8,000

Dwyka Resources Ltd. (a)

5,235,220

3,925

Emeco Holdings Ltd.

1,124,900

1,756

European Gas Ltd. (a)

1,673,600

1,028

Flexigroup Ltd.

1,723,400

4,222

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

114

Gunns Ltd.

371,700

1,065

Hastie Group Ltd.

2,671,773

8,343

HFA Holdings Ltd.

2,035,100

3,972

IBT Education Ltd.

377,250

627

Incitec Pivot Ltd.

70,800

2,869

International Ferro Metals (a)

13,067,539

18,028

Invocare Ltd.

64,100

294

Iress Market Technology Ltd.

172,200

1,177

JB Hi-Fi Ltd. (e)

585,900

4,048

Jumbuck Entertainment Ltd. (a)

419,400

557

McGuigan Simeon Wines Ltd.

603,224

1,252

Meo Australia Ltd. (a)

5,066,100

3,828

Mineral Deposits Ltd. (a)

880,900

973

Monto Minerals Ltd. (a)

8,525,252

1,726

Common Stocks - continued

Shares

Value (000s)

Australia - continued

Monto Minerals Ltd. warrants 5/25/09 (a)

1,485,934

$ 30

Mortgage Choice Ltd.

1,851,838

4,844

Oakton Ltd.

184,615

811

Paladin Resources Ltd. (a)(e)

1,328,400

10,590

Phosphagenics Ltd. (a)

9,040,000

2,027

QBE Insurance Group Ltd.

165,423

4,239

realestate.com.au Ltd. (a)

134,764

669

Reverse Corp. Ltd.

493,100

2,007

Roc Oil Co. Ltd. (United Kingdom) (a)

2,864,489

7,646

RP Data Ltd.

1,481,800

2,412

Rubicon Japan Trust

3,266,600

2,740

Seek Ltd.

1,307,939

8,027

SMS Management & Technology Ltd.

315,600

1,190

Sphere Investments Ltd. (a)

1,305,498

1,941

Sylvania Resources Ltd. (a)(f)

7,878,437

10,337

Sylvania Resources Ltd. (United Kingdom) (a)(f)

4,923,630

6,547

Tanami Gold NL

19,652,484

2,611

United Group Ltd.

394,121

5,139

Woolworths Ltd.

373,526

8,779

WorleyParsons Ltd.

102,033

2,330

Wotif.com Holdings Ltd.

348,300

1,238

TOTAL AUSTRALIA

224,480

Austria - 0.3%

Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (e)

106,900

5,530

Bermuda - 2.3%

Aquarius Platinum Ltd. (United Kingdom)

223,390

6,700

Peace Mark Holdings Ltd.

4,910,000

5,524

Petra Diamonds Ltd. (a)

2,461,491

7,825

Ports Design Ltd.

1,798,000

5,057

RC Group (Holdings) Ltd.

752,420

1,677

Sinofert Holdings Ltd.

1,960,000

1,007

Tanzanite One Ltd. (f)

5,808,701

9,059

Trefoil Ltd. (a)

385,100

2,136

VODone Ltd. (a)

2,442,000

930

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

66

TOTAL BERMUDA

39,981

British Virgin Islands - 0.3%

Albidon Ltd. unit (a)

1,469,000

3,113

Kalahari Energy (h)

1,451,000

1,814

TOTAL BRITISH VIRGIN ISLANDS

4,927

Common Stocks - continued

Shares

Value (000s)

Canada - 3.0%

AirSea Lines (a)(h)

1,862,300

$ 1,271

AirSea Lines warrants 8/4/11 (a)(h)

1,862,300

0

Altius Minerals Corp. (a)

374,906

4,351

Antrim Energy, Inc. (a)

274,340

1,315

Antrim Energy, Inc. (a)

800,000

3,863

Bankers Petroleum Ltd. (a)

3,767,000

1,935

First Quantum Minerals Ltd.

45,011

3,108

MagIndustries Corp. (a)

3,635,960

4,914

Oilexco, Inc. (a)

1,394,525

10,969

Rally Energy Corp. (a)

416,720

2,452

Rock Well Petroleum, Inc. (h)

770,400

1,041

Sino-Forest Corp. (a)

67,400

820

Starfield Resources, Inc.:

warrants 5/23/07 (a)(h)

1,313,025

0

warrants 1/20/08 (a)(h)

1,678,100

78

Stealth Ventures Ltd. (a)

966,500

1,176

Stealth Ventures Ltd. warrants 3/12/08 (a)(h)

483,250

78

SXR Uranium One, Inc. (South Africa) (a)

475,740

7,295

Visual Defence, Inc. (a)(f)

4,664,100

1,539

Western Canadian Coal Corp. (a)

1,554,418

3,081

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,096

TOTAL CANADA

50,382

Cayman Islands - 0.6%

China Infrastructure Machinery Holdings Ltd.

646,000

1,234

EcoGreen Fine Chemical Group Ltd.

2,588,000

923

Embry Holdings Ltd.

1,081,000

1,032

Ju Teng International Holdings Ltd. (a)

2,830,000

669

Kingboard Chemical Holdings Ltd.

364,500

1,710

Kingdee International Software Group Co. Ltd.

396,000

310

Lee & Man Paper Manufacturing Ltd.

570,000

1,610

Neo-Neon Holdings Ltd.

1,136,000

1,888

Simcere Pharmaceutical Group sponsored ADR

81,000

1,345

TOTAL CAYMAN ISLANDS

10,721

China - 0.8%

Anhui Conch Cement Co. Ltd. (H Shares)

140,000

564

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

108,500

675

China Hongxing Sports Ltd.

697,000

1,652

China International Marine Containers Co. Ltd. (B Shares)

751,500

1,896

China Mengniu Dairy Co. Ltd.

734,000

2,247

China Merchants Bank Co. Ltd. (H Shares)

264,000

650

Common Stocks - continued

Shares

Value (000s)

China - continued

China Oilfield Services Ltd. (H Shares)

1,682,000

$ 1,436

China Shipping Development Co. Ltd. (H Shares)

182,000

346

Dongfang Electrical Machinery Co. Ltd. (H Shares)

80,000

323

Nine Dragons Paper (Holdings) Ltd.

479,000

976

Shandong Weigao Group Medical Polymer Co. Ltd.

776,000

1,367

Shenzhou International Group Holdings Ltd.

678,000

300

Xinjiang Tianye Water Saving Irrigation System Co. Ltd.

806,000

241

Yantai Changyu Pioneer Wine Co. (B Shares)

174,010

839

TOTAL CHINA

13,512

Cyprus - 0.2%

Buried Hill Energy (Cyprus) PCL (h)

1,947,000

2,142

Marfin Popular Bank Public Co.

173,665

1,995

TOTAL CYPRUS

4,137

Czech Republic - 0.9%

Ceske Energeticke Zavody AS

319,140

15,600

Denmark - 0.3%

DSV de Sammensluttede Vognmaend AS (e)

25,930

5,376

Finland - 1.3%

Inion OY (a)

3,590,300

2,566

Nokian Tyres Ltd.

430,910

13,319

Rakentajain Konevuokraamo Oyj (B Shares)

152,030

6,027

TOTAL FINLAND

21,912

France - 3.2%

Carbone Lorraine

27,400

1,809

Electricite de France

90,900

7,951

ENTREPOSE Contracting

13,692

1,045

Geodis SA

42,180

9,682

Guerbet SA

8,400

1,639

Icade SA (e)

123,018

9,444

Laurent-Perrier Group

31,960

3,829

Norbert Dentressangle SA

38,142

3,628

Seche Environment SA

11,560

2,077

Veolia Environnement (e)

166,000

13,795

TOTAL FRANCE

54,899

Germany - 3.4%

Deutz AG (a)

601,600

9,646

E.ON AG

93,000

13,986

ElringKlinger AG

18,284

1,569

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Fresenius Medical Care AG

88,370

$ 13,316

Interhyp AG

23,450

2,915

Kontron AG

154,620

2,882

MLP AG

89,150

2,230

SGL Carbon AG (a)

272,200

10,686

TOTAL GERMANY

57,230

Greece - 1.0%

Fourlis Holdings SA

110,000

2,756

Hellenic Technodomiki Tev SA

223,750

3,084

Sarantis SA (Reg.)

1,076,638

11,900

TOTAL GREECE

17,740

Hong Kong - 1.0%

Bank of East Asia Ltd.

158,437

980

Cafe de Coral Holdings Ltd.

686,000

1,254

China Overseas Land & Investment Ltd.

1,348,000

1,649

Esprit Holdings Ltd.

246,000

3,003

Fairwood Holdings Ltd. (g)

878,500

1,249

Hang Lung Properties Ltd.

1,208,000

3,606

Li & Fung Ltd.

924,000

2,906

Midland Holdings Ltd.

860,000

534

Tai Cheung Holdings Ltd.

700,000

490

Vtech Holdings Ltd.

281,000

2,130

TOTAL HONG KONG

17,801

India - 0.1%

Deccan Chronicle Holdings Ltd.

95,000

478

INFO Edge India Ltd.

66,039

1,253

TOTAL INDIA

1,731

Indonesia - 0.1%

PT Telkomunikasi Indonesia Tbk Series B

1,463,500

1,692

Ireland - 0.5%

Adwalker PLC (a)(f)

9,125,000

388

Kenmare Resources PLC (a)

2,640,000

2,600

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

1,036

Petroceltic International PLC (a)

13,644,934

3,820

Vimio PLC (a)

867,300

1,145

TOTAL IRELAND

8,989

Israel - 0.3%

Israel Chemicals Ltd.

611,900

4,708

Common Stocks - continued

Shares

Value (000s)

Italy - 5.3%

ASM Spa

626,550

$ 4,222

Banca Italease Spa (e)

790,700

48,107

Enel S.p.A.

543,800

6,192

ERG Spa

71,100

2,013

Guala Closures Spa

475,090

3,697

Hera Spa

1,510,160

6,984

Impregilo Spa (a)

447,350

3,656

Lottomatica Spa

58,540

2,414

Seldovia Native Association, Inc. (SNAI) (a)

1,081,120

11,509

Teleunit Spa (f)

12,719,158

1,208

TOTAL ITALY

90,002

Japan - 26.8%

Abc-Mart, Inc. (e)

333,600

7,449

Access Co. Ltd. (a)

256

385

Adeka Corp.

144,000

1,573

Aeon Fantasy Co. Ltd.

45,120

1,149

Airport Facilities Co. Ltd.

19,200

141

Anritsu Corp. (e)

1,259,000

5,836

AOI Electronics Co. Ltd.

66,100

1,326

ARDEPRO CO., Ltd.

10,626

3,554

Ariake Japan Co. Ltd.

67,300

1,383

Atlus Co. Ltd. (a)

79,800

441

Atrium Co. Ltd.

64,400

1,754

Axell Corp.

384

1,183

Bit-isle, Inc.

1,190

1,252

Bookoff Corp.

166,100

2,799

Brother Industries Ltd.

342,000

4,648

C. Uyemura & Co. Ltd.

40,100

2,463

Cabin Co. Ltd. (e)

104,000

448

CareNet, Inc.

12

30

Chiba Bank Ltd.

382,000

3,158

Chiyoda Corp.

65,000

1,492

CMIC Co. Ltd. (e)

1,670

443

Create SD Co. Ltd.

55,300

931

Dai-ichi Seiko Co. Ltd.

38,200

907

Daido Metal Co. Ltd. (e)

495,000

3,097

Daikokutenbussan Co. Ltd.

52,900

617

Daiseki Co. Ltd. (e)

72,600

1,403

Daito Gyorui Co. Ltd.

252,000

505

Daiwa Securities Group, Inc.

132,000

1,470

Daiwabo Information System Ltd.

202,500

2,743

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Daiwasystem Co. Ltd.

39,800

$ 968

Denyo Co. Ltd.

67,700

716

E*TRADE Securities Co. Ltd. (e)

790

851

Ebara-Udylite Co. Ltd.

8,700

232

Elpida Memory, Inc. (a)(e)

22,300

940

Endo Lighting Corp.

125,600

731

EPS Co. Ltd. (e)

1,465

4,553

Fast Retailing Co. Ltd. (e)

12,300

845

FCM Co. Ltd.

30,800

1,093

FinTech Global, Inc. (e)

563

419

Fuji Heavy Industries Ltd.

176,000

871

Fujitsu Component Ltd. (a)

417

572

Futaba Industrial Co. Ltd.

38,800

938

H-One Co. Ltd.

21,800

324

H.I.S. Co. Ltd.

37,000

1,145

Harakosan Co. Ltd.

1,636

4,202

Harmonic Drive Systems, Inc. (e)

483

2,636

Haseko Corp. (a)

734,500

2,433

Heiwa Real Estate Co. Ltd. (e)

280,000

1,856

Hikari Tsushin, Inc. (e)

279,700

11,143

Hioki EE Corp. (e)

27,000

633

Hiroshima Bank Ltd.

339,000

1,825

Hitachi Construction Machinery Co. Ltd.

407,900

12,732

Hokuriku Electric Industry (e)

205,000

462

Hokuto Corp.

160,100

2,554

Ibiden Co. Ltd.

28,500

1,620

Ichiyoshi Securities Co. Ltd.

102,800

1,651

IDU Co.

1,731

1,860

Imagineer Co. Ltd.

30,100

422

Index Holdings (e)

4,627

1,570

Inpex Holdings, Inc.

184

1,553

Intelligence Ltd. (e)

409

1,060

Intelligent Wave, Inc. (e)

926

484

Ishihara Chemical Co. Ltd.

32,200

592

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

1,145,000

4,462

Itochu Corp.

449,000

4,421

ITOCHU Techno-Solutions Corp.

29,500

1,346

Japan Airport Terminal Co. Ltd.

89,000

1,631

Japan Steel Works Ltd.

478,000

5,637

Jastec Co. Ltd.

238,300

2,456

Joint Corp.

27,200

899

Juroku Bank Ltd.

149,000

877

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Kakaku.com, Inc. (e)

264

$ 768

Kandenko Co. Ltd.

245,000

1,556

Kanematsu Corp. (a)(e)

652,000

1,240

Kawasaki Heavy Industries Ltd.

518,000

2,062

Kenedix, Inc. (e)

217

951

Kibun Food Chemifa Co. Ltd. (e)

36,400

425

Kimoto Co. Ltd.

80,700

430

Kitagawa Seiki Co. Ltd.

84,000

431

KK daVinci Advisors (a)(e)

4,535

4,570

Kobayashi Pharmaceutical Co. Ltd.

62,600

2,342

Konica Minolta Holdings, Inc.

112,500

1,540

Kubota Corp.

91,000

860

Kura Corp. Ltd.

4,580

9,844

Kureha Chemical Industry Co. Ltd.

96,000

470

Kurita Water Industries Ltd.

72,700

1,815

Link Theory Holdings Co. Ltd. (e)

102

120

Mandom Corp.

14,700

376

MCJ Co. Ltd. (a)

1,279

553

Media Global Links Co. Ltd.

648

686

Meiko Electronics Co. Ltd. (e)

46,700

1,424

Micronics Japan Co. Ltd.

117,900

4,078

Mitsuba Corp.

255,000

2,016

Mitsui Engineering & Shipbuilding Co. (e)

262,000

1,174

Mitsui O.S.K. Lines Ltd.

364,000

4,588

Mitsumi Electric Co. Ltd.

70,100

2,338

Miyachi Corp.

60,600

1,062

Miyano Machinery, Inc.

357,000

1,228

Mori Seiki Co. Ltd.

188,300

4,945

Murata Manufacturing Co. Ltd.

59,400

4,378

Nabtesco Corp.

111,000

1,506

Nachi-Fujikoshi Corp. (e)

275,000

1,469

Namco Bandai Holdings, Inc.

67,800

1,102

NIC Corp.

57,100

422

Nidec Corp.

22,400

1,413

Nidec Sankyo Corp. (e)

245,000

1,616

Nihon Dempa Kogyo Co. Ltd. (e)

283,000

13,874

Nihon Kohden Corp.

20,100

454

Nihon Trim Co. Ltd. (e)

193,500

6,860

Nihonwasou Holdings, Inc.

782

435

Nikon Corp.

76,000

1,744

Nippon Carbon Co. Ltd.

351,000

1,385

Nippon Denko Co. Ltd. (e)

1,706,000

9,371

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nippon Paint Co. Ltd.

1,258,000

$ 7,368

Nippon Seiki Co. Ltd.

634,000

13,594

Nippon Suisan Kaisha Co. Ltd.

288,100

1,856

Nippon Yakin Kogyo Co. Ltd. (e)

783,000

7,931

Nissin Kogyo Co. Ltd.

737,400

19,578

Nitto Boseki Co. Ltd.

326,000

1,237

NOK Corp.

625,100

11,631

NSK Ltd.

350,000

3,388

Obara Corp.

1,650

31

Oiles Corp.

77,040

1,655

Okuma Corp.

134,000

1,601

Optoelectronics Co. Ltd.

27,700

331

Otaki Gas Co. Ltd.

15,000

79

Otsuka Corp. (e)

39,400

3,800

Pacific Metals Co. Ltd.

128,000

2,038

Pigeon Corp. (e)

57,700

867

Produce Co. Ltd. (a)(e)

496

2,350

Properst Co. Ltd.

665

1,247

Round One Corp. (e)

2,649

5,475

Ryobi Ltd.

226,000

1,670

Saison Information Systems Co. Ltd.

21,100

175

Sakai Chemical Industry Co. Ltd.

55,000

407

Sammy NetWorks Co. Ltd. (e)

1,075

5,421

Sansha Electric Manufacturing Co. Ltd.

56,000

506

Sanyo Denki Co. Ltd.

16,000

116

Sato Corp. (e)

178,400

3,479

Sawai Pharmaceutical Co. Ltd. (e)

42,200

1,753

Sec Carbon Ltd.

33,000

476

Sega Sammy Holdings, Inc.

20,200

457

Seria Co. Ltd.

482

893

Shaddy Co. Ltd. (e)

118,900

1,366

Shibaura Electronics Co. Ltd.

119,400

2,153

Shikoku Chemicals Corp. (e)

88,000

517

Shimachu Co. Ltd.

80,600

2,187

Shimamura Co. Ltd.

11,800

1,287

Shin Nippon Biomedical Laboratories Ltd. (e)

69,600

1,040

Shin-Kobe Electric Machinery Co. Ltd.

419,000

2,079

Shinohara Systems of Construction Co. Ltd. (a)

678

1,128

Shizuki Electric Co., Inc.

158,000

480

Sojitz Corp. (a)

585,500

2,213

SRI Sports Ltd.

1,294

1,647

St. Marc Holdings Co. Ltd.

15,500

838

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Stanley Electric Co. Ltd.

386,100

$ 7,670

Star Micronics Co. Ltd.

214,700

5,192

Starbucks Coffee Japan Ltd.

2,853

1,254

Stella Chemifa Corp. (e)

19,600

614

Sumco Corp.

26,200

1,139

Sumitomo Corp.

356,300

6,103

Sumitomo Metal Industries Ltd.

578,000

2,935

Sumitomo Titanium Corp. (e)

12,600

1,349

Sumitomo Trust & Banking Co. Ltd.

160,000

1,563

Sun Frontier Fudousan Co. Ltd.

790

1,810

Sunx Ltd. (e)

125,700

954

Suruga Corp.

105,100

2,162

Sysmex Corp. (e)

65,800

2,521

T Rad Co. Ltd. (e)

454,000

2,217

T&D Holdings, Inc.

18,300

1,159

Taiho Kogyo Co. Ltd.

81,200

1,145

Taiyo Ink Manufacturing Co. Ltd.

96,800

2,572

Taiyo Kagaku

73,500

621

Taiyo Nippon Sanso Corp.

222,000

1,930

Takara Holdings, Inc. (e)

324,000

2,400

Takata Corp.

58,400

2,136

Takeuchi Manufacturing Co. Ltd.

10,000

409

Takiron Co. Ltd. (e)

282,000

995

Takisawa Machine Tool Co. Ltd.

524,000

1,273

Telewave, Inc. (e)

392

122

TFP Consulting Group Co. Ltd.

169

419

The Goodwill Group, Inc. (e)

668

419

TOA Valve Holding, Inc.

161

602

Toagosei Co. Ltd.

354,000

1,354

Tohcello Co. Ltd.

99,500

1,049

Toho Zinc Co. Ltd.

272,000

2,353

Tohoku Electric Power Co., Inc.

46,300

1,106

Tokai Carbon Co. Ltd. (e)

216,000

1,860

Tokai Rubber Industries Ltd.

179,700

3,478

Token Corp. (e)

28,110

1,408

Tokyo Gas Co. Ltd.

248,000

1,246

Tokyo Radiator Manufacturing Co. Ltd.

13,700

90

Tokyo Seimitsu Co. Ltd. (e)

65,400

2,260

Tomen Devices Corp. (e)

28,300

493

TonenGeneral Sekiyu KK (e)

122,000

1,313

Topcon Corp.

32,500

489

Toray Industries, Inc.

157,000

1,077

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Torishima Pump Manufacturing Co. Ltd.

55,600

$ 605

Toshiba Machine Co. Ltd. (e)

479,000

4,667

Trancom Co. Ltd.

70,200

1,152

Tyo Productions, Inc. (e)

85,500

145

Ulvac, Inc. (e)

32,000

1,043

Unicom Group Holdings, Inc.

135,600

1,287

Usen Corp. (e)

185,990

1,560

Village Vanguard Co. Ltd. (e)

136

722

Wacom Co. Ltd. (e)

173

423

Yachiyo Industry Co. Ltd.

64,200

1,176

Yamada Denki Co. Ltd.

49,740

4,597

Yamaha Motor Co. Ltd.

57,200

1,511

Yaskawa Electric Corp.

125,000

1,429

Yonkyu Co. Ltd.

135,500

1,477

Yume No Machi Souzou Iinkai Co. Ltd.

67

160

TOTAL JAPAN

456,276

Kazakhstan - 0.1%

JSC Halyk Bank of Kazakhstan unit (a)

49,600

1,116

Korea (South) - 0.8%

Hyunjin Materials Co. Ltd.

69,962

1,974

JVM Co. Ltd.

15,566

799

LG Household & Health Care Ltd.

16,790

2,235

MegaStudy Co. Ltd.

7,425

1,253

NHN Corp.

5,675

888

Osstem Implant Co. Ltd.

17,593

837

SSCP Co. Ltd. (a)

9,567

269

Sung Kwang Bend Co. Ltd.

178,958

2,755

Taewoong Co. Ltd.

16,881

719

Woongjin Coway Co. Ltd.

49,070

1,641

YBM Sisa.com, Inc.

44,849

956

TOTAL KOREA (SOUTH)

14,326

Luxembourg - 0.2%

SES SA FDR (France) unit

142,650

2,803

Malaysia - 0.3%

DiGi.com BHD

95,300

568

Gamuda BHD

495,000

1,136

IJM Plantation BHD

510,500

300

KNM Group BHD

238,600

983

Common Stocks - continued

Shares

Value (000s)

Malaysia - continued

MMC Corp. BHD

357,200

$ 741

Zelan BHD

253,400

874

TOTAL MALAYSIA

4,602

Malta - 0.4%

Unibet Group plc unit

178,456

5,913

Netherlands - 0.5%

Engel East Europe NV

975,032

2,876

Koninklijke Ten Cate NV

94,370

3,834

Tele Atlas NV (Netherlands) (a)

105,000

2,188

TOTAL NETHERLANDS

8,898

Norway - 2.0%

Aker Kvaerner ASA

112,750

2,686

Hafslund ASA (B Shares) (e)

172,870

4,257

Pertra AS (A Shares)

175,642

2,081

ProSafe ASA (e)

328,950

5,126

Schibsted ASA (B Shares)

48,600

2,230

Stepstone ASA (a)

5,212,154

18,398

TOTAL NORWAY

34,778

Oman - 0.1%

BankMuscat SAOG sponsored GDR

158,950

1,971

Papua New Guinea - 0.1%

Lihir Gold Ltd. (a)

1,001,133

2,478

Portugal - 0.2%

Banif SGPS SA

484,850

3,778

Russia - 0.1%

Sistema-Hals JSC unit

91,600

1,379

Singapore - 2.6%

Advent Air Ltd. (f)

14,719,299

3,973

Ascott Residence Trust

654,000

839

Banyan Tree Holdings Ltd.

2,220,000

3,419

CapitaMall Trust

746,000

1,954

Cosco Corp. Singapore Ltd.

2,157,000

4,018

CSE Global Ltd.

2,604,000

3,017

Ezra Holdings Ltd.

310,000

1,306

F J Benjamin Holdings Ltd.

2,892,000

1,618

Hyflux Ltd.

327,000

581

Keppel Corp. Ltd.

68,000

958

Mapletree Logistics Trust (REIT)

1,493,000

1,317

Common Stocks - continued

Shares

Value (000s)

Singapore - continued

Olam International Ltd.

1,031,000

$ 2,145

Parkway Holdings Ltd.

1,648,300

4,297

Rickmers Maritime

2,711,000

2,802

SIA Engineering Co. Ltd.

615,000

1,862

Singapore Land Ltd.

64,000

442

Swissco International Ltd.

1,541,000

827

Unisteel Technology Ltd.

533,000

853

Uol Group Ltd.

1,247,000

3,989

Wing Tai Holdings Ltd.

850,000

1,880

Yangzijiang Shipbuilding Holdings Ltd.

1,634,000

1,420

Yanlord Land Group Ltd.

838,000

1,313

TOTAL SINGAPORE

44,830

South Africa - 2.8%

African Rainbow Minerals Ltd. (a)

291,610

4,927

Illovo Sugar Ltd.

1,385,820

4,004

Investec Ltd.

344,447

4,893

Steinhoff International Holdings Ltd.

6,659,732

23,686

Telkom SA Ltd.

146,300

3,604

Wilson Bayly Holmes-Ovcon Ltd.

446,856

5,869

TOTAL SOUTH AFRICA

46,983

Sweden - 1.3%

Hexagon AB (B Shares) (e)

239,511

10,975

Modern Times Group AB (MTG) (B Shares)

199,460

11,745

TOTAL SWEDEN

22,720

Switzerland - 1.1%

Actelion Ltd. (Reg.) (a)

16,588

3,955

Bucher Industries AG

15,811

2,382

Partners Group Holding

39,750

5,045

Sulzer AG (Reg.)

2,070

2,740

Vontobel Holdings AG

86,450

4,831

TOTAL SWITZERLAND

18,953

Taiwan - 0.2%

China Life Insurance Co. Ltd. (a)

3,063,000

1,319

Sinyi Realty, Inc.

483,000

1,377

TOTAL TAIWAN

2,696

United Kingdom - 16.8%

Accsys Technologies PLC (a)

500,000

2,159

Accuma Group PLC (a)

883,600

1,290

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

ADVFN PLC (a)

19,750,780

$ 1,037

AeroBox PLC (a)

5,694,657

0

Afren PLC (a)(e)

4,580,710

4,946

African Consolidated Resources PLC

7,758,334

2,172

African Copper PLC (a)

1,677,884

2,382

Air Partner PLC

45,000

1,107

Alfred McAlpine Group PLC

359,600

3,381

Alliance Pharma PLC (a)

7,984,200

1,556

Amlin PLC

206,973

1,284

Anglo Asian Mining PLC (a)

4,169,300

1,542

Appian Technology PLC (a)

3,702,924

851

Appian Technology PLC warrants 2/28/08 (a)(h)

479,045

192

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

172

Baltic Oil Terminals PLC

1,314,300

4,704

Belitung Zinc Corp. PLC (h)

7,435,490

1,487

BioCare Solutions PLC (f)

4,849,670

1,648

Bioprogress PLC (a)

5,338,366

6,671

Blackstar Investors PLC (a)

2,735,000

5,633

Block Shield Corp. PLC (a)

1,103,400

2,217

Cambrian Mining PLC

4,026,100

9,660

CareCapital Group PLC

1,495,100

1,016

Celsis International PLC (a)

443,648

1,929

Central African Mining & Exploration Co. PLC (a)

4,497,509

4,946

Centurion Electronics PLC (a)(f)

780,024

179

Clapham House Group PLC (a)

278,850

2,222

Cobra Biomanufacturing PLC (a)

138,200

128

Coffeeheaven International PLC (a)

1,875,340

1,594

Corac Group PLC (a)(f)

5,084,104

3,761

Countermine PLC (a)(h)

4,939

255

Countermine PLC warrants 7/26/06 (a)(h)

4,939

0

CustomVis plc (a)(f)

8,417,536

820

DA Group PLC (a)

905,065

480

Datacash Group PLC

720,000

3,588

Eclipse Energy Co. Ltd. (h)

102,000

1,530

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

27

Financial Payment Systems Ltd. (a)(f)

7,787,504

467

Flomerics Group PLC

449,658

809

Forum Energy PLC (a)

800,270

888

Gasol PLC (a)

7,750,800

988

Gemfields Resources PLC (a)

3,909,100

2,384

Global Coal Management PLC (a)

1,478,451

4,286

Gyrus Group PLC (a)

692,720

6,576

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Hardide Ltd. (a)

6,848,580

$ 1,335

Healthcare Enterprise Group PLC (a)(f)

23,246,074

2,231

Healthcare Enterprise Group PLC warrants 6/30/08 (a)

1,851,769

83

Hot Tuna International PLC (a)

2,349,400

752

Hot Tuna International PLC warrants 2/25/08 (a)(h)

1,179,700

0

Hydrodec Group PLC (a)(f)

11,187,286

5,816

Ideal Shopping Direct PLC

661,592

3,254

IG Group Holdings plc

1,316,600

8,088

Imagelinx PLC (a)(f)

22,912,152

916

Impact Holdings PLC (a)(f)

10,414,000

1,406

Imperial Energy PLC (a)

70,000

1,755

Indago Petroleum Ltd. (a)

357,729

662

Inova Holding PLC

1,443,461

346

International Con Minerals Ltd. (h)

2,659,964

798

International Con Minerals Ltd. warrants 4/30/07 (a)(h)

1,329,982

0

Intertek Group PLC

94,110

1,758

iomart Group PLC

2,037,940

2,160

Irvine Energy PLC (a)

12,895,900

774

ITE Group PLC

2,116,540

7,057

ITM Power PLC (a)

1,780,200

4,627

Jubilee Platinum PLC (a)(f)

5,182,503

12,383

Kalahari Minerals PLC

2,351,800

1,305

KBC Advanced Technologies PLC

917,600

871

Keronite PLC (a)(h)

13,620,267

1,634

KimCor Diamonds PLC (f)

4,185,000

816

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

186

Landround plc (a)(f)

858,600

240

Landround plc warrants 12/11/09 (a)(h)

166,666

15

Lansdowne Oil & Gas PLC

907,620

1,080

Lawrence PLC

187,307

854

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

62

Max Petroleum PLC (a)

9,611,220

34,879

Meggitt PLC

991,949

6,099

MicroEmissive Displays (a)(f)

2,365,500

2,152

Motivcom PLC (f)

1,820,500

4,750

Advanced Fluid Connection PLC (a)

7,009,687

0

Plethora Solutions Holdings PLC (a)

431,818

1,351

Proteome Sciences PLC (a)

780,842

714

Pureprofile Media PLC (h)

1,108,572

831

Pursuit Dynamics PLC (a)

666,667

2,839

Rambler Metals & Mining PLC (a)

1,300,000

1,742

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

RGI International Ltd.

391,550

$ 4,620

Rheochem PLC warrants 12/30/07 (a)

4,364,150

23

Sarantel Group PLC Class A (a)(f)

3,385,900

846

Scottish & Southern Energy PLC

209,000

6,281

SDL plc (a)

863,350

6,452

SDL plc

159,777

1,195

Sibir Energy PLC (a)

84,580

761

Sinclair Pharma PLC (a)

1,128,371

3,046

Sinosoft Technology PLC

4,573,900

1,578

SPI Lasers PLC (a)

406,200

1,836

Stem Cell Sciences PLC

716,649

695

SubSea Resources PLC (a)

7,879,100

1,044

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

72

Tanfield Group PLC (a)

3,072,337

8,124

Target Resources PLC

1,020,000

591

Target Resources PLC warrants 7/12/08 (a)

1,020,000

71

Tersus Energy PLC (a)

1,333,622

360

Third Advance Value Realisation Co. Ltd.

507,108

1,070

TMO Biotec (h)

10,000

1,389

Toledo Mining Corp. PLC (a)(f)

1,764,544

9,702

Triple Plate Junction PLC (a)

1,539,200

869

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

UK Coal PLC

409,200

4,598

Vanco PLC (a)

117,600

1,024

Vectura Group PLC (a)

3,556,060

6,186

Virotec International PLC (a)

3,411,132

921

York Pharma PLC (a)

575,200

1,599

Zenergy Power PLC (a)

922,000

2,728

ZincOx Resources PLC (a)

693,100

4,587

TOTAL UNITED KINGDOM

285,853

United States of America - 2.1%

121Media, Inc. (a)(f)

644,900

20,019

Cyberview Technology, Inc. (a)(f)

996,527

3,238

Frontera Resources Corp. (a)

1,157,200

1,816

Frontier Mining Ltd. (a)(f)

6,771,600

2,403

Solar Integrated Technologies, Inc. (a)

713,573

1,769

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Spacelabs Healthcare, Inc. (a)

707,250

$ 997

XL TechGroup, Inc. (a)

1,329,250

5,289

TOTAL UNITED STATES OF AMERICA

35,531

TOTAL COMMON STOCKS

(Cost $1,218,266)

1,647,234

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $404)

2,175,000

587

Convertible Bonds - 0.2%

Principal
Amount (000s) (d)

Canada - 0.2%

Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061)

CAD

4,714

3,674

Money Market Funds - 13.4%

Shares

Fidelity Cash Central Fund, 5.29% (b)

54,508,258

54,508

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

174,330,943

174,331

TOTAL MONEY MARKET FUNDS

(Cost $228,839)

228,839

TOTAL INVESTMENT PORTFOLIO - 110.2%

(Cost $1,451,570)

1,880,334

NET OTHER ASSETS - (10.2)%

(174,657)

NET ASSETS - 100%

$ 1,705,677

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) 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 end of the period, the value of these securities amounted to $1,249,000 or 0.1% 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 $14,554,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AirSea Lines

8/4/06

$ 1,199

AirSea Lines warrants 8/4/11

8/4/06

$ 0

Appian Technology PLC warrants 2/28/08

2/18/05

$ 0

Belitung Zinc Corp. PLC

1/12/06

$ 1,308

Buried Hill Energy (Cyprus) PCL

8/18/06

$ 2,142

Countermine PLC

12/22/05

$ 443

Countermine PLC warrants 7/26/06

12/22/05

$ 0

Eclipse Energy Co. Ltd.

4/28/05

$ 1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$ 0

International Con Minerals Ltd.

1/30/06

$ 798

International Con Minerals Ltd. warrants 4/30/07

1/30/06

$ 0

Kalahari Energy

9/1/06

$ 1,814

Keronite PLC

8/16/06

$ 1,549

Landround plc warrants 12/11/09

12/12/06

$ 0

Pureprofile Media PLC

5/3/05 - 1/11/06

$ 1,173

Rock Well Petroleum, Inc.

4/13/06

$ 1,004

Starfield Resources, Inc. warrants 5/23/07

5/18/06

$ 0

Starfield Resources, Inc. warrants 1/20/08

1/17/06

$ 0

Stealth Ventures Ltd. warrants 3/12/08

9/21/06

$ 0

TMO Biotec

10/27/05

$ 535

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,570

Fidelity Securities Lending Cash Central Fund

667

Total

$ 2,237

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.

$ 11,748

$ -

$ -

$ -

$ 20,019

Advent Air Ltd.

2,948

-

-

80

3,973

Adwalker PLC

413

-

-

-

388

Avanti Screenmedia Group PLC

9,335

-

8,831

-

-

BDI Mining Corp.

3,288

-

6,306

-

-

BioCare Solutions PLC

2,270

-

150

-

1,648

Bioprogress PLC

9,152

-

3,914

-

-

Cambrian Mining PLC

15,845

-

5,408

182

-

Centurion Electronics PLC

432

-

29

-

179

Corac Group PLC

3,538

-

103

-

3,761

CustomVis plc

134

715

-

-

820

Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.)

4,562

-

-

-

3,238

DA Group PLC

1,236

-

680

-

-

Financial Payment Systems Ltd.

1,485

-

-

-

467

Frontier Mining Ltd.

1,808

-

-

-

2,403

Gasol PLC

1,257

-

-

-

-

Gemfields Resources PLC

5,589

-

1,823

-

-

GMA Resources PLC

3,939

-

3,863

-

-

Hardide Ltd.

1,711

-

233

-

-

Healthcare Enterprise Group PLC

1,010

431

77

-

2,231

Hydrodec Group PLC

8,231

-

1,056

-

5,816

ID Data PLC

925

-

1,169

-

-

Imagelinx PLC (formerly LTG Technologies PLC)

1,948

340

-

-

916

Other Affiliated Issuers - continued

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Impact Holdings PLC

$ 2,086

$ -

$ -

$ -

$ 1,406

Inion OY

1,677

-

111

-

-

Interbulk Investments PLC

1,682

-

1,528

-

-

International Ferro Metals

17,682

1,265

12,943

-

-

Jubilee Platinum PLC

8,789

1,994

4,138

-

12,383

KimCor Diamonds PLC

1,185

-

25

-

816

Landround plc

188

197

-

-

240

Metals Exploration PLC

2,126

-

2,280

-

-

MicroEmissive Displays

1,672

-

685

-

2,152

Mineral Commodities Ltd.

948

-

730

-

-

Motivcom PLC

3,085

-

186

32

4,750

Platinum Mining Corp. of India PLC

2,418

-

2,829

-

-

Rheochem PLC

2,034

-

2,015

-

-

Sarantel Group PLC Class A

677

463

24

-

846

Solomon Gold PLC

905

-

502

-

-

Starfield Resources, Inc.

3,247

-

2,924

-

-

SubSea Resources PLC

2,630

-

-

-

-

Sylvania Resources Ltd.

5,331

557

-

-

10,337

Sylvania Resources Ltd. (United Kingdom)

3,616

-

-

-

6,547

Tanzanite One Ltd.

9,086

-

-

350

9,059

Teleunit Spa

1,122

-

-

-

1,208

Toledo Mining Corp. PLC

3,742

412

-

-

9,702

Visual Defence, Inc.

2,673

-

430

-

1,539

Xceldiam Ltd.

1,946

-

65

3,815

-

Total

$ 173,351

$ 6,374

$ 65,057

$ 4,459

$ 106,844

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2007

Assets

Investment in securities, at value (including securities loaned of $165,030) - See accompanying schedule:

Unaffiliated issuers (cost $1,132,476)

$ 1,544,651

Fidelity Central Funds (cost $228,839)

228,839

Other affiliated issuers (cost $90,255)

106,844

Total Investments (cost $1,451,570)

$ 1,880,334

Cash

10

Foreign currency held at value (cost $2,263)

2,267

Receivable for investments sold

15,921

Receivable for fund shares sold

1,194

Dividends receivable

3,977

Interest receivable

32

Distributions receivable from Fidelity Central Funds

273

Prepaid expenses

7

Other receivables

419

Total assets

1,904,434

Liabilities

Payable for investments purchased

$ 19,244

Payable for fund shares redeemed

3,455

Accrued management fee

1,093

Distribution fees payable

48

Other affiliated payables

362

Other payables and accrued expenses

224

Collateral on securities loaned, at value

174,331

Total liabilities

198,757

Net Assets

$ 1,705,677

Net Assets consist of:

Paid in capital

$ 1,156,699

Undistributed net investment income

6,154

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

114,042

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

428,782

Net Assets

$ 1,705,677

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2007

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($35,916 ÷ 1,309.1 shares)

$ 27.43

Maximum offering price per share (100/94.25 of $27.43)

$ 29.10

Class T:
Net Asset Value and redemption price per share ($38,073 ÷ 1,393.5 shares)

$ 27.32

Maximum offering price per share (100/96.50 of $27.32)

$ 28.31

Class B:
Net Asset Value and offering price per share
($10,725 ÷ 397.6 shares)A

$ 26.97

Class C:
Net Asset Value and offering price per share
($19,292 ÷ 712.3 shares)A

$ 27.08

International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,594,350 ÷ 57,644.2 shares)

$ 27.66

Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,321 ÷ 265.3 shares)

$ 27.60

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

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

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2007

Investment Income

Dividends (including $4,459 earned from other affiliated issuers)

$ 13,620

Interest

223

Income from Fidelity Central Funds

2,237

16,080

Less foreign taxes withheld

(946)

Total income

15,134

Expenses

Management fee
Basic fee

$ 7,515

Performance adjustment

(1,187)

Transfer agent fees

1,870

Distribution fees

296

Accounting and security lending fees

405

Custodian fees and expenses

357

Independent trustees' compensation

3

Registration fees

63

Audit

56

Legal

25

Miscellaneous

7

Total expenses before reductions

9,410

Expense reductions

(447)

8,963

Net investment income (loss)

6,171

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $1)

158,074

Other affiliated issuers

(6,348)

Foreign currency transactions

(51)

Total net realized gain (loss)

151,675

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $4)

124,308

Assets and liabilities in foreign currencies

91

Total change in net unrealized appreciation (depreciation)

124,399

Net gain (loss)

276,074

Net increase (decrease) in net assets resulting from operations

$ 282,245

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30,
2007

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 6,171

$ 6,181

Net realized gain (loss)

151,675

461,201

Change in net unrealized appreciation (depreciation)

124,399

(42,338)

Net increase (decrease) in net assets resulting
from operations

282,245

425,044

Distributions to shareholders from net investment income

(3,787)

(10,829)

Distributions to shareholders from net realized gain

(351,004)

(234,438)

Total distributions

(354,791)

(245,267)

Share transactions - net increase (decrease)

(158,379)

(456,221)

Redemption fees

121

565

Total increase (decrease) in net assets

(230,804)

(275,879)

Net Assets

Beginning of period

1,936,481

2,212,360

End of period (including undistributed net investment income of $6,154 and undistributed net investment income of $5,133, respectively)

$ 1,705,677

$ 1,936,481

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

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.79

$ 26.69

$ 21.25

$ 17.69

$ 12.35

Income from Investment Operations

Net investment income (loss) E

.05

(.02)

.05

.02

.02 H

Net realized and unrealized gain (loss)

4.24

5.05

6.16

3.83

5.30

Total from investment operations

4.29

5.03

6.21

3.85

5.32

Distributions from net investment income

-

(.05)

(.02)

(.02)

-

Distributions from net realized gain

(5.65)

(2.89)

(.77)

(.31)

-

Total distributions

(5.65)

(2.94)

(.79)

(.33)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.43

$ 28.79

$ 26.69

$ 21.25

$ 17.69

Total Return B, C, D

17.53%

20.22%

30.16%

22.36%

43.24%

Ratios to Average Net Assets F, J

Expenses before reductions

1.39% A

1.64%

1.66%

1.71%

1.77% A

Expenses net of fee waivers, if any

1.39% A

1.64%

1.66%

1.71%

1.77% A

Expenses net of all reductions

1.34% A

1.58%

1.63%

1.69%

1.74% A

Net investment income (loss)

.40% A

(.08)%

.21%

.09%

.28% A

Supplemental Data

Net assets, end of period (in millions)

$ 36

$ 37

$ 35

$ 13

$ 5

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.64

$ 26.57

$ 21.20

$ 17.68

$ 12.35

Income from Investment Operations

Net investment income (loss) E

.02

(.09)

(.01)

(.03)

- H, K

Net realized and unrealized gain (loss)

4.23

5.03

6.12

3.83

5.31

Total from investment operations

4.25

4.94

6.11

3.80

5.31

Distributions from net investment income

-

-

-

(.01)

-

Distributions from net realized gain

(5.57)

(2.88)

(.76)

(.31)

-

Total distributions

(5.57)

(2.88)

(.76)

(.32)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.32

$ 28.64

$ 26.57

$ 21.20

$ 17.68

Total Return B, C, D

17.42%

19.93%

29.72%

22.07%

43.16%

Ratios to Average Net Assets F, J

Expenses before reductions

1.62% A

1.89%

1.92%

1.94%

2.12% A

Expenses net of fee waivers, if any

1.62% A

1.89%

1.91%

1.94%

2.12% A

Expenses net of all reductions

1.58% A

1.83%

1.88%

1.92%

2.09% A

Net investment income (loss)

.16% A

(.32)%

(.04)%

(.14)%

(.07)% A

Supplemental Data

Net assets, end of period (in millions)

$ 38

$ 42

$ 42

$ 15

$ 4

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.26

$ 26.24

$ 20.99

$ 17.62

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.05)

(.24)

(.14)

(.16)

(.05) H

Net realized and unrealized gain (loss)

4.17

4.98

6.08

3.80

5.30

Total from investment operations

4.12

4.74

5.94

3.64

5.25

Distributions from net realized gain

(5.41)

(2.73)

(.71)

(.31)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 26.97

$ 28.26

$ 26.24

$ 20.99

$ 17.62

Total Return B, C, D

17.10%

19.28%

29.13%

21.21%

42.67%

Ratios to Average Net Assets F, J

Expenses before reductions

2.16% A

2.48%

2.49%

2.63%

2.76% A

Expenses net of fee waivers, if any

2.16% A

2.40%

2.43%

2.63%

2.76% A

Expenses net of all reductions

2.11% A

2.34%

2.40%

2.60%

2.73% A

Net investment income (loss)

(.38)% A

(.84)%

(.56)%

(.83)%

(.71)% A

Supplemental Data

Net assets, end of period (in millions)

$ 11

$ 11

$ 13

$ 5

$ 1

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.33

$ 26.31

$ 21.04

$ 17.64

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.04)

(.23)

(.13)

(.12)

(.04) H

Net realized and unrealized gain (loss)

4.18

4.99

6.10

3.80

5.31

Total from investment operations

4.14

4.76

5.97

3.68

5.27

Distributions from net investment income

-

-

-

(.01)

-

Distributions from net realized gain

(5.39)

(2.75)

(.72)

(.31)

-

Total distributions

(5.39)

(2.75)

(.72)

(.32)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.08

$ 28.33

$ 26.31

$ 21.04

$ 17.64

Total Return B, C, D

17.09%

19.34%

29.22%

21.43%

42.83%

Ratios to Average Net Assets F, J

Expenses before reductions

2.11% A

2.38%

2.41%

2.43%

2.57% A

Expenses net of fee waivers, if any

2.11% A

2.38%

2.41%

2.43%

2.57% A

Expenses net of all reductions

2.06% A

2.32%

2.38%

2.40%

2.55% A

Net investment income (loss)

(.32)% A

(.81)%

(.54)%

(.62)%

(.52)% A

Supplemental Data

Net assets, end of period (in millions)

$ 19

$ 21

$ 25

$ 9

$ 1

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Small Cap

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003

2002 H

Selected Per-Share Data

Net asset value, beginning of period

$ 29.03

$ 26.89

$ 21.36

$ 17.71

$ 9.87

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.10

.08

.15

.10

.07 G

(.01)

Net realized and unrealized gain (loss)

4.27

5.08

6.19

3.84

7.75

(.12)

Total from investment operations

4.37

5.16

6.34

3.94

7.82

(.13)

Distributions from net investment income

(.07)

(.14)

(.06)

(.02)

-

-

Distributions from net realized gain

(5.67)

(2.89)

(.77)

(.31)

(.02)

-

Total distributions

(5.74)

(3.03)

(.83)

(.33)

(.02)

-

Redemption fees added to paid in capital D

- J

.01

.02

.04

.04

- J

Net asset value, end of period

$ 27.66

$ 29.03

$ 26.89

$ 21.36

$ 17.71

$ 9.87

Total Return B, C

17.73%

20.65%

30.67%

22.84%

79.78%

(1.30)%

Ratios to Average Net Assets E, I

Expenses before reductions

1.04% A

1.28%

1.28%

1.30%

1.54%

13.70% A

Expenses net of fee waivers, if any

1.04% A

1.28%

1.28%

1.30%

1.54%

1.80% A

Expenses net of all reductions

.99% A

1.22%

1.25%

1.28%

1.51%

1.80% A

Net investment income (loss)

.75% A

.29%

.59%

.50%

.46%

(.56)% A

Supplemental Data

Net assets, end of period (in millions)

$ 1,594

$ 1,816

$ 2,090

$ 1,091

$ 547

$ 3

Portfolio turnover rate F

63% A

84%

79%

77%

84%

85% A

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.03 per share. H For the period September 18, 2002 (commencement of operations) to October 31, 2002. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 H

Selected Per-Share Data

Net asset value, beginning of period

$ 28.99

$ 26.86

$ 21.36

$ 17.72

$ 12.35

Income from Investment Operations

Net investment income (loss) D

.10

.08

.14

.10

.04 G

Net realized and unrealized gain (loss)

4.26

5.07

6.18

3.84

5.31

Total from investment operations

4.36

5.15

6.32

3.94

5.35

Distributions from net investment income

(.07)

(.14)

(.07)

(.03)

-

Distributions from net realized gain

(5.67)

(2.89)

(.77)

(.31)

-

Total distributions

(5.75)

(3.03)

(.84)

(.34)

-

Redemption fees added to paid in capital D

- J

.01

.02

.04

.02

Net asset value, end of period

$ 27.60

$ 28.99

$ 26.86

$ 21.36

$ 17.72

Total Return B, C

17.72%

20.65%

30.59%

22.84%

43.48%

Ratios to Average Net Assets E, I

Expenses before reductions

1.04% A

1.29%

1.30%

1.32%

1.51% A

Expenses net of fee waivers, if any

1.04% A

1.29%

1.30%

1.32%

1.51% A

Expenses net of all reductions

.99% A

1.23%

1.27%

1.29%

1.48% A

Net investment income (loss)

.75% A

.28%

.57%

.49%

.54% A

Supplemental Data

Net assets, end of period (in millions)

$ 7

$ 9

$ 7

$ 3

$ .4

Portfolio turnover rate F

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007

(Amounts in thousands except ratios)

1. Organization.

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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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. 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 Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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 will claim 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

$ 538,409

Unrealized depreciation

(129,743)

Net unrealized appreciation (depreciation)

$ 408,666

Cost for federal income tax purposes

$ 1,471,668

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $528,824 and $1,014,952, respectively.

6. 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 .26% 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 relative investment performance of the retail class of the Fund, International Small Cap, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

6. 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%

$ 44

$ 3

Class T

.25%

.25%

98

-

Class B

.75%

.25%

54

41

Class C

.75%

.25%

100

17

$ 296

$ 61

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 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

$ 2

Class T

2

Class B*

13

Class C*

2

$ 19

* 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

6. 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

$ 54

.30

Class T

58

.29

Class B

18

.33

Class C

27

.28

International Small Cap

1,705

.21

Institutional Class

8

.20

$ 1,870

* 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.

7. 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 amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Security Lending - continued

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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $667.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $387 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Small Cap

$ 18

10. 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.

In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

Semiannual Report

10. Other - continued

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Year ended
October 31,
2006

From net investment income

Class A

$ -

$ 62

International Small Cap

3,765

10,726

Institutional Class

22

42

Total

$ 3,787

$ 10,829

From net realized gain

Class A

$ 6,864

$ 3,713

Class T

7,706

4,531

Class B

2,092

1,339

Class C

3,882

2,560

International Small Cap

328,782

221,459

Institutional Class

1,678

836

Total

$ 351,004

$ 234,438

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2007

Year ended
October 31,
2006

Six months ended
April 30,
2007

Year ended
October 31,
2006

Class A

Shares sold

131

335

$ 3,392

$ 9,788

Reinvestment of distributions

252

125

6,096

3,194

Shares redeemed

(349)

(490)

(9,083)

(14,008)

Net increase (decrease)

34

(30)

$ 405

$ (1,026)

Class T

Shares sold

118

413

$ 3,025

$ 11,877

Reinvestment of distributions

297

165

7,166

4,209

Shares redeemed

(487)

(679)

(12,651)

(19,325)

Net increase (decrease)

(72)

(101)

$ (2,460)

$ (3,239)

Class B

Shares sold

12

69

$ 285

$ 1,926

Reinvestment of distributions

79

48

1,892

1,211

Shares redeemed

(95)

(202)

(2,417)

(5,665)

Net increase (decrease)

(4)

(85)

$ (240)

$ (2,528)

Class C

Shares sold

36

146

$ 896

$ 4,106

Reinvestment of distributions

124

80

2,967

2,033

Shares redeemed

(201)

(431)

(5,148)

(11,929)

Net increase (decrease)

(41)

(205)

$ (1,285)

$ (5,790)

International Small Cap

Shares sold

3,551

17,580

$ 93,299

$ 512,573

Reinvestment of distributions

12,767

8,379

311,000

216,010

Shares redeemed

(21,236)

(41,151)

(557,775)

(1,173,251)

Net increase (decrease)

(4,918)

(15,192)

$ (153,476)

$ (444,668)

Institutional Class

Shares sold

31

124

$ 789

$ 3,656

Reinvestment of distributions

39

20

938

506

Shares redeemed

(117)

(109)

(3,050)

(3,132)

Net increase (decrease)

(47)

35

$ (1,323)

$ 1,030

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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 20, 2007

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

AISC-USAN-0607
1.800643.103

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Small Cap

Fund - Institutional Class

Semiannual Report

April 30, 2007

(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>

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,175.30

$ 7.50

HypotheticalA

$ 1,000.00

$ 1,017.90

$ 6.95

Class T

Actual

$ 1,000.00

$ 1,174.20

$ 8.73

HypotheticalA

$ 1,000.00

$ 1,016.76

$ 8.10

Class B

Actual

$ 1,000.00

$ 1,171.00

$ 11.63

HypotheticalA

$ 1,000.00

$ 1,014.08

$ 10.79

Class C

Actual

$ 1,000.00

$ 1,170.90

$ 11.36

HypotheticalA

$ 1,000.00

$ 1,014.33

$ 10.54

International Small Cap

Actual

$ 1,000.00

$ 1,177.30

$ 5.61

HypotheticalA

$ 1,000.00

$ 1,019.64

$ 5.21

Institutional Class

Actual

$ 1,000.00

$ 1,177.20

$ 5.61

HypotheticalA

$ 1,000.00

$ 1,019.64

$ 5.21

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

1.39%

Class T

1.62%

Class B

2.16%

Class C

2.11%

International Small Cap

1.04%

Institutional Class

1.04%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 26.8%

United Kingdom 16.8%

Australia 13.2%

Italy 5.3%

United States of America 5.3%

Germany 3.4%

France 3.2%

Canada 3.2%

South Africa 2.8%

Other 20.0%

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

As of October 31, 2006

Japan 31.2%

United Kingdom 19.2%

Australia 10.5%

United States of America 5.1%

Canada 3.7%

France 3.2%

Germany 3.1%

Italy 2.9%

Bermuda 2.5%

Other 18.6%

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 Investment Companies

96.6

96.1

Bonds

0.2

0.3

Short-Term Investments and Net Other Assets

3.2

3.6

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Banca Italease Spa (Italy, Diversified Financial Services)

2.8

2.3

Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels)

2.0

1.1

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

1.4

1.1

121Media, Inc. (United States of America, Media)

1.2

0.6

Nissin Kogyo Co. Ltd. (Japan, Auto Components)

1.1

1.2

Stepstone ASA (Norway, Commercial Services & Supplies)

1.1

0.4

International Ferro Metals (Australia, Metals & Mining)

1.1

0.9

Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities)

0.9

1.1

E.ON AG (Germany, Electric Utilities)

0.8

0.6

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

0.8

0.7

13.2

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

20.0

15.1

Consumer Discretionary

17.1

16.8

Materials

15.0

16.7

Financials

13.4

11.3

Energy

9.0

10.3

Information Technology

8.4

11.4

Utilities

5.2

4.6

Health Care

4.3

5.4

Consumer Staples

3.7

3.7

Telecommunication Services

0.7

1.1

Semiannual Report

Investments April 30, 2007

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value (000s)

Australia - 13.2%

Allied Gold Ltd. (a)

11,880,000

$ 4,045

AMP Ltd.

377,100

3,366

Aristocrat Leisure Ltd.

109,200

1,505

ASX Ltd.

181,509

7,235

Ausenco Ltd.

344,500

2,100

Austbrokers Holdings Ltd.

1,102,345

4,522

Australian Wealth Management Ltd.

1,555,487

3,165

Babcock & Brown Japan Property Trust

2,892,400

4,684

Babcock & Brown Ltd.

37,200

916

Billabong International Ltd.

185,200

2,538

Boart Longyear Ltd.

1,402,500

2,248

Boral Ltd.

118,200

830

Bradken Ltd.

601,395

4,770

Brambles Ltd. (a)

291,800

3,196

Cabcharge Australia Ltd.

47,600

460

Capital-XX Ltd.

2,262,572

5,089

Centamin Egypt Ltd. (a)

3,589,755

3,158

CFS Retail Property Trust

422,200

810

Cochlear Ltd.

52,400

2,761

Computershare Ltd.

822,772

7,140

David Jones Ltd.

424,100

1,750

Dominos Pizza Enterprises Ltd.

1,671,520

4,234

Downer EDI Ltd.

1,286,173

8,000

Dwyka Resources Ltd. (a)

5,235,220

3,925

Emeco Holdings Ltd.

1,124,900

1,756

European Gas Ltd. (a)

1,673,600

1,028

Flexigroup Ltd.

1,723,400

4,222

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

114

Gunns Ltd.

371,700

1,065

Hastie Group Ltd.

2,671,773

8,343

HFA Holdings Ltd.

2,035,100

3,972

IBT Education Ltd.

377,250

627

Incitec Pivot Ltd.

70,800

2,869

International Ferro Metals (a)

13,067,539

18,028

Invocare Ltd.

64,100

294

Iress Market Technology Ltd.

172,200

1,177

JB Hi-Fi Ltd. (e)

585,900

4,048

Jumbuck Entertainment Ltd. (a)

419,400

557

McGuigan Simeon Wines Ltd.

603,224

1,252

Meo Australia Ltd. (a)

5,066,100

3,828

Mineral Deposits Ltd. (a)

880,900

973

Monto Minerals Ltd. (a)

8,525,252

1,726

Common Stocks - continued

Shares

Value (000s)

Australia - continued

Monto Minerals Ltd. warrants 5/25/09 (a)

1,485,934

$ 30

Mortgage Choice Ltd.

1,851,838

4,844

Oakton Ltd.

184,615

811

Paladin Resources Ltd. (a)(e)

1,328,400

10,590

Phosphagenics Ltd. (a)

9,040,000

2,027

QBE Insurance Group Ltd.

165,423

4,239

realestate.com.au Ltd. (a)

134,764

669

Reverse Corp. Ltd.

493,100

2,007

Roc Oil Co. Ltd. (United Kingdom) (a)

2,864,489

7,646

RP Data Ltd.

1,481,800

2,412

Rubicon Japan Trust

3,266,600

2,740

Seek Ltd.

1,307,939

8,027

SMS Management & Technology Ltd.

315,600

1,190

Sphere Investments Ltd. (a)

1,305,498

1,941

Sylvania Resources Ltd. (a)(f)

7,878,437

10,337

Sylvania Resources Ltd. (United Kingdom) (a)(f)

4,923,630

6,547

Tanami Gold NL

19,652,484

2,611

United Group Ltd.

394,121

5,139

Woolworths Ltd.

373,526

8,779

WorleyParsons Ltd.

102,033

2,330

Wotif.com Holdings Ltd.

348,300

1,238

TOTAL AUSTRALIA

224,480

Austria - 0.3%

Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (e)

106,900

5,530

Bermuda - 2.3%

Aquarius Platinum Ltd. (United Kingdom)

223,390

6,700

Peace Mark Holdings Ltd.

4,910,000

5,524

Petra Diamonds Ltd. (a)

2,461,491

7,825

Ports Design Ltd.

1,798,000

5,057

RC Group (Holdings) Ltd.

752,420

1,677

Sinofert Holdings Ltd.

1,960,000

1,007

Tanzanite One Ltd. (f)

5,808,701

9,059

Trefoil Ltd. (a)

385,100

2,136

VODone Ltd. (a)

2,442,000

930

Xceldiam Ltd. warrants 11/16/07 (a)

1,659,127

66

TOTAL BERMUDA

39,981

British Virgin Islands - 0.3%

Albidon Ltd. unit (a)

1,469,000

3,113

Kalahari Energy (h)

1,451,000

1,814

TOTAL BRITISH VIRGIN ISLANDS

4,927

Common Stocks - continued

Shares

Value (000s)

Canada - 3.0%

AirSea Lines (a)(h)

1,862,300

$ 1,271

AirSea Lines warrants 8/4/11 (a)(h)

1,862,300

0

Altius Minerals Corp. (a)

374,906

4,351

Antrim Energy, Inc. (a)

274,340

1,315

Antrim Energy, Inc. (a)

800,000

3,863

Bankers Petroleum Ltd. (a)

3,767,000

1,935

First Quantum Minerals Ltd.

45,011

3,108

MagIndustries Corp. (a)

3,635,960

4,914

Oilexco, Inc. (a)

1,394,525

10,969

Rally Energy Corp. (a)

416,720

2,452

Rock Well Petroleum, Inc. (h)

770,400

1,041

Sino-Forest Corp. (a)

67,400

820

Starfield Resources, Inc.:

warrants 5/23/07 (a)(h)

1,313,025

0

warrants 1/20/08 (a)(h)

1,678,100

78

Stealth Ventures Ltd. (a)

966,500

1,176

Stealth Ventures Ltd. warrants 3/12/08 (a)(h)

483,250

78

SXR Uranium One, Inc. (South Africa) (a)

475,740

7,295

Visual Defence, Inc. (a)(f)

4,664,100

1,539

Western Canadian Coal Corp. (a)

1,554,418

3,081

Western Canadian Coal Corp. (United Kingdom) (a)

548,286

1,096

TOTAL CANADA

50,382

Cayman Islands - 0.6%

China Infrastructure Machinery Holdings Ltd.

646,000

1,234

EcoGreen Fine Chemical Group Ltd.

2,588,000

923

Embry Holdings Ltd.

1,081,000

1,032

Ju Teng International Holdings Ltd. (a)

2,830,000

669

Kingboard Chemical Holdings Ltd.

364,500

1,710

Kingdee International Software Group Co. Ltd.

396,000

310

Lee & Man Paper Manufacturing Ltd.

570,000

1,610

Neo-Neon Holdings Ltd.

1,136,000

1,888

Simcere Pharmaceutical Group sponsored ADR

81,000

1,345

TOTAL CAYMAN ISLANDS

10,721

China - 0.8%

Anhui Conch Cement Co. Ltd. (H Shares)

140,000

564

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

108,500

675

China Hongxing Sports Ltd.

697,000

1,652

China International Marine Containers Co. Ltd. (B Shares)

751,500

1,896

China Mengniu Dairy Co. Ltd.

734,000

2,247

China Merchants Bank Co. Ltd. (H Shares)

264,000

650

Common Stocks - continued

Shares

Value (000s)

China - continued

China Oilfield Services Ltd. (H Shares)

1,682,000

$ 1,436

China Shipping Development Co. Ltd. (H Shares)

182,000

346

Dongfang Electrical Machinery Co. Ltd. (H Shares)

80,000

323

Nine Dragons Paper (Holdings) Ltd.

479,000

976

Shandong Weigao Group Medical Polymer Co. Ltd.

776,000

1,367

Shenzhou International Group Holdings Ltd.

678,000

300

Xinjiang Tianye Water Saving Irrigation System Co. Ltd.

806,000

241

Yantai Changyu Pioneer Wine Co. (B Shares)

174,010

839

TOTAL CHINA

13,512

Cyprus - 0.2%

Buried Hill Energy (Cyprus) PCL (h)

1,947,000

2,142

Marfin Popular Bank Public Co.

173,665

1,995

TOTAL CYPRUS

4,137

Czech Republic - 0.9%

Ceske Energeticke Zavody AS

319,140

15,600

Denmark - 0.3%

DSV de Sammensluttede Vognmaend AS (e)

25,930

5,376

Finland - 1.3%

Inion OY (a)

3,590,300

2,566

Nokian Tyres Ltd.

430,910

13,319

Rakentajain Konevuokraamo Oyj (B Shares)

152,030

6,027

TOTAL FINLAND

21,912

France - 3.2%

Carbone Lorraine

27,400

1,809

Electricite de France

90,900

7,951

ENTREPOSE Contracting

13,692

1,045

Geodis SA

42,180

9,682

Guerbet SA

8,400

1,639

Icade SA (e)

123,018

9,444

Laurent-Perrier Group

31,960

3,829

Norbert Dentressangle SA

38,142

3,628

Seche Environment SA

11,560

2,077

Veolia Environnement (e)

166,000

13,795

TOTAL FRANCE

54,899

Germany - 3.4%

Deutz AG (a)

601,600

9,646

E.ON AG

93,000

13,986

ElringKlinger AG

18,284

1,569

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Fresenius Medical Care AG

88,370

$ 13,316

Interhyp AG

23,450

2,915

Kontron AG

154,620

2,882

MLP AG

89,150

2,230

SGL Carbon AG (a)

272,200

10,686

TOTAL GERMANY

57,230

Greece - 1.0%

Fourlis Holdings SA

110,000

2,756

Hellenic Technodomiki Tev SA

223,750

3,084

Sarantis SA (Reg.)

1,076,638

11,900

TOTAL GREECE

17,740

Hong Kong - 1.0%

Bank of East Asia Ltd.

158,437

980

Cafe de Coral Holdings Ltd.

686,000

1,254

China Overseas Land & Investment Ltd.

1,348,000

1,649

Esprit Holdings Ltd.

246,000

3,003

Fairwood Holdings Ltd. (g)

878,500

1,249

Hang Lung Properties Ltd.

1,208,000

3,606

Li & Fung Ltd.

924,000

2,906

Midland Holdings Ltd.

860,000

534

Tai Cheung Holdings Ltd.

700,000

490

Vtech Holdings Ltd.

281,000

2,130

TOTAL HONG KONG

17,801

India - 0.1%

Deccan Chronicle Holdings Ltd.

95,000

478

INFO Edge India Ltd.

66,039

1,253

TOTAL INDIA

1,731

Indonesia - 0.1%

PT Telkomunikasi Indonesia Tbk Series B

1,463,500

1,692

Ireland - 0.5%

Adwalker PLC (a)(f)

9,125,000

388

Kenmare Resources PLC (a)

2,640,000

2,600

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

1,036

Petroceltic International PLC (a)

13,644,934

3,820

Vimio PLC (a)

867,300

1,145

TOTAL IRELAND

8,989

Israel - 0.3%

Israel Chemicals Ltd.

611,900

4,708

Common Stocks - continued

Shares

Value (000s)

Italy - 5.3%

ASM Spa

626,550

$ 4,222

Banca Italease Spa (e)

790,700

48,107

Enel S.p.A.

543,800

6,192

ERG Spa

71,100

2,013

Guala Closures Spa

475,090

3,697

Hera Spa

1,510,160

6,984

Impregilo Spa (a)

447,350

3,656

Lottomatica Spa

58,540

2,414

Seldovia Native Association, Inc. (SNAI) (a)

1,081,120

11,509

Teleunit Spa (f)

12,719,158

1,208

TOTAL ITALY

90,002

Japan - 26.8%

Abc-Mart, Inc. (e)

333,600

7,449

Access Co. Ltd. (a)

256

385

Adeka Corp.

144,000

1,573

Aeon Fantasy Co. Ltd.

45,120

1,149

Airport Facilities Co. Ltd.

19,200

141

Anritsu Corp. (e)

1,259,000

5,836

AOI Electronics Co. Ltd.

66,100

1,326

ARDEPRO CO., Ltd.

10,626

3,554

Ariake Japan Co. Ltd.

67,300

1,383

Atlus Co. Ltd. (a)

79,800

441

Atrium Co. Ltd.

64,400

1,754

Axell Corp.

384

1,183

Bit-isle, Inc.

1,190

1,252

Bookoff Corp.

166,100

2,799

Brother Industries Ltd.

342,000

4,648

C. Uyemura & Co. Ltd.

40,100

2,463

Cabin Co. Ltd. (e)

104,000

448

CareNet, Inc.

12

30

Chiba Bank Ltd.

382,000

3,158

Chiyoda Corp.

65,000

1,492

CMIC Co. Ltd. (e)

1,670

443

Create SD Co. Ltd.

55,300

931

Dai-ichi Seiko Co. Ltd.

38,200

907

Daido Metal Co. Ltd. (e)

495,000

3,097

Daikokutenbussan Co. Ltd.

52,900

617

Daiseki Co. Ltd. (e)

72,600

1,403

Daito Gyorui Co. Ltd.

252,000

505

Daiwa Securities Group, Inc.

132,000

1,470

Daiwabo Information System Ltd.

202,500

2,743

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Daiwasystem Co. Ltd.

39,800

$ 968

Denyo Co. Ltd.

67,700

716

E*TRADE Securities Co. Ltd. (e)

790

851

Ebara-Udylite Co. Ltd.

8,700

232

Elpida Memory, Inc. (a)(e)

22,300

940

Endo Lighting Corp.

125,600

731

EPS Co. Ltd. (e)

1,465

4,553

Fast Retailing Co. Ltd. (e)

12,300

845

FCM Co. Ltd.

30,800

1,093

FinTech Global, Inc. (e)

563

419

Fuji Heavy Industries Ltd.

176,000

871

Fujitsu Component Ltd. (a)

417

572

Futaba Industrial Co. Ltd.

38,800

938

H-One Co. Ltd.

21,800

324

H.I.S. Co. Ltd.

37,000

1,145

Harakosan Co. Ltd.

1,636

4,202

Harmonic Drive Systems, Inc. (e)

483

2,636

Haseko Corp. (a)

734,500

2,433

Heiwa Real Estate Co. Ltd. (e)

280,000

1,856

Hikari Tsushin, Inc. (e)

279,700

11,143

Hioki EE Corp. (e)

27,000

633

Hiroshima Bank Ltd.

339,000

1,825

Hitachi Construction Machinery Co. Ltd.

407,900

12,732

Hokuriku Electric Industry (e)

205,000

462

Hokuto Corp.

160,100

2,554

Ibiden Co. Ltd.

28,500

1,620

Ichiyoshi Securities Co. Ltd.

102,800

1,651

IDU Co.

1,731

1,860

Imagineer Co. Ltd.

30,100

422

Index Holdings (e)

4,627

1,570

Inpex Holdings, Inc.

184

1,553

Intelligence Ltd. (e)

409

1,060

Intelligent Wave, Inc. (e)

926

484

Ishihara Chemical Co. Ltd.

32,200

592

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

1,145,000

4,462

Itochu Corp.

449,000

4,421

ITOCHU Techno-Solutions Corp.

29,500

1,346

Japan Airport Terminal Co. Ltd.

89,000

1,631

Japan Steel Works Ltd.

478,000

5,637

Jastec Co. Ltd.

238,300

2,456

Joint Corp.

27,200

899

Juroku Bank Ltd.

149,000

877

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Kakaku.com, Inc. (e)

264

$ 768

Kandenko Co. Ltd.

245,000

1,556

Kanematsu Corp. (a)(e)

652,000

1,240

Kawasaki Heavy Industries Ltd.

518,000

2,062

Kenedix, Inc. (e)

217

951

Kibun Food Chemifa Co. Ltd. (e)

36,400

425

Kimoto Co. Ltd.

80,700

430

Kitagawa Seiki Co. Ltd.

84,000

431

KK daVinci Advisors (a)(e)

4,535

4,570

Kobayashi Pharmaceutical Co. Ltd.

62,600

2,342

Konica Minolta Holdings, Inc.

112,500

1,540

Kubota Corp.

91,000

860

Kura Corp. Ltd.

4,580

9,844

Kureha Chemical Industry Co. Ltd.

96,000

470

Kurita Water Industries Ltd.

72,700

1,815

Link Theory Holdings Co. Ltd. (e)

102

120

Mandom Corp.

14,700

376

MCJ Co. Ltd. (a)

1,279

553

Media Global Links Co. Ltd.

648

686

Meiko Electronics Co. Ltd. (e)

46,700

1,424

Micronics Japan Co. Ltd.

117,900

4,078

Mitsuba Corp.

255,000

2,016

Mitsui Engineering & Shipbuilding Co. (e)

262,000

1,174

Mitsui O.S.K. Lines Ltd.

364,000

4,588

Mitsumi Electric Co. Ltd.

70,100

2,338

Miyachi Corp.

60,600

1,062

Miyano Machinery, Inc.

357,000

1,228

Mori Seiki Co. Ltd.

188,300

4,945

Murata Manufacturing Co. Ltd.

59,400

4,378

Nabtesco Corp.

111,000

1,506

Nachi-Fujikoshi Corp. (e)

275,000

1,469

Namco Bandai Holdings, Inc.

67,800

1,102

NIC Corp.

57,100

422

Nidec Corp.

22,400

1,413

Nidec Sankyo Corp. (e)

245,000

1,616

Nihon Dempa Kogyo Co. Ltd. (e)

283,000

13,874

Nihon Kohden Corp.

20,100

454

Nihon Trim Co. Ltd. (e)

193,500

6,860

Nihonwasou Holdings, Inc.

782

435

Nikon Corp.

76,000

1,744

Nippon Carbon Co. Ltd.

351,000

1,385

Nippon Denko Co. Ltd. (e)

1,706,000

9,371

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nippon Paint Co. Ltd.

1,258,000

$ 7,368

Nippon Seiki Co. Ltd.

634,000

13,594

Nippon Suisan Kaisha Co. Ltd.

288,100

1,856

Nippon Yakin Kogyo Co. Ltd. (e)

783,000

7,931

Nissin Kogyo Co. Ltd.

737,400

19,578

Nitto Boseki Co. Ltd.

326,000

1,237

NOK Corp.

625,100

11,631

NSK Ltd.

350,000

3,388

Obara Corp.

1,650

31

Oiles Corp.

77,040

1,655

Okuma Corp.

134,000

1,601

Optoelectronics Co. Ltd.

27,700

331

Otaki Gas Co. Ltd.

15,000

79

Otsuka Corp. (e)

39,400

3,800

Pacific Metals Co. Ltd.

128,000

2,038

Pigeon Corp. (e)

57,700

867

Produce Co. Ltd. (a)(e)

496

2,350

Properst Co. Ltd.

665

1,247

Round One Corp. (e)

2,649

5,475

Ryobi Ltd.

226,000

1,670

Saison Information Systems Co. Ltd.

21,100

175

Sakai Chemical Industry Co. Ltd.

55,000

407

Sammy NetWorks Co. Ltd. (e)

1,075

5,421

Sansha Electric Manufacturing Co. Ltd.

56,000

506

Sanyo Denki Co. Ltd.

16,000

116

Sato Corp. (e)

178,400

3,479

Sawai Pharmaceutical Co. Ltd. (e)

42,200

1,753

Sec Carbon Ltd.

33,000

476

Sega Sammy Holdings, Inc.

20,200

457

Seria Co. Ltd.

482

893

Shaddy Co. Ltd. (e)

118,900

1,366

Shibaura Electronics Co. Ltd.

119,400

2,153

Shikoku Chemicals Corp. (e)

88,000

517

Shimachu Co. Ltd.

80,600

2,187

Shimamura Co. Ltd.

11,800

1,287

Shin Nippon Biomedical Laboratories Ltd. (e)

69,600

1,040

Shin-Kobe Electric Machinery Co. Ltd.

419,000

2,079

Shinohara Systems of Construction Co. Ltd. (a)

678

1,128

Shizuki Electric Co., Inc.

158,000

480

Sojitz Corp. (a)

585,500

2,213

SRI Sports Ltd.

1,294

1,647

St. Marc Holdings Co. Ltd.

15,500

838

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Stanley Electric Co. Ltd.

386,100

$ 7,670

Star Micronics Co. Ltd.

214,700

5,192

Starbucks Coffee Japan Ltd.

2,853

1,254

Stella Chemifa Corp. (e)

19,600

614

Sumco Corp.

26,200

1,139

Sumitomo Corp.

356,300

6,103

Sumitomo Metal Industries Ltd.

578,000

2,935

Sumitomo Titanium Corp. (e)

12,600

1,349

Sumitomo Trust & Banking Co. Ltd.

160,000

1,563

Sun Frontier Fudousan Co. Ltd.

790

1,810

Sunx Ltd. (e)

125,700

954

Suruga Corp.

105,100

2,162

Sysmex Corp. (e)

65,800

2,521

T Rad Co. Ltd. (e)

454,000

2,217

T&D Holdings, Inc.

18,300

1,159

Taiho Kogyo Co. Ltd.

81,200

1,145

Taiyo Ink Manufacturing Co. Ltd.

96,800

2,572

Taiyo Kagaku

73,500

621

Taiyo Nippon Sanso Corp.

222,000

1,930

Takara Holdings, Inc. (e)

324,000

2,400

Takata Corp.

58,400

2,136

Takeuchi Manufacturing Co. Ltd.

10,000

409

Takiron Co. Ltd. (e)

282,000

995

Takisawa Machine Tool Co. Ltd.

524,000

1,273

Telewave, Inc. (e)

392

122

TFP Consulting Group Co. Ltd.

169

419

The Goodwill Group, Inc. (e)

668

419

TOA Valve Holding, Inc.

161

602

Toagosei Co. Ltd.

354,000

1,354

Tohcello Co. Ltd.

99,500

1,049

Toho Zinc Co. Ltd.

272,000

2,353

Tohoku Electric Power Co., Inc.

46,300

1,106

Tokai Carbon Co. Ltd. (e)

216,000

1,860

Tokai Rubber Industries Ltd.

179,700

3,478

Token Corp. (e)

28,110

1,408

Tokyo Gas Co. Ltd.

248,000

1,246

Tokyo Radiator Manufacturing Co. Ltd.

13,700

90

Tokyo Seimitsu Co. Ltd. (e)

65,400

2,260

Tomen Devices Corp. (e)

28,300

493

TonenGeneral Sekiyu KK (e)

122,000

1,313

Topcon Corp.

32,500

489

Toray Industries, Inc.

157,000

1,077

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Torishima Pump Manufacturing Co. Ltd.

55,600

$ 605

Toshiba Machine Co. Ltd. (e)

479,000

4,667

Trancom Co. Ltd.

70,200

1,152

Tyo Productions, Inc. (e)

85,500

145

Ulvac, Inc. (e)

32,000

1,043

Unicom Group Holdings, Inc.

135,600

1,287

Usen Corp. (e)

185,990

1,560

Village Vanguard Co. Ltd. (e)

136

722

Wacom Co. Ltd. (e)

173

423

Yachiyo Industry Co. Ltd.

64,200

1,176

Yamada Denki Co. Ltd.

49,740

4,597

Yamaha Motor Co. Ltd.

57,200

1,511

Yaskawa Electric Corp.

125,000

1,429

Yonkyu Co. Ltd.

135,500

1,477

Yume No Machi Souzou Iinkai Co. Ltd.

67

160

TOTAL JAPAN

456,276

Kazakhstan - 0.1%

JSC Halyk Bank of Kazakhstan unit (a)

49,600

1,116

Korea (South) - 0.8%

Hyunjin Materials Co. Ltd.

69,962

1,974

JVM Co. Ltd.

15,566

799

LG Household & Health Care Ltd.

16,790

2,235

MegaStudy Co. Ltd.

7,425

1,253

NHN Corp.

5,675

888

Osstem Implant Co. Ltd.

17,593

837

SSCP Co. Ltd. (a)

9,567

269

Sung Kwang Bend Co. Ltd.

178,958

2,755

Taewoong Co. Ltd.

16,881

719

Woongjin Coway Co. Ltd.

49,070

1,641

YBM Sisa.com, Inc.

44,849

956

TOTAL KOREA (SOUTH)

14,326

Luxembourg - 0.2%

SES SA FDR (France) unit

142,650

2,803

Malaysia - 0.3%

DiGi.com BHD

95,300

568

Gamuda BHD

495,000

1,136

IJM Plantation BHD

510,500

300

KNM Group BHD

238,600

983

Common Stocks - continued

Shares

Value (000s)

Malaysia - continued

MMC Corp. BHD

357,200

$ 741

Zelan BHD

253,400

874

TOTAL MALAYSIA

4,602

Malta - 0.4%

Unibet Group plc unit

178,456

5,913

Netherlands - 0.5%

Engel East Europe NV

975,032

2,876

Koninklijke Ten Cate NV

94,370

3,834

Tele Atlas NV (Netherlands) (a)

105,000

2,188

TOTAL NETHERLANDS

8,898

Norway - 2.0%

Aker Kvaerner ASA

112,750

2,686

Hafslund ASA (B Shares) (e)

172,870

4,257

Pertra AS (A Shares)

175,642

2,081

ProSafe ASA (e)

328,950

5,126

Schibsted ASA (B Shares)

48,600

2,230

Stepstone ASA (a)

5,212,154

18,398

TOTAL NORWAY

34,778

Oman - 0.1%

BankMuscat SAOG sponsored GDR

158,950

1,971

Papua New Guinea - 0.1%

Lihir Gold Ltd. (a)

1,001,133

2,478

Portugal - 0.2%

Banif SGPS SA

484,850

3,778

Russia - 0.1%

Sistema-Hals JSC unit

91,600

1,379

Singapore - 2.6%

Advent Air Ltd. (f)

14,719,299

3,973

Ascott Residence Trust

654,000

839

Banyan Tree Holdings Ltd.

2,220,000

3,419

CapitaMall Trust

746,000

1,954

Cosco Corp. Singapore Ltd.

2,157,000

4,018

CSE Global Ltd.

2,604,000

3,017

Ezra Holdings Ltd.

310,000

1,306

F J Benjamin Holdings Ltd.

2,892,000

1,618

Hyflux Ltd.

327,000

581

Keppel Corp. Ltd.

68,000

958

Mapletree Logistics Trust (REIT)

1,493,000

1,317

Common Stocks - continued

Shares

Value (000s)

Singapore - continued

Olam International Ltd.

1,031,000

$ 2,145

Parkway Holdings Ltd.

1,648,300

4,297

Rickmers Maritime

2,711,000

2,802

SIA Engineering Co. Ltd.

615,000

1,862

Singapore Land Ltd.

64,000

442

Swissco International Ltd.

1,541,000

827

Unisteel Technology Ltd.

533,000

853

Uol Group Ltd.

1,247,000

3,989

Wing Tai Holdings Ltd.

850,000

1,880

Yangzijiang Shipbuilding Holdings Ltd.

1,634,000

1,420

Yanlord Land Group Ltd.

838,000

1,313

TOTAL SINGAPORE

44,830

South Africa - 2.8%

African Rainbow Minerals Ltd. (a)

291,610

4,927

Illovo Sugar Ltd.

1,385,820

4,004

Investec Ltd.

344,447

4,893

Steinhoff International Holdings Ltd.

6,659,732

23,686

Telkom SA Ltd.

146,300

3,604

Wilson Bayly Holmes-Ovcon Ltd.

446,856

5,869

TOTAL SOUTH AFRICA

46,983

Sweden - 1.3%

Hexagon AB (B Shares) (e)

239,511

10,975

Modern Times Group AB (MTG) (B Shares)

199,460

11,745

TOTAL SWEDEN

22,720

Switzerland - 1.1%

Actelion Ltd. (Reg.) (a)

16,588

3,955

Bucher Industries AG

15,811

2,382

Partners Group Holding

39,750

5,045

Sulzer AG (Reg.)

2,070

2,740

Vontobel Holdings AG

86,450

4,831

TOTAL SWITZERLAND

18,953

Taiwan - 0.2%

China Life Insurance Co. Ltd. (a)

3,063,000

1,319

Sinyi Realty, Inc.

483,000

1,377

TOTAL TAIWAN

2,696

United Kingdom - 16.8%

Accsys Technologies PLC (a)

500,000

2,159

Accuma Group PLC (a)

883,600

1,290

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

ADVFN PLC (a)

19,750,780

$ 1,037

AeroBox PLC (a)

5,694,657

0

Afren PLC (a)(e)

4,580,710

4,946

African Consolidated Resources PLC

7,758,334

2,172

African Copper PLC (a)

1,677,884

2,382

Air Partner PLC

45,000

1,107

Alfred McAlpine Group PLC

359,600

3,381

Alliance Pharma PLC (a)

7,984,200

1,556

Amlin PLC

206,973

1,284

Anglo Asian Mining PLC (a)

4,169,300

1,542

Appian Technology PLC (a)

3,702,924

851

Appian Technology PLC warrants 2/28/08 (a)(h)

479,045

192

Ascent Resources PLC warrants 12/22/07 (a)

1,500,000

172

Baltic Oil Terminals PLC

1,314,300

4,704

Belitung Zinc Corp. PLC (h)

7,435,490

1,487

BioCare Solutions PLC (f)

4,849,670

1,648

Bioprogress PLC (a)

5,338,366

6,671

Blackstar Investors PLC (a)

2,735,000

5,633

Block Shield Corp. PLC (a)

1,103,400

2,217

Cambrian Mining PLC

4,026,100

9,660

CareCapital Group PLC

1,495,100

1,016

Celsis International PLC (a)

443,648

1,929

Central African Mining & Exploration Co. PLC (a)

4,497,509

4,946

Centurion Electronics PLC (a)(f)

780,024

179

Clapham House Group PLC (a)

278,850

2,222

Cobra Biomanufacturing PLC (a)

138,200

128

Coffeeheaven International PLC (a)

1,875,340

1,594

Corac Group PLC (a)(f)

5,084,104

3,761

Countermine PLC (a)(h)

4,939

255

Countermine PLC warrants 7/26/06 (a)(h)

4,939

0

CustomVis plc (a)(f)

8,417,536

820

DA Group PLC (a)

905,065

480

Datacash Group PLC

720,000

3,588

Eclipse Energy Co. Ltd. (h)

102,000

1,530

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

27

Financial Payment Systems Ltd. (a)(f)

7,787,504

467

Flomerics Group PLC

449,658

809

Forum Energy PLC (a)

800,270

888

Gasol PLC (a)

7,750,800

988

Gemfields Resources PLC (a)

3,909,100

2,384

Global Coal Management PLC (a)

1,478,451

4,286

Gyrus Group PLC (a)

692,720

6,576

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Hardide Ltd. (a)

6,848,580

$ 1,335

Healthcare Enterprise Group PLC (a)(f)

23,246,074

2,231

Healthcare Enterprise Group PLC warrants 6/30/08 (a)

1,851,769

83

Hot Tuna International PLC (a)

2,349,400

752

Hot Tuna International PLC warrants 2/25/08 (a)(h)

1,179,700

0

Hydrodec Group PLC (a)(f)

11,187,286

5,816

Ideal Shopping Direct PLC

661,592

3,254

IG Group Holdings plc

1,316,600

8,088

Imagelinx PLC (a)(f)

22,912,152

916

Impact Holdings PLC (a)(f)

10,414,000

1,406

Imperial Energy PLC (a)

70,000

1,755

Indago Petroleum Ltd. (a)

357,729

662

Inova Holding PLC

1,443,461

346

International Con Minerals Ltd. (h)

2,659,964

798

International Con Minerals Ltd. warrants 4/30/07 (a)(h)

1,329,982

0

Intertek Group PLC

94,110

1,758

iomart Group PLC

2,037,940

2,160

Irvine Energy PLC (a)

12,895,900

774

ITE Group PLC

2,116,540

7,057

ITM Power PLC (a)

1,780,200

4,627

Jubilee Platinum PLC (a)(f)

5,182,503

12,383

Kalahari Minerals PLC

2,351,800

1,305

KBC Advanced Technologies PLC

917,600

871

Keronite PLC (a)(h)

13,620,267

1,634

KimCor Diamonds PLC (f)

4,185,000

816

KimCor Diamonds PLC warrants 3/15/08 (a)

2,185,000

186

Landround plc (a)(f)

858,600

240

Landround plc warrants 12/11/09 (a)(h)

166,666

15

Lansdowne Oil & Gas PLC

907,620

1,080

Lawrence PLC

187,307

854

London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)

105,400

62

Max Petroleum PLC (a)

9,611,220

34,879

Meggitt PLC

991,949

6,099

MicroEmissive Displays (a)(f)

2,365,500

2,152

Motivcom PLC (f)

1,820,500

4,750

Advanced Fluid Connection PLC (a)

7,009,687

0

Plethora Solutions Holdings PLC (a)

431,818

1,351

Proteome Sciences PLC (a)

780,842

714

Pureprofile Media PLC (h)

1,108,572

831

Pursuit Dynamics PLC (a)

666,667

2,839

Rambler Metals & Mining PLC (a)

1,300,000

1,742

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

RGI International Ltd.

391,550

$ 4,620

Rheochem PLC warrants 12/30/07 (a)

4,364,150

23

Sarantel Group PLC Class A (a)(f)

3,385,900

846

Scottish & Southern Energy PLC

209,000

6,281

SDL plc (a)

863,350

6,452

SDL plc

159,777

1,195

Sibir Energy PLC (a)

84,580

761

Sinclair Pharma PLC (a)

1,128,371

3,046

Sinosoft Technology PLC

4,573,900

1,578

SPI Lasers PLC (a)

406,200

1,836

Stem Cell Sciences PLC

716,649

695

SubSea Resources PLC (a)

7,879,100

1,044

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

72

Tanfield Group PLC (a)

3,072,337

8,124

Target Resources PLC

1,020,000

591

Target Resources PLC warrants 7/12/08 (a)

1,020,000

71

Tersus Energy PLC (a)

1,333,622

360

Third Advance Value Realisation Co. Ltd.

507,108

1,070

TMO Biotec (h)

10,000

1,389

Toledo Mining Corp. PLC (a)(f)

1,764,544

9,702

Triple Plate Junction PLC (a)

1,539,200

869

Triple Plate Junction PLC warrants 5/9/07 (a)

1,818,750

0

UK Coal PLC

409,200

4,598

Vanco PLC (a)

117,600

1,024

Vectura Group PLC (a)

3,556,060

6,186

Virotec International PLC (a)

3,411,132

921

York Pharma PLC (a)

575,200

1,599

Zenergy Power PLC (a)

922,000

2,728

ZincOx Resources PLC (a)

693,100

4,587

TOTAL UNITED KINGDOM

285,853

United States of America - 2.1%

121Media, Inc. (a)(f)

644,900

20,019

Cyberview Technology, Inc. (a)(f)

996,527

3,238

Frontera Resources Corp. (a)

1,157,200

1,816

Frontier Mining Ltd. (a)(f)

6,771,600

2,403

Solar Integrated Technologies, Inc. (a)

713,573

1,769

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Spacelabs Healthcare, Inc. (a)

707,250

$ 997

XL TechGroup, Inc. (a)

1,329,250

5,289

TOTAL UNITED STATES OF AMERICA

35,531

TOTAL COMMON STOCKS

(Cost $1,218,266)

1,647,234

Investment Companies - 0.0%

United Kingdom - 0.0%

The Greenhouse Fund Ltd. (a)
(Cost $404)

2,175,000

587

Convertible Bonds - 0.2%

Principal
Amount (000s) (d)

Canada - 0.2%

Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061)

CAD

4,714

3,674

Money Market Funds - 13.4%

Shares

Fidelity Cash Central Fund, 5.29% (b)

54,508,258

54,508

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

174,330,943

174,331

TOTAL MONEY MARKET FUNDS

(Cost $228,839)

228,839

TOTAL INVESTMENT PORTFOLIO - 110.2%

(Cost $1,451,570)

1,880,334

NET OTHER ASSETS - (10.2)%

(174,657)

NET ASSETS - 100%

$ 1,705,677

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) 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 end of the period, the value of these securities amounted to $1,249,000 or 0.1% 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 $14,554,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AirSea Lines

8/4/06

$ 1,199

AirSea Lines warrants 8/4/11

8/4/06

$ 0

Appian Technology PLC warrants 2/28/08

2/18/05

$ 0

Belitung Zinc Corp. PLC

1/12/06

$ 1,308

Buried Hill Energy (Cyprus) PCL

8/18/06

$ 2,142

Countermine PLC

12/22/05

$ 443

Countermine PLC warrants 7/26/06

12/22/05

$ 0

Eclipse Energy Co. Ltd.

4/28/05

$ 1,459

Hot Tuna International PLC warrants 2/25/08

2/14/06

$ 0

International Con Minerals Ltd.

1/30/06

$ 798

International Con Minerals Ltd. warrants 4/30/07

1/30/06

$ 0

Kalahari Energy

9/1/06

$ 1,814

Keronite PLC

8/16/06

$ 1,549

Landround plc warrants 12/11/09

12/12/06

$ 0

Pureprofile Media PLC

5/3/05 - 1/11/06

$ 1,173

Rock Well Petroleum, Inc.

4/13/06

$ 1,004

Starfield Resources, Inc. warrants 5/23/07

5/18/06

$ 0

Starfield Resources, Inc. warrants 1/20/08

1/17/06

$ 0

Stealth Ventures Ltd. warrants 3/12/08

9/21/06

$ 0

TMO Biotec

10/27/05

$ 535

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,570

Fidelity Securities Lending Cash Central Fund

667

Total

$ 2,237

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.

$ 11,748

$ -

$ -

$ -

$ 20,019

Advent Air Ltd.

2,948

-

-

80

3,973

Adwalker PLC

413

-

-

-

388

Avanti Screenmedia Group PLC

9,335

-

8,831

-

-

BDI Mining Corp.

3,288

-

6,306

-

-

BioCare Solutions PLC

2,270

-

150

-

1,648

Bioprogress PLC

9,152

-

3,914

-

-

Cambrian Mining PLC

15,845

-

5,408

182

-

Centurion Electronics PLC

432

-

29

-

179

Corac Group PLC

3,538

-

103

-

3,761

CustomVis plc

134

715

-

-

820

Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.)

4,562

-

-

-

3,238

DA Group PLC

1,236

-

680

-

-

Financial Payment Systems Ltd.

1,485

-

-

-

467

Frontier Mining Ltd.

1,808

-

-

-

2,403

Gasol PLC

1,257

-

-

-

-

Gemfields Resources PLC

5,589

-

1,823

-

-

GMA Resources PLC

3,939

-

3,863

-

-

Hardide Ltd.

1,711

-

233

-

-

Healthcare Enterprise Group PLC

1,010

431

77

-

2,231

Hydrodec Group PLC

8,231

-

1,056

-

5,816

ID Data PLC

925

-

1,169

-

-

Imagelinx PLC (formerly LTG Technologies PLC)

1,948

340

-

-

916

Other Affiliated Issuers - continued

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Impact Holdings PLC

$ 2,086

$ -

$ -

$ -

$ 1,406

Inion OY

1,677

-

111

-

-

Interbulk Investments PLC

1,682

-

1,528

-

-

International Ferro Metals

17,682

1,265

12,943

-

-

Jubilee Platinum PLC

8,789

1,994

4,138

-

12,383

KimCor Diamonds PLC

1,185

-

25

-

816

Landround plc

188

197

-

-

240

Metals Exploration PLC

2,126

-

2,280

-

-

MicroEmissive Displays

1,672

-

685

-

2,152

Mineral Commodities Ltd.

948

-

730

-

-

Motivcom PLC

3,085

-

186

32

4,750

Platinum Mining Corp. of India PLC

2,418

-

2,829

-

-

Rheochem PLC

2,034

-

2,015

-

-

Sarantel Group PLC Class A

677

463

24

-

846

Solomon Gold PLC

905

-

502

-

-

Starfield Resources, Inc.

3,247

-

2,924

-

-

SubSea Resources PLC

2,630

-

-

-

-

Sylvania Resources Ltd.

5,331

557

-

-

10,337

Sylvania Resources Ltd. (United Kingdom)

3,616

-

-

-

6,547

Tanzanite One Ltd.

9,086

-

-

350

9,059

Teleunit Spa

1,122

-

-

-

1,208

Toledo Mining Corp. PLC

3,742

412

-

-

9,702

Visual Defence, Inc.

2,673

-

430

-

1,539

Xceldiam Ltd.

1,946

-

65

3,815

-

Total

$ 173,351

$ 6,374

$ 65,057

$ 4,459

$ 106,844

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2007

Assets

Investment in securities, at value (including securities loaned of $165,030) - See accompanying schedule:

Unaffiliated issuers (cost $1,132,476)

$ 1,544,651

Fidelity Central Funds (cost $228,839)

228,839

Other affiliated issuers (cost $90,255)

106,844

Total Investments (cost $1,451,570)

$ 1,880,334

Cash

10

Foreign currency held at value (cost $2,263)

2,267

Receivable for investments sold

15,921

Receivable for fund shares sold

1,194

Dividends receivable

3,977

Interest receivable

32

Distributions receivable from Fidelity Central Funds

273

Prepaid expenses

7

Other receivables

419

Total assets

1,904,434

Liabilities

Payable for investments purchased

$ 19,244

Payable for fund shares redeemed

3,455

Accrued management fee

1,093

Distribution fees payable

48

Other affiliated payables

362

Other payables and accrued expenses

224

Collateral on securities loaned, at value

174,331

Total liabilities

198,757

Net Assets

$ 1,705,677

Net Assets consist of:

Paid in capital

$ 1,156,699

Undistributed net investment income

6,154

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

114,042

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

428,782

Net Assets

$ 1,705,677

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

April 30, 2007

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($35,916 ÷ 1,309.1 shares)

$ 27.43

Maximum offering price per share (100/94.25 of $27.43)

$ 29.10

Class T:
Net Asset Value and redemption price per share ($38,073 ÷ 1,393.5 shares)

$ 27.32

Maximum offering price per share (100/96.50 of $27.32)

$ 28.31

Class B:
Net Asset Value and offering price per share
($10,725 ÷ 397.6 shares)A

$ 26.97

Class C:
Net Asset Value and offering price per share
($19,292 ÷ 712.3 shares)A

$ 27.08

International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,594,350 ÷ 57,644.2 shares)

$ 27.66

Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,321 ÷ 265.3 shares)

$ 27.60

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

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

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2007

Investment Income

Dividends (including $4,459 earned from other affiliated issuers)

$ 13,620

Interest

223

Income from Fidelity Central Funds

2,237

16,080

Less foreign taxes withheld

(946)

Total income

15,134

Expenses

Management fee
Basic fee

$ 7,515

Performance adjustment

(1,187)

Transfer agent fees

1,870

Distribution fees

296

Accounting and security lending fees

405

Custodian fees and expenses

357

Independent trustees' compensation

3

Registration fees

63

Audit

56

Legal

25

Miscellaneous

7

Total expenses before reductions

9,410

Expense reductions

(447)

8,963

Net investment income (loss)

6,171

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $1)

158,074

Other affiliated issuers

(6,348)

Foreign currency transactions

(51)

Total net realized gain (loss)

151,675

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $4)

124,308

Assets and liabilities in foreign currencies

91

Total change in net unrealized appreciation (depreciation)

124,399

Net gain (loss)

276,074

Net increase (decrease) in net assets resulting from operations

$ 282,245

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30,
2007

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 6,171

$ 6,181

Net realized gain (loss)

151,675

461,201

Change in net unrealized appreciation (depreciation)

124,399

(42,338)

Net increase (decrease) in net assets resulting
from operations

282,245

425,044

Distributions to shareholders from net investment income

(3,787)

(10,829)

Distributions to shareholders from net realized gain

(351,004)

(234,438)

Total distributions

(354,791)

(245,267)

Share transactions - net increase (decrease)

(158,379)

(456,221)

Redemption fees

121

565

Total increase (decrease) in net assets

(230,804)

(275,879)

Net Assets

Beginning of period

1,936,481

2,212,360

End of period (including undistributed net investment income of $6,154 and undistributed net investment income of $5,133, respectively)

$ 1,705,677

$ 1,936,481

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

Semiannual Report

Financial Highlights - Class A

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.79

$ 26.69

$ 21.25

$ 17.69

$ 12.35

Income from Investment Operations

Net investment income (loss) E

.05

(.02)

.05

.02

.02 H

Net realized and unrealized gain (loss)

4.24

5.05

6.16

3.83

5.30

Total from investment operations

4.29

5.03

6.21

3.85

5.32

Distributions from net investment income

-

(.05)

(.02)

(.02)

-

Distributions from net realized gain

(5.65)

(2.89)

(.77)

(.31)

-

Total distributions

(5.65)

(2.94)

(.79)

(.33)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.43

$ 28.79

$ 26.69

$ 21.25

$ 17.69

Total Return B, C, D

17.53%

20.22%

30.16%

22.36%

43.24%

Ratios to Average Net Assets F, J

Expenses before reductions

1.39% A

1.64%

1.66%

1.71%

1.77% A

Expenses net of fee waivers, if any

1.39% A

1.64%

1.66%

1.71%

1.77% A

Expenses net of all reductions

1.34% A

1.58%

1.63%

1.69%

1.74% A

Net investment income (loss)

.40% A

(.08)%

.21%

.09%

.28% A

Supplemental Data

Net assets, end of period (in millions)

$ 36

$ 37

$ 35

$ 13

$ 5

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.64

$ 26.57

$ 21.20

$ 17.68

$ 12.35

Income from Investment Operations

Net investment income (loss) E

.02

(.09)

(.01)

(.03)

- H, K

Net realized and unrealized gain (loss)

4.23

5.03

6.12

3.83

5.31

Total from investment operations

4.25

4.94

6.11

3.80

5.31

Distributions from net investment income

-

-

-

(.01)

-

Distributions from net realized gain

(5.57)

(2.88)

(.76)

(.31)

-

Total distributions

(5.57)

(2.88)

(.76)

(.32)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.32

$ 28.64

$ 26.57

$ 21.20

$ 17.68

Total Return B, C, D

17.42%

19.93%

29.72%

22.07%

43.16%

Ratios to Average Net Assets F, J

Expenses before reductions

1.62% A

1.89%

1.92%

1.94%

2.12% A

Expenses net of fee waivers, if any

1.62% A

1.89%

1.91%

1.94%

2.12% A

Expenses net of all reductions

1.58% A

1.83%

1.88%

1.92%

2.09% A

Net investment income (loss)

.16% A

(.32)%

(.04)%

(.14)%

(.07)% A

Supplemental Data

Net assets, end of period (in millions)

$ 38

$ 42

$ 42

$ 15

$ 4

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.26

$ 26.24

$ 20.99

$ 17.62

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.05)

(.24)

(.14)

(.16)

(.05) H

Net realized and unrealized gain (loss)

4.17

4.98

6.08

3.80

5.30

Total from investment operations

4.12

4.74

5.94

3.64

5.25

Distributions from net realized gain

(5.41)

(2.73)

(.71)

(.31)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 26.97

$ 28.26

$ 26.24

$ 20.99

$ 17.62

Total Return B, C, D

17.10%

19.28%

29.13%

21.21%

42.67%

Ratios to Average Net Assets F, J

Expenses before reductions

2.16% A

2.48%

2.49%

2.63%

2.76% A

Expenses net of fee waivers, if any

2.16% A

2.40%

2.43%

2.63%

2.76% A

Expenses net of all reductions

2.11% A

2.34%

2.40%

2.60%

2.73% A

Net investment income (loss)

(.38)% A

(.84)%

(.56)%

(.83)%

(.71)% A

Supplemental Data

Net assets, end of period (in millions)

$ 11

$ 11

$ 13

$ 5

$ 1

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 I

Selected Per-Share Data

Net asset value, beginning of period

$ 28.33

$ 26.31

$ 21.04

$ 17.64

$ 12.35

Income from Investment Operations

Net investment income (loss) E

(.04)

(.23)

(.13)

(.12)

(.04) H

Net realized and unrealized gain (loss)

4.18

4.99

6.10

3.80

5.31

Total from investment operations

4.14

4.76

5.97

3.68

5.27

Distributions from net investment income

-

-

-

(.01)

-

Distributions from net realized gain

(5.39)

(2.75)

(.72)

(.31)

-

Total distributions

(5.39)

(2.75)

(.72)

(.32)

-

Redemption fees added to paid in capital E

- K

.01

.02

.04

.02

Net asset value, end of period

$ 27.08

$ 28.33

$ 26.31

$ 21.04

$ 17.64

Total Return B, C, D

17.09%

19.34%

29.22%

21.43%

42.83%

Ratios to Average Net Assets F, J

Expenses before reductions

2.11% A

2.38%

2.41%

2.43%

2.57% A

Expenses net of fee waivers, if any

2.11% A

2.38%

2.41%

2.43%

2.57% A

Expenses net of all reductions

2.06% A

2.32%

2.38%

2.40%

2.55% A

Net investment income (loss)

(.32)% A

(.81)%

(.54)%

(.62)%

(.52)% A

Supplemental Data

Net assets, end of period (in millions)

$ 19

$ 21

$ 25

$ 9

$ 1

Portfolio turnover rate G

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Small Cap

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003

2002 H

Selected Per-Share Data

Net asset value, beginning of period

$ 29.03

$ 26.89

$ 21.36

$ 17.71

$ 9.87

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.10

.08

.15

.10

.07 G

(.01)

Net realized and unrealized gain (loss)

4.27

5.08

6.19

3.84

7.75

(.12)

Total from investment operations

4.37

5.16

6.34

3.94

7.82

(.13)

Distributions from net investment income

(.07)

(.14)

(.06)

(.02)

-

-

Distributions from net realized gain

(5.67)

(2.89)

(.77)

(.31)

(.02)

-

Total distributions

(5.74)

(3.03)

(.83)

(.33)

(.02)

-

Redemption fees added to paid in capital D

- J

.01

.02

.04

.04

- J

Net asset value, end of period

$ 27.66

$ 29.03

$ 26.89

$ 21.36

$ 17.71

$ 9.87

Total Return B, C

17.73%

20.65%

30.67%

22.84%

79.78%

(1.30)%

Ratios to Average Net Assets E, I

Expenses before reductions

1.04% A

1.28%

1.28%

1.30%

1.54%

13.70% A

Expenses net of fee waivers, if any

1.04% A

1.28%

1.28%

1.30%

1.54%

1.80% A

Expenses net of all reductions

.99% A

1.22%

1.25%

1.28%

1.51%

1.80% A

Net investment income (loss)

.75% A

.29%

.59%

.50%

.46%

(.56)% A

Supplemental Data

Net assets, end of period (in millions)

$ 1,594

$ 1,816

$ 2,090

$ 1,091

$ 547

$ 3

Portfolio turnover rate F

63% A

84%

79%

77%

84%

85% A

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.03 per share. H For the period September 18, 2002 (commencement of operations) to October 31, 2002. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
April 30,

Years ended October 31,

2007

2006

2005

2004

2003 H

Selected Per-Share Data

Net asset value, beginning of period

$ 28.99

$ 26.86

$ 21.36

$ 17.72

$ 12.35

Income from Investment Operations

Net investment income (loss) D

.10

.08

.14

.10

.04 G

Net realized and unrealized gain (loss)

4.26

5.07

6.18

3.84

5.31

Total from investment operations

4.36

5.15

6.32

3.94

5.35

Distributions from net investment income

(.07)

(.14)

(.07)

(.03)

-

Distributions from net realized gain

(5.67)

(2.89)

(.77)

(.31)

-

Total distributions

(5.75)

(3.03)

(.84)

(.34)

-

Redemption fees added to paid in capital D

- J

.01

.02

.04

.02

Net asset value, end of period

$ 27.60

$ 28.99

$ 26.86

$ 21.36

$ 17.72

Total Return B, C

17.72%

20.65%

30.59%

22.84%

43.48%

Ratios to Average Net Assets E, I

Expenses before reductions

1.04% A

1.29%

1.30%

1.32%

1.51% A

Expenses net of fee waivers, if any

1.04% A

1.29%

1.30%

1.32%

1.51% A

Expenses net of all reductions

.99% A

1.23%

1.27%

1.29%

1.48% A

Net investment income (loss)

.75% A

.28%

.57%

.49%

.54% A

Supplemental Data

Net assets, end of period (in millions)

$ 7

$ 9

$ 7

$ 3

$ .4

Portfolio turnover rate F

63% A

84%

79%

77%

84% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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. J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007

(Amounts in thousands except ratios)

1. Organization.

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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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. 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 Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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 will claim 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

$ 538,409

Unrealized depreciation

(129,743)

Net unrealized appreciation (depreciation)

$ 408,666

Cost for federal income tax purposes

$ 1,471,668

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $528,824 and $1,014,952, respectively.

6. 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 .26% 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 relative investment performance of the retail class of the Fund, International Small Cap, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

6. 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%

$ 44

$ 3

Class T

.25%

.25%

98

-

Class B

.75%

.25%

54

41

Class C

.75%

.25%

100

17

$ 296

$ 61

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 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

$ 2

Class T

2

Class B*

13

Class C*

2

$ 19

* 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

6. 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

$ 54

.30

Class T

58

.29

Class B

18

.33

Class C

27

.28

International Small Cap

1,705

.21

Institutional Class

8

.20

$ 1,870

* 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.

7. 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 amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Security Lending - continued

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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $667.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $387 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

International Small Cap

$ 18

10. 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.

In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

Semiannual Report

10. Other - continued

The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.

In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Year ended
October 31,
2006

From net investment income

Class A

$ -

$ 62

International Small Cap

3,765

10,726

Institutional Class

22

42

Total

$ 3,787

$ 10,829

From net realized gain

Class A

$ 6,864

$ 3,713

Class T

7,706

4,531

Class B

2,092

1,339

Class C

3,882

2,560

International Small Cap

328,782

221,459

Institutional Class

1,678

836

Total

$ 351,004

$ 234,438

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2007

Year ended
October 31,
2006

Six months ended
April 30,
2007

Year ended
October 31,
2006

Class A

Shares sold

131

335

$ 3,392

$ 9,788

Reinvestment of distributions

252

125

6,096

3,194

Shares redeemed

(349)

(490)

(9,083)

(14,008)

Net increase (decrease)

34

(30)

$ 405

$ (1,026)

Class T

Shares sold

118

413

$ 3,025

$ 11,877

Reinvestment of distributions

297

165

7,166

4,209

Shares redeemed

(487)

(679)

(12,651)

(19,325)

Net increase (decrease)

(72)

(101)

$ (2,460)

$ (3,239)

Class B

Shares sold

12

69

$ 285

$ 1,926

Reinvestment of distributions

79

48

1,892

1,211

Shares redeemed

(95)

(202)

(2,417)

(5,665)

Net increase (decrease)

(4)

(85)

$ (240)

$ (2,528)

Class C

Shares sold

36

146

$ 896

$ 4,106

Reinvestment of distributions

124

80

2,967

2,033

Shares redeemed

(201)

(431)

(5,148)

(11,929)

Net increase (decrease)

(41)

(205)

$ (1,285)

$ (5,790)

International Small Cap

Shares sold

3,551

17,580

$ 93,299

$ 512,573

Reinvestment of distributions

12,767

8,379

311,000

216,010

Shares redeemed

(21,236)

(41,151)

(557,775)

(1,173,251)

Net increase (decrease)

(4,918)

(15,192)

$ (153,476)

$ (444,668)

Institutional Class

Shares sold

31

124

$ 789

$ 3,656

Reinvestment of distributions

39

20

938

506

Shares redeemed

(117)

(109)

(3,050)

(3,132)

Net increase (decrease)

(47)

35

$ (1,323)

$ 1,030

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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 20, 2007

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-0607
1.800646.103

Fidelity®

International Small Cap Opportunities

Fund

Semiannual Report

April 30, 2007

(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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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 amounts with a value 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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 amounts with a value 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,217.90

$ 9.02

HypotheticalA

$ 1,000.00

$ 1,016.66

$ 8.20

Class T

Actual

$ 1,000.00

$ 1,216.70

$ 10.22

HypotheticalA

$ 1,000.00

$ 1,015.57

$ 9.30

Class B

Actual

$ 1,000.00

$ 1,213.00

$ 13.17

HypotheticalA

$ 1,000.00

$ 1,012.89

$ 11.98

Class C

Actual

$ 1,000.00

$ 1,213.10

$ 13.17

HypotheticalA

$ 1,000.00

$ 1,012.89

$ 11.98

Fidelity International Small Cap Opportunities

Actual

$ 1,000.00

$ 1,219.30

$ 7.15

HypotheticalA

$ 1,000.00

$ 1,018.35

$ 6.51

Institutional Class

Actual

$ 1,000.00

$ 1,219.40

$ 7.21

HypotheticalA

$ 1,000.00

$ 1,018.30

$ 6.56

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

1.64%

Class T

1.86%

Class B

2.40%

Class C

2.40%

Fidelity International Small Cap Opportunities

1.30%

Institutional Class

1.31%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 21.0%

Germany 12.9%

United States of America 8.5%

United Kingdom 8.5%

Norway 7.2%

Australia 5.8%

France 4.9%

Netherlands 3.7%

China 2.8%

Other 24.7%

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

As of October 31, 2006

Japan 32.7%

Germany 10.3%

United States of America 10.0%

France 6.8%

United Kingdom 6.0%

Australia 5.5%

Spain 4.5%

Italy 3.5%

Sweden 3.4%

Other 17.3%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.0

99.1

Short-Term Investments and Net Other Assets

1.0

0.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Titanium Metals Corp. (United States of America, Metals & Mining)

2.4

3.0

Demag Cranes AG (Germany, Machinery)

2.3

2.0

Lihir Gold Ltd. (Papua New Guinea, Metals & Mining)

2.1

1.0

GEA Group AG (Germany, Machinery)

1.9

1.9

SolarWorld AG (Germany, Electrical Equipment)

1.7

0.5

Renovo Group PLC (United Kingdom, Pharmaceuticals)

1.5

1.8

AGCO Corp. (United States of America, Machinery)

1.5

0.0

Soitec SA (France, Semiconductors & Semiconductor Equipment)

1.5

2.3

Q-Cells AG (Germany, Electrical Equipment)

1.5

0.5

Marine Harvest ASA (Norway, Food Products)

1.5

0.5

17.9

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

30.5

23.4

Information Technology

15.1

19.3

Financials

12.7

15.0

Materials

11.9

16.5

Consumer Staples

11.4

6.9

Energy

6.7

3.8

Consumer Discretionary

4.3

6.7

Health Care

3.9

5.7

Telecommunication Services

1.9

1.8

Utilities

0.6

0.0

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value

Australia - 5.8%

Babcock & Brown Ltd.

540,000

$ 13,296,335

Boart Longyear Ltd.

10,732,700

17,202,033

CSL Ltd.

101,453

7,353,483

Downer EDI Ltd.

2,852,100

17,740,263

Gunns Ltd.

122,600

351,255

Oxiana Ltd. (d)

7,648,500

19,309,158

Paladin Resources Ltd. (a)(d)

1,285,600

10,249,215

United Group Ltd.

1,106,708

14,429,331

TOTAL AUSTRALIA

99,931,073

Austria - 0.3%

Andritz AG

20,974

5,444,023

Belgium - 0.6%

Delhaize Group

50,000

4,815,000

Umicore SA

28,300

5,735,958

TOTAL BELGIUM

10,550,958

Bermuda - 0.5%

Sinofert Holdings Ltd.

16,782,000

8,624,252

Brazil - 1.5%

Cosan SA Industria E Comercio (a)

1,070,000

21,418,927

Sao Martinho SA

402,100

5,223,823

TOTAL BRAZIL

26,642,750

British Virgin Islands - 0.6%

UraMin, Inc. (a)

1,400,000

8,369,698

UraMin, Inc. (a)(e)

437,900

2,617,922

TOTAL BRITISH VIRGIN ISLANDS

10,987,620

Canada - 1.0%

Lundin Mining Corp. (a)

1,399,000

17,155,050

Cayman Islands - 2.4%

Himax Technologies, Inc. sponsored ADR

3,144,500

18,458,215

New Oriental Education & Technology Group, Inc. sponsored ADR

30,300

1,325,625

Subsea 7, Inc. (a)(d)

300,000

6,151,984

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

434,800

15,774,544

TOTAL CAYMAN ISLANDS

41,710,368

Common Stocks - continued

Shares

Value

China - 2.8%

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

1,712,196

$ 13,868,788

Comba Telecom Systems Holdings Ltd.

17,158,000

7,457,568

First Tractor Co. Ltd. (H Shares) (a)

9,452,000

4,615,712

Global Bio-Chem Technology Group Co. Ltd.

39,295,300

16,878,410

ZTE Corp. (H Shares)

1,099,000

5,149,005

TOTAL CHINA

47,969,483

Finland - 1.8%

KCI Konecranes Oyj

147,011

5,340,270

Metso Corp. (d)

160,900

8,896,739

Outotec Oyj

390,406

16,989,335

TOTAL FINLAND

31,226,344

France - 4.9%

Alstom SA (a)

62,062

9,315,879

Compagnie des Machines Bull SA (a)

622,340

4,093,362

Compagnie Generale de Geophysique SA (a)

40,902

8,551,396

Eutelsat Communications

200,000

4,964,415

Neopost SA

148,400

21,629,734

Nexans SA

65,000

9,661,095

Soitec SA (a)(d)

1,109,801

26,320,871

TOTAL FRANCE

84,536,752

Germany - 12.9%

AWD Holding AG

235,600

11,953,361

Bilfinger Berger AG

64,200

6,089,585

Demag Cranes AG

600,000

39,922,737

Deutz AG (a)(d)

1,309,962

21,003,996

GEA Group AG (d)

1,134,800

33,448,638

Hochtief AG

64,459

6,816,958

Kontron AG

250,000

4,660,109

MPC Muenchmeyer Petersen Capital AG (d)

21,671

1,877,542

MTU Aero Engines Holding AG (d)

289,350

16,978,421

Q-Cells AG (d)

353,800

25,732,999

SGL Carbon AG (a)

358,908

14,090,564

SolarWorld AG (d)

345,800

29,331,979

Wacker Chemie AG

57,200

10,467,192

TOTAL GERMANY

222,374,081

Common Stocks - continued

Shares

Value

Greece - 1.1%

Bank of Piraeus

332,950

$ 12,149,147

Hellenic Technodomiki Tev SA

550,000

7,580,353

TOTAL GREECE

19,729,500

India - 0.3%

Bajaj Hindusthan Ltd.

1,200,000

4,726,032

Italy - 1.8%

Banca Italease Spa

339,240

20,641,911

Impregilo Spa (a)

1,200,000

9,807,107

TOTAL ITALY

30,449,018

Japan - 21.0%

Acca Networks Co. Ltd.

2,661

4,230,790

Adeka Corp.

7,700

84,131

Air Water, Inc. (d)

923,000

9,945,906

Asics Corp.

1,223,000

15,401,918

Atrium Co. Ltd. (d)

372,000

10,132,577

Haseko Corp. (a)

1,426,000

4,722,992

Ichiyoshi Securities Co. Ltd.

674,700

10,835,943

Iino Kaiun Kaisha Ltd.

75,000

894,579

Intelligence Ltd. (d)

3,882

10,059,725

Japan Asia Investment Co. Ltd.

366,000

2,108,458

Japan General Estate Co. Ltd.

588,200

12,846,761

Japan Steel Works Ltd.

697,000

8,218,954

JGC Corp.

700,000

10,754,482

Joint Corp. (d)

371,300

12,270,652

Kajima Corp.

800,000

3,938,779

Kenedix, Inc. (d)

2,456

10,760,053

KK daVinci Advisors (a)(d)

17,769

17,906,641

Kurita Water Industries Ltd.

294,000

7,339,967

Leopalace21 Corp.

612,500

20,084,257

Miraial Co. Ltd. (d)

48,400

5,045,232

Mitsumi Electric Co. Ltd.

180,000

6,004,170

Nabtesco Corp.

547,000

7,423,084

Namco Bandai Holdings, Inc.

309,000

5,021,990

Nintendo Co. Ltd.

79,600

24,868,004

Nippon Electric Glass Co. Ltd.

643,500

11,014,648

Organo Corp. (d)

629,000

9,109,665

Risa Partners, Inc. (d)

2,146

5,773,395

SHIMIZU Corp.

700,000

4,340,420

Sojitz Corp. (a)(d)

3,646,300

13,780,970

Sparx Group Co. Ltd. (d)

18,856

11,830,000

Common Stocks - continued

Shares

Value

Japan - continued

Sumco Corp.

341,100

$ 14,824,159

Sumitomo Bakelite Co. Ltd.

228,000

1,614,287

The Sumitomo Warehouse Co. Ltd.

338,000

2,609,467

Tokai Carbon Co. Ltd. (d)

687,000

5,915,148

Tokuyama Corp.

1,567,000

23,496,292

Tokyo Tatemono Co. Ltd.

1,003,000

14,020,436

Urban Corp.

409,300

5,371,318

Wacom Co. Ltd. (d)

1,700

4,158,345

Yoshinoya D&C Co. Ltd.

4,000

7,892,474

Zenrin Co. Ltd. (d)

196,300

5,467,699

TOTAL JAPAN

362,118,768

Korea (South) - 1.0%

LG Investment & Securities Co. Ltd.

319,120

7,372,021

Samsung Securities Co. Ltd.

157,032

9,179,137

TOTAL KOREA (SOUTH)

16,551,158

Luxembourg - 1.1%

Acergy SA

923,900

19,780,699

Netherlands - 3.7%

Koninklijke Wessanen NV (d)

1,017,015

16,126,453

Nutreco Holding NV (d)

299,000

22,200,118

QIAGEN NV (a)

995,000

17,641,350

Tele Atlas NV (Netherlands) (a)

408,200

8,505,844

TOTAL NETHERLANDS

64,473,765

Norway - 7.2%

Aker Kvaerner ASA

367,500

8,756,177

Cermaq ASA

1,395,000

24,620,544

ElectroMagnetic GeoServices ASA

692,300

14,836,746

Leroy Seafood Group ASA

287,900

6,145,815

Marine Harvest ASA (a)(d)

23,275,000

25,194,729

Norwegian Property ASA

592,400

7,119,594

Petroleum Geo-Services ASA (a)

531,600

14,832,938

ProSafe ASA (d)

665,000

10,361,807

TGS Nopec Geophysical Co. ASA (a)

502,700

11,660,632

TOTAL NORWAY

123,528,982

Common Stocks - continued

Shares

Value

Papua New Guinea - 2.1%

Lihir Gold Ltd. (a)

13,300,867

$ 32,916,201

Lihir Gold Ltd. sponsored ADR (a)

170,000

4,175,200

TOTAL PAPUA NEW GUINEA

37,091,401

Portugal - 0.8%

Banif SGPS SA

1,382,174

10,769,715

Sonae Industria SGPS SA (a)

300,000

3,831,797

TOTAL PORTUGAL

14,601,512

Singapore - 1.0%

GigaMedia Ltd. (a)

1,212,100

17,066,368

South Africa - 0.3%

Gold Fields Ltd.

314,600

5,653,362

Spain - 2.0%

Abengoa SA

530,324

21,370,274

Tecnicas Reunidas SA

238,735

12,705,333

TOTAL SPAIN

34,075,607

Sweden - 1.7%

Axfood AB

185,000

7,524,591

Bergman & Beving AB (B Shares)

315,000

10,790,409

Lindex AB (d)

780,000

10,594,504

TOTAL SWEDEN

28,909,504

Switzerland - 0.6%

Cytos Biotechnology AG (a)

68,355

9,733,874

Taiwan - 2.2%

Motech Industries, Inc.

807,000

10,016,194

PixArt Imaging, Inc.

1,590,000

19,328,841

Prime View International Co. Ltd. (a)

13,615,000

8,949,843

TOTAL TAIWAN

38,294,878

United Kingdom - 8.5%

ARM Holdings PLC

1,000,000

2,689,260

ARM Holdings PLC sponsored ADR

1,100,000

8,778,000

Autonomy Corp. PLC (a)

978,000

14,773,516

Avis Europe PLC (a)

8,236,998

11,569,800

Clipper Windpower PLC (a)

613,000

10,755,191

Invensys PLC (a)

3,400,000

22,620,777

Common Stocks - continued

Shares

Value

United Kingdom - continued

Investec PLC

400,000

$ 5,714,428

Laird Group PLC

520,269

5,997,052

Michael Page International PLC

1,169,827

13,484,396

Optos PLC

1,312,400

6,468,353

Premier Foods PLC

1,890,000

11,591,961

Renovo Group PLC

7,458,963

26,844,882

SMG PLC

3,694,300

4,690,471

TOTAL UNITED KINGDOM

145,978,087

United States of America - 7.5%

AGCO Corp. (a)

633,000

26,415,090

Chiquita Brands International, Inc. (d)

1,087,400

16,126,142

Level 3 Communications, Inc. (a)

1,844,600

10,255,976

NII Holdings, Inc. (a)

116,800

8,964,400

Time Warner Telecom, Inc. Class A (sub. vtg.) (a)

687,000

14,083,500

Titanium Metals Corp.

1,193,614

41,215,490

Whole Foods Market, Inc.

270,000

12,633,300

TOTAL UNITED STATES OF AMERICA

129,693,898

TOTAL COMMON STOCKS

(Cost $1,376,946,957)

1,709,609,167

Money Market Funds - 13.7%

Fidelity Cash Central Fund, 5.29% (b)

4,890,733

4,890,733

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

231,085,753

231,085,753

TOTAL MONEY MARKET FUNDS

(Cost $235,976,486)

235,976,486

TOTAL INVESTMENT PORTFOLIO - 112.7%

(Cost $1,612,923,443)

1,945,585,653

NET OTHER ASSETS - (12.7)%

(219,120,195)

NET ASSETS - 100%

$ 1,726,465,458

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 $2,617,922 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

UraMin, Inc.

3/7/07

$ 1,905,029

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 552,878

Fidelity Securities Lending Cash Central Fund

1,492,759

Total

$ 2,045,637

Income Tax Information

At October 31, 2006, the fund had a capital loss carryforward of approximately $516,738 all of which will expire on October 31, 2013.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $219,111,871) - See accompanying schedule:

Unaffiliated issuers (cost $1,376,946,957)

$ 1,709,609,167

Fidelity Central Funds (cost $235,976,486)

235,976,486

Total Investments (cost $1,612,923,443)

$ 1,945,585,653

Foreign currency held at value (cost $4,154,073)

4,150,944

Receivable for investments sold

25,733,315

Receivable for fund shares sold

6,213,205

Dividends receivable

3,248,097

Distributions receivable from Fidelity Central Funds

35,751

Prepaid expenses

2,429

Other receivables

575,875

Total assets

1,985,545,269

Liabilities

Payable to custodian bank

$ 731,817

Payable for investments purchased

21,604,500

Payable for fund shares redeemed

3,767,790

Accrued management fee

1,383,607

Distribution fees payable

66,826

Other affiliated payables

349,032

Other payables and accrued expenses

90,486

Collateral on securities loaned, at value

231,085,753

Total liabilities

259,079,811

Net Assets

$ 1,726,465,458

Net Assets consist of:

Paid in capital

$ 1,357,070,235

Undistributed net investment income

2,091,080

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

34,688,942

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

332,615,201

Net Assets

$ 1,726,465,458

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($52,677,223 ÷ 3,050,862 shares)

$ 17.27

Maximum offering price per share (100/94.25 of $17.27)

$ 18.32

Class T:
Net Asset Value and redemption price per share ($44,877,965 ÷ 2,612,880 shares)

$ 17.18

Maximum offering price per share (100/96.50 of $17.18)

$ 17.80

Class B:
Net Asset Value and offering price per share ($10,176,925 ÷ 597,645 shares)A

$ 17.03

Class C:
Net Asset Value and offering price per share ($36,988,436 ÷ 2,173,407 shares)A

$ 17.02

Fidelity International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,562,430,746 ÷ 90,062,997 shares)

$ 17.35

Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,314,163 ÷ 1,113,698 shares)

$ 17.34

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

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 10,165,286

Interest

1,862

Income from Fidelity Central Funds (including $1,492,759 from security lending)

2,045,637

12,212,785

Less foreign taxes withheld

(1,020,077)

Total income

11,192,708

Expenses

Management fee
Basic fee

$ 6,011,554

Performance adjustment

916,803

Transfer agent fees

1,522,497

Distribution fees

346,817

Accounting and security lending fees

334,669

Custodian fees and expenses

184,071

Independent trustees' compensation

1,907

Registration fees

91,362

Audit

35,952

Interest

8,660

Miscellaneous

624

Total expenses before reductions

9,454,916

Expense reductions

(353,288)

9,101,628

Net investment income (loss)

2,091,080

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $2,678)

41,506,850

Foreign currency transactions

135,722

Total net realized gain (loss)

41,642,572

Change in net unrealized appreciation (depreciation) on:

Investment securities

216,230,820

Assets and liabilities in foreign currencies

(45,839)

Total change in net unrealized appreciation (depreciation)

216,184,981

Net gain (loss)

257,827,553

Net increase (decrease) in net assets resulting from operations

$ 259,918,633

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,091,080

$ 3,177,589

Net realized gain (loss)

41,642,572

(953,704)

Change in net unrealized appreciation (depreciation)

216,184,981

115,235,200

Net increase (decrease) in net assets resulting
from operations

259,918,633

117,459,085

Distributions to shareholders from net realized gain

-

(90,957)

Share transactions - net increase (decrease)

373,054,828

760,497,703

Redemption fees

316,453

1,853,226

Total increase (decrease) in net assets

633,289,914

879,719,057

Net Assets

Beginning of period

1,093,175,544

213,456,487

End of period (including undistributed net investment income of $2,091,080 and undistributed net investment income of $3,179,958, respectively)

$ 1,726,465,458

$ 1,093,175,544

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

Semiannual Report

Financial Highlights - Class A

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.18

$ 10.41

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- J

- J

- J

Net realized and unrealized gain (loss)

3.09

3.74

.40

Total from investment operations

3.09

3.74

.40

Distributions from net realized gain

-

- J

-

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.27

$ 14.18

$ 10.41

Total Return B, C, D

21.79%

36.25%

4.10%

Ratios to Average Net Assets F, I

Expenses before reductions

1.64% A

1.63%

2.67% A

Expenses net of fee waivers, if any

1.64% A

1.63%

1.65% A

Expenses net of all reductions

1.59% A

1.51%

1.54% A

Net investment income (loss)

.01% A

.02%

(.09)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 52,677

$ 35,674

$ 5,533

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.12

$ 10.38

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

(.03)

(.01)

Net realized and unrealized gain (loss)

3.08

3.74

.38

Total from investment operations

3.06

3.71

.37

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.18

$ 14.12

$ 10.38

Total Return B, C, D

21.67%

36.03%

3.80%

Ratios to Average Net Assets F, I

Expenses before reductions

1.86% A

1.85%

2.92% A

Expenses net of fee waivers, if any

1.86% A

1.85%

1.90% A

Expenses net of all reductions

1.81% A

1.74%

1.78% A

Net investment income (loss)

(.20)% A

(.20)%

(.33)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 44,878

$ 28,309

$ 2,704

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.04

$ 10.37

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.10)

(.02)

Net realized and unrealized gain (loss)

3.05

3.74

.38

Total from investment operations

2.99

3.64

.36

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.03

$ 14.04

$ 10.37

Total Return B, C, D

21.30%

35.39%

3.70%

Ratios to Average Net AssetsF, I

Expenses before reductions

2.42% A

2.45%

3.43% A

Expenses net of fee waivers, if any

2.40% A

2.41%

2.40% A

Expenses net of all reductions

2.35% A

2.30%

2.27% A

Net investment income (loss)

(.74)% A

(.76)%

(.82)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,177

$ 7,709

$ 1,705

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.03

$ 10.37

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.10)

(.02)

Net realized and unrealized gain (loss)

3.05

3.73

.38

Total from investment operations

2.99

3.63

.36

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.02

$ 14.03

$ 10.37

Total Return B, C, D

21.31%

35.29%

3.70%

Ratios to Average Net Assets F, I

Expenses before reductions

2.40% A

2.38%

3.32% A

Expenses net of fee waivers, if any

2.40% A

2.38%

2.40% A

Expenses net of all reductions

2.35% A

2.27%

2.29% A

Net investment income (loss)

(.74)% A

(.73)%

(.84)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 36,988

$ 26,320

$ 3,317

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Fidelity International Small Cap Opportunities

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.23

$ 10.40

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.03

.05

- I

Net realized and unrealized gain (loss)

3.09

3.75

.39

Total from investment operations

3.12

3.80

.39

Distibutions from net realized gain

-

-I

-

Redemption fees added to paid in capital D

- I

.03

.01

Net asset value, end of period

$ 17.35

$ 14.23

$ 10.40

Total Return B, C

21.93%

36.86%

4.00%

Ratios to Average Net Assets E, H

Expenses before reductions

1.30% A

1.28%

2.25% A

Expenses net of fee waivers, if any

1.30% A

1.28%

1.40% A

Expenses net of all reductions

1.25% A

1.16%

1.31% A

Net investment income (loss)

.36% A

.37%

.14% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,562,431

$ 981,210

$ 197,349

Portfolio turnover rate F

89% A

164%

46%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.22

$ 10.40

$ 10.00

Income from Investment Operations

Net investment income (loss)D

.03

.05

- I

Net realized and unrealized gain (loss)

3.09

3.74

.39

Total from investment operations

3.12

3.79

.39

Distributions from net realized gain

-

- I

-

Redemption fees added to paid in capitalD

- I

.03

.01

Net asset value, end of period

$ 17.34

$ 14.22

$ 10.40

Total ReturnB, C

21.94%

36.77%

4.00%

Ratios to Average Net AssetsE, H

Expenses before reductions

1.31% A

1.25%

2.25% A

Expenses net of fee waivers, if any

1.31% A

1.25%

1.40% A

Expenses net of all reductions

1.26% A

1.14%

1.29% A

Net investment income (loss)

.35% A

.40%

.16% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 19,314

$ 13,954

$ 2,849

Portfolio turnover rate F

89% A

164%

46%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

1. Organization.

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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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), 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

$ 363,356,287

Unrealized depreciation

(35,036,820)

Net unrealized appreciation (depreciation)

$ 328,319,467

Cost for federal income tax purposes

$ 1,617,266,186

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $983,066,059 and $615,148,087, respectively.

6. 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 .26% 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 relative investment performance of the retail class of the Fund, Fidelity International Small Cap Opportunities, as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate, including the performance adjustment, was .99% 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%

$ 55,837

$ 5,180

Class T

.25%

.25%

90,180

5,754

Class B

.75%

.25%

45,903

35,586

Class C

.75%

.25%

154,897

82,432

$ 346,817

$ 128,952

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 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

$ 38,685

Class T

9,265

Class B*

10,152

Class C*

3,850

$ 61,943

* 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

6. 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 Fidelity International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Fidelity 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

$ 67,680

.30

Class T

48,650

.27

Class B

15,365

.33

Class C

47,782

.31

Fidelity International Small Cap Opportunities

1,325,436

.21

Institutional Class

17,584

.22

$ 1,522,497

* 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.

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 $38 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, 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. The 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

Borrower

$ 14,483,750

5.38%

$ 8,660

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. 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 amounted to $1,559 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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 Fidelity Central Funds.

9. 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, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$ 1,244

Semiannual Report

9. Expense Reductions - continued

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 $346,228 for the period. In addition, through arrangements with each 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

Fidelity International Small Cap Opportunities

$ 2,408

10. 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.

In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30, 2007

Year ended
October 31, 2006

From net realized gain

Class A

$ -

$ 2,067

Fidelity International Small Cap Opportunities

-

87,898

Institutional Class

-

992

Total

$ -

$ 90,957

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30, 2007

Year ended
October 31, 2006

Six months ended April 30, 2007

Year ended
October 31, 2006

Class A

Shares sold

971,993

2,562,140

$ 15,527,161

$ 35,143,597

Reinvestment of distributions

-

162

-

1,916

Shares redeemed

(436,554)

(578,488)

(6,931,319)

(7,816,655)

Net increase (decrease)

535,439

1,983,814

$ 8,595,842

$ 27,328,858

Class T

Shares sold

926,488

1,977,012

$ 14,862,227

$ 27,202,466

Shares redeemed

(317,990)

(233,065)

(5,035,335)

(3,118,693)

Net increase (decrease)

608,498

1,743,947

$ 9,826,892

$ 24,083,773

Class B

Shares sold

185,699

498,394

$ 2,920,304

$ 6,815,227

Shares redeemed

(137,158)

(113,628)

(2,169,854)

(1,550,424)

Net increase (decrease)

48,541

384,766

$ 750,450

$ 5,264,803

Class C

Shares sold

563,665

1,745,210

$ 9,081,606

$ 24,032,601

Shares redeemed

(266,143)

(189,077)

(4,152,142)

(2,515,739)

Net increase (decrease)

297,522

1,556,133

$ 4,929,464

$ 21,516,862

Fidelity International Small Cap Opportunities

Shares sold

36,729,687

93,068,555

$ 594,035,589

$ 1,259,777,775

Reinvestment of distributions

-

6,974

-

82,435

Shares redeemed

(15,644,108)

(43,072,008)

(247,361,233)

(586,736,058)

Net increase (decrease)

21,085,579

50,003,521

$ 346,674,356

$ 673,124,152

Institutional Class

Shares sold

346,774

1,299,662

$ 5,680,374

$ 17,883,260

Reinvestment of distributions

-

83

-

980

Shares redeemed

(214,261)

(592,563)

(3,402,550)

(8,704,985)

Net increase (decrease)

132,513

707,182

$ 2,277,824

$ 9,179,255

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

15445 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

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, 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 Westview Road
Lone Tree, 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

400 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

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, 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

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

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

Semiannual Report

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

Missouri

1524 South Lindbergh Blvd.
St. Louis, 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 Broad Street
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

980 Madison Avenue
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

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
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

6560 Fannin Street
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

279 West South Temple
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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Making Changes
To Your Account

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

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

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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

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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

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(formerly Fidelity Management &
Research (Far East) Inc.)

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(U.K.) Inc.

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Advisors

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Boston, MA

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Boston, MA

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Chicago, IL

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ILS-USAN-0607
1.815077.101

(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, 2007

(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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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 amounts with a value 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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 amounts with a value 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,217.90

$ 9.02

HypotheticalA

$ 1,000.00

$ 1,016.66

$ 8.20

Class T

Actual

$ 1,000.00

$ 1,216.70

$ 10.22

HypotheticalA

$ 1,000.00

$ 1,015.57

$ 9.30

Class B

Actual

$ 1,000.00

$ 1,213.00

$ 13.17

HypotheticalA

$ 1,000.00

$ 1,012.89

$ 11.98

Class C

Actual

$ 1,000.00

$ 1,213.10

$ 13.17

HypotheticalA

$ 1,000.00

$ 1,012.89

$ 11.98

Fidelity International Small Cap Opportunities

Actual

$ 1,000.00

$ 1,219.30

$ 7.15

HypotheticalA

$ 1,000.00

$ 1,018.35

$ 6.51

Institutional Class

Actual

$ 1,000.00

$ 1,219.40

$ 7.21

HypotheticalA

$ 1,000.00

$ 1,018.30

$ 6.56

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

1.64%

Class T

1.86%

Class B

2.40%

Class C

2.40%

Fidelity International Small Cap Opportunities

1.30%

Institutional Class

1.31%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 21.0%

Germany 12.9%

United States of America 8.5%

United Kingdom 8.5%

Norway 7.2%

Australia 5.8%

France 4.9%

Netherlands 3.7%

China 2.8%

Other 24.7%

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

As of October 31, 2006

Japan 32.7%

Germany 10.3%

United States of America 10.0%

France 6.8%

United Kingdom 6.0%

Australia 5.5%

Spain 4.5%

Italy 3.5%

Sweden 3.4%

Other 17.3%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.0

99.1

Short-Term Investments and Net Other Assets

1.0

0.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Titanium Metals Corp. (United States of America, Metals & Mining)

2.4

3.0

Demag Cranes AG (Germany, Machinery)

2.3

2.0

Lihir Gold Ltd. (Papua New Guinea, Metals & Mining)

2.1

1.0

GEA Group AG (Germany, Machinery)

1.9

1.9

SolarWorld AG (Germany, Electrical Equipment)

1.7

0.5

Renovo Group PLC (United Kingdom, Pharmaceuticals)

1.5

1.8

AGCO Corp. (United States of America, Machinery)

1.5

0.0

Soitec SA (France, Semiconductors & Semiconductor Equipment)

1.5

2.3

Q-Cells AG (Germany, Electrical Equipment)

1.5

0.5

Marine Harvest ASA (Norway, Food Products)

1.5

0.5

17.9

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

30.5

23.4

Information Technology

15.1

19.3

Financials

12.7

15.0

Materials

11.9

16.5

Consumer Staples

11.4

6.9

Energy

6.7

3.8

Consumer Discretionary

4.3

6.7

Health Care

3.9

5.7

Telecommunication Services

1.9

1.8

Utilities

0.6

0.0

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value

Australia - 5.8%

Babcock & Brown Ltd.

540,000

$ 13,296,335

Boart Longyear Ltd.

10,732,700

17,202,033

CSL Ltd.

101,453

7,353,483

Downer EDI Ltd.

2,852,100

17,740,263

Gunns Ltd.

122,600

351,255

Oxiana Ltd. (d)

7,648,500

19,309,158

Paladin Resources Ltd. (a)(d)

1,285,600

10,249,215

United Group Ltd.

1,106,708

14,429,331

TOTAL AUSTRALIA

99,931,073

Austria - 0.3%

Andritz AG

20,974

5,444,023

Belgium - 0.6%

Delhaize Group

50,000

4,815,000

Umicore SA

28,300

5,735,958

TOTAL BELGIUM

10,550,958

Bermuda - 0.5%

Sinofert Holdings Ltd.

16,782,000

8,624,252

Brazil - 1.5%

Cosan SA Industria E Comercio (a)

1,070,000

21,418,927

Sao Martinho SA

402,100

5,223,823

TOTAL BRAZIL

26,642,750

British Virgin Islands - 0.6%

UraMin, Inc. (a)

1,400,000

8,369,698

UraMin, Inc. (a)(e)

437,900

2,617,922

TOTAL BRITISH VIRGIN ISLANDS

10,987,620

Canada - 1.0%

Lundin Mining Corp. (a)

1,399,000

17,155,050

Cayman Islands - 2.4%

Himax Technologies, Inc. sponsored ADR

3,144,500

18,458,215

New Oriental Education & Technology Group, Inc. sponsored ADR

30,300

1,325,625

Subsea 7, Inc. (a)(d)

300,000

6,151,984

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

434,800

15,774,544

TOTAL CAYMAN ISLANDS

41,710,368

Common Stocks - continued

Shares

Value

China - 2.8%

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

1,712,196

$ 13,868,788

Comba Telecom Systems Holdings Ltd.

17,158,000

7,457,568

First Tractor Co. Ltd. (H Shares) (a)

9,452,000

4,615,712

Global Bio-Chem Technology Group Co. Ltd.

39,295,300

16,878,410

ZTE Corp. (H Shares)

1,099,000

5,149,005

TOTAL CHINA

47,969,483

Finland - 1.8%

KCI Konecranes Oyj

147,011

5,340,270

Metso Corp. (d)

160,900

8,896,739

Outotec Oyj

390,406

16,989,335

TOTAL FINLAND

31,226,344

France - 4.9%

Alstom SA (a)

62,062

9,315,879

Compagnie des Machines Bull SA (a)

622,340

4,093,362

Compagnie Generale de Geophysique SA (a)

40,902

8,551,396

Eutelsat Communications

200,000

4,964,415

Neopost SA

148,400

21,629,734

Nexans SA

65,000

9,661,095

Soitec SA (a)(d)

1,109,801

26,320,871

TOTAL FRANCE

84,536,752

Germany - 12.9%

AWD Holding AG

235,600

11,953,361

Bilfinger Berger AG

64,200

6,089,585

Demag Cranes AG

600,000

39,922,737

Deutz AG (a)(d)

1,309,962

21,003,996

GEA Group AG (d)

1,134,800

33,448,638

Hochtief AG

64,459

6,816,958

Kontron AG

250,000

4,660,109

MPC Muenchmeyer Petersen Capital AG (d)

21,671

1,877,542

MTU Aero Engines Holding AG (d)

289,350

16,978,421

Q-Cells AG (d)

353,800

25,732,999

SGL Carbon AG (a)

358,908

14,090,564

SolarWorld AG (d)

345,800

29,331,979

Wacker Chemie AG

57,200

10,467,192

TOTAL GERMANY

222,374,081

Common Stocks - continued

Shares

Value

Greece - 1.1%

Bank of Piraeus

332,950

$ 12,149,147

Hellenic Technodomiki Tev SA

550,000

7,580,353

TOTAL GREECE

19,729,500

India - 0.3%

Bajaj Hindusthan Ltd.

1,200,000

4,726,032

Italy - 1.8%

Banca Italease Spa

339,240

20,641,911

Impregilo Spa (a)

1,200,000

9,807,107

TOTAL ITALY

30,449,018

Japan - 21.0%

Acca Networks Co. Ltd.

2,661

4,230,790

Adeka Corp.

7,700

84,131

Air Water, Inc. (d)

923,000

9,945,906

Asics Corp.

1,223,000

15,401,918

Atrium Co. Ltd. (d)

372,000

10,132,577

Haseko Corp. (a)

1,426,000

4,722,992

Ichiyoshi Securities Co. Ltd.

674,700

10,835,943

Iino Kaiun Kaisha Ltd.

75,000

894,579

Intelligence Ltd. (d)

3,882

10,059,725

Japan Asia Investment Co. Ltd.

366,000

2,108,458

Japan General Estate Co. Ltd.

588,200

12,846,761

Japan Steel Works Ltd.

697,000

8,218,954

JGC Corp.

700,000

10,754,482

Joint Corp. (d)

371,300

12,270,652

Kajima Corp.

800,000

3,938,779

Kenedix, Inc. (d)

2,456

10,760,053

KK daVinci Advisors (a)(d)

17,769

17,906,641

Kurita Water Industries Ltd.

294,000

7,339,967

Leopalace21 Corp.

612,500

20,084,257

Miraial Co. Ltd. (d)

48,400

5,045,232

Mitsumi Electric Co. Ltd.

180,000

6,004,170

Nabtesco Corp.

547,000

7,423,084

Namco Bandai Holdings, Inc.

309,000

5,021,990

Nintendo Co. Ltd.

79,600

24,868,004

Nippon Electric Glass Co. Ltd.

643,500

11,014,648

Organo Corp. (d)

629,000

9,109,665

Risa Partners, Inc. (d)

2,146

5,773,395

SHIMIZU Corp.

700,000

4,340,420

Sojitz Corp. (a)(d)

3,646,300

13,780,970

Sparx Group Co. Ltd. (d)

18,856

11,830,000

Common Stocks - continued

Shares

Value

Japan - continued

Sumco Corp.

341,100

$ 14,824,159

Sumitomo Bakelite Co. Ltd.

228,000

1,614,287

The Sumitomo Warehouse Co. Ltd.

338,000

2,609,467

Tokai Carbon Co. Ltd. (d)

687,000

5,915,148

Tokuyama Corp.

1,567,000

23,496,292

Tokyo Tatemono Co. Ltd.

1,003,000

14,020,436

Urban Corp.

409,300

5,371,318

Wacom Co. Ltd. (d)

1,700

4,158,345

Yoshinoya D&C Co. Ltd.

4,000

7,892,474

Zenrin Co. Ltd. (d)

196,300

5,467,699

TOTAL JAPAN

362,118,768

Korea (South) - 1.0%

LG Investment & Securities Co. Ltd.

319,120

7,372,021

Samsung Securities Co. Ltd.

157,032

9,179,137

TOTAL KOREA (SOUTH)

16,551,158

Luxembourg - 1.1%

Acergy SA

923,900

19,780,699

Netherlands - 3.7%

Koninklijke Wessanen NV (d)

1,017,015

16,126,453

Nutreco Holding NV (d)

299,000

22,200,118

QIAGEN NV (a)

995,000

17,641,350

Tele Atlas NV (Netherlands) (a)

408,200

8,505,844

TOTAL NETHERLANDS

64,473,765

Norway - 7.2%

Aker Kvaerner ASA

367,500

8,756,177

Cermaq ASA

1,395,000

24,620,544

ElectroMagnetic GeoServices ASA

692,300

14,836,746

Leroy Seafood Group ASA

287,900

6,145,815

Marine Harvest ASA (a)(d)

23,275,000

25,194,729

Norwegian Property ASA

592,400

7,119,594

Petroleum Geo-Services ASA (a)

531,600

14,832,938

ProSafe ASA (d)

665,000

10,361,807

TGS Nopec Geophysical Co. ASA (a)

502,700

11,660,632

TOTAL NORWAY

123,528,982

Common Stocks - continued

Shares

Value

Papua New Guinea - 2.1%

Lihir Gold Ltd. (a)

13,300,867

$ 32,916,201

Lihir Gold Ltd. sponsored ADR (a)

170,000

4,175,200

TOTAL PAPUA NEW GUINEA

37,091,401

Portugal - 0.8%

Banif SGPS SA

1,382,174

10,769,715

Sonae Industria SGPS SA (a)

300,000

3,831,797

TOTAL PORTUGAL

14,601,512

Singapore - 1.0%

GigaMedia Ltd. (a)

1,212,100

17,066,368

South Africa - 0.3%

Gold Fields Ltd.

314,600

5,653,362

Spain - 2.0%

Abengoa SA

530,324

21,370,274

Tecnicas Reunidas SA

238,735

12,705,333

TOTAL SPAIN

34,075,607

Sweden - 1.7%

Axfood AB

185,000

7,524,591

Bergman & Beving AB (B Shares)

315,000

10,790,409

Lindex AB (d)

780,000

10,594,504

TOTAL SWEDEN

28,909,504

Switzerland - 0.6%

Cytos Biotechnology AG (a)

68,355

9,733,874

Taiwan - 2.2%

Motech Industries, Inc.

807,000

10,016,194

PixArt Imaging, Inc.

1,590,000

19,328,841

Prime View International Co. Ltd. (a)

13,615,000

8,949,843

TOTAL TAIWAN

38,294,878

United Kingdom - 8.5%

ARM Holdings PLC

1,000,000

2,689,260

ARM Holdings PLC sponsored ADR

1,100,000

8,778,000

Autonomy Corp. PLC (a)

978,000

14,773,516

Avis Europe PLC (a)

8,236,998

11,569,800

Clipper Windpower PLC (a)

613,000

10,755,191

Invensys PLC (a)

3,400,000

22,620,777

Common Stocks - continued

Shares

Value

United Kingdom - continued

Investec PLC

400,000

$ 5,714,428

Laird Group PLC

520,269

5,997,052

Michael Page International PLC

1,169,827

13,484,396

Optos PLC

1,312,400

6,468,353

Premier Foods PLC

1,890,000

11,591,961

Renovo Group PLC

7,458,963

26,844,882

SMG PLC

3,694,300

4,690,471

TOTAL UNITED KINGDOM

145,978,087

United States of America - 7.5%

AGCO Corp. (a)

633,000

26,415,090

Chiquita Brands International, Inc. (d)

1,087,400

16,126,142

Level 3 Communications, Inc. (a)

1,844,600

10,255,976

NII Holdings, Inc. (a)

116,800

8,964,400

Time Warner Telecom, Inc. Class A (sub. vtg.) (a)

687,000

14,083,500

Titanium Metals Corp.

1,193,614

41,215,490

Whole Foods Market, Inc.

270,000

12,633,300

TOTAL UNITED STATES OF AMERICA

129,693,898

TOTAL COMMON STOCKS

(Cost $1,376,946,957)

1,709,609,167

Money Market Funds - 13.7%

Fidelity Cash Central Fund, 5.29% (b)

4,890,733

4,890,733

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

231,085,753

231,085,753

TOTAL MONEY MARKET FUNDS

(Cost $235,976,486)

235,976,486

TOTAL INVESTMENT PORTFOLIO - 112.7%

(Cost $1,612,923,443)

1,945,585,653

NET OTHER ASSETS - (12.7)%

(219,120,195)

NET ASSETS - 100%

$ 1,726,465,458

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 $2,617,922 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

UraMin, Inc.

3/7/07

$ 1,905,029

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 552,878

Fidelity Securities Lending Cash Central Fund

1,492,759

Total

$ 2,045,637

Income Tax Information

At October 31, 2006, the fund had a capital loss carryforward of approximately $516,738 all of which will expire on October 31, 2013.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $219,111,871) - See accompanying schedule:

Unaffiliated issuers (cost $1,376,946,957)

$ 1,709,609,167

Fidelity Central Funds (cost $235,976,486)

235,976,486

Total Investments (cost $1,612,923,443)

$ 1,945,585,653

Foreign currency held at value (cost $4,154,073)

4,150,944

Receivable for investments sold

25,733,315

Receivable for fund shares sold

6,213,205

Dividends receivable

3,248,097

Distributions receivable from Fidelity Central Funds

35,751

Prepaid expenses

2,429

Other receivables

575,875

Total assets

1,985,545,269

Liabilities

Payable to custodian bank

$ 731,817

Payable for investments purchased

21,604,500

Payable for fund shares redeemed

3,767,790

Accrued management fee

1,383,607

Distribution fees payable

66,826

Other affiliated payables

349,032

Other payables and accrued expenses

90,486

Collateral on securities loaned, at value

231,085,753

Total liabilities

259,079,811

Net Assets

$ 1,726,465,458

Net Assets consist of:

Paid in capital

$ 1,357,070,235

Undistributed net investment income

2,091,080

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

34,688,942

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

332,615,201

Net Assets

$ 1,726,465,458

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($52,677,223 ÷ 3,050,862 shares)

$ 17.27

Maximum offering price per share (100/94.25 of $17.27)

$ 18.32

Class T:
Net Asset Value and redemption price per share ($44,877,965 ÷ 2,612,880 shares)

$ 17.18

Maximum offering price per share (100/96.50 of $17.18)

$ 17.80

Class B:
Net Asset Value and offering price per share ($10,176,925 ÷ 597,645 shares)A

$ 17.03

Class C:
Net Asset Value and offering price per share ($36,988,436 ÷ 2,173,407 shares)A

$ 17.02

Fidelity International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,562,430,746 ÷ 90,062,997 shares)

$ 17.35

Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,314,163 ÷ 1,113,698 shares)

$ 17.34

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

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 10,165,286

Interest

1,862

Income from Fidelity Central Funds (including $1,492,759 from security lending)

2,045,637

12,212,785

Less foreign taxes withheld

(1,020,077)

Total income

11,192,708

Expenses

Management fee
Basic fee

$ 6,011,554

Performance adjustment

916,803

Transfer agent fees

1,522,497

Distribution fees

346,817

Accounting and security lending fees

334,669

Custodian fees and expenses

184,071

Independent trustees' compensation

1,907

Registration fees

91,362

Audit

35,952

Interest

8,660

Miscellaneous

624

Total expenses before reductions

9,454,916

Expense reductions

(353,288)

9,101,628

Net investment income (loss)

2,091,080

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $2,678)

41,506,850

Foreign currency transactions

135,722

Total net realized gain (loss)

41,642,572

Change in net unrealized appreciation (depreciation) on:

Investment securities

216,230,820

Assets and liabilities in foreign currencies

(45,839)

Total change in net unrealized appreciation (depreciation)

216,184,981

Net gain (loss)

257,827,553

Net increase (decrease) in net assets resulting from operations

$ 259,918,633

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,091,080

$ 3,177,589

Net realized gain (loss)

41,642,572

(953,704)

Change in net unrealized appreciation (depreciation)

216,184,981

115,235,200

Net increase (decrease) in net assets resulting
from operations

259,918,633

117,459,085

Distributions to shareholders from net realized gain

-

(90,957)

Share transactions - net increase (decrease)

373,054,828

760,497,703

Redemption fees

316,453

1,853,226

Total increase (decrease) in net assets

633,289,914

879,719,057

Net Assets

Beginning of period

1,093,175,544

213,456,487

End of period (including undistributed net investment income of $2,091,080 and undistributed net investment income of $3,179,958, respectively)

$ 1,726,465,458

$ 1,093,175,544

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

Semiannual Report

Financial Highlights - Class A

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.18

$ 10.41

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- J

- J

- J

Net realized and unrealized gain (loss)

3.09

3.74

.40

Total from investment operations

3.09

3.74

.40

Distributions from net realized gain

-

- J

-

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.27

$ 14.18

$ 10.41

Total Return B, C, D

21.79%

36.25%

4.10%

Ratios to Average Net Assets F, I

Expenses before reductions

1.64% A

1.63%

2.67% A

Expenses net of fee waivers, if any

1.64% A

1.63%

1.65% A

Expenses net of all reductions

1.59% A

1.51%

1.54% A

Net investment income (loss)

.01% A

.02%

(.09)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 52,677

$ 35,674

$ 5,533

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.12

$ 10.38

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

(.03)

(.01)

Net realized and unrealized gain (loss)

3.08

3.74

.38

Total from investment operations

3.06

3.71

.37

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.18

$ 14.12

$ 10.38

Total Return B, C, D

21.67%

36.03%

3.80%

Ratios to Average Net Assets F, I

Expenses before reductions

1.86% A

1.85%

2.92% A

Expenses net of fee waivers, if any

1.86% A

1.85%

1.90% A

Expenses net of all reductions

1.81% A

1.74%

1.78% A

Net investment income (loss)

(.20)% A

(.20)%

(.33)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 44,878

$ 28,309

$ 2,704

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.04

$ 10.37

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.10)

(.02)

Net realized and unrealized gain (loss)

3.05

3.74

.38

Total from investment operations

2.99

3.64

.36

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.03

$ 14.04

$ 10.37

Total Return B, C, D

21.30%

35.39%

3.70%

Ratios to Average Net AssetsF, I

Expenses before reductions

2.42% A

2.45%

3.43% A

Expenses net of fee waivers, if any

2.40% A

2.41%

2.40% A

Expenses net of all reductions

2.35% A

2.30%

2.27% A

Net investment income (loss)

(.74)% A

(.76)%

(.82)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,177

$ 7,709

$ 1,705

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.03

$ 10.37

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.10)

(.02)

Net realized and unrealized gain (loss)

3.05

3.73

.38

Total from investment operations

2.99

3.63

.36

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.02

$ 14.03

$ 10.37

Total Return B, C, D

21.31%

35.29%

3.70%

Ratios to Average Net Assets F, I

Expenses before reductions

2.40% A

2.38%

3.32% A

Expenses net of fee waivers, if any

2.40% A

2.38%

2.40% A

Expenses net of all reductions

2.35% A

2.27%

2.29% A

Net investment income (loss)

(.74)% A

(.73)%

(.84)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 36,988

$ 26,320

$ 3,317

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Fidelity International Small Cap Opportunities

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.23

$ 10.40

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.03

.05

- I

Net realized and unrealized gain (loss)

3.09

3.75

.39

Total from investment operations

3.12

3.80

.39

Distibutions from net realized gain

-

-I

-

Redemption fees added to paid in capital D

- I

.03

.01

Net asset value, end of period

$ 17.35

$ 14.23

$ 10.40

Total Return B, C

21.93%

36.86%

4.00%

Ratios to Average Net Assets E, H

Expenses before reductions

1.30% A

1.28%

2.25% A

Expenses net of fee waivers, if any

1.30% A

1.28%

1.40% A

Expenses net of all reductions

1.25% A

1.16%

1.31% A

Net investment income (loss)

.36% A

.37%

.14% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,562,431

$ 981,210

$ 197,349

Portfolio turnover rate F

89% A

164%

46%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.22

$ 10.40

$ 10.00

Income from Investment Operations

Net investment income (loss)D

.03

.05

- I

Net realized and unrealized gain (loss)

3.09

3.74

.39

Total from investment operations

3.12

3.79

.39

Distributions from net realized gain

-

- I

-

Redemption fees added to paid in capitalD

- I

.03

.01

Net asset value, end of period

$ 17.34

$ 14.22

$ 10.40

Total ReturnB, C

21.94%

36.77%

4.00%

Ratios to Average Net AssetsE, H

Expenses before reductions

1.31% A

1.25%

2.25% A

Expenses net of fee waivers, if any

1.31% A

1.25%

1.40% A

Expenses net of all reductions

1.26% A

1.14%

1.29% A

Net investment income (loss)

.35% A

.40%

.16% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 19,314

$ 13,954

$ 2,849

Portfolio turnover rate F

89% A

164%

46%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

1. Organization.

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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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), 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

$ 363,356,287

Unrealized depreciation

(35,036,820)

Net unrealized appreciation (depreciation)

$ 328,319,467

Cost for federal income tax purposes

$ 1,617,266,186

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $983,066,059 and $615,148,087, respectively.

6. 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 .26% 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 relative investment performance of the retail class of the Fund, Fidelity International Small Cap Opportunities, as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate, including the performance adjustment, was .99% 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%

$ 55,837

$ 5,180

Class T

.25%

.25%

90,180

5,754

Class B

.75%

.25%

45,903

35,586

Class C

.75%

.25%

154,897

82,432

$ 346,817

$ 128,952

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 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

$ 38,685

Class T

9,265

Class B*

10,152

Class C*

3,850

$ 61,943

* 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

6. 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 Fidelity International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Fidelity 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

$ 67,680

.30

Class T

48,650

.27

Class B

15,365

.33

Class C

47,782

.31

Fidelity International Small Cap Opportunities

1,325,436

.21

Institutional Class

17,584

.22

$ 1,522,497

* 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.

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 $38 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, 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. The 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

Borrower

$ 14,483,750

5.38%

$ 8,660

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. 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 amounted to $1,559 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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 Fidelity Central Funds.

9. 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, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$ 1,244

Semiannual Report

9. Expense Reductions - continued

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 $346,228 for the period. In addition, through arrangements with each 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

Fidelity International Small Cap Opportunities

$ 2,408

10. 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.

In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30, 2007

Year ended
October 31, 2006

From net realized gain

Class A

$ -

$ 2,067

Fidelity International Small Cap Opportunities

-

87,898

Institutional Class

-

992

Total

$ -

$ 90,957

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30, 2007

Year ended
October 31, 2006

Six months ended April 30, 2007

Year ended
October 31, 2006

Class A

Shares sold

971,993

2,562,140

$ 15,527,161

$ 35,143,597

Reinvestment of distributions

-

162

-

1,916

Shares redeemed

(436,554)

(578,488)

(6,931,319)

(7,816,655)

Net increase (decrease)

535,439

1,983,814

$ 8,595,842

$ 27,328,858

Class T

Shares sold

926,488

1,977,012

$ 14,862,227

$ 27,202,466

Shares redeemed

(317,990)

(233,065)

(5,035,335)

(3,118,693)

Net increase (decrease)

608,498

1,743,947

$ 9,826,892

$ 24,083,773

Class B

Shares sold

185,699

498,394

$ 2,920,304

$ 6,815,227

Shares redeemed

(137,158)

(113,628)

(2,169,854)

(1,550,424)

Net increase (decrease)

48,541

384,766

$ 750,450

$ 5,264,803

Class C

Shares sold

563,665

1,745,210

$ 9,081,606

$ 24,032,601

Shares redeemed

(266,143)

(189,077)

(4,152,142)

(2,515,739)

Net increase (decrease)

297,522

1,556,133

$ 4,929,464

$ 21,516,862

Fidelity International Small Cap Opportunities

Shares sold

36,729,687

93,068,555

$ 594,035,589

$ 1,259,777,775

Reinvestment of distributions

-

6,974

-

82,435

Shares redeemed

(15,644,108)

(43,072,008)

(247,361,233)

(586,736,058)

Net increase (decrease)

21,085,579

50,003,521

$ 346,674,356

$ 673,124,152

Institutional Class

Shares sold

346,774

1,299,662

$ 5,680,374

$ 17,883,260

Reinvestment of distributions

-

83

-

980

Shares redeemed

(214,261)

(592,563)

(3,402,550)

(8,704,985)

Net increase (decrease)

132,513

707,182

$ 2,277,824

$ 9,179,255

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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AILS-USAN-0607
1.815093.101

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Small Cap Opportunities

Fund - Institutional Class

Semiannual Report

April 30, 2007

(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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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 amounts with a value 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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 amounts with a value 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,217.90

$ 9.02

HypotheticalA

$ 1,000.00

$ 1,016.66

$ 8.20

Class T

Actual

$ 1,000.00

$ 1,216.70

$ 10.22

HypotheticalA

$ 1,000.00

$ 1,015.57

$ 9.30

Class B

Actual

$ 1,000.00

$ 1,213.00

$ 13.17

HypotheticalA

$ 1,000.00

$ 1,012.89

$ 11.98

Class C

Actual

$ 1,000.00

$ 1,213.10

$ 13.17

HypotheticalA

$ 1,000.00

$ 1,012.89

$ 11.98

Fidelity International Small Cap Opportunities

Actual

$ 1,000.00

$ 1,219.30

$ 7.15

HypotheticalA

$ 1,000.00

$ 1,018.35

$ 6.51

Institutional Class

Actual

$ 1,000.00

$ 1,219.40

$ 7.21

HypotheticalA

$ 1,000.00

$ 1,018.30

$ 6.56

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

1.64%

Class T

1.86%

Class B

2.40%

Class C

2.40%

Fidelity International Small Cap Opportunities

1.30%

Institutional Class

1.31%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 21.0%

Germany 12.9%

United States of America 8.5%

United Kingdom 8.5%

Norway 7.2%

Australia 5.8%

France 4.9%

Netherlands 3.7%

China 2.8%

Other 24.7%

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

As of October 31, 2006

Japan 32.7%

Germany 10.3%

United States of America 10.0%

France 6.8%

United Kingdom 6.0%

Australia 5.5%

Spain 4.5%

Italy 3.5%

Sweden 3.4%

Other 17.3%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.0

99.1

Short-Term Investments and Net Other Assets

1.0

0.9

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Titanium Metals Corp. (United States of America, Metals & Mining)

2.4

3.0

Demag Cranes AG (Germany, Machinery)

2.3

2.0

Lihir Gold Ltd. (Papua New Guinea, Metals & Mining)

2.1

1.0

GEA Group AG (Germany, Machinery)

1.9

1.9

SolarWorld AG (Germany, Electrical Equipment)

1.7

0.5

Renovo Group PLC (United Kingdom, Pharmaceuticals)

1.5

1.8

AGCO Corp. (United States of America, Machinery)

1.5

0.0

Soitec SA (France, Semiconductors & Semiconductor Equipment)

1.5

2.3

Q-Cells AG (Germany, Electrical Equipment)

1.5

0.5

Marine Harvest ASA (Norway, Food Products)

1.5

0.5

17.9

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

30.5

23.4

Information Technology

15.1

19.3

Financials

12.7

15.0

Materials

11.9

16.5

Consumer Staples

11.4

6.9

Energy

6.7

3.8

Consumer Discretionary

4.3

6.7

Health Care

3.9

5.7

Telecommunication Services

1.9

1.8

Utilities

0.6

0.0

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value

Australia - 5.8%

Babcock & Brown Ltd.

540,000

$ 13,296,335

Boart Longyear Ltd.

10,732,700

17,202,033

CSL Ltd.

101,453

7,353,483

Downer EDI Ltd.

2,852,100

17,740,263

Gunns Ltd.

122,600

351,255

Oxiana Ltd. (d)

7,648,500

19,309,158

Paladin Resources Ltd. (a)(d)

1,285,600

10,249,215

United Group Ltd.

1,106,708

14,429,331

TOTAL AUSTRALIA

99,931,073

Austria - 0.3%

Andritz AG

20,974

5,444,023

Belgium - 0.6%

Delhaize Group

50,000

4,815,000

Umicore SA

28,300

5,735,958

TOTAL BELGIUM

10,550,958

Bermuda - 0.5%

Sinofert Holdings Ltd.

16,782,000

8,624,252

Brazil - 1.5%

Cosan SA Industria E Comercio (a)

1,070,000

21,418,927

Sao Martinho SA

402,100

5,223,823

TOTAL BRAZIL

26,642,750

British Virgin Islands - 0.6%

UraMin, Inc. (a)

1,400,000

8,369,698

UraMin, Inc. (a)(e)

437,900

2,617,922

TOTAL BRITISH VIRGIN ISLANDS

10,987,620

Canada - 1.0%

Lundin Mining Corp. (a)

1,399,000

17,155,050

Cayman Islands - 2.4%

Himax Technologies, Inc. sponsored ADR

3,144,500

18,458,215

New Oriental Education & Technology Group, Inc. sponsored ADR

30,300

1,325,625

Subsea 7, Inc. (a)(d)

300,000

6,151,984

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

434,800

15,774,544

TOTAL CAYMAN ISLANDS

41,710,368

Common Stocks - continued

Shares

Value

China - 2.8%

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

1,712,196

$ 13,868,788

Comba Telecom Systems Holdings Ltd.

17,158,000

7,457,568

First Tractor Co. Ltd. (H Shares) (a)

9,452,000

4,615,712

Global Bio-Chem Technology Group Co. Ltd.

39,295,300

16,878,410

ZTE Corp. (H Shares)

1,099,000

5,149,005

TOTAL CHINA

47,969,483

Finland - 1.8%

KCI Konecranes Oyj

147,011

5,340,270

Metso Corp. (d)

160,900

8,896,739

Outotec Oyj

390,406

16,989,335

TOTAL FINLAND

31,226,344

France - 4.9%

Alstom SA (a)

62,062

9,315,879

Compagnie des Machines Bull SA (a)

622,340

4,093,362

Compagnie Generale de Geophysique SA (a)

40,902

8,551,396

Eutelsat Communications

200,000

4,964,415

Neopost SA

148,400

21,629,734

Nexans SA

65,000

9,661,095

Soitec SA (a)(d)

1,109,801

26,320,871

TOTAL FRANCE

84,536,752

Germany - 12.9%

AWD Holding AG

235,600

11,953,361

Bilfinger Berger AG

64,200

6,089,585

Demag Cranes AG

600,000

39,922,737

Deutz AG (a)(d)

1,309,962

21,003,996

GEA Group AG (d)

1,134,800

33,448,638

Hochtief AG

64,459

6,816,958

Kontron AG

250,000

4,660,109

MPC Muenchmeyer Petersen Capital AG (d)

21,671

1,877,542

MTU Aero Engines Holding AG (d)

289,350

16,978,421

Q-Cells AG (d)

353,800

25,732,999

SGL Carbon AG (a)

358,908

14,090,564

SolarWorld AG (d)

345,800

29,331,979

Wacker Chemie AG

57,200

10,467,192

TOTAL GERMANY

222,374,081

Common Stocks - continued

Shares

Value

Greece - 1.1%

Bank of Piraeus

332,950

$ 12,149,147

Hellenic Technodomiki Tev SA

550,000

7,580,353

TOTAL GREECE

19,729,500

India - 0.3%

Bajaj Hindusthan Ltd.

1,200,000

4,726,032

Italy - 1.8%

Banca Italease Spa

339,240

20,641,911

Impregilo Spa (a)

1,200,000

9,807,107

TOTAL ITALY

30,449,018

Japan - 21.0%

Acca Networks Co. Ltd.

2,661

4,230,790

Adeka Corp.

7,700

84,131

Air Water, Inc. (d)

923,000

9,945,906

Asics Corp.

1,223,000

15,401,918

Atrium Co. Ltd. (d)

372,000

10,132,577

Haseko Corp. (a)

1,426,000

4,722,992

Ichiyoshi Securities Co. Ltd.

674,700

10,835,943

Iino Kaiun Kaisha Ltd.

75,000

894,579

Intelligence Ltd. (d)

3,882

10,059,725

Japan Asia Investment Co. Ltd.

366,000

2,108,458

Japan General Estate Co. Ltd.

588,200

12,846,761

Japan Steel Works Ltd.

697,000

8,218,954

JGC Corp.

700,000

10,754,482

Joint Corp. (d)

371,300

12,270,652

Kajima Corp.

800,000

3,938,779

Kenedix, Inc. (d)

2,456

10,760,053

KK daVinci Advisors (a)(d)

17,769

17,906,641

Kurita Water Industries Ltd.

294,000

7,339,967

Leopalace21 Corp.

612,500

20,084,257

Miraial Co. Ltd. (d)

48,400

5,045,232

Mitsumi Electric Co. Ltd.

180,000

6,004,170

Nabtesco Corp.

547,000

7,423,084

Namco Bandai Holdings, Inc.

309,000

5,021,990

Nintendo Co. Ltd.

79,600

24,868,004

Nippon Electric Glass Co. Ltd.

643,500

11,014,648

Organo Corp. (d)

629,000

9,109,665

Risa Partners, Inc. (d)

2,146

5,773,395

SHIMIZU Corp.

700,000

4,340,420

Sojitz Corp. (a)(d)

3,646,300

13,780,970

Sparx Group Co. Ltd. (d)

18,856

11,830,000

Common Stocks - continued

Shares

Value

Japan - continued

Sumco Corp.

341,100

$ 14,824,159

Sumitomo Bakelite Co. Ltd.

228,000

1,614,287

The Sumitomo Warehouse Co. Ltd.

338,000

2,609,467

Tokai Carbon Co. Ltd. (d)

687,000

5,915,148

Tokuyama Corp.

1,567,000

23,496,292

Tokyo Tatemono Co. Ltd.

1,003,000

14,020,436

Urban Corp.

409,300

5,371,318

Wacom Co. Ltd. (d)

1,700

4,158,345

Yoshinoya D&C Co. Ltd.

4,000

7,892,474

Zenrin Co. Ltd. (d)

196,300

5,467,699

TOTAL JAPAN

362,118,768

Korea (South) - 1.0%

LG Investment & Securities Co. Ltd.

319,120

7,372,021

Samsung Securities Co. Ltd.

157,032

9,179,137

TOTAL KOREA (SOUTH)

16,551,158

Luxembourg - 1.1%

Acergy SA

923,900

19,780,699

Netherlands - 3.7%

Koninklijke Wessanen NV (d)

1,017,015

16,126,453

Nutreco Holding NV (d)

299,000

22,200,118

QIAGEN NV (a)

995,000

17,641,350

Tele Atlas NV (Netherlands) (a)

408,200

8,505,844

TOTAL NETHERLANDS

64,473,765

Norway - 7.2%

Aker Kvaerner ASA

367,500

8,756,177

Cermaq ASA

1,395,000

24,620,544

ElectroMagnetic GeoServices ASA

692,300

14,836,746

Leroy Seafood Group ASA

287,900

6,145,815

Marine Harvest ASA (a)(d)

23,275,000

25,194,729

Norwegian Property ASA

592,400

7,119,594

Petroleum Geo-Services ASA (a)

531,600

14,832,938

ProSafe ASA (d)

665,000

10,361,807

TGS Nopec Geophysical Co. ASA (a)

502,700

11,660,632

TOTAL NORWAY

123,528,982

Common Stocks - continued

Shares

Value

Papua New Guinea - 2.1%

Lihir Gold Ltd. (a)

13,300,867

$ 32,916,201

Lihir Gold Ltd. sponsored ADR (a)

170,000

4,175,200

TOTAL PAPUA NEW GUINEA

37,091,401

Portugal - 0.8%

Banif SGPS SA

1,382,174

10,769,715

Sonae Industria SGPS SA (a)

300,000

3,831,797

TOTAL PORTUGAL

14,601,512

Singapore - 1.0%

GigaMedia Ltd. (a)

1,212,100

17,066,368

South Africa - 0.3%

Gold Fields Ltd.

314,600

5,653,362

Spain - 2.0%

Abengoa SA

530,324

21,370,274

Tecnicas Reunidas SA

238,735

12,705,333

TOTAL SPAIN

34,075,607

Sweden - 1.7%

Axfood AB

185,000

7,524,591

Bergman & Beving AB (B Shares)

315,000

10,790,409

Lindex AB (d)

780,000

10,594,504

TOTAL SWEDEN

28,909,504

Switzerland - 0.6%

Cytos Biotechnology AG (a)

68,355

9,733,874

Taiwan - 2.2%

Motech Industries, Inc.

807,000

10,016,194

PixArt Imaging, Inc.

1,590,000

19,328,841

Prime View International Co. Ltd. (a)

13,615,000

8,949,843

TOTAL TAIWAN

38,294,878

United Kingdom - 8.5%

ARM Holdings PLC

1,000,000

2,689,260

ARM Holdings PLC sponsored ADR

1,100,000

8,778,000

Autonomy Corp. PLC (a)

978,000

14,773,516

Avis Europe PLC (a)

8,236,998

11,569,800

Clipper Windpower PLC (a)

613,000

10,755,191

Invensys PLC (a)

3,400,000

22,620,777

Common Stocks - continued

Shares

Value

United Kingdom - continued

Investec PLC

400,000

$ 5,714,428

Laird Group PLC

520,269

5,997,052

Michael Page International PLC

1,169,827

13,484,396

Optos PLC

1,312,400

6,468,353

Premier Foods PLC

1,890,000

11,591,961

Renovo Group PLC

7,458,963

26,844,882

SMG PLC

3,694,300

4,690,471

TOTAL UNITED KINGDOM

145,978,087

United States of America - 7.5%

AGCO Corp. (a)

633,000

26,415,090

Chiquita Brands International, Inc. (d)

1,087,400

16,126,142

Level 3 Communications, Inc. (a)

1,844,600

10,255,976

NII Holdings, Inc. (a)

116,800

8,964,400

Time Warner Telecom, Inc. Class A (sub. vtg.) (a)

687,000

14,083,500

Titanium Metals Corp.

1,193,614

41,215,490

Whole Foods Market, Inc.

270,000

12,633,300

TOTAL UNITED STATES OF AMERICA

129,693,898

TOTAL COMMON STOCKS

(Cost $1,376,946,957)

1,709,609,167

Money Market Funds - 13.7%

Fidelity Cash Central Fund, 5.29% (b)

4,890,733

4,890,733

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

231,085,753

231,085,753

TOTAL MONEY MARKET FUNDS

(Cost $235,976,486)

235,976,486

TOTAL INVESTMENT PORTFOLIO - 112.7%

(Cost $1,612,923,443)

1,945,585,653

NET OTHER ASSETS - (12.7)%

(219,120,195)

NET ASSETS - 100%

$ 1,726,465,458

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 $2,617,922 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

UraMin, Inc.

3/7/07

$ 1,905,029

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 552,878

Fidelity Securities Lending Cash Central Fund

1,492,759

Total

$ 2,045,637

Income Tax Information

At October 31, 2006, the fund had a capital loss carryforward of approximately $516,738 all of which will expire on October 31, 2013.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $219,111,871) - See accompanying schedule:

Unaffiliated issuers (cost $1,376,946,957)

$ 1,709,609,167

Fidelity Central Funds (cost $235,976,486)

235,976,486

Total Investments (cost $1,612,923,443)

$ 1,945,585,653

Foreign currency held at value (cost $4,154,073)

4,150,944

Receivable for investments sold

25,733,315

Receivable for fund shares sold

6,213,205

Dividends receivable

3,248,097

Distributions receivable from Fidelity Central Funds

35,751

Prepaid expenses

2,429

Other receivables

575,875

Total assets

1,985,545,269

Liabilities

Payable to custodian bank

$ 731,817

Payable for investments purchased

21,604,500

Payable for fund shares redeemed

3,767,790

Accrued management fee

1,383,607

Distribution fees payable

66,826

Other affiliated payables

349,032

Other payables and accrued expenses

90,486

Collateral on securities loaned, at value

231,085,753

Total liabilities

259,079,811

Net Assets

$ 1,726,465,458

Net Assets consist of:

Paid in capital

$ 1,357,070,235

Undistributed net investment income

2,091,080

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

34,688,942

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

332,615,201

Net Assets

$ 1,726,465,458

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($52,677,223 ÷ 3,050,862 shares)

$ 17.27

Maximum offering price per share (100/94.25 of $17.27)

$ 18.32

Class T:
Net Asset Value and redemption price per share ($44,877,965 ÷ 2,612,880 shares)

$ 17.18

Maximum offering price per share (100/96.50 of $17.18)

$ 17.80

Class B:
Net Asset Value and offering price per share ($10,176,925 ÷ 597,645 shares)A

$ 17.03

Class C:
Net Asset Value and offering price per share ($36,988,436 ÷ 2,173,407 shares)A

$ 17.02

Fidelity International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,562,430,746 ÷ 90,062,997 shares)

$ 17.35

Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,314,163 ÷ 1,113,698 shares)

$ 17.34

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

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 10,165,286

Interest

1,862

Income from Fidelity Central Funds (including $1,492,759 from security lending)

2,045,637

12,212,785

Less foreign taxes withheld

(1,020,077)

Total income

11,192,708

Expenses

Management fee
Basic fee

$ 6,011,554

Performance adjustment

916,803

Transfer agent fees

1,522,497

Distribution fees

346,817

Accounting and security lending fees

334,669

Custodian fees and expenses

184,071

Independent trustees' compensation

1,907

Registration fees

91,362

Audit

35,952

Interest

8,660

Miscellaneous

624

Total expenses before reductions

9,454,916

Expense reductions

(353,288)

9,101,628

Net investment income (loss)

2,091,080

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $2,678)

41,506,850

Foreign currency transactions

135,722

Total net realized gain (loss)

41,642,572

Change in net unrealized appreciation (depreciation) on:

Investment securities

216,230,820

Assets and liabilities in foreign currencies

(45,839)

Total change in net unrealized appreciation (depreciation)

216,184,981

Net gain (loss)

257,827,553

Net increase (decrease) in net assets resulting from operations

$ 259,918,633

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended April 30, 2007
(Unaudited)

Year ended
October 31,
2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,091,080

$ 3,177,589

Net realized gain (loss)

41,642,572

(953,704)

Change in net unrealized appreciation (depreciation)

216,184,981

115,235,200

Net increase (decrease) in net assets resulting
from operations

259,918,633

117,459,085

Distributions to shareholders from net realized gain

-

(90,957)

Share transactions - net increase (decrease)

373,054,828

760,497,703

Redemption fees

316,453

1,853,226

Total increase (decrease) in net assets

633,289,914

879,719,057

Net Assets

Beginning of period

1,093,175,544

213,456,487

End of period (including undistributed net investment income of $2,091,080 and undistributed net investment income of $3,179,958, respectively)

$ 1,726,465,458

$ 1,093,175,544

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

Semiannual Report

Financial Highlights - Class A

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.18

$ 10.41

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- J

- J

- J

Net realized and unrealized gain (loss)

3.09

3.74

.40

Total from investment operations

3.09

3.74

.40

Distributions from net realized gain

-

- J

-

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.27

$ 14.18

$ 10.41

Total Return B, C, D

21.79%

36.25%

4.10%

Ratios to Average Net Assets F, I

Expenses before reductions

1.64% A

1.63%

2.67% A

Expenses net of fee waivers, if any

1.64% A

1.63%

1.65% A

Expenses net of all reductions

1.59% A

1.51%

1.54% A

Net investment income (loss)

.01% A

.02%

(.09)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 52,677

$ 35,674

$ 5,533

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.12

$ 10.38

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

(.03)

(.01)

Net realized and unrealized gain (loss)

3.08

3.74

.38

Total from investment operations

3.06

3.71

.37

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.18

$ 14.12

$ 10.38

Total Return B, C, D

21.67%

36.03%

3.80%

Ratios to Average Net Assets F, I

Expenses before reductions

1.86% A

1.85%

2.92% A

Expenses net of fee waivers, if any

1.86% A

1.85%

1.90% A

Expenses net of all reductions

1.81% A

1.74%

1.78% A

Net investment income (loss)

(.20)% A

(.20)%

(.33)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 44,878

$ 28,309

$ 2,704

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended
April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.04

$ 10.37

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.10)

(.02)

Net realized and unrealized gain (loss)

3.05

3.74

.38

Total from investment operations

2.99

3.64

.36

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.03

$ 14.04

$ 10.37

Total Return B, C, D

21.30%

35.39%

3.70%

Ratios to Average Net AssetsF, I

Expenses before reductions

2.42% A

2.45%

3.43% A

Expenses net of fee waivers, if any

2.40% A

2.41%

2.40% A

Expenses net of all reductions

2.35% A

2.30%

2.27% A

Net investment income (loss)

(.74)% A

(.76)%

(.82)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,177

$ 7,709

$ 1,705

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 H

Selected Per-Share Data

Net asset value, beginning of period

$ 14.03

$ 10.37

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.10)

(.02)

Net realized and unrealized gain (loss)

3.05

3.73

.38

Total from investment operations

2.99

3.63

.36

Redemption fees added to paid in capital E

- J

.03

.01

Net asset value, end of period

$ 17.02

$ 14.03

$ 10.37

Total Return B, C, D

21.31%

35.29%

3.70%

Ratios to Average Net Assets F, I

Expenses before reductions

2.40% A

2.38%

3.32% A

Expenses net of fee waivers, if any

2.40% A

2.38%

2.40% A

Expenses net of all reductions

2.35% A

2.27%

2.29% A

Net investment income (loss)

(.74)% A

(.73)%

(.84)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 36,988

$ 26,320

$ 3,317

Portfolio turnover rate G

89% A

164%

46%

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Fidelity International Small Cap Opportunities

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.23

$ 10.40

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.03

.05

- I

Net realized and unrealized gain (loss)

3.09

3.75

.39

Total from investment operations

3.12

3.80

.39

Distibutions from net realized gain

-

-I

-

Redemption fees added to paid in capital D

- I

.03

.01

Net asset value, end of period

$ 17.35

$ 14.23

$ 10.40

Total Return B, C

21.93%

36.86%

4.00%

Ratios to Average Net Assets E, H

Expenses before reductions

1.30% A

1.28%

2.25% A

Expenses net of fee waivers, if any

1.30% A

1.28%

1.40% A

Expenses net of all reductions

1.25% A

1.16%

1.31% A

Net investment income (loss)

.36% A

.37%

.14% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,562,431

$ 981,210

$ 197,349

Portfolio turnover rate F

89% A

164%

46%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended April 30, 2007

Years ended October 31,

(Unaudited)

2006

2005 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.22

$ 10.40

$ 10.00

Income from Investment Operations

Net investment income (loss)D

.03

.05

- I

Net realized and unrealized gain (loss)

3.09

3.74

.39

Total from investment operations

3.12

3.79

.39

Distributions from net realized gain

-

- I

-

Redemption fees added to paid in capitalD

- I

.03

.01

Net asset value, end of period

$ 17.34

$ 14.22

$ 10.40

Total ReturnB, C

21.94%

36.77%

4.00%

Ratios to Average Net AssetsE, H

Expenses before reductions

1.31% A

1.25%

2.25% A

Expenses net of fee waivers, if any

1.31% A

1.25%

1.40% A

Expenses net of all reductions

1.26% A

1.14%

1.29% A

Net investment income (loss)

.35% A

.40%

.16% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 19,314

$ 13,954

$ 2,849

Portfolio turnover rate F

89% A

164%

46%

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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G For the period August 2, 2005 (commencement of operations) to October 31, 2005.

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

I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

1. Organization.

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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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), 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

$ 363,356,287

Unrealized depreciation

(35,036,820)

Net unrealized appreciation (depreciation)

$ 328,319,467

Cost for federal income tax purposes

$ 1,617,266,186

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $983,066,059 and $615,148,087, respectively.

6. 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 .26% 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 relative investment performance of the retail class of the Fund, Fidelity International Small Cap Opportunities, as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate, including the performance adjustment, was .99% 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%

$ 55,837

$ 5,180

Class T

.25%

.25%

90,180

5,754

Class B

.75%

.25%

45,903

35,586

Class C

.75%

.25%

154,897

82,432

$ 346,817

$ 128,952

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 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

$ 38,685

Class T

9,265

Class B*

10,152

Class C*

3,850

$ 61,943

* 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

6. 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 Fidelity International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Fidelity 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

$ 67,680

.30

Class T

48,650

.27

Class B

15,365

.33

Class C

47,782

.31

Fidelity International Small Cap Opportunities

1,325,436

.21

Institutional Class

17,584

.22

$ 1,522,497

* 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.

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 $38 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, 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. The 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

Borrower

$ 14,483,750

5.38%

$ 8,660

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. 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 amounted to $1,559 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. 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 Fidelity Central Funds.

9. 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, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Expense
Limitations

Reimbursement
from adviser

Class B

2.40%

$ 1,244

Semiannual Report

9. Expense Reductions - continued

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 $346,228 for the period. In addition, through arrangements with each 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

Fidelity International Small Cap Opportunities

$ 2,408

10. 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.

In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30, 2007

Year ended
October 31, 2006

From net realized gain

Class A

$ -

$ 2,067

Fidelity International Small Cap Opportunities

-

87,898

Institutional Class

-

992

Total

$ -

$ 90,957

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended April 30, 2007

Year ended
October 31, 2006

Six months ended April 30, 2007

Year ended
October 31, 2006

Class A

Shares sold

971,993

2,562,140

$ 15,527,161

$ 35,143,597

Reinvestment of distributions

-

162

-

1,916

Shares redeemed

(436,554)

(578,488)

(6,931,319)

(7,816,655)

Net increase (decrease)

535,439

1,983,814

$ 8,595,842

$ 27,328,858

Class T

Shares sold

926,488

1,977,012

$ 14,862,227

$ 27,202,466

Shares redeemed

(317,990)

(233,065)

(5,035,335)

(3,118,693)

Net increase (decrease)

608,498

1,743,947

$ 9,826,892

$ 24,083,773

Class B

Shares sold

185,699

498,394

$ 2,920,304

$ 6,815,227

Shares redeemed

(137,158)

(113,628)

(2,169,854)

(1,550,424)

Net increase (decrease)

48,541

384,766

$ 750,450

$ 5,264,803

Class C

Shares sold

563,665

1,745,210

$ 9,081,606

$ 24,032,601

Shares redeemed

(266,143)

(189,077)

(4,152,142)

(2,515,739)

Net increase (decrease)

297,522

1,556,133

$ 4,929,464

$ 21,516,862

Fidelity International Small Cap Opportunities

Shares sold

36,729,687

93,068,555

$ 594,035,589

$ 1,259,777,775

Reinvestment of distributions

-

6,974

-

82,435

Shares redeemed

(15,644,108)

(43,072,008)

(247,361,233)

(586,736,058)

Net increase (decrease)

21,085,579

50,003,521

$ 346,674,356

$ 673,124,152

Institutional Class

Shares sold

346,774

1,299,662

$ 5,680,374

$ 17,883,260

Reinvestment of distributions

-

83

-

980

Shares redeemed

(214,261)

(592,563)

(3,402,550)

(8,704,985)

Net increase (decrease)

132,513

707,182

$ 2,277,824

$ 9,179,255

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

The Northern Trust Company

Chicago, IL

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

AILSI-USAN-0607
1.815084.101

Fidelity®

International Value

Fund

Semiannual Report

April 30, 2007

(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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,140.40

$ 7.70

Hypothetical A

$ 1,000.00

$ 1,017.60

$ 7.25

Class T

Actual

$ 1,000.00

$ 1,139.40

$ 8.86

Hypothetical A

$ 1,000.00

$ 1,016.51

$ 8.35

Class B

Actual

$ 1,000.00

$ 1,136.80

$ 11.39

Hypothetical A

$ 1,000.00

$ 1,014.13

$ 10.74

Class C

Actual

$ 1,000.00

$ 1,137.40

$ 11.34

Hypothetical A

$ 1,000.00

$ 1,014.18

$ 10.69

International Value

Actual

$ 1,000.00

$ 1,142.40

$ 5.90

Hypothetical A

$ 1,000.00

$ 1,019.29

$ 5.56

Institutional Class

Actual

$ 1,000.00

$ 1,143.30

$ 5.58

Hypothetical A

$ 1,000.00

$ 1,019.59

$ 5.26

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

1.45%

Class T

1.67%

Class B

2.15%

Class C

2.14%

International Value

1.11%

Institutional Class

1.05%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 18.4%

United Kingdom 16.5%

France 11.3%

Germany 10.9%

Switzerland 9.6%

Spain 4.5%

United States of America 3.2%

Netherlands 3.1%

Australia 2.8%

Other 19.7%

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

As of October 31, 2006

Japan 19.9%

United Kingdom 17.8%

Germany 10.2%

Switzerland 9.4%

France 8.6%

Italy 4.6%

Netherlands 3.3%

Canada 3.3%

Norway 2.9%

Other 20.0%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.0

98.0

Short-Term Investments and Net Other Assets

3.0

2.0

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

E.ON AG (Germany, Electric Utilities)

2.7

2.0

Societe Generale Series A (France, Commercial Banks)

2.7

1.2

Nestle SA (Reg.) (Switzerland, Food Products)

2.5

1.5

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

2.4

2.4

Royal Bank of Scotland Group PLC (United Kingdom, Commercial Banks)

2.2

4.0

Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors)

2.1

2.2

Toyota Motor Corp. (Japan, Automobiles)

2.1

2.0

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

2.0

1.9

Barclays PLC (United Kingdom, Commercial Banks)

2.0

2.5

AXA SA sponsored ADR (France, Insurance)

2.0

1.2

22.7

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

40.0

40.3

Industrials

10.1

8.9

Consumer Discretionary

8.6

7.5

Materials

7.3

5.5

Consumer Staples

6.6

5.8

Utilities

6.3

5.7

Energy

6.3

11.3

Information Technology

5.7

7.4

Health Care

3.6

3.1

Telecommunication Services

2.5

2.5

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%

Shares

Value

Australia - 2.8%

AMP Ltd.

238,000

$ 2,124,706

Australia & New Zealand Banking Group Ltd.

87,000

2,210,824

Macquarie Airports unit

801,096

2,647,775

National Australia Bank Ltd.

53,400

1,898,904

Zinifex Ltd.

149,700

2,057,469

TOTAL AUSTRALIA

10,939,678

Austria - 0.2%

Immoeast AG (a)

50,500

716,688

Brazil - 1.1%

Petroleo Brasileiro SA Petrobras sponsored ADR

13,700

1,386,851

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

40,300

1,036,919

Uniao de Bancos Brasileiros SA (Unibanco) GDR

18,700

1,815,022

TOTAL BRAZIL

4,238,792

Canada - 2.4%

Cameco Corp.

33,400

1,555,798

Cognos, Inc. (a)

23,900

1,030,329

Finning International, Inc.

54,400

2,695,738

First Quantum Minerals Ltd.

20,500

1,415,366

RONA, Inc. (a)

128,600

2,792,378

TOTAL CANADA

9,489,609

Cayman Islands - 2.6%

GlobalSantaFe Corp.

112,000

7,160,160

Subsea 7, Inc. (a)(d)

136,500

2,799,153

TOTAL CAYMAN ISLANDS

9,959,313

Czech Republic - 0.4%

Ceske Energeticke Zavody AS

32,300

1,578,889

Finland - 0.5%

Nokia Corp. sponsored ADR

78,000

1,969,500

France - 11.3%

Accor SA

18,100

1,716,105

Alcatel-Lucent SA

240,600

3,187,950

AXA SA sponsored ADR

169,400

7,802,564

BNP Paribas SA

31,200

3,646,593

Compagnie de St. Gobain

47,900

5,153,978

Gaz de France (d)

37,400

1,765,847

Louis Vuitton Moet Hennessy (LVMH)

14,700

1,724,526

Pernod Ricard SA

14,940

3,195,682

Peugeot Citroen SA

37,300

3,043,286

Common Stocks - continued

Shares

Value

France - continued

Societe Generale Series A

49,535

$ 10,578,690

Suez SA (France) (d)

39,000

2,234,150

TOTAL FRANCE

44,049,371

Germany - 10.9%

Allianz AG sponsored ADR (d)

285,200

6,337,144

BASF AG sponsored ADR (d)

48,000

5,702,880

DaimlerChrysler AG

15,000

1,207,650

E.ON AG (d)

70,800

10,647,608

GFK AG

25,300

1,166,924

Heidelberger Druckmaschinen AG

36,100

1,715,798

KarstadtQuelle AG (a)(d)

54,000

2,085,382

Lanxess AG

43,700

2,398,440

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

44,100

7,888,847

RWE AG

18,600

1,969,863

Siemens AG sponsored ADR

12,900

1,560,513

TOTAL GERMANY

42,681,049

Greece - 0.7%

Alpha Bank AE

46,900

1,439,994

Greek Organization of Football Prognostics SA

38,600

1,469,592

TOTAL GREECE

2,909,586

Hong Kong - 1.7%

Chaoda Modern Agriculture (Holdings) Ltd.

548,000

455,350

Swire Pacific Ltd. (A Shares)

537,800

6,170,309

TOTAL HONG KONG

6,625,659

India - 0.8%

Satyam Computer Services Ltd. sponsored ADR

82,400

2,050,112

State Bank of India

30,000

987,938

TOTAL INDIA

3,038,050

Ireland - 0.3%

Bank of Ireland

46,371

1,004,048

Italy - 1.5%

Fiat Spa

55,100

1,636,875

Intesa Sanpaolo Spa

203,981

1,720,218

Unicredito Italiano Spa

244,000

2,523,855

TOTAL ITALY

5,880,948

Japan - 18.4%

Asahi Breweries Ltd.

63,100

1,028,265

Common Stocks - continued

Shares

Value

Japan - continued

Canon, Inc.

86,950

$ 4,886,590

Daiwa Securities Group, Inc.

126,000

1,403,562

Denso Corp.

55,700

1,969,614

East Japan Railway Co.

686

5,563,444

Fujitsu Ltd.

85,000

534,352

Japan Tobacco, Inc.

504

2,461,990

JFE Holdings, Inc.

10,600

582,733

JGC Corp.

32,000

491,633

JSR Corp.

57,200

1,279,680

Konica Minolta Holdings, Inc.

134,500

1,840,579

Leopalace21 Corp.

47,500

1,557,555

Misawa Homes Holdings, Inc. (a)(d)

48,500

850,596

Mitsubishi Estate Co. Ltd.

21,000

651,155

Mitsui & Co. Ltd.

463,000

8,326,544

Mizuho Financial Group, Inc.

460

2,768,505

Nippon Building Fund, Inc.

48

775,981

Nippon Oil Corp.

302,000

2,319,401

ORIX Corp.

23,310

6,216,129

Ricoh Co. Ltd.

85,000

1,865,834

Shin-Etsu Chemical Co. Ltd.

16,400

1,058,641

Sumitomo Mitsui Financial Group, Inc.

109

952,351

Sumitomo Realty & Development Co. Ltd.

20,000

738,314

Sumitomo Trust & Banking Co. Ltd.

197,000

1,924,119

Takeda Pharamaceutical Co. Ltd.

89,900

5,828,719

Tokuyama Corp.

61,000

914,661

Tokyo Gas Co. Ltd.

579,000

2,910,157

Tokyo Tomin Bank Ltd.

30,200

1,044,033

Toyota Motor Corp.

133,600

8,110,856

Toyota Motor Corp. sponsored ADR

100

12,142

Yamada Denki Co. Ltd.

10,970

1,013,747

TOTAL JAPAN

71,881,882

Kazakhstan - 0.2%

JSC Halyk Bank of Kazakhstan:

GDR (a)(e)

4,700

105,750

unit (a)

28,000

630,000

TOTAL KAZAKHSTAN

735,750

Korea (South) - 0.6%

Kookmin Bank sponsored ADR

10,600

952,092

Samsung Electronics Co. Ltd. GDR

5,151

1,581,357

TOTAL KOREA (SOUTH)

2,533,449

Common Stocks - continued

Shares

Value

Mexico - 0.4%

America Movil SA de CV Series L sponsored ADR

28,000

$ 1,470,840

Netherlands - 3.1%

ABN-AMRO Holding NV sponsored ADR

15,700

760,665

Heineken NV (Bearer)

25,100

1,332,810

ING Groep NV sponsored ADR (d)

203,400

9,277,074

TomTom Group BV (a)(d)

17,900

761,369

TOTAL NETHERLANDS

12,131,918

Norway - 2.2%

DnB Nor ASA (d)

226,400

3,253,694

Fred Olsen Energy ASA (a)(d)

50,500

2,529,541

Orkla ASA (A Shares)

71,250

1,147,320

Petroleum Geo-Services ASA (a)

55,500

1,548,586

TOTAL NORWAY

8,479,141

Philippines - 0.3%

Philippine Long Distance Telephone Co. sponsored ADR

20,700

1,105,587

Russia - 0.7%

Magma OJSC sponsored GDR (a)(e)

23,100

292,215

OAO Gazprom sponsored ADR

66,900

2,629,170

TOTAL RUSSIA

2,921,385

Singapore - 0.5%

DBS Group Holdings Ltd.

146,000

2,046,998

South Africa - 0.6%

Impala Platinum Holdings Ltd.

71,400

2,331,578

Spain - 4.5%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

295,700

7,079,058

Banco Santander Central Hispano SA

317,800

5,720,106

Gestevision Telecinco SA

79,600

2,415,757

Telefonica SA sponsored ADR

35,100

2,374,515

TOTAL SPAIN

17,589,436

Sweden - 1.7%

Atlas Copco AB (A Shares)

26,400

1,016,643

Svenska Cellulosa AB (SCA) (B Shares)

69,400

3,599,639

Telefonaktiebolaget LM Ericsson (B Shares)

493,000

1,881,781

TOTAL SWEDEN

6,498,063

Switzerland - 9.6%

Adecco SA (Reg.)

20,818

1,424,784

Credit Suisse Group sponsored ADR

76,300

5,989,550

Common Stocks - continued

Shares

Value

Switzerland - continued

Nestle SA (Reg.)

24,529

$ 9,747,825

Novartis AG sponsored ADR

46,000

2,672,140

Roche Holding AG (participation certificate)

28,706

5,411,081

Swiss Reinsurance Co. (Reg.)

37,977

3,590,656

UBS AG (NY Shares)

114,500

7,431,050

Zurich Financial Services AG (Reg.)

3,949

1,154,114

TOTAL SWITZERLAND

37,421,200

Taiwan - 0.3%

Novatek Microelectronics Corp.

221,000

1,094,536

United Kingdom - 16.5%

3i Group plc

107,500

2,489,015

BAE Systems PLC

183,500

1,676,729

Barclays PLC

539,900

7,833,949

BHP Billiton PLC

221,600

5,002,352

BP PLC

228,500

2,563,770

British American Tobacco PLC

96,800

3,013,384

HBOS plc

85,300

1,847,090

HSBC Holdings PLC (United Kingdom) (Reg.)

228,900

4,228,241

Land Securities Group PLC

39,100

1,533,862

National Grid PLC

221,600

3,484,809

Old Mutual plc

677,400

2,425,780

Prudential PLC

159,928

2,395,063

Rio Tinto PLC sponsored ADR

4,625

1,128,500

Rolls-Royce Group PLC

386,300

3,705,529

Royal Bank of Scotland Group PLC

223,900

8,640,163

Tesco PLC

488,800

4,505,497

Vedanta Resources PLC

46,600

1,288,602

Vodafone Group PLC sponsored ADR

162,512

4,668,970

Yell Group PLC

203,100

1,983,741

TOTAL UNITED KINGDOM

64,415,046

United States of America - 0.2%

Virgin Media, Inc.

27,900

703,917

TOTAL COMMON STOCKS

(Cost $333,713,372)

378,441,906

Nonconvertible Preferred Stocks - 0.0%

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B
(Cost $29,725)

15,161,120

30,314

Money Market Funds - 15.6%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

9,907,063

$ 9,907,063

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

50,738,175

50,738,175

TOTAL MONEY MARKET FUNDS

(Cost $60,645,238)

60,645,238

TOTAL INVESTMENT PORTFOLIO - 112.6%

(Cost $394,388,335)

439,117,458

NET OTHER ASSETS - (12.6)%

(49,055,794)

NET ASSETS - 100%

$ 390,061,664

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 end of the period, the value of these securities amounted to $397,965 or 0.1% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 279,266

Fidelity Securities Lending Cash Central Fund

117,918

Total

$ 397,184

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $48,996,684) - See accompanying schedule:

Unaffiliated issuers (cost $333,743,097)

$ 378,472,220

Fidelity Central Funds (cost $60,645,238)

60,645,238

Total Investments (cost $394,388,335)

$ 439,117,458

Foreign currency held at value (cost $454,888)

454,905

Receivable for investments sold

5,881,713

Receivable for fund shares sold

1,436,263

Dividends receivable

1,878,087

Distributions receivable from Fidelity Central Funds

53,356

Prepaid expenses

316

Receivable from investment adviser for expense reductions

70,459

Other receivables

103,649

Total assets

448,996,206

Liabilities

Payable to custodian bank

$ 48,927

Payable for investments purchased

6,996,297

Payable for fund shares redeemed

800,870

Accrued management fee

222,029

Distribution fees payable

8,104

Other affiliated payables

73,992

Other payables and accrued expenses

46,148

Collateral on securities loaned, at value

50,738,175

Total liabilities

58,934,542

Net Assets

$ 390,061,664

Net Assets consist of:

Paid in capital

$ 337,961,287

Undistributed net investment income

2,322,796

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

5,041,886

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

44,735,695

Net Assets

$ 390,061,664

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($6,063,438 ÷ 503,919 shares)

$ 12.03

Maximum offering price per share (100/94.25 of $12.03)

$ 12.76

Class T:
Net Asset Value and redemption price per share ($3,611,659 ÷ 300,518 shares)

$ 12.02

Maximum offering price per share (100/96.50 of $12.02)

$ 12.46

Class B:
Net Asset Value and offering price per share ($2,060,597 ÷ 171,788 shares)A

$ 11.99

Class C:
Net Asset Value and offering price per share ($4,694,989 ÷ 391,693 shares)A

$ 11.99

International Value:
Net Asset Value, offering price and redemption price per share ($370,000,966 ÷ 30,696,929 shares)

$ 12.05

Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,630,015 ÷ 301,073 shares)

$ 12.06

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

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 4,249,449

Income from Fidelity Central Funds

397,184

4,646,633

Less foreign taxes withheld

(391,222)

Total income

4,255,411

Expenses

Management fee

$ 1,096,992

Transfer agent fees

325,164

Distribution fees

37,805

Accounting and security lending fees

82,046

Custodian fees and expenses

42,353

Independent trustees' compensation

406

Registration fees

133,649

Audit

29,285

Legal

1,734

Miscellaneous

285

Total expenses before reductions

1,749,719

Expense reductions

(39,379)

1,710,340

Net investment income (loss)

2,545,071

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $6,485)

5,626,934

Foreign currency transactions

16,478

Total net realized gain (loss)

5,643,412

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $6,668)

32,667,246

Assets and liabilities in foreign currencies

6,956

Total change in net unrealized appreciation (depreciation)

32,674,202

Net gain (loss)

38,317,614

Net increase (decrease) in net assets resulting from operations

$ 40,862,685

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

For the period
May 18, 2006
(commencement of operations) to
October 31, 2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,545,071

$ 808,421

Net realized gain (loss)

5,643,412

(6,746)

Change in net unrealized appreciation (depreciation)

32,674,202

12,061,493

Net increase (decrease) in net assets resulting
from operations

40,862,685

12,863,168

Distributions to shareholders from net investment income

(978,516)

-

Distributions to shareholders from net realized gain

(557,946)

-

Total distributions

(1,536,462)

-

Share transactions - net increase (decrease)

119,711,553

218,123,163

Redemption fees

16,959

20,598

Total increase (decrease) in net assets

159,054,735

231,006,929

Net Assets

Beginning of period

231,006,929

-

End of period (including undistributed net investment income of $2,322,796 and undistributed net investment income of $808,421, respectively)

$ 390,061,664

$ 231,006,929

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

Semiannual Report

Financial Highlights - Class A

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.60

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.08

.06 H

Net realized and unrealized gain (loss)

1.40

.54

Total from investment operations

1.48

.60

Distributions from net investment income

(.03)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.05)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 12.03

$ 10.60

Total Return B, C, D

14.04%

6.00%

Ratios to Average Net Assets F, J

Expenses before reductions

1.45% A

1.75% A

Expenses net of fee waivers, if any

1.45% A

1.50% A

Expenses net of all reductions

1.43% A

1.46% A

Net investment income (loss)

1.34% A

1.29% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 6,063

$ 1,537

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 .63%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.59

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.06

.05 H

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.47

.59

Distributions from net investment income

(.02)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.04)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 12.02

$ 10.59

Total Return B, C, D

13.94%

5.90%

Ratios to Average Net Assets F, J

Expenses before reductions

1.67% A

2.01% A

Expenses net of fee waivers, if any

1.67% A

1.75% A

Expenses net of all reductions

1.64% A

1.71% A

Net investment income (loss)

1.12% A

1.04% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,612

$ 1,789

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 .38%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.56

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.04

.02 H

Net realized and unrealized gain (loss)

1.40

.54

Total from investment operations

1.44

.56

Distributions from net realized gain

(.01)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 11.99

$ 10.56

Total Return B, C, D

13.68%

5.60%

Ratios to Average Net Assets F, J

Expenses before reductions

2.15% A

2.50% A

Expenses net of fee waivers, if any

2.15% A

2.25% A

Expenses net of all reductions

2.12% A

2.21% A

Net investment income (loss)

.64% A

.54% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 2,061

$ 1,304

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 (.12)%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.56

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.04

.02 H

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.45

.56

Distributions from net realized gain

(.02)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 11.99

$ 10.56

Total Return B, C, D

13.74%

5.60%

Ratios to Average Net Assets F, J

Expenses before reductions

2.14% A

2.47% A

Expenses net of fee waivers, if any

2.14% A

2.25% A

Expenses net of all reductions

2.11% A

2.21% A

Net investment income (loss)

.65% A

.54% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,695

$ 2,183

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 (.12)%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Value

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 H

Selected Per-Share Data

Net asset value, beginning of period

$ 10.61

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.09

.07 G

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.50

.61

Distributions from net investment income

(.04)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.06)

-

Redemption fees added to paid in capital D

- J

- J

Net asset value, end of period

$ 12.05

$ 10.61

Total Return B, C

14.24%

6.10%

Ratios to Average Net Assets E, I

Expenses before reductions

1.11% A

1.50% A

Expenses net of fee waivers, if any

1.11% A

1.25% A

Expenses net of all reductions

1.09% A

1.21% A

Net investment income (loss)

1.68% A

1.54% A, G

Supplemental Data

Net assets, end of period (000 omitted)

$ 370,001

$ 221,130

Portfolio turnover rate F

41% A

29% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G 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 .88%.

H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 H

Selected Per-Share Data

Net asset value, beginning of period

$ 10.61

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.10

.07 G

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.51

.61

Distributions from net investment income

(.04)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.06)

-

Redemption fees added to paid in capital D

- J

- J

Net asset value, end of period

$ 12.06

$ 10.61

Total Return B, C

14.33%

6.10%

Ratios to Average Net Assets E, I

Expenses before reductions

1.05% A

1.38% A

Expenses net of fee waivers, if any

1.05% A

1.25% A

Expenses net of all reductions

1.03% A

1.21% A

Net investment income (loss)

1.74% A

1.54% A, G

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,630

$ 3,064

Portfolio turnover rate F

41% A

29% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G 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 .88%.

H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

1. Organization.

Fidelity International Value 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 Value 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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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, 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

$ 48,698,325

Unrealized depreciation

(4,115,193)

Net unrealized appreciation (depreciation)

$ 44,583,132

Cost for federal income tax purposes

$ 394,534,326

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $175,608,401 and $61,826,797, respectively.

6. 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 .26% 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 Fund's relative investment performance as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until (May 1, 2007). Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. 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%

$ 4,883

$ 1,537

Class T

.25%

.25%

6,856

2,848

Class B

.75%

.25%

8,507

7,789

Class C

.75%

.25%

17,559

11,321

$ 37,805

$ 23,495

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 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

$ 8,227

Class T

1,949

Class B

430

Class C

147

$ 10,753

* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

respective classes of the Fund. FIIOC pays 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, were as follows:

Amount

% of
Average
Net Assets*

Class A

$ 5,921

.30*

Class T

3,677

.27*

Class B

2,086

.25*

Class C

4,128

.24*

International Value

306,844

.21*

Institutional Class

2,508

.15*

$ 325,164

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, 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.

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 $142 for the period.

7. 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 amounted to $49 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

Notes to Financial Statements (Unaudited) - continued

8. 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 interest income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $117,918.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $37,758 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 $816. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

Class A

$ 27

10. 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

Semiannual Report

10. Other - continued

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.

In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Period ended
October 31,
2006

From net investment income

Class A

$ 5,613

$ -

Class T

4,267

-

International Value

956,069

-

Institutional Class

12,567

-

Total

$ 978,516

$ -

From net realized gain

Class A

$ 3,983

$ -

Class T

4,693

-

Class B

1,788

-

Class C

4,566

-

International Value

536,333

-

Institutional Class

6,583

-

Total

$ 557,946

$ -

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2007

Period ended
October 31,
2006 A

Six months ended
April 30,
2007

Period ended
October 31,
2006 A

Class A

Shares sold

372,287

146,231

$ 4,185,502

$ 1,461,870

Reinvestment of distributions

863

-

9,431

-

Shares redeemed

(14,288)

(1,174)

(163,376)

(12,358)

Net increase (decrease)

358,862

145,057

$ 4,031,557

$ 1,449,512

Class T

Shares sold

144,832

169,119

$ 1,623,959

$ 1,688,142

Reinvestment of distributions

806

-

8,796

-

Shares redeemed

(14,084)

(155)

(161,330)

(1,528)

Net increase (decrease)

131,554

168,964

$ 1,471,425

$ 1,686,614

Class B

Shares sold

51,123

123,455

$ 571,546

$ 1,231,876

Reinvestment of distributions

151

-

1,653

-

Shares redeemed

(2,929)

(12)

(33,083)

(126)

Net increase (decrease)

48,345

123,443

$ 540,116

$ 1,231,750

Class C

Shares sold

187,783

207,502

$ 2,102,131

$ 2,072,374

Reinvestment of distributions

319

-

3,483

-

Shares redeemed

(3,120)

(791)

(35,249)

(7,647)

Net increase (decrease)

184,982

206,711

$ 2,070,365

$ 2,064,727

International Value

Shares sold

14,702,079

22,776,737

$ 166,214,648

$ 228,163,833

Reinvestment of distributions

127,337

-

1,391,798

-

Shares redeemed

(4,975,092)

(1,934,132)

(56,140,761)

(19,338,324)

Net increase (decrease)

9,854,324

20,842,605

$ 111,465,685

$ 208,825,509

Institutional Class

Shares sold

52,199

288,807

$ 582,807

$ 2,865,051

Reinvestment of distributions

692

-

7,564

-

Shares redeemed

(40,625)

-

(457,966)

-

Net increase (decrease)

12,266

288,807

$ 132,405

$ 2,865,051

A For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

15445 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

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, 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 Westview Road
Lone Tree, 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

400 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

4671 Town Center Parkway
Jacksonville, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, 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

238 Main Street
Cambridge, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

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

Semiannual Report

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

Missouri

1524 South Lindbergh Blvd.
St. Louis, 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 Broad Street
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

980 Madison Avenue
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

799 Central Park Avenue
Scarsdale, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
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

6560 Fannin Street
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

279 West South Temple
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

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

The Northern Trust Company
Chicago, Illinois

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-8888

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

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

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

(automated graphic)    Automated line for quickest service

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

FIV-USAN-0607
1.827484.100

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Value

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

Semiannual Report

April 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Class A, Class T, Class B, and Class C are classes of Fidelity® International Value 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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,140.40

$ 7.70

Hypothetical A

$ 1,000.00

$ 1,017.60

$ 7.25

Class T

Actual

$ 1,000.00

$ 1,139.40

$ 8.86

Hypothetical A

$ 1,000.00

$ 1,016.51

$ 8.35

Class B

Actual

$ 1,000.00

$ 1,136.80

$ 11.39

Hypothetical A

$ 1,000.00

$ 1,014.13

$ 10.74

Class C

Actual

$ 1,000.00

$ 1,137.40

$ 11.34

Hypothetical A

$ 1,000.00

$ 1,014.18

$ 10.69

International Value

Actual

$ 1,000.00

$ 1,142.40

$ 5.90

Hypothetical A

$ 1,000.00

$ 1,019.29

$ 5.56

Institutional Class

Actual

$ 1,000.00

$ 1,143.30

$ 5.58

Hypothetical A

$ 1,000.00

$ 1,019.59

$ 5.26

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

1.45%

Class T

1.67%

Class B

2.15%

Class C

2.14%

International Value

1.11%

Institutional Class

1.05%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 18.4%

United Kingdom 16.5%

France 11.3%

Germany 10.9%

Switzerland 9.6%

Spain 4.5%

United States of America 3.2%

Netherlands 3.1%

Australia 2.8%

Other 19.7%

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

As of October 31, 2006

Japan 19.9%

United Kingdom 17.8%

Germany 10.2%

Switzerland 9.4%

France 8.6%

Italy 4.6%

Netherlands 3.3%

Canada 3.3%

Norway 2.9%

Other 20.0%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.0

98.0

Short-Term Investments and Net Other Assets

3.0

2.0

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

E.ON AG (Germany, Electric Utilities)

2.7

2.0

Societe Generale Series A (France, Commercial Banks)

2.7

1.2

Nestle SA (Reg.) (Switzerland, Food Products)

2.5

1.5

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

2.4

2.4

Royal Bank of Scotland Group PLC (United Kingdom, Commercial Banks)

2.2

4.0

Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors)

2.1

2.2

Toyota Motor Corp. (Japan, Automobiles)

2.1

2.0

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

2.0

1.9

Barclays PLC (United Kingdom, Commercial Banks)

2.0

2.5

AXA SA sponsored ADR (France, Insurance)

2.0

1.2

22.7

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

40.0

40.3

Industrials

10.1

8.9

Consumer Discretionary

8.6

7.5

Materials

7.3

5.5

Consumer Staples

6.6

5.8

Utilities

6.3

5.7

Energy

6.3

11.3

Information Technology

5.7

7.4

Health Care

3.6

3.1

Telecommunication Services

2.5

2.5

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%

Shares

Value

Australia - 2.8%

AMP Ltd.

238,000

$ 2,124,706

Australia & New Zealand Banking Group Ltd.

87,000

2,210,824

Macquarie Airports unit

801,096

2,647,775

National Australia Bank Ltd.

53,400

1,898,904

Zinifex Ltd.

149,700

2,057,469

TOTAL AUSTRALIA

10,939,678

Austria - 0.2%

Immoeast AG (a)

50,500

716,688

Brazil - 1.1%

Petroleo Brasileiro SA Petrobras sponsored ADR

13,700

1,386,851

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

40,300

1,036,919

Uniao de Bancos Brasileiros SA (Unibanco) GDR

18,700

1,815,022

TOTAL BRAZIL

4,238,792

Canada - 2.4%

Cameco Corp.

33,400

1,555,798

Cognos, Inc. (a)

23,900

1,030,329

Finning International, Inc.

54,400

2,695,738

First Quantum Minerals Ltd.

20,500

1,415,366

RONA, Inc. (a)

128,600

2,792,378

TOTAL CANADA

9,489,609

Cayman Islands - 2.6%

GlobalSantaFe Corp.

112,000

7,160,160

Subsea 7, Inc. (a)(d)

136,500

2,799,153

TOTAL CAYMAN ISLANDS

9,959,313

Czech Republic - 0.4%

Ceske Energeticke Zavody AS

32,300

1,578,889

Finland - 0.5%

Nokia Corp. sponsored ADR

78,000

1,969,500

France - 11.3%

Accor SA

18,100

1,716,105

Alcatel-Lucent SA

240,600

3,187,950

AXA SA sponsored ADR

169,400

7,802,564

BNP Paribas SA

31,200

3,646,593

Compagnie de St. Gobain

47,900

5,153,978

Gaz de France (d)

37,400

1,765,847

Louis Vuitton Moet Hennessy (LVMH)

14,700

1,724,526

Pernod Ricard SA

14,940

3,195,682

Peugeot Citroen SA

37,300

3,043,286

Common Stocks - continued

Shares

Value

France - continued

Societe Generale Series A

49,535

$ 10,578,690

Suez SA (France) (d)

39,000

2,234,150

TOTAL FRANCE

44,049,371

Germany - 10.9%

Allianz AG sponsored ADR (d)

285,200

6,337,144

BASF AG sponsored ADR (d)

48,000

5,702,880

DaimlerChrysler AG

15,000

1,207,650

E.ON AG (d)

70,800

10,647,608

GFK AG

25,300

1,166,924

Heidelberger Druckmaschinen AG

36,100

1,715,798

KarstadtQuelle AG (a)(d)

54,000

2,085,382

Lanxess AG

43,700

2,398,440

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

44,100

7,888,847

RWE AG

18,600

1,969,863

Siemens AG sponsored ADR

12,900

1,560,513

TOTAL GERMANY

42,681,049

Greece - 0.7%

Alpha Bank AE

46,900

1,439,994

Greek Organization of Football Prognostics SA

38,600

1,469,592

TOTAL GREECE

2,909,586

Hong Kong - 1.7%

Chaoda Modern Agriculture (Holdings) Ltd.

548,000

455,350

Swire Pacific Ltd. (A Shares)

537,800

6,170,309

TOTAL HONG KONG

6,625,659

India - 0.8%

Satyam Computer Services Ltd. sponsored ADR

82,400

2,050,112

State Bank of India

30,000

987,938

TOTAL INDIA

3,038,050

Ireland - 0.3%

Bank of Ireland

46,371

1,004,048

Italy - 1.5%

Fiat Spa

55,100

1,636,875

Intesa Sanpaolo Spa

203,981

1,720,218

Unicredito Italiano Spa

244,000

2,523,855

TOTAL ITALY

5,880,948

Japan - 18.4%

Asahi Breweries Ltd.

63,100

1,028,265

Common Stocks - continued

Shares

Value

Japan - continued

Canon, Inc.

86,950

$ 4,886,590

Daiwa Securities Group, Inc.

126,000

1,403,562

Denso Corp.

55,700

1,969,614

East Japan Railway Co.

686

5,563,444

Fujitsu Ltd.

85,000

534,352

Japan Tobacco, Inc.

504

2,461,990

JFE Holdings, Inc.

10,600

582,733

JGC Corp.

32,000

491,633

JSR Corp.

57,200

1,279,680

Konica Minolta Holdings, Inc.

134,500

1,840,579

Leopalace21 Corp.

47,500

1,557,555

Misawa Homes Holdings, Inc. (a)(d)

48,500

850,596

Mitsubishi Estate Co. Ltd.

21,000

651,155

Mitsui & Co. Ltd.

463,000

8,326,544

Mizuho Financial Group, Inc.

460

2,768,505

Nippon Building Fund, Inc.

48

775,981

Nippon Oil Corp.

302,000

2,319,401

ORIX Corp.

23,310

6,216,129

Ricoh Co. Ltd.

85,000

1,865,834

Shin-Etsu Chemical Co. Ltd.

16,400

1,058,641

Sumitomo Mitsui Financial Group, Inc.

109

952,351

Sumitomo Realty & Development Co. Ltd.

20,000

738,314

Sumitomo Trust & Banking Co. Ltd.

197,000

1,924,119

Takeda Pharamaceutical Co. Ltd.

89,900

5,828,719

Tokuyama Corp.

61,000

914,661

Tokyo Gas Co. Ltd.

579,000

2,910,157

Tokyo Tomin Bank Ltd.

30,200

1,044,033

Toyota Motor Corp.

133,600

8,110,856

Toyota Motor Corp. sponsored ADR

100

12,142

Yamada Denki Co. Ltd.

10,970

1,013,747

TOTAL JAPAN

71,881,882

Kazakhstan - 0.2%

JSC Halyk Bank of Kazakhstan:

GDR (a)(e)

4,700

105,750

unit (a)

28,000

630,000

TOTAL KAZAKHSTAN

735,750

Korea (South) - 0.6%

Kookmin Bank sponsored ADR

10,600

952,092

Samsung Electronics Co. Ltd. GDR

5,151

1,581,357

TOTAL KOREA (SOUTH)

2,533,449

Common Stocks - continued

Shares

Value

Mexico - 0.4%

America Movil SA de CV Series L sponsored ADR

28,000

$ 1,470,840

Netherlands - 3.1%

ABN-AMRO Holding NV sponsored ADR

15,700

760,665

Heineken NV (Bearer)

25,100

1,332,810

ING Groep NV sponsored ADR (d)

203,400

9,277,074

TomTom Group BV (a)(d)

17,900

761,369

TOTAL NETHERLANDS

12,131,918

Norway - 2.2%

DnB Nor ASA (d)

226,400

3,253,694

Fred Olsen Energy ASA (a)(d)

50,500

2,529,541

Orkla ASA (A Shares)

71,250

1,147,320

Petroleum Geo-Services ASA (a)

55,500

1,548,586

TOTAL NORWAY

8,479,141

Philippines - 0.3%

Philippine Long Distance Telephone Co. sponsored ADR

20,700

1,105,587

Russia - 0.7%

Magma OJSC sponsored GDR (a)(e)

23,100

292,215

OAO Gazprom sponsored ADR

66,900

2,629,170

TOTAL RUSSIA

2,921,385

Singapore - 0.5%

DBS Group Holdings Ltd.

146,000

2,046,998

South Africa - 0.6%

Impala Platinum Holdings Ltd.

71,400

2,331,578

Spain - 4.5%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

295,700

7,079,058

Banco Santander Central Hispano SA

317,800

5,720,106

Gestevision Telecinco SA

79,600

2,415,757

Telefonica SA sponsored ADR

35,100

2,374,515

TOTAL SPAIN

17,589,436

Sweden - 1.7%

Atlas Copco AB (A Shares)

26,400

1,016,643

Svenska Cellulosa AB (SCA) (B Shares)

69,400

3,599,639

Telefonaktiebolaget LM Ericsson (B Shares)

493,000

1,881,781

TOTAL SWEDEN

6,498,063

Switzerland - 9.6%

Adecco SA (Reg.)

20,818

1,424,784

Credit Suisse Group sponsored ADR

76,300

5,989,550

Common Stocks - continued

Shares

Value

Switzerland - continued

Nestle SA (Reg.)

24,529

$ 9,747,825

Novartis AG sponsored ADR

46,000

2,672,140

Roche Holding AG (participation certificate)

28,706

5,411,081

Swiss Reinsurance Co. (Reg.)

37,977

3,590,656

UBS AG (NY Shares)

114,500

7,431,050

Zurich Financial Services AG (Reg.)

3,949

1,154,114

TOTAL SWITZERLAND

37,421,200

Taiwan - 0.3%

Novatek Microelectronics Corp.

221,000

1,094,536

United Kingdom - 16.5%

3i Group plc

107,500

2,489,015

BAE Systems PLC

183,500

1,676,729

Barclays PLC

539,900

7,833,949

BHP Billiton PLC

221,600

5,002,352

BP PLC

228,500

2,563,770

British American Tobacco PLC

96,800

3,013,384

HBOS plc

85,300

1,847,090

HSBC Holdings PLC (United Kingdom) (Reg.)

228,900

4,228,241

Land Securities Group PLC

39,100

1,533,862

National Grid PLC

221,600

3,484,809

Old Mutual plc

677,400

2,425,780

Prudential PLC

159,928

2,395,063

Rio Tinto PLC sponsored ADR

4,625

1,128,500

Rolls-Royce Group PLC

386,300

3,705,529

Royal Bank of Scotland Group PLC

223,900

8,640,163

Tesco PLC

488,800

4,505,497

Vedanta Resources PLC

46,600

1,288,602

Vodafone Group PLC sponsored ADR

162,512

4,668,970

Yell Group PLC

203,100

1,983,741

TOTAL UNITED KINGDOM

64,415,046

United States of America - 0.2%

Virgin Media, Inc.

27,900

703,917

TOTAL COMMON STOCKS

(Cost $333,713,372)

378,441,906

Nonconvertible Preferred Stocks - 0.0%

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B
(Cost $29,725)

15,161,120

30,314

Money Market Funds - 15.6%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

9,907,063

$ 9,907,063

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

50,738,175

50,738,175

TOTAL MONEY MARKET FUNDS

(Cost $60,645,238)

60,645,238

TOTAL INVESTMENT PORTFOLIO - 112.6%

(Cost $394,388,335)

439,117,458

NET OTHER ASSETS - (12.6)%

(49,055,794)

NET ASSETS - 100%

$ 390,061,664

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 end of the period, the value of these securities amounted to $397,965 or 0.1% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 279,266

Fidelity Securities Lending Cash Central Fund

117,918

Total

$ 397,184

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $48,996,684) - See accompanying schedule:

Unaffiliated issuers (cost $333,743,097)

$ 378,472,220

Fidelity Central Funds (cost $60,645,238)

60,645,238

Total Investments (cost $394,388,335)

$ 439,117,458

Foreign currency held at value (cost $454,888)

454,905

Receivable for investments sold

5,881,713

Receivable for fund shares sold

1,436,263

Dividends receivable

1,878,087

Distributions receivable from Fidelity Central Funds

53,356

Prepaid expenses

316

Receivable from investment adviser for expense reductions

70,459

Other receivables

103,649

Total assets

448,996,206

Liabilities

Payable to custodian bank

$ 48,927

Payable for investments purchased

6,996,297

Payable for fund shares redeemed

800,870

Accrued management fee

222,029

Distribution fees payable

8,104

Other affiliated payables

73,992

Other payables and accrued expenses

46,148

Collateral on securities loaned, at value

50,738,175

Total liabilities

58,934,542

Net Assets

$ 390,061,664

Net Assets consist of:

Paid in capital

$ 337,961,287

Undistributed net investment income

2,322,796

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

5,041,886

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

44,735,695

Net Assets

$ 390,061,664

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($6,063,438 ÷ 503,919 shares)

$ 12.03

Maximum offering price per share (100/94.25 of $12.03)

$ 12.76

Class T:
Net Asset Value and redemption price per share ($3,611,659 ÷ 300,518 shares)

$ 12.02

Maximum offering price per share (100/96.50 of $12.02)

$ 12.46

Class B:
Net Asset Value and offering price per share ($2,060,597 ÷ 171,788 shares)A

$ 11.99

Class C:
Net Asset Value and offering price per share ($4,694,989 ÷ 391,693 shares)A

$ 11.99

International Value:
Net Asset Value, offering price and redemption price per share ($370,000,966 ÷ 30,696,929 shares)

$ 12.05

Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,630,015 ÷ 301,073 shares)

$ 12.06

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

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 4,249,449

Income from Fidelity Central Funds

397,184

4,646,633

Less foreign taxes withheld

(391,222)

Total income

4,255,411

Expenses

Management fee

$ 1,096,992

Transfer agent fees

325,164

Distribution fees

37,805

Accounting and security lending fees

82,046

Custodian fees and expenses

42,353

Independent trustees' compensation

406

Registration fees

133,649

Audit

29,285

Legal

1,734

Miscellaneous

285

Total expenses before reductions

1,749,719

Expense reductions

(39,379)

1,710,340

Net investment income (loss)

2,545,071

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $6,485)

5,626,934

Foreign currency transactions

16,478

Total net realized gain (loss)

5,643,412

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $6,668)

32,667,246

Assets and liabilities in foreign currencies

6,956

Total change in net unrealized appreciation (depreciation)

32,674,202

Net gain (loss)

38,317,614

Net increase (decrease) in net assets resulting from operations

$ 40,862,685

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

For the period
May 18, 2006
(commencement of operations) to
October 31, 2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,545,071

$ 808,421

Net realized gain (loss)

5,643,412

(6,746)

Change in net unrealized appreciation (depreciation)

32,674,202

12,061,493

Net increase (decrease) in net assets resulting
from operations

40,862,685

12,863,168

Distributions to shareholders from net investment income

(978,516)

-

Distributions to shareholders from net realized gain

(557,946)

-

Total distributions

(1,536,462)

-

Share transactions - net increase (decrease)

119,711,553

218,123,163

Redemption fees

16,959

20,598

Total increase (decrease) in net assets

159,054,735

231,006,929

Net Assets

Beginning of period

231,006,929

-

End of period (including undistributed net investment income of $2,322,796 and undistributed net investment income of $808,421, respectively)

$ 390,061,664

$ 231,006,929

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

Semiannual Report

Financial Highlights - Class A

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.60

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.08

.06 H

Net realized and unrealized gain (loss)

1.40

.54

Total from investment operations

1.48

.60

Distributions from net investment income

(.03)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.05)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 12.03

$ 10.60

Total Return B, C, D

14.04%

6.00%

Ratios to Average Net Assets F, J

Expenses before reductions

1.45% A

1.75% A

Expenses net of fee waivers, if any

1.45% A

1.50% A

Expenses net of all reductions

1.43% A

1.46% A

Net investment income (loss)

1.34% A

1.29% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 6,063

$ 1,537

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 .63%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.59

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.06

.05 H

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.47

.59

Distributions from net investment income

(.02)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.04)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 12.02

$ 10.59

Total Return B, C, D

13.94%

5.90%

Ratios to Average Net Assets F, J

Expenses before reductions

1.67% A

2.01% A

Expenses net of fee waivers, if any

1.67% A

1.75% A

Expenses net of all reductions

1.64% A

1.71% A

Net investment income (loss)

1.12% A

1.04% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,612

$ 1,789

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 .38%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.56

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.04

.02 H

Net realized and unrealized gain (loss)

1.40

.54

Total from investment operations

1.44

.56

Distributions from net realized gain

(.01)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 11.99

$ 10.56

Total Return B, C, D

13.68%

5.60%

Ratios to Average Net Assets F, J

Expenses before reductions

2.15% A

2.50% A

Expenses net of fee waivers, if any

2.15% A

2.25% A

Expenses net of all reductions

2.12% A

2.21% A

Net investment income (loss)

.64% A

.54% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 2,061

$ 1,304

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 (.12)%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.56

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.04

.02 H

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.45

.56

Distributions from net realized gain

(.02)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 11.99

$ 10.56

Total Return B, C, D

13.74%

5.60%

Ratios to Average Net Assets F, J

Expenses before reductions

2.14% A

2.47% A

Expenses net of fee waivers, if any

2.14% A

2.25% A

Expenses net of all reductions

2.11% A

2.21% A

Net investment income (loss)

.65% A

.54% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,695

$ 2,183

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 (.12)%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Value

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 H

Selected Per-Share Data

Net asset value, beginning of period

$ 10.61

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.09

.07 G

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.50

.61

Distributions from net investment income

(.04)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.06)

-

Redemption fees added to paid in capital D

- J

- J

Net asset value, end of period

$ 12.05

$ 10.61

Total Return B, C

14.24%

6.10%

Ratios to Average Net Assets E, I

Expenses before reductions

1.11% A

1.50% A

Expenses net of fee waivers, if any

1.11% A

1.25% A

Expenses net of all reductions

1.09% A

1.21% A

Net investment income (loss)

1.68% A

1.54% A, G

Supplemental Data

Net assets, end of period (000 omitted)

$ 370,001

$ 221,130

Portfolio turnover rate F

41% A

29% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G 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 .88%.

H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 H

Selected Per-Share Data

Net asset value, beginning of period

$ 10.61

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.10

.07 G

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.51

.61

Distributions from net investment income

(.04)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.06)

-

Redemption fees added to paid in capital D

- J

- J

Net asset value, end of period

$ 12.06

$ 10.61

Total Return B, C

14.33%

6.10%

Ratios to Average Net Assets E, I

Expenses before reductions

1.05% A

1.38% A

Expenses net of fee waivers, if any

1.05% A

1.25% A

Expenses net of all reductions

1.03% A

1.21% A

Net investment income (loss)

1.74% A

1.54% A, G

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,630

$ 3,064

Portfolio turnover rate F

41% A

29% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G 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 .88%.

H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

1. Organization.

Fidelity International Value 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 Value 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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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, 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

$ 48,698,325

Unrealized depreciation

(4,115,193)

Net unrealized appreciation (depreciation)

$ 44,583,132

Cost for federal income tax purposes

$ 394,534,326

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $175,608,401 and $61,826,797, respectively.

6. 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 .26% 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 Fund's relative investment performance as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until (May 1, 2007). Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. 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%

$ 4,883

$ 1,537

Class T

.25%

.25%

6,856

2,848

Class B

.75%

.25%

8,507

7,789

Class C

.75%

.25%

17,559

11,321

$ 37,805

$ 23,495

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 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

$ 8,227

Class T

1,949

Class B

430

Class C

147

$ 10,753

* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

respective classes of the Fund. FIIOC pays 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, were as follows:

Amount

% of
Average
Net Assets*

Class A

$ 5,921

.30*

Class T

3,677

.27*

Class B

2,086

.25*

Class C

4,128

.24*

International Value

306,844

.21*

Institutional Class

2,508

.15*

$ 325,164

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, 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.

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 $142 for the period.

7. 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 amounted to $49 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

Notes to Financial Statements (Unaudited) - continued

8. 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 interest income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $117,918.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $37,758 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 $816. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

Class A

$ 27

10. 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

Semiannual Report

10. Other - continued

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.

In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Period ended
October 31,
2006

From net investment income

Class A

$ 5,613

$ -

Class T

4,267

-

International Value

956,069

-

Institutional Class

12,567

-

Total

$ 978,516

$ -

From net realized gain

Class A

$ 3,983

$ -

Class T

4,693

-

Class B

1,788

-

Class C

4,566

-

International Value

536,333

-

Institutional Class

6,583

-

Total

$ 557,946

$ -

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2007

Period ended
October 31,
2006 A

Six months ended
April 30,
2007

Period ended
October 31,
2006 A

Class A

Shares sold

372,287

146,231

$ 4,185,502

$ 1,461,870

Reinvestment of distributions

863

-

9,431

-

Shares redeemed

(14,288)

(1,174)

(163,376)

(12,358)

Net increase (decrease)

358,862

145,057

$ 4,031,557

$ 1,449,512

Class T

Shares sold

144,832

169,119

$ 1,623,959

$ 1,688,142

Reinvestment of distributions

806

-

8,796

-

Shares redeemed

(14,084)

(155)

(161,330)

(1,528)

Net increase (decrease)

131,554

168,964

$ 1,471,425

$ 1,686,614

Class B

Shares sold

51,123

123,455

$ 571,546

$ 1,231,876

Reinvestment of distributions

151

-

1,653

-

Shares redeemed

(2,929)

(12)

(33,083)

(126)

Net increase (decrease)

48,345

123,443

$ 540,116

$ 1,231,750

Class C

Shares sold

187,783

207,502

$ 2,102,131

$ 2,072,374

Reinvestment of distributions

319

-

3,483

-

Shares redeemed

(3,120)

(791)

(35,249)

(7,647)

Net increase (decrease)

184,982

206,711

$ 2,070,365

$ 2,064,727

International Value

Shares sold

14,702,079

22,776,737

$ 166,214,648

$ 228,163,833

Reinvestment of distributions

127,337

-

1,391,798

-

Shares redeemed

(4,975,092)

(1,934,132)

(56,140,761)

(19,338,324)

Net increase (decrease)

9,854,324

20,842,605

$ 111,465,685

$ 208,825,509

Institutional Class

Shares sold

52,199

288,807

$ 582,807

$ 2,865,051

Reinvestment of distributions

692

-

7,564

-

Shares redeemed

(40,625)

-

(457,966)

-

Net increase (decrease)

12,266

288,807

$ 132,405

$ 2,865,051

A For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AFIV-USAN-0607
1.827499.100

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor

International Value

Fund - Institutional Class

Semiannual Report

April 30, 2007

(2_fidelity_logos) (Registered_Trademark)

Institutional Class is
a class of Fidelity®
International Value 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.

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.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2006

Ending
Account Value
April 30, 2007

Expenses Paid
During Period*
November 1, 2006
to April 30, 2007

Class A

Actual

$ 1,000.00

$ 1,140.40

$ 7.70

Hypothetical A

$ 1,000.00

$ 1,017.60

$ 7.25

Class T

Actual

$ 1,000.00

$ 1,139.40

$ 8.86

Hypothetical A

$ 1,000.00

$ 1,016.51

$ 8.35

Class B

Actual

$ 1,000.00

$ 1,136.80

$ 11.39

Hypothetical A

$ 1,000.00

$ 1,014.13

$ 10.74

Class C

Actual

$ 1,000.00

$ 1,137.40

$ 11.34

Hypothetical A

$ 1,000.00

$ 1,014.18

$ 10.69

International Value

Actual

$ 1,000.00

$ 1,142.40

$ 5.90

Hypothetical A

$ 1,000.00

$ 1,019.29

$ 5.56

Institutional Class

Actual

$ 1,000.00

$ 1,143.30

$ 5.58

Hypothetical A

$ 1,000.00

$ 1,019.59

$ 5.26

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

1.45%

Class T

1.67%

Class B

2.15%

Class C

2.14%

International Value

1.11%

Institutional Class

1.05%

Semiannual Report

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2007

Japan 18.4%

United Kingdom 16.5%

France 11.3%

Germany 10.9%

Switzerland 9.6%

Spain 4.5%

United States of America 3.2%

Netherlands 3.1%

Australia 2.8%

Other 19.7%

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

As of October 31, 2006

Japan 19.9%

United Kingdom 17.8%

Germany 10.2%

Switzerland 9.4%

France 8.6%

Italy 4.6%

Netherlands 3.3%

Canada 3.3%

Norway 2.9%

Other 20.0%

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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.0

98.0

Short-Term Investments and Net Other Assets

3.0

2.0

Top Ten Stocks as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

E.ON AG (Germany, Electric Utilities)

2.7

2.0

Societe Generale Series A (France, Commercial Banks)

2.7

1.2

Nestle SA (Reg.) (Switzerland, Food Products)

2.5

1.5

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

2.4

2.4

Royal Bank of Scotland Group PLC (United Kingdom, Commercial Banks)

2.2

4.0

Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors)

2.1

2.2

Toyota Motor Corp. (Japan, Automobiles)

2.1

2.0

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

2.0

1.9

Barclays PLC (United Kingdom, Commercial Banks)

2.0

2.5

AXA SA sponsored ADR (France, Insurance)

2.0

1.2

22.7

Market Sectors as of April 30, 2007

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

40.0

40.3

Industrials

10.1

8.9

Consumer Discretionary

8.6

7.5

Materials

7.3

5.5

Consumer Staples

6.6

5.8

Utilities

6.3

5.7

Energy

6.3

11.3

Information Technology

5.7

7.4

Health Care

3.6

3.1

Telecommunication Services

2.5

2.5

Semiannual Report

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%

Shares

Value

Australia - 2.8%

AMP Ltd.

238,000

$ 2,124,706

Australia & New Zealand Banking Group Ltd.

87,000

2,210,824

Macquarie Airports unit

801,096

2,647,775

National Australia Bank Ltd.

53,400

1,898,904

Zinifex Ltd.

149,700

2,057,469

TOTAL AUSTRALIA

10,939,678

Austria - 0.2%

Immoeast AG (a)

50,500

716,688

Brazil - 1.1%

Petroleo Brasileiro SA Petrobras sponsored ADR

13,700

1,386,851

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

40,300

1,036,919

Uniao de Bancos Brasileiros SA (Unibanco) GDR

18,700

1,815,022

TOTAL BRAZIL

4,238,792

Canada - 2.4%

Cameco Corp.

33,400

1,555,798

Cognos, Inc. (a)

23,900

1,030,329

Finning International, Inc.

54,400

2,695,738

First Quantum Minerals Ltd.

20,500

1,415,366

RONA, Inc. (a)

128,600

2,792,378

TOTAL CANADA

9,489,609

Cayman Islands - 2.6%

GlobalSantaFe Corp.

112,000

7,160,160

Subsea 7, Inc. (a)(d)

136,500

2,799,153

TOTAL CAYMAN ISLANDS

9,959,313

Czech Republic - 0.4%

Ceske Energeticke Zavody AS

32,300

1,578,889

Finland - 0.5%

Nokia Corp. sponsored ADR

78,000

1,969,500

France - 11.3%

Accor SA

18,100

1,716,105

Alcatel-Lucent SA

240,600

3,187,950

AXA SA sponsored ADR

169,400

7,802,564

BNP Paribas SA

31,200

3,646,593

Compagnie de St. Gobain

47,900

5,153,978

Gaz de France (d)

37,400

1,765,847

Louis Vuitton Moet Hennessy (LVMH)

14,700

1,724,526

Pernod Ricard SA

14,940

3,195,682

Peugeot Citroen SA

37,300

3,043,286

Common Stocks - continued

Shares

Value

France - continued

Societe Generale Series A

49,535

$ 10,578,690

Suez SA (France) (d)

39,000

2,234,150

TOTAL FRANCE

44,049,371

Germany - 10.9%

Allianz AG sponsored ADR (d)

285,200

6,337,144

BASF AG sponsored ADR (d)

48,000

5,702,880

DaimlerChrysler AG

15,000

1,207,650

E.ON AG (d)

70,800

10,647,608

GFK AG

25,300

1,166,924

Heidelberger Druckmaschinen AG

36,100

1,715,798

KarstadtQuelle AG (a)(d)

54,000

2,085,382

Lanxess AG

43,700

2,398,440

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

44,100

7,888,847

RWE AG

18,600

1,969,863

Siemens AG sponsored ADR

12,900

1,560,513

TOTAL GERMANY

42,681,049

Greece - 0.7%

Alpha Bank AE

46,900

1,439,994

Greek Organization of Football Prognostics SA

38,600

1,469,592

TOTAL GREECE

2,909,586

Hong Kong - 1.7%

Chaoda Modern Agriculture (Holdings) Ltd.

548,000

455,350

Swire Pacific Ltd. (A Shares)

537,800

6,170,309

TOTAL HONG KONG

6,625,659

India - 0.8%

Satyam Computer Services Ltd. sponsored ADR

82,400

2,050,112

State Bank of India

30,000

987,938

TOTAL INDIA

3,038,050

Ireland - 0.3%

Bank of Ireland

46,371

1,004,048

Italy - 1.5%

Fiat Spa

55,100

1,636,875

Intesa Sanpaolo Spa

203,981

1,720,218

Unicredito Italiano Spa

244,000

2,523,855

TOTAL ITALY

5,880,948

Japan - 18.4%

Asahi Breweries Ltd.

63,100

1,028,265

Common Stocks - continued

Shares

Value

Japan - continued

Canon, Inc.

86,950

$ 4,886,590

Daiwa Securities Group, Inc.

126,000

1,403,562

Denso Corp.

55,700

1,969,614

East Japan Railway Co.

686

5,563,444

Fujitsu Ltd.

85,000

534,352

Japan Tobacco, Inc.

504

2,461,990

JFE Holdings, Inc.

10,600

582,733

JGC Corp.

32,000

491,633

JSR Corp.

57,200

1,279,680

Konica Minolta Holdings, Inc.

134,500

1,840,579

Leopalace21 Corp.

47,500

1,557,555

Misawa Homes Holdings, Inc. (a)(d)

48,500

850,596

Mitsubishi Estate Co. Ltd.

21,000

651,155

Mitsui & Co. Ltd.

463,000

8,326,544

Mizuho Financial Group, Inc.

460

2,768,505

Nippon Building Fund, Inc.

48

775,981

Nippon Oil Corp.

302,000

2,319,401

ORIX Corp.

23,310

6,216,129

Ricoh Co. Ltd.

85,000

1,865,834

Shin-Etsu Chemical Co. Ltd.

16,400

1,058,641

Sumitomo Mitsui Financial Group, Inc.

109

952,351

Sumitomo Realty & Development Co. Ltd.

20,000

738,314

Sumitomo Trust & Banking Co. Ltd.

197,000

1,924,119

Takeda Pharamaceutical Co. Ltd.

89,900

5,828,719

Tokuyama Corp.

61,000

914,661

Tokyo Gas Co. Ltd.

579,000

2,910,157

Tokyo Tomin Bank Ltd.

30,200

1,044,033

Toyota Motor Corp.

133,600

8,110,856

Toyota Motor Corp. sponsored ADR

100

12,142

Yamada Denki Co. Ltd.

10,970

1,013,747

TOTAL JAPAN

71,881,882

Kazakhstan - 0.2%

JSC Halyk Bank of Kazakhstan:

GDR (a)(e)

4,700

105,750

unit (a)

28,000

630,000

TOTAL KAZAKHSTAN

735,750

Korea (South) - 0.6%

Kookmin Bank sponsored ADR

10,600

952,092

Samsung Electronics Co. Ltd. GDR

5,151

1,581,357

TOTAL KOREA (SOUTH)

2,533,449

Common Stocks - continued

Shares

Value

Mexico - 0.4%

America Movil SA de CV Series L sponsored ADR

28,000

$ 1,470,840

Netherlands - 3.1%

ABN-AMRO Holding NV sponsored ADR

15,700

760,665

Heineken NV (Bearer)

25,100

1,332,810

ING Groep NV sponsored ADR (d)

203,400

9,277,074

TomTom Group BV (a)(d)

17,900

761,369

TOTAL NETHERLANDS

12,131,918

Norway - 2.2%

DnB Nor ASA (d)

226,400

3,253,694

Fred Olsen Energy ASA (a)(d)

50,500

2,529,541

Orkla ASA (A Shares)

71,250

1,147,320

Petroleum Geo-Services ASA (a)

55,500

1,548,586

TOTAL NORWAY

8,479,141

Philippines - 0.3%

Philippine Long Distance Telephone Co. sponsored ADR

20,700

1,105,587

Russia - 0.7%

Magma OJSC sponsored GDR (a)(e)

23,100

292,215

OAO Gazprom sponsored ADR

66,900

2,629,170

TOTAL RUSSIA

2,921,385

Singapore - 0.5%

DBS Group Holdings Ltd.

146,000

2,046,998

South Africa - 0.6%

Impala Platinum Holdings Ltd.

71,400

2,331,578

Spain - 4.5%

Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)

295,700

7,079,058

Banco Santander Central Hispano SA

317,800

5,720,106

Gestevision Telecinco SA

79,600

2,415,757

Telefonica SA sponsored ADR

35,100

2,374,515

TOTAL SPAIN

17,589,436

Sweden - 1.7%

Atlas Copco AB (A Shares)

26,400

1,016,643

Svenska Cellulosa AB (SCA) (B Shares)

69,400

3,599,639

Telefonaktiebolaget LM Ericsson (B Shares)

493,000

1,881,781

TOTAL SWEDEN

6,498,063

Switzerland - 9.6%

Adecco SA (Reg.)

20,818

1,424,784

Credit Suisse Group sponsored ADR

76,300

5,989,550

Common Stocks - continued

Shares

Value

Switzerland - continued

Nestle SA (Reg.)

24,529

$ 9,747,825

Novartis AG sponsored ADR

46,000

2,672,140

Roche Holding AG (participation certificate)

28,706

5,411,081

Swiss Reinsurance Co. (Reg.)

37,977

3,590,656

UBS AG (NY Shares)

114,500

7,431,050

Zurich Financial Services AG (Reg.)

3,949

1,154,114

TOTAL SWITZERLAND

37,421,200

Taiwan - 0.3%

Novatek Microelectronics Corp.

221,000

1,094,536

United Kingdom - 16.5%

3i Group plc

107,500

2,489,015

BAE Systems PLC

183,500

1,676,729

Barclays PLC

539,900

7,833,949

BHP Billiton PLC

221,600

5,002,352

BP PLC

228,500

2,563,770

British American Tobacco PLC

96,800

3,013,384

HBOS plc

85,300

1,847,090

HSBC Holdings PLC (United Kingdom) (Reg.)

228,900

4,228,241

Land Securities Group PLC

39,100

1,533,862

National Grid PLC

221,600

3,484,809

Old Mutual plc

677,400

2,425,780

Prudential PLC

159,928

2,395,063

Rio Tinto PLC sponsored ADR

4,625

1,128,500

Rolls-Royce Group PLC

386,300

3,705,529

Royal Bank of Scotland Group PLC

223,900

8,640,163

Tesco PLC

488,800

4,505,497

Vedanta Resources PLC

46,600

1,288,602

Vodafone Group PLC sponsored ADR

162,512

4,668,970

Yell Group PLC

203,100

1,983,741

TOTAL UNITED KINGDOM

64,415,046

United States of America - 0.2%

Virgin Media, Inc.

27,900

703,917

TOTAL COMMON STOCKS

(Cost $333,713,372)

378,441,906

Nonconvertible Preferred Stocks - 0.0%

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B
(Cost $29,725)

15,161,120

30,314

Money Market Funds - 15.6%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

9,907,063

$ 9,907,063

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

50,738,175

50,738,175

TOTAL MONEY MARKET FUNDS

(Cost $60,645,238)

60,645,238

TOTAL INVESTMENT PORTFOLIO - 112.6%

(Cost $394,388,335)

439,117,458

NET OTHER ASSETS - (12.6)%

(49,055,794)

NET ASSETS - 100%

$ 390,061,664

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 end of the period, the value of these securities amounted to $397,965 or 0.1% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 279,266

Fidelity Securities Lending Cash Central Fund

117,918

Total

$ 397,184

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

April 30, 2007 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $48,996,684) - See accompanying schedule:

Unaffiliated issuers (cost $333,743,097)

$ 378,472,220

Fidelity Central Funds (cost $60,645,238)

60,645,238

Total Investments (cost $394,388,335)

$ 439,117,458

Foreign currency held at value (cost $454,888)

454,905

Receivable for investments sold

5,881,713

Receivable for fund shares sold

1,436,263

Dividends receivable

1,878,087

Distributions receivable from Fidelity Central Funds

53,356

Prepaid expenses

316

Receivable from investment adviser for expense reductions

70,459

Other receivables

103,649

Total assets

448,996,206

Liabilities

Payable to custodian bank

$ 48,927

Payable for investments purchased

6,996,297

Payable for fund shares redeemed

800,870

Accrued management fee

222,029

Distribution fees payable

8,104

Other affiliated payables

73,992

Other payables and accrued expenses

46,148

Collateral on securities loaned, at value

50,738,175

Total liabilities

58,934,542

Net Assets

$ 390,061,664

Net Assets consist of:

Paid in capital

$ 337,961,287

Undistributed net investment income

2,322,796

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

5,041,886

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

44,735,695

Net Assets

$ 390,061,664

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

April 30, 2007 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($6,063,438 ÷ 503,919 shares)

$ 12.03

Maximum offering price per share (100/94.25 of $12.03)

$ 12.76

Class T:
Net Asset Value and redemption price per share ($3,611,659 ÷ 300,518 shares)

$ 12.02

Maximum offering price per share (100/96.50 of $12.02)

$ 12.46

Class B:
Net Asset Value and offering price per share ($2,060,597 ÷ 171,788 shares)A

$ 11.99

Class C:
Net Asset Value and offering price per share ($4,694,989 ÷ 391,693 shares)A

$ 11.99

International Value:
Net Asset Value, offering price and redemption price per share ($370,000,966 ÷ 30,696,929 shares)

$ 12.05

Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,630,015 ÷ 301,073 shares)

$ 12.06

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

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2007 (Unaudited)

Investment Income

Dividends

$ 4,249,449

Income from Fidelity Central Funds

397,184

4,646,633

Less foreign taxes withheld

(391,222)

Total income

4,255,411

Expenses

Management fee

$ 1,096,992

Transfer agent fees

325,164

Distribution fees

37,805

Accounting and security lending fees

82,046

Custodian fees and expenses

42,353

Independent trustees' compensation

406

Registration fees

133,649

Audit

29,285

Legal

1,734

Miscellaneous

285

Total expenses before reductions

1,749,719

Expense reductions

(39,379)

1,710,340

Net investment income (loss)

2,545,071

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $6,485)

5,626,934

Foreign currency transactions

16,478

Total net realized gain (loss)

5,643,412

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $6,668)

32,667,246

Assets and liabilities in foreign currencies

6,956

Total change in net unrealized appreciation (depreciation)

32,674,202

Net gain (loss)

38,317,614

Net increase (decrease) in net assets resulting from operations

$ 40,862,685

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
April 30, 2007
(Unaudited)

For the period
May 18, 2006
(commencement of operations) to
October 31, 2006

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,545,071

$ 808,421

Net realized gain (loss)

5,643,412

(6,746)

Change in net unrealized appreciation (depreciation)

32,674,202

12,061,493

Net increase (decrease) in net assets resulting
from operations

40,862,685

12,863,168

Distributions to shareholders from net investment income

(978,516)

-

Distributions to shareholders from net realized gain

(557,946)

-

Total distributions

(1,536,462)

-

Share transactions - net increase (decrease)

119,711,553

218,123,163

Redemption fees

16,959

20,598

Total increase (decrease) in net assets

159,054,735

231,006,929

Net Assets

Beginning of period

231,006,929

-

End of period (including undistributed net investment income of $2,322,796 and undistributed net investment income of $808,421, respectively)

$ 390,061,664

$ 231,006,929

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

Semiannual Report

Financial Highlights - Class A

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.60

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.08

.06 H

Net realized and unrealized gain (loss)

1.40

.54

Total from investment operations

1.48

.60

Distributions from net investment income

(.03)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.05)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 12.03

$ 10.60

Total Return B, C, D

14.04%

6.00%

Ratios to Average Net Assets F, J

Expenses before reductions

1.45% A

1.75% A

Expenses net of fee waivers, if any

1.45% A

1.50% A

Expenses net of all reductions

1.43% A

1.46% A

Net investment income (loss)

1.34% A

1.29% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 6,063

$ 1,537

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 .63%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.59

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.06

.05 H

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.47

.59

Distributions from net investment income

(.02)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.04)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 12.02

$ 10.59

Total Return B, C, D

13.94%

5.90%

Ratios to Average Net Assets F, J

Expenses before reductions

1.67% A

2.01% A

Expenses net of fee waivers, if any

1.67% A

1.75% A

Expenses net of all reductions

1.64% A

1.71% A

Net investment income (loss)

1.12% A

1.04% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,612

$ 1,789

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 .38%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.56

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.04

.02 H

Net realized and unrealized gain (loss)

1.40

.54

Total from investment operations

1.44

.56

Distributions from net realized gain

(.01)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 11.99

$ 10.56

Total Return B, C, D

13.68%

5.60%

Ratios to Average Net Assets F, J

Expenses before reductions

2.15% A

2.50% A

Expenses net of fee waivers, if any

2.15% A

2.25% A

Expenses net of all reductions

2.12% A

2.21% A

Net investment income (loss)

.64% A

.54% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 2,061

$ 1,304

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 (.12)%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 I

Selected Per-Share Data

Net asset value, beginning of period

$ 10.56

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.04

.02 H

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.45

.56

Distributions from net realized gain

(.02)

-

Redemption fees added to paid in capital E

- K

- K

Net asset value, end of period

$ 11.99

$ 10.56

Total Return B, C, D

13.74%

5.60%

Ratios to Average Net Assets F, J

Expenses before reductions

2.14% A

2.47% A

Expenses net of fee waivers, if any

2.14% A

2.25% A

Expenses net of all reductions

2.11% A

2.21% A

Net investment income (loss)

.65% A

.54% A, H

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,695

$ 2,183

Portfolio turnover rate G

41% A

29% A

A Annualized

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

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

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

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 (.12)%.

I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

K Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Value

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 H

Selected Per-Share Data

Net asset value, beginning of period

$ 10.61

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.09

.07 G

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.50

.61

Distributions from net investment income

(.04)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.06)

-

Redemption fees added to paid in capital D

- J

- J

Net asset value, end of period

$ 12.05

$ 10.61

Total Return B, C

14.24%

6.10%

Ratios to Average Net Assets E, I

Expenses before reductions

1.11% A

1.50% A

Expenses net of fee waivers, if any

1.11% A

1.25% A

Expenses net of all reductions

1.09% A

1.21% A

Net investment income (loss)

1.68% A

1.54% A, G

Supplemental Data

Net assets, end of period (000 omitted)

$ 370,001

$ 221,130

Portfolio turnover rate F

41% A

29% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G 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 .88%.

H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

Six months ended April 30, 2007

Period ended
October 31,

(Unaudited)

2006 H

Selected Per-Share Data

Net asset value, beginning of period

$ 10.61

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.10

.07 G

Net realized and unrealized gain (loss)

1.41

.54

Total from investment operations

1.51

.61

Distributions from net investment income

(.04)

-

Distributions from net realized gain

(.02)

-

Total distributions

(.06)

-

Redemption fees added to paid in capital D

- J

- J

Net asset value, end of period

$ 12.06

$ 10.61

Total Return B, C

14.33%

6.10%

Ratios to Average Net Assets E, I

Expenses before reductions

1.05% A

1.38% A

Expenses net of fee waivers, if any

1.05% A

1.25% A

Expenses net of all reductions

1.03% A

1.21% A

Net investment income (loss)

1.74% A

1.54% A, G

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,630

$ 3,064

Portfolio turnover rate F

41% A

29% A

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G 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 .88%.

H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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

J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2007 (Unaudited)

1. Organization.

Fidelity International Value 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 Value 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 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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies.

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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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, 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

$ 48,698,325

Unrealized depreciation

(4,115,193)

Net unrealized appreciation (depreciation)

$ 44,583,132

Cost for federal income tax purposes

$ 394,534,326

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.

New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Semiannual Report

4. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $175,608,401 and $61,826,797, respectively.

6. 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 .26% 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 Fund's relative investment performance as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until (May 1, 2007). Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. 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%

$ 4,883

$ 1,537

Class T

.25%

.25%

6,856

2,848

Class B

.75%

.25%

8,507

7,789

Class C

.75%

.25%

17,559

11,321

$ 37,805

$ 23,495

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 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

$ 8,227

Class T

1,949

Class B

430

Class C

147

$ 10,753

* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

respective classes of the Fund. FIIOC pays 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, were as follows:

Amount

% of
Average
Net Assets*

Class A

$ 5,921

.30*

Class T

3,677

.27*

Class B

2,086

.25*

Class C

4,128

.24*

International Value

306,844

.21*

Institutional Class

2,508

.15*

$ 325,164

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, 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.

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 $142 for the period.

7. 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 amounted to $49 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

Notes to Financial Statements (Unaudited) - continued

8. 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 interest income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $117,918.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $37,758 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 $816. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

Class A

$ 27

10. 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

Semiannual Report

10. Other - continued

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.

In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2007

Period ended
October 31,
2006

From net investment income

Class A

$ 5,613

$ -

Class T

4,267

-

International Value

956,069

-

Institutional Class

12,567

-

Total

$ 978,516

$ -

From net realized gain

Class A

$ 3,983

$ -

Class T

4,693

-

Class B

1,788

-

Class C

4,566

-

International Value

536,333

-

Institutional Class

6,583

-

Total

$ 557,946

$ -

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
April 30,
2007

Period ended
October 31,
2006 A

Six months ended
April 30,
2007

Period ended
October 31,
2006 A

Class A

Shares sold

372,287

146,231

$ 4,185,502

$ 1,461,870

Reinvestment of distributions

863

-

9,431

-

Shares redeemed

(14,288)

(1,174)

(163,376)

(12,358)

Net increase (decrease)

358,862

145,057

$ 4,031,557

$ 1,449,512

Class T

Shares sold

144,832

169,119

$ 1,623,959

$ 1,688,142

Reinvestment of distributions

806

-

8,796

-

Shares redeemed

(14,084)

(155)

(161,330)

(1,528)

Net increase (decrease)

131,554

168,964

$ 1,471,425

$ 1,686,614

Class B

Shares sold

51,123

123,455

$ 571,546

$ 1,231,876

Reinvestment of distributions

151

-

1,653

-

Shares redeemed

(2,929)

(12)

(33,083)

(126)

Net increase (decrease)

48,345

123,443

$ 540,116

$ 1,231,750

Class C

Shares sold

187,783

207,502

$ 2,102,131

$ 2,072,374

Reinvestment of distributions

319

-

3,483

-

Shares redeemed

(3,120)

(791)

(35,249)

(7,647)

Net increase (decrease)

184,982

206,711

$ 2,070,365

$ 2,064,727

International Value

Shares sold

14,702,079

22,776,737

$ 166,214,648

$ 228,163,833

Reinvestment of distributions

127,337

-

1,391,798

-

Shares redeemed

(4,975,092)

(1,934,132)

(56,140,761)

(19,338,324)

Net increase (decrease)

9,854,324

20,842,605

$ 111,465,685

$ 208,825,509

Institutional Class

Shares sold

52,199

288,807

$ 582,807

$ 2,865,051

Reinvestment of distributions

692

-

7,564

-

Shares redeemed

(40,625)

-

(457,966)

-

Net increase (decrease)

12,266

288,807

$ 132,405

$ 2,865,051

A For the period May 18, 2006 (commencement of operations) to October 31, 2006.

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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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

AFIVI-USAN-0607
1.827491.100

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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 20, 2007

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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 20, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

June 20, 2007